IRS Issues Additional COVID-19 Relief
On May 28, the IRS issued Notice 2020-35, offering more administrative relief on deadlines applicable to employee benefits, employment taxes and exempt establishments impacted by COVID-19. Per Code Section 7508A, the Internal Revenue Service is…
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House Signs Off on Paycheck Protection Fix Offering More Flexibility
The House of Representatives just approved a stand-alone rule that aims to alleviate snags small business leaders face under the Paycheck Protection Program (PPP). Launched by Representatives Chip Roy (R-TX) and Dean Phillips (D-MN), the…
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Detrimental Assumptions Plan Sponsors Make
When it comes to managing an employee benefit plan, even if a plan sponsor commits a very small plan violation, such an incident can result in hefty ERISA penalties. Even failing to file Form 5500…
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Eleventh Circuit Releases Long-Awaited Decision on ERISA Sanctions
The Eleventh Circuit just confirmed their outlook on the Employee Retirement Income Security Act of 1974, or ERISA. The new decision in Williamson v. Travelport, LP 953 F. 3d 1278 (11th Cir. 2020), illuminated the latitude…
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ARA Endorses Interim Amendment Process Improvements for Pre-Approved Plans
In a May 11th letter to the Director of the IRS Office of Employee Plans, the American Retirement Association suggested enhancements in the interim amendment process for pre-approved plan documents. The ARA indicates that the…
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DOL Relaxes Deadlines for ERISA-Governed Group Health Plans
In step with the U.S. Department of Treasury and the IRS, the U.S. Department of Labor published deadline leeway and direction for ERISA-related group health and welfare plans regulated by the Employee Retirement Income Security…
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Can Employees Who Didn’t Read Benefit Disclosure Still Sue?
A U.S. Supreme Court decision from a few months ago has resulted in a ruling that is potentially helpful for plaintiffs/lawyers to bring ERISA actions. The United States Supreme Court decided in Intel Corp v….
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New House-Passed HEROES Act Includes Retirement Clarity
The novel $3 trillion stimulus bill, passed on May 15, encompasses retirement initiatives voiced by the American Retirement Association. The House of Representatives signed off on the “Health and Economic Recovery Omnibus Emergency Solutions” (HEROES)…
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How Errors & Omissions Coverage Protects Pension Professionals from Costly Mistakes
It can be difficult for pension professionals to juggle servicing multiple employee benefit plans at once. With Errors and Omissions protection, pension professionals safeguards against covered losses from any actual or alleged negligent act, error, or…
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