The IRS recently provided some welcome relief in the form of extended amendment deadlines for sponsors of qualified retirement plans (including collectively bargained plans). Notice 2022-33 extends the deadline for adopting amendments required by the Setting Every Community Up for
SW Benefits Blog
The SW Benefits Blog, published by Snell & Wilmer, focuses on employee benefits law and related regulatory developments. It covers topics such as educational assistance programs, student loan repayment benefits, fiduciary duties of plan administrators, pharmacy benefit manager (PBM) contracts, retirement plan catch-up contribution limits under SECURE 2.0, HIPAA privacy rules affecting group health plans, and ERISA compliance for deferred compensation plans. The blog provides guidance on plan design, compliance requirements, regulatory updates, and best practices for employers and plan fiduciaries managing employee benefit programs.
Latest from SW Benefits Blog - Page 4
Federal Agencies Issue Guidance After Dobbs Ruling
In response to the Supreme Court’s ruling in Dobbs v. Jackson Women’s Health Organization, the U.S. Department of Health and Human Services (“HHS”) Secretary Xavier Becerra directed HHS agencies to act within their power to protect the rights of…
Rethinking Reproductive Healthcare Benefits After Roe: Three Initial Benefits Questions for Employers to Consider
The U.S. Supreme Court released their final opinion in Dobbs v. Jackson Women’s Health Organization on June 24, 2022. Justice Alito’s opinion closely tracked the draft opinion that was leaked on May 2, 2022. The opinion holds: “The Constitution does…
A Running Start: IRS Pilots New Pre-Examination Program
The Employee Plans Office of the Internal Revenue Service (the “IRS”) announced a new pre-examination program for retirement plans to begin as of June 2022. The pilot program is designed to reduce the amount of time and resources the IRS…
Time to Consider Option Repricings?
By Greg Gautam
Given recent declines in equity value in a variety of segments of the economy (technology in particular), a number of clients have asked us what levers are available for retaining talent. While they are rare and while we might be…
HDHP Telehealth Relief Extended for Remainder of 2022, but Mind the 3-Month Gap in Relief
On March 15, 2022, the Consolidated Appropriations Act, 2022 (the “2022 CAA”) was signed into law. Section 307 of the 2022 CAA extends the relief permitting high deductible health plans (“HDHPs”) to provide telehealth and other remote care services free…
To the Moon After All? DOL Targets Cryptocurrency in Retirement Plans
In Compliance Assistance Release No. 2022-01 (the “Release”), the Department of Labor (the “Department”) signaled its intention to scrutinize inclusion of cryptocurrency assets and crypto-derivative products as investments in ERISA-covered retirement plans. In particular, the Release articulates the Department’s view…
An Interesting Intersection: No Surprises Act Claims and the New Fee Disclosure Requirements for Group Health Plans
As reported in our January 7, 2022 SW Benefits Blog “The DOL Asks and Answers Questions About the New Welfare Plan Fee Disclosure Rules,” group health plans must now comply with the ERISA Section 408(b)(2) disclosure requirements. The…
Short-Term Deferral Day is Right Around the Corner
By Greg Gautam
Section 409A, the provision of the Internal Revenue Code that regulates the time and form of payment of nonqualified deferred compensation, contains a helpful exception for “short-term deferrals.” Specifically, Section 409A provides that a payment will not be considered nonqualified…
More is Not Always Better: Supreme Court Reexamines Fiduciary Duty of Prudence
In what may be one of the shortest decisions this term, the Supreme Court handed down a unanimous six-page opinion on January 24, 2022 in Hughes v. Northwestern University. Vacating the Seventh Circuit’s decision, the Court further defined an…