Employee Benefits
Posted by:
Emily C. Kopp
on August 23, 2022
On August 3, 2022, the Internal Revenue Service (the “IRS”) released Notice 2022-33, extending the deadlines for retirement plans to be amended for the Setting Every Community Up for Retirement Enhancement Act (“SECURE”) and the Coronavirus, Aid, Relief, and Economic Security Act (“CARES”).1 The…
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Posted by:
Alex C. Eads
on June 28, 2022
In June 2022, the Internal Revenue Service (“IRS”) will launch a new pilot compliance program for qualified retirement plans, including 401(k) plans, employee stock ownership plans, and pension plans. The IRS pre-examination compliance program for qualified retirement plans (the “Program”) aims to…
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Posted by:
Brett J. Ashton and Libby Yin Goodknight
on June 8, 2022
While commercial businesses are typically aware of their responsibilities under the Americans with Disability Act (the “ADA” or the “Act”) relative to the maintenance of their physical office spaces and general corporate policies, some businesses have been the recipients of demand letters alleging…
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Posted by:
Janice L. Hamilton and Alexander L. Mounts
on November 15, 2021
The Internal Revenue Service recently issued Notice 2021-61 announcing the cost-of-living adjustments applicable to pension and retirement plan dollar limitations for the 2022 tax year. Most of the dollar limits, including the elective contribution limit for 401(k), 403(b) and 457(b) plans, will…
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Posted by:
Lisa A. Durham and Alex C. Eads
on September 8, 2021
Retirement plan administrators are required by law to abide by specific requirements in the Internal Revenue Code (the “Code”). If a plan administrator fails to administer the plan in accordance with Code requirements, the plan is at risk of being disqualified. The Internal Revenue Service (the…
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Posted by:
Lisa A. Durham
on July 13, 2021
Cybersecurity threats are becoming ubiquitous in today’s technology-driven, cloud-based society and even more so now as the COVID-19 pandemic has fundamentally changed the way people work, communicate, and save. No information is safe and no financial assets, including your 401(k) plan, are…
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Posted by:
Lisa A. Durham
on July 6, 2021
In 2017, the Pension Benefit Guaranty Corporation (“PBGC”) established the PBGC Defined Contribution Missing Participants Program (the “Program”) for terminated defined contribution plans (e.g., 401(k), profit sharing and stock ownership plans). The Program was established to hold retirement…
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Posted by:
Mark P. Canada and Janice L. Hamilton
on March 30, 2021
COBRA Continuation Coverage
The American Rescue Plan Act (“ARPA”) impacts employers sponsoring certain group health plans in multiple ways, but the primary impact is to: (1) provide a six-month premium subsidy for selected COBRA qualified beneficiaries and (2) create special enrollment rights for…
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Posted by:
Scott S. Morrisson and Alexander L. Mounts
on January 11, 2021
Is it time you consider amending your plan document to provide a waiver of class actions and mandatory arbitration? We first visited this issue one year ago after a 2019 federal court decision approved use of class action waiver and mandatory arbitration provisions as a means to reduce potential…
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