On June 17, 2024, the IRS issued a fact sheet (FS 2024-22) that provides answers to frequently asked questions (“FAQs”) about educational assistance programs under Section 127 of the Internal Revenue Code (“Code”). Employers should consider the following
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Perplexed and the Fiduciary Committee – PBM Edition
I read the Lewandowski v. Johnson & Johnson class action complaint and couldn’t help but wonder – are plans and participants doomed, or can employers take proactive steps to satisfy their fiduciary duties and potentially reduce prescription drug costs under their…
Catch Back Up on the SECURE 2.0 Increased Catch-Up Limits for 2025
With SECURE 2.0’s increased catch-up contribution limits set to take effect next year, it’s time for 401(k) plan sponsors to brush up on the rules and consider how to administer the changes.
Under the current rules, 401(k) plans may allow…
The 2024 HIPAA Privacy Reproductive Health Care Regulations – Five Takeaways for Group Health Plans
On April 26, 2024, the Office for Civil Rights (“OCR”) at the U.S. Department of Health & Human Services (“HHS”) published a final rule to amend the HIPAA Privacy Rules to support reproductive health care privacy (the “Reproductive Health Care…
Donning the Plan, Forgetting the Top Hat: A Common Oversight in ERISA Compliance
When drafting a deferred compensation plan or agreement for a key employee (a “top hat plan”), the focus is almost always on the terms of the plan. In the process, many employers miss a crucial step—filing the top hat statement…
Things Every Employer Should Know About Pension-Linked Employee Savings Accounts (PLESAs)
In the wake of recent developments, we are pleased to provide insights into Pension-Linked Employee Savings Accounts (PLESAs) under the Secure 2.0 Act. PLESAs are short-term savings accounts that are established and maintained within a defined contribution plan. The legislative…
Taking the Off Ramp: IRS Opens Limited Program To Return Wrongly Received Employee Retention Credits
By Matthew P. Chiarello and Carlene Y. Lowry
The IRS continues to evaluate and process Employee Retention Credit (“ERC”) claims with a focus on inaccurate and ineligible filings. Among its efforts to police the ERC program, the IRS announced a…
Certain Information Statements for ISOs and ESPPs Due by January 31, 2024
By Greg Gautam
As reported in Part 4 of our 2022 End of Year Plan Sponsor “To Do” List, Section 6039 of the Internal Revenue Code (the “Code”) requires employers to provide a written information statement to each employee or former employee…
Updated Glass Lewis Proxy Voting Guidelines (Clawbacks)
By Greg Gautam
I previously blogged about the New York Stock Exchange and Nasdaq listing standards that require issuers to adopt compliant clawback policies by December 1, 2023. While many issuers may have already adopted clawback policies that satisfy the minimum legal requirements…
Enforcement Back On: Departments Rescind Enforcement Relief for Machine Readable File Requirements under Transparency in Coverage Rules
On September 27th, the Departments released FAQs about Affordable Care Act Implementation Part 61 (“FAQ 61”), announcing that the Departments are rescinding prior-issued enforcement relief for certain machine-readable file requirements under the Transparency in Coverage (the “TiC”) regulations.
The final…