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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New Supreme Court ruling may affect employee benefit plans

As you probably already know, the Supreme Court issued several important decisions during this year’s term. One of the most ground-breaking was their decision in Bostock v. Clayton County holding that Title VII of the Civil Rights Act of 1964 protects transgender, gay and lesbian employees from workplace discrimination based on their sexual orientation or…

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New IRS Guidance on Suspension of RMDs

And just as we thought that the new coronavirus guidance was beginning to slow down, the IRS proved us wrong. On June 23, 2020, the IRS issued new guidance on the waiver of required minimum distributions (“RMDs”) from certain qualified retirement plans. I. General Background As a refresher, section 401(a)(9) of the Internal Revenue Code…

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

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