YATINDRA PANDYA, July 9, 2020 Background On May 27, 2020, the Department of Labor (DOL) published its final rule on electronic disclosures, creating an additional voluntary fiduciary safe harbor for electronically providing participant disclosures required under the Employee Retirement Income Security Act of 1974, as amended (ERISA). The effective date of this final rule is […]
Author: Trucker Huss
GISUE MEHDI and BRIANA B. DESCH, July 9, 2020 In response to the COVID-19 pandemic, the U.S. Department of Treasury and the Internal Revenue Service (IRS) issued Notice 2020-29 and Notice 2020-33 (the “Notices”) on May 12, 2020. Notice 2020-29 provides increased flexibility for participants to make mid-year health plan, health flexible spending account (“Health […]
ROBERT R. GOWER, July 9, 2020 On June 30, 2020, the United States Department of Labor (DOL) published a Proposed Rule in the Federal Register seeking to formalize guidance concerning environmental, social, and governance (ESG) considerations in selecting investments for plans subject to the Employee Retirement Income Security Act of 1974 (ERISA). Background ESG considerations […]
JOSEPH C. FAUCHER and BRIAN D. MURRAY, June 8, 2020 On June 1, 2020, the U.S. Supreme Court issued its decision in Thole v. U.S. Bank, N.A., 2020 WL 2814294 (2020). The majority opinion — written by Justice Kavanaugh — is likely to have a significant impact on ERISA litigation involving defined benefit plans. While […]
ADRINE ADJEMIAN and ROBERT R. GOWER, June 8, 2020 On May 4, 2020, the Internal Revenue Service (IRS) issued a limited set of FAQs providing administrative guidance addressing the special “coronavirus-related distribution” (CRD) and plan loan provisions under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). As anticipated, the guidance draws […]
FREEMAN L. LEVINRAD and NICHOLAS J. WHITE, May 26, 2020 On May 21, 2020, the Department of Labor (DOL) announced its final rule on electronic disclosures, which is scheduled to be published on May 27th. The final rule allows employers to deliver participant disclosures primarily electronically. The DOL anticipates this will reduce plan costs by […]
RON ASSADI and NICHOLAS J. WHITE, May 18, 2020 In response to the COVID-19 pandemic (the “Pandemic”), on April 28, 2020, the Employee Benefits Security Administration (EBSA) issued Disaster Relief Notice 2020-01 (the “Notice”). The Notice addresses the following issues as impacted by the Pandemic: (i) deadlines for providing participant disclosures and notices; (ii) […]
ELIZABETH LOH, May 7, 2020 On April 28, 2020, the Department of Labor (DOL), the Department of the Treasury (“Treasury Department”), and the Internal Revenue Service (IRS), issued several pieces of guidance providing relief to plan participants, COBRA-qualified beneficiaries, claimants, and plan sponsors who are impacted by the COVID-19 pandemic. This guidance includes the following: […]
JENNIFER D. TRUONG, May 7, 2020 Under IRS Notice 2020-23, the Internal Revenue Service (IRS) has provided additional relief due to the coronavirus pandemic by extending the deadlines for the time-sensitive actions set forth in Revenue Procedure 2018-58.1 Specifically, the Notice extends the deadlines for filings and other actions that would otherwise be due […]
CATHERINE L. REAGAN and KEVIN E. NOLT, April, 2020 (Updated May 1, 2020) In response to the coronavirus pandemic, on April 10, 2020 the Internal Revenue Service (IRS) issued Notice 2020-23, extending the deadlines for the time-sensitive actions set forth in Revenue Procedure 2018-58 to July 15, 2020.1 These extensions apply to certain retirement plan […]
MARY E. POWELL and LINDSAY R. DOCTO, April, 2020 The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law on March 27, 2020. The CARES Act makes emergency supplemental appropriations and other changes to law to help the U.S. respond to the COVID-19 pandemic. This article discusses: (1) the […]
T. KATURI KAYE and BRYAN J. CARD, March, 2020 On March 27, 2020, the United Sates Congress passed the historic Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), the largest rescue bill to date, which provides economic relief to individuals, businesses, local and state governments, and health care systems financially impacted by […]
MARY E. POWELL and LINDSAY R. DOCTO, March, 2020 Due to the urgent crisis the United States is facing because of the COVID-19 pandemic, the President has declared a national emergency, as well as declaring major disasters in California, Washington, New York, Iowa, Louisiana, Texas and Florida. Federal and state governments have passed legislation and […]
CRAIG P. HOFFMAN and KEVIN E. NOLT, February, 2020 Qualified retirement plans are subject to a number of administrative changes, document requirements and other deadlines effective with or during the 2020 calendar/plan year, especially in light of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE). The following article summarizes these changes […]
JOSEPH C. FAUCHER and BRIAN D. MURRAY, February, 2020 401(k) plan sponsors routinely offer stable value funds as conservative investment alternatives for their participants. Insurance companies that manage stable value funds invest in fixed income instruments, such as short- and intermediate-term government and corporate bonds and mortgage-backed securities. The funds are insured, so investors […]
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