IRS Announces Relief for Certain Form 1094/1095 Reporting Requirements

In a similar move as in previous years, the IRS has issued relief from certain Form 1094-C and 1095-C reporting requirements under the Affordable Care Act (the “ACA”) relating to employee health plans, as well as relief from certain reporting-related penalties. As a refresher, the ACA generally requires four forms to be produced each year,…

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DOL Proposes New Proxy Voting Rule Affecting Retirement Plan Fiduciaries

On September 4, 2020, the Department of Labor (“DOL”) published a proposed regulation addressing the proxy voting responsibilities of retirement plan fiduciaries and exercises of other shareholder rights.  The proposed rule would affect any employee benefit plan that owns equity securities that require voting, which can include defined benefit plans, defined contribution plans, and even…

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Ask Your Consultant for Mental Health Parity Certification Each Year

If you only read this first paragraph, that is okay. One of the most common issues we face with DOL investigations of employer health plans involves mental health parity compliance.  For those of you who sponsor a qualified retirement plan like a 401(k) plan, you likely receive some kind of a compliance testing report each…

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New Guidance Regarding Birth or Adoption Distributions from Retirement Plans

You may recall that the SECURE Act was signed into law last December. The SECURE Act made a number of changes to the rules governing qualified retirement plans.  One change created a new type of a distribution from certain retirement plans, including 401(k) plans, following qualifying births or adoptions.  The SECURE Act allows a plan…

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IRS Provides Tax Filing Relief for Victims of Hurricane Laura

The IRS recently announced that victims of Hurricane Laura now have until December 31, 2020, to file various individual and business tax returns. This relief is available to any area designated by the Federal Emergency Management Agency (FEMA) as an area qualifying for individual assistance. A current list of designated areas is available on the disaster relief page on…

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Remind Affected 401(k) Plan Participants About August 31 Deadline

Section 401(a)(9) of the Internal Revenue Code requires a qualified retirement plan – including 401(k) plans – to make certain required minimum distributions (RMDs) to plan participants starting by the participant’s required beginning date. The SECURE Act was signed into law in December of 2019.  The SECURE Act amended section 401(a)(9) of the Code to…

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

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