Employee BenefitsBlog Posts
Musings of Retirement Plan Fiduciaries on Cybersecurity: Episode OneBy now, plan fiduciaries and their service providers likely have heard about the DOL’s cybersecurity guidance. The Department of Labor’s stepping into cybersecurity in this way – a posting of best practices on the agency’s website – has left plan fiduciaries with some questions. Here are a few: “When is this effective?” “Does this apply...… Continue ReadingJune 15, 2021 |
Multiemployer Pension Plan Reform/Bailout May Be Greater Than Expected; Guidance Still ForthcomingThe Emergency Pension Plan Relief Act of 2021 (EPPRA), enacted as part of the American Rescue Plan Act of 2021 (ARPA), contained unprecedented financial relief for the most troubled multiemployer pension plans (MEPPs). The MEPPs community is eagerly awaiting guidance from the Pension Benefit Guaranty Corporation (PBGC) on the requirements for MEPPs to apply for the special...… Continue ReadingJune 7, 2021 |
Incentives: From Water Bottles to “Not so Substantial”For years (and we do mean years), the EEOC has waffled about whether incentives were permissible in connection with a medical inquiry under a voluntary wellness program. Friday, the EEOC issued its most recent pronouncement on the topic, this time related to incentives for COVID-19 vaccinations. The ADA prohibits employers from requiring medical examinations or...… Continue ReadingJune 1, 2021 |
IRS Provides Clarity on ARPA COBRA Subsidy Impact on State “Mini-COBRA” PlansIn our most recent summary of IRS Notice 2021-31, we noted the Internal Revenue Service provided much-needed clarity to looming compliance challenges as employers, insurers, and others race to implement the applicable COBRA premium subsidy provisions of the American Rescue Plan Act of 2021 (ARPA). While there are many other important clarifications made by the...… Continue ReadingMay 23, 2021 |
Washington Steps Up Insurance Protections for Gender Affirming TreatmentsAs some states make headlines for so-called “anti-trans” laws, the Washington state legislature rejected a bill designed to limit youth participation in sports based on their gender as assigned on a birth certificate and passed the new Gender Affirming Treatment Act. This Act prohibits health insurers from denying or limiting coverage for gender affirming treatment...… Continue ReadingMay 23, 2021 |
IRS Answers to Your American Rescue Plan Act COBRA Subsidy QuestionsIn much-anticipated guidance, the Internal Revenue Service has offered its insight on the implementation of the COBRA temporary premium subsidy provisions of the American Rescue Plan Act of 2021 (ARPA) in Notice 2021-31. Spanning more than 40 pages, the IRS-answered frequently asked questions (FAQs) finally resolve many issues relating to temporary premium assistance for COBRA continuation coverage left...… Continue ReadingMay 20, 2021 |
New Mandatory Retirement Plan Requirement for Certain New York City EmployersOn May 11, 2021, the City Council of New York enacted a local law to establish a retirement savings program for certain employees of private entities. What are the Details? The new law creates a mandatory auto-enrollment payroll deduction individual retirement account (“IRA”) program for employees of private sector employers in New York City which...… Continue ReadingMay 17, 2021 |
Fiduciary Investment Advice: Implications Of Department Of Labor Prohibited Transaction Exception 2020-02Employers who sponsor and maintain retirement plans on behalf of their employees and who engage investment advisors to provide investment-related advice to participants may take comfort in knowing there is a new prohibited transaction exemption under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and the Internal Revenue Code (the “Exemption”) designed...… Continue ReadingMay 16, 2021 |
IRS Issues Additional Guidance on the Tax Treatment of Dependent Care BenefitsAs the IRS continues to churn out guidance on various forms of COVID-19 relief, this week is no exception with the release of Notice 2021-26. This Notice clarifies two key points relating to the tax treatment of dependent care assistance program (DCAP) benefits for 2021 and 2022. We previously wrote about the optional increased annual...… Continue ReadingMay 13, 2021 |
Remote Employees: The Geographic Tax and Benefits ChallengesAs the COVID-19 vaccine has become readily available, and many employers contemplate employees returning to the office to work, both employers and employees have accelerated demands for new and permanent remote work location arrangements for a variety of jobs. Employers across the country are revisiting their business strategies, employment policies, and related legal and tax...… Continue ReadingMay 13, 2021 |