The Internal Revenue Service (“IRS”) is very much aware that plan sponsors of tax-qualified retirement plans (such as 401(k) plans) make mistakes in plan administration. The types of mistakes are varied and numerous. For example, a plan sponsor may neglect to enroll an eligible employee in their Continue Reading
Plan Coverage of At-Home COVID-19 Testing
The Bottom Line Effective January 15, 2022, plan coverage of FDA-approved over-the-counter at-home COVID-19 diagnostic tests is mandatory. Plan sponsors should immediately contact their pharmacy benefit managers to set up mechanisms for direct coverage of at-home tests.If any questions Continue Reading
IRS Provides Much Needed Guidance on COBRA Premium Subsidy
The Bottom Line ARPA’s COBRA subsidy presents a number of complicated administrative issues that employers, plan sponsors and administrators, and insurers alike should consider. In particular, there are a number of nuances to how the Notice may impact plan sponsors.Plan sponsors should consult with Continue Reading
COBRA Changes Under the American Rescue Plan Act of 2021
The Bottom Line President Biden signed the American Rescue Plan Act of 2021 (the Act) into law on March 11, 2021. While direct payments to certain taxpayers and extending unemployment benefits have received most of the attention in the media, the Act also provides for the federal government to Continue Reading
Regulators Clarify COVID-19 Relief Deadline Extension
The Bottom Line Plan sponsors and administrators have been grappling with how to handle the possible expiration of the extension relief granted for certain deadlines applicable to group health plans under the “Joint Notice” published in May 2020 (the 2020 Guidance). With just two days to go Continue Reading
Group Health Plans: Regulators Extend Deadlines During the COVID-19 Crisis
The Bottom Line The Notice provides important guidance and relief for group health plan sponsors and plan participants in light of the COVID-19 pandemic.The regulators have hit the pause button on many of the employee benefit plan timeframes during the period of the COVID-crisis.Since the guidance Continue Reading
COVID-19 Considerations for Retirement Plan Sponsors and Committees
The Bottom Line Employers must take action now to provide appropriate oversight of their retirement plans, both in reaction to recent legislation and extreme stock market volatility due to COVID-19. This is especially true for those employers that have needed to reduce their active Continue Reading
Employers Beware: New EU Data Law May Impact Employee Benefits
The Bottom Line GDPR is already in effect and fines could be levied for non-compliance. U.S. based employers should work with their legal counsel to review their plan participant population to determine whether GDPR applies and to ensure that GDPR's requirements are satisfied. May 25, 2018 was Continue Reading
Two Recent Court Rulings Signal Important Developments in ERISA Excessive Fee Litigation
The Bottom Line The recent decisions in Wells Fargo and Chevron offer plan sponsors and fiduciaries some guidance with respect to defending against ERISA fee litigation. Plan sponsors and fiduciaries need to continue to ensure that they engage in a deliberative and Continue Reading