Publications

Nonqualified Deferred Compensation Plans Must Be Amended by December 31, 2020, to Remove Mandatory Payment Delays due to 162(m) Nondeductibility

J. MARC FOSSE, October 8, 2020  The amendments to section 162(m) of the Internal Revenue Code (“Code”) under the Tax Cuts and Jobs Act (TCJA) can create a payment trap for nonqualified deferred compensation plans with a mandatory payment delay of amounts that are not deductible under Code section 162(m). The proposed Treasury Regulations under […]

New Proposed Rule Regarding Grandfathered Plans

SARAH KANTER, October 8, 2020  A new proposed rule (the “Proposed Rule”), released by the Departments of Treasury, Labor, and Health and Human Services (HHS) (the “Departments”) on July 10, 2020, would permit grandfathered group health plans and grandfathered group health insurance coverage (“grandfathered plans”) to make greater increases to certain types of cost-sharing requirements […]

The Importance of Including Exhaustion Requirements in Plan Documents: Taking a Closer Look at the Sixth Circuit’s Decision in Wallace v. Oakwood Healthcare, Inc.

 ANGEL L. GARRETT, August 27, 2020  A recent decision by the U.S. Court of Appeals for the Sixth Circuit reminds plan fiduciaries once again of the importance of including claims and appeals procedures and administrative exhaustion language in their plans. See Wallace v. Oakwood Healthcare, Inc., 954 F.3d 879 (6th Cir. 2020). Often, plan fiduciaries […]

IRS Guidance on Coronavirus-Related Distributions and Plan Loans

BRYAN J. CARD, August 27, 2020  On June 19, 2020, the Internal Revenue Service (IRS) issued Notice 2020-50 (the “Notice”), which provided much needed guidance on Section 2202 of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). Section 2202 of the CARES Act provides economic relief to certain individuals who have been […]

Final Rule on E-Disclosures: The DOL Provides Retirement Plans with an Additional Safe Harbor for Electronic Disclosure of Required Plan Notices Under ERISA

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 […]

IRS Allows for Temporary Flexibility with Long-Awaited Guidance that Expands Mid-Year Election Change Opportunities for Cafeteria Plans

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 […]