The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provides financial relief to employers and employees facing economic hardships as a result of the pandemic. Below are provisions applicable to qualified retirement plans.
Plan Amendments
Even if you implement any of the…
Companies who obtain loans and loan guarantees from the Exchange Stabilization Fund authorized by the CARES Act are subject to restrictions on executive compensation. These loans and loan guarantees are separate from relief small business employers might otherwise realize under the CARES Act…
The ESOP Team at Krieg DeVault knows our clients are experiencing unprecedented challenges and difficulties caused by COVID-19. In an effort to fully support you during these difficult times, we are committing to provide you with brief, tailored, ESOP-related content in the days, weeks and months…
Today, the IRS published notice of upcoming guidance related to the impact on the qualification of high deductible health plans (“HDHP”) under Section 223(c)(2)(A) of the Internal Revenue Code (the “Code”) with respect to certain 2019 Novel Coronavirus (COVID-19) related testing and treatment…
On December 20, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law by President Trump as a part of a larger budget appropriations bill. Many who have commented on the SECURE Act believe it is the most significant retirement legislation in more than a…
Nearly two months into 2020, you are finally beginning to recover from yet another chaotic group health plan open-enrollment, so now might be the perfect time to consider updating your organization’s retirement plan documents. A couple of ERISA cases from the fourth quarter of 2019 provide you with…
Earlier today the Internal Revenue Service issued Notice 2019-59 announcing the cost-of-living adjustments applicable to pension and retirement plan dollar limitations for tax year 2020. The elective deferral limit for participants who participate in 401(k), 403(b), 457(b) plans and SARSEPs has…
The IRS has issued final regulations regarding hardship distributions from 401(k) and 403(b) plans. While the final regulations differ little from the proposed regulations (as described in our November 15, 2018 Employee Benefits ALERT), there are changes worth noting.
Employee Representation of…
On March 27, 2019 the IRS announced that taxpayers can no longer request an employer identification number (“EIN”) unless the “responsible party” named on the application has a Social Security number (“SSN”) or Individual Taxpayer Identification Number (“ITIN”). This change goes into effect on May…
A trifecta federal agency approach to expansion efforts related to health reimbursement arrangements (“HRAs”) occurred on October 29, 2018. The Departments of Treasury, Health and Human Services, and Labor (collectively, the “Departments”) jointly announced proposed HRA regulations, effective for…
The Internal Revenue Service issued Notice 2018-83 announcing the cost-of-living adjustments applicable to pension and retirement plan dollar limitations for tax year 2019. The elective deferral limit for participants who participate in 401(k), 403(b), 457(b) plans and SARSEPs has increased $500,…
The IRS initially issued proposed regulations on Friday, November 9, 2018 and published such regulations in the Federal Register on November 14, 2018 providing guidance related to modifications necessary to administer hardship distributions based on the statutory changes made by the Bipartisan…
