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…
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 their…
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provides financial relief to employees facing economic hardships as a result of the pandemic. Below are provisions applicable to health plans and health savings accounts.
Exemption for Telehealth Services
For plan years beginning on…
In this ever-changing economy due to COVID-19, we are receiving many questions regarding layoffs, furloughs and terminations of employment and how they impact the company’s qualified retirement plan.
What is a partial plan termination?
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provides financial relief to employers and employees facing economic hardships as a result of the pandemic. Below are provisions applicable to qualified retirement plans.
Plan Amendments
Even if you implement any of the…
Companies who obtain loans and loan guarantees from the Exchange Stabilization Fund authorized by the CARES Act are subject to restrictions on executive compensation. These loans and loan guarantees are separate from relief small business employers might otherwise realize under the CARES Act…
The ESOP Team at Krieg DeVault knows our clients are experiencing unprecedented challenges and difficulties caused by COVID-19. In an effort to fully support you during these difficult times, we are committing to provide you with brief, tailored, ESOP-related content in the days, weeks and months…
Today, the IRS published notice of upcoming guidance related to the impact on the qualification of high deductible health plans (“HDHP”) under Section 223(c)(2)(A) of the Internal Revenue Code (the “Code”) with respect to certain 2019 Novel Coronavirus (COVID-19) related testing and treatment…
On December 20, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law by President Trump as a part of a larger budget appropriations bill. Many who have commented on the SECURE Act believe it is the most significant retirement legislation in more than a…
Nearly two months into 2020, you are finally beginning to recover from yet another chaotic group health plan open-enrollment, so now might be the perfect time to consider updating your organization’s retirement plan documents. A couple of ERISA cases from the fourth quarter of 2019 provide you with…
Earlier today the Internal Revenue Service issued Notice 2019-59 announcing the cost-of-living adjustments applicable to pension and retirement plan dollar limitations for tax year 2020. The elective deferral limit for participants who participate in 401(k), 403(b), 457(b) plans and SARSEPs has…
The IRS has issued final regulations regarding hardship distributions from 401(k) and 403(b) plans. While the final regulations differ little from the proposed regulations (as described in our November 15, 2018 Employee Benefits ALERT), there are changes worth noting.
Employee Representation of…
