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DOL Finalizes Rule Providing Alternative Safe Harbor Method for Electronic Disclosure by ERISA Retirement Plans

Posted by: Bryan J. Gross and Fenton D. Strickland on May 29, 2020

On May 21, 2020, the Department of Labor (DOL) published its final rule establishing an alternative safe harbor method of delivery of electronic disclosures by retirement plan administrators. The Alternative Safe Harbor allows employers to post retirement plan disclosures online or deliver them...


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COVID-19 and ESOP Distribution Policies: Dealing with Down Times in an ESOP Company

Posted by: Sharon B. Hearn and Lisa A. Durham on May 19, 2020

Court Decision Clears Way for Broader Use of Postnuptial Agreements

When preparing this Alert, I recalled a presentation I did in 2008 called “Dealing with Down Times in an ESOP Company.”  Well, here we are 12 years later, but the impact of the COVID-19 pandemic on many ESOP companies is even worse than the 2008 recession.

In addition to the difficult issues...


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IRS Guidance Increases FSA Carryover Limit, Clarifies Reimbursement of Individual Health Coverage Premiums

Posted by: Bryan J. Gross and Fenton D. Strickland on May 15, 2020

Court Decision Clears Way for Broader Use of Postnuptial Agreements

Overview

On May 12, 2020, the IRS issued Notice 2020-33, which (i) increases the carryover limit for  flexible spending arrangements (“FSAs”) to $550, and (ii) clarifies the timing for reimbursement of individual health coverage premiums under certain tax-favored arrangements. This guidance...


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IRS Provides Flexibility for Cafeteria Plans to Permit Mid-Year Election Changes, Extend FSA and DCAP Claims Periods

Posted by: Bryan J. Gross, Alexander L. Mounts, and Sharon B. Hearn on May 14, 2020

Overview

On May 12, 2020, the IRS issued guidance in response to the COVID-19 pandemic which provides flexibility during calendar year 2020 for employer-sponsored health coverage, health flexible spending arrangements (“FSAs”), and dependent care assistance programs (“DCAPs”). IRS Notice...


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DOL and IRS Pandemic Relief for Group Health Plans and Retirement Plans

Posted by: Bryan J. Gross and Alexander L. Mounts on May 13, 2020

Court Decision Clears Way for Broader Use of Postnuptial Agreements

Overview

On April 29, 2020, the U.S. DOL, Treasury Department and the IRS issued deadline relief and other guidance to aid employee benefit plans and plan participants impacted by the COVID-19 pandemic.  The guidance extends certain timeframes affecting participants’ rights to healthcare...


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Employer Tax-Free, Deductible Disaster Relief Benefits for Employees

Posted by: Sharon B. Hearn and Bryan J. Gross on April 21, 2020

Court Decision Clears Way for Broader Use of Postnuptial Agreements

An employer seeking to provide additional financial support to employees during the COVID-19 pandemic may want to consider a “qualified disaster relief payment” program. Qualifying disaster relief payments are not only tax-free to employees in most cases, but are also fully tax-deductible to the...


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IRS Provides Guidance For HSAs and Retirement Plans

Posted by: Sharon B. Hearn and Kendall A. Schnurpel on April 10, 2020

Court Decision Clears Way for Broader Use of Postnuptial Agreements

The IRS provided special relief from the April 15, 2020, Federal income tax return filing and payment deadline in response to the ongoing COVID-19 emergency, in Notices 2020-18 and -17.  That relief allows many individuals and businesses until July 15, 2020, instead of April 15, 2020, to file...


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