The IRS recently published Notice 2020-86 (the “Notice”), which provides clarification with respect to certain changes made by the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”). In particular, the Notice answers several outstanding questions
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 7
Free COVID-19 Vaccine and Testing Update
On November 30, Moderna announced that it is seeking FDA authorization for its COVID-19 vaccine. In addition, on November 17 the FDA issued an emergency use authorization for the first COVID-19 diagnostic test for self-testing at home. With these recent…
‘Tis the Season: Four Year-End Employee Benefit Plan Checklists
Each year, we publish health and welfare, cost-of-living, executive compensation, and qualified retirement plan checklists to help individuals and employers stay apprised of updates to the law of employee benefits. We recently published the last of these annual checklists. In…
With a New Administration, Will the Department of Labor’s Fiduciary Rule Once Again be Revised?
By Anne Meyer
The Department of Labor’s (the “DOL”) attempts to regulate the conduct of fiduciaries under ERISA and the Code has been mired in controversy. In 2010, the Obama administration’s DOL proposed a fiduciary regulation that was met with so much criticism…
Is Your Safe Harbor Section 401(k) Plan Required to Provide an Annual Notice?
Sponsors of safe harbor Section 401(k) plans should consider whether they are required to provide their annual safe harbor notice in 2020 for the upcoming 2021 plan year. The Setting Every Community Up for Retirement (“SECURE”) Act, which was enacted…
Final DOL Rule Imposes Fiduciary Limitations on Social Investing
The DOL recently issued a final rule (“Rule”) providing guidance on the long-standing issue of whether ERISA fiduciaries are permitted to consider non-pecuniary factors while making investments (or selecting investment funds) that promote one or more environmental, social or corporate…
Finally, Some Good News: IRS Extends Certain ACA Reporting Deadlines and Transition Relief
As in prior years, the IRS has provided relief for employers preparing to comply with the Affordable Care Act’s (“ACA”) information reporting requirements in early 2021 for the 2020 calendar year. In particular, Notice 2020-76 (the “Notice”) extends the deadline…
IRS Confirms Major Disaster Leave-Sharing Program Use for COVID-19 Pandemic
On August 3, 2020, the IRS posted a short set of frequently asked questions for leave-sharing programs which confirm that major disaster leave-sharing programs under IRS Notice 2006-59 can be used for employees who have been adversely affected by the…
IRS Approves Additional Leave-Based Donation Programs for COVID-19 Relief
We previously posted about two leave-sharing programs available to employers during the COVID-19 pandemic: major disaster leave-sharing programs and medical emergency leave-sharing programs. These leave-sharing programs may allow employees to donate paid leave to co-workers affected by COVID-19. When properly…
Department of Labor Issues Final Electronic Disclosure Rule
On May 21, 2020, the Department of Labor (the “DOL”) announced a final rule establishing a new electronic disclosure safe harbor. The new safe harbor permits retirement plan administrators to deliver certain plan documents by one of two methods: (1)…