Last Week’s Government Funding Bill = Significant New Benefit Plan Rules

On December 27, 2020, the Consolidated Appropriations Act, 2021 (the “Act”) was signed into law.  The Act imposes significant new requirements on employee benefit plans.  Coupled with other rules and legal developments already set to go into effect, the Act will create significant compliance obligations for employers and their benefit plans.[1] Here is a summary…

Read More »

IRS PROVIDES GUIDANCE ON SECURE ACT PROVISIONS AFFECTING CERTAIN SAFE HARBOR PLANS

On December 9, 2020, the IRS issued Notice 2020-86 addressing certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) affecting certain safe harbor plans. This notice provides guidance in the form of questions and answers with respect to Sections 102 and 103 of the SECURE Act, and it…

Read More »

RADICAL New Transparency Rules Likely Apply to Your Health Plan In One Year

“To make fully informed decisions about their health care, patients must know the price and quality of a good or service in advance.”[1] New rules published last month likely require your employer health plan to phase-in certain disclosures over a three-year period beginning in one year: January 1, 2022 (three files must be disclosed): For…

Read More »

Employer health plans must pay the cost of a COVID-19 vaccine

As many have likely heard, multiple COVID-19 vaccine candidates have rapidly reached the final stages of development and are showing extraordinary effectiveness. The vaccines are beginning to be submitted to the FDA for emergency approval before hitting the market. This means that employers need to start thinking about how this will affect their workplace benefit…

Read More »

New legislation focusing on retirement savings attempts to build on SECURE Act

SECURE Act As you probably remember, last year President Trump signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019.  The SECURE Act was a far-reaching and bi-partisan effort aimed at increasing access to tax-advantaged accounts and preventing older Americans from outliving their savings.  A few of the major components…

Read More »

Defined Contribution Plan Restatement Period Begins

The IRS has recently issued to document vendors opinion letter approvals for updated pre-approved defined contribution plan documents.  This starts the next cycle of required defined contribution plan document restatements.   If you are an employer that currently sponsors a 401(k) plan, profit sharing plan, money purchase plan or ESOP, and the plan document is currently…

Read More »

Sign up below to receive the latest posts from ERISALINC straight to your inbox.

ERISALINC provides legal insight, news, and commentary from McAfee & Taft's Employee Benefits & Executive Compensation attorneys.

The highest standards of
legal excellence

McAfee & Taft Logo