Benefits Law Update
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The fiduciary standards of ERISA apply to all employee benefit plans that are subject to Title I of ERISA. The duty of loyalty, the duty of prudence,...
Join us on Thursday, March 18 for the next segment in the virtual series that comprises Verrill’s 2021 Employment Law Annual Update! For this...
Section 214 of the Consolidated Appropriations Act, 2021 (CAA) provides a substantial amount of flexibility for the operation of health and dependent...
From time to time, we field questions about the order in which deductions for various employee benefits (e.g., 401(k) plan elective deferrals and...
In our April 2020 post, we detailed how employee layoffs can cause a qualified retirement plan to undergo a “partial termination,” resulting in...
On January 18, we published a blog post regarding new Department of Labor (“DOL”) guidance on missing plan participants. That post is available...
The Department of Labor (“DOL”) has undertaken a nationwide compliance initiative to ensure that retirement plan participants receive the...
Tax-exempt organizations often provide deferred compensation to their officers, key employees, and most highly compensated employees. Like current...
The Consolidated Appropriations Act of 2021 (the “Act”) was signed into law on December 27, 2020. Buried within its 5,593 pages is some welcome...
This Client Advisory highlights important developments in the law governing employee benefit plans over the past year. It offers insight into what...
Eight years ago, the U.S. Department of Labor (“DOL”) issued “tips” for retirement plan fiduciaries to consider when selecting and monitoring...
On November 9, 2020, the Supreme Court declined to consider an appeal from the Second Circuit Court of Appeals in Retirement Plans Committee of IBM...
UPDATE (added February 10, 2023): With the passage of the SECURE 2.0 Act of 2022, Congress made the safe harbor correction method for employee...
With the publication of Revenue Ruling 2020-23, the IRS completed a cycle of helpful guidance regarding the termination of 403(b) plans that began...
The rules concerning the interplay between COBRA and Medicare are a frequent source of confusion for employers. The spike in retirements, layoffs,...
The IRS has announced adjusted benefit plan limits for 2021. These adjustments reflect inflation, and are important for administrators of employee...
As noted in our January 7, 2020 Client Advisory, the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”)...
There is a growing trend for employers to provide employee assistance programs (“EAPs”) and wellness programs for the benefit of their employees....
One consequence of the current COVID-19 crisis for group health plans has been the significant reduction in employee preventive care and elective...
On June 23, 2020, the U.S. Department of Labor (“DOL”) issued a proposed regulation outlining the duties of an ERISA fiduciary when considering...
This chronology traces the major ongoing relief provided by legislation, regulatory action, and other agency guidance to assist ERISA plan...
Proposed Regulations published by the Treasury Department last month provide helpful clarifications regarding the application of the excise tax under...
UPDATE (added July 22, 2021): The IRS has extended the deadline for employer contributions to charitable organizations for the relief of victims of...
The IRS recently issued Notice 2020-50, which expands relief provided for retirement plan distributions and loans under the Coronavirus Aid, Relief,...
In Thole v. U.S. Bank, a 5-4 Supreme Court decision issued on June 1, the Court held that retired participants in a defined benefit pension plan lack...
The COVID-19 pandemic has forced us to find new ways to work through digital technology. Now, more than ever, an enormous percentage of our...
In response to the 2019 novel coronavirus outbreak (COVID-19), earlier this week the IRS issued two notices allowing certain changes to cafeteria...
This post summarizes the health and welfare benefit plan-related deadline extensions described in IRS Notice 2020-23 issued April 9, 2020 and the DOL...
Increasing numbers of employers are being forced to shutter places of business and lay off workers as the coronavirus pandemic continues. When laid...
On Friday, March 27, 2020, the $2 trillion assistance package known as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”)...
About the Blog
Verrill’s Benefits Law Update blog delivers timely insights and practical guidance on the ever-evolving landscape of employee benefits and executive compensation. Our blog provides up-to-date analysis and commentary on a wide range of topics, including timely updates on developments in law affecting employee benefit plans and executive compensation arrangements.
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About
Verrill’s Benefits Law Update blog delivers timely insights and practical guidance on the evolving landscape of employee benefits and executive compensation. Verrill’s Employee Benefits & Executive Compensation Group has substantial experience in all aspects of employee benefits law and executive compensation, providing collaborative legal services to mid-sized and larger employers, both for-profit and not-for-profit, across diverse industries.
Our blog provides up-to-date analysis and commentary on a wide range of topics affecting retirement plans, health and welfare benefits, and executive and deferred compensation arrangements.
Recent posts have addressed:
- Regulatory and legislative developments, including SECURE 2.0 implementation, updated Department of Labor guidance on annual funding notices, and evolving Mental Health Parity and Addiction Equity Act (MHPAEA) rules.
- Fiduciary governance and risk management for ERISA plans, including litigation risk around investment and fee practices, and practical strategies for committee oversight.
- Plan design and operational issues for 401(k), 403(b), and 457(b) plans, such as long-term part-time employee eligibility, student loan matching programs, and correction of operational failures.
- Health plan compliance topics, including coverage mandates, prescription drug and other transparency reporting under the Consolidated Appropriations Act, and cybersecurity expectations for group health plans.
- Executive and nonqualified deferred compensation arrangements, including the scope of the top hat plan rules and coordination of compensation deferral elections with new Roth catch-up contribution rules and recent IRS guidance under Code Sections 409A and 457(f).
- State law developments, including Maine’s paid family and medical leave program and related employer policy updates and implementation considerations.
Samuel J. Baldwin and William D. Jewett are the blog’s editors.
Please note that the content presented in this blog is not intended to constitute legal advice and cannot be relied upon by any person as legal advice. U.S. Treasury Regulations require us to notify you that any tax-related material in this blog (including links and attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding tax penalties, and may not be referred to in any marketing or promotional materials. While we welcome comments on our blog posts, submitting a comment does not create an attorney-client relationship between the Firm and the commenter. Accordingly, please do not include in any comment or question information about any matter that may involve you.