As cash flow and decreased revenue concerns rise, many employers are looking for ways to cut costs. This article generally identifies the circumstances that allow a safe harbor 401(k) plan sponsor to suspend safe harbor contributions and the related consequences of such suspensions.
Retail employers are facing challenges unique to their workforces due to the spread of COVID-19. Retailers must keep abreast of federal laws such as the Families First Coronavirus Response Act (FFCRA), the Coronavirus Aid, Relief, and Economic Security (CARES) Act, in addition to guidance from federal agencies on these new laws. Below are answers to the most frequently asked questions perplexing retailers confronting issues such as health and safety, unions and employee relations, and employee benefits.
The economic and financial consequences of the ongoing COVID-19 crisis have forced some employers to furlough and lay off workers, resulting in record numbers of individuals claiming state unemployment benefits across the country. As a result, an increasing number of employers are considering implementing supplemental unemployment benefits plans (SUB-Pay Plans) in order to provide additional benefits to discharged employees. Unlike severance plans, SUB-Pay Plans can be structured to maximize employer savings while providing greater benefit to the employees. This is not always a quick fix, however, as there are numerous legal and administrative issues to consider when implementing a SUB-Pay Plan.
The recent spread of the novel coronavirus (COVID-19) in the United States has caused employers to be increasingly concerned and uncertain regarding the future of their workforces. Here are some answers to frequently asked questions (FAQs) about the latest developments on the virus and guidance from federal agencies.
On March 28, 2019, the U.S. District Court for the District of Columbia struck down key parts of the U.S. Department of Labor’s (DOL) final rule expanding the availability of association health plans (AHPs).
The U.S. Department of Labor (DOL) recently issued new versions of the Affordable Care Act (ACA) Notices of Exchanges.
On January 1, 2018, modifications to the rollover distribution rules for certain retirement plan participants with defaulted plan loans went into effect. As a result of a provision in the Tax Cuts and Jobs Act, the rollover distribution rules are now more relaxed for rollovers of defaulted loans resulting from plan terminations or a participant’s failure to repay a loan upon severance from employment.
The U.S. Department of Labor (DOL) recently finalized its much-anticipated rule which expands opportunities for small businesses and certain self-employed individuals to band together to obtain more affordable group health coverage under an association health plan (AHP).
There is an opioid misuse, abuse, and addiction crisis in this country, and it impacts many employees and their family members. A substantial percentage—perhaps as high as 40 percent based on recent reports—of opioid addicts are covered by employer group health plans.
The Patient Protection and Affordable Care Act of 2010 (ACA) revolutionized the U.S. healthcare system. Among the many major changes the ACA introduced was mandatory coverage of preventive care services required for most private health plans. Although most plan sponsors are well-aware of the ACA’s requirements for first dollar coverage on preventive care benefits, it may come as a surprise that the list of preventive care services is subject to annual updates, and there are several new requirements for 2018 and 2019.
In light of the upcoming February 1, 2016 deadline for employers to provide their employees with the new Form 1095-C, we have compiled the following list of questions we most frequently receive about this complex new reporting regime under the ACA.
In the latest round of delays under the Affordable Care Act (ACA), the Employee Benefits Security Administration recently announced that the deadline for health plans to provide enrollment information to the transitional reinsurance program has been extended to December 5, 2014. This enrollment information determines the total fees self-funded health plans…..