Blog Posts: Benefits Law Update

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Named a Top 10 Blog in Compensation and Benefits, Verrill's attorneys use the Benefits Law Update blog to provide timely updates and commentary on developments in law affecting employee benefit plans and executive compensation arrangements.

IRS Announces New Pilot Program for Retirement Plan Audits

On June 3, 2022, the Internal Revenue Service (“IRS”) announced a new pre-examination compliance pilot program beginning in June 2022. Under the pilot program, the IRS will notify a plan sponsor by letter that its retirement plan has been selected for examination and will provide the plan sponsor with...
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Required Minimum Distributions and Missing Plan Participants

In January of 2021, we published two blog posts regarding Department of Labor (“DOL”) guidance on missing retirement plan participants. The first post describes DOL guidance on best practices for locating missing retirement plan participants. The second post describes the DOL’s Terminated Vested Participants Project (“TVPP”), which was initiated...
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Employee Benefits & Executive Compensation 2021 Summer Client Advisory

Click here to view as a PDF. This Client Advisory summarizes developments in the law governing employee benefit plans prompted by the COVID-19 pandemic. We explain what these developments mean for plan sponsors and highlight the need to adopt plan amendments within limited time periods in order to fully...
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Primer on Severance Plans Under ERISA and the Tax Code

Many employers maintain formal or informal severance policies or practices that they use sporadically. Other employers may implement a severance program for a limited period of time to reduce the number of employees overall or within a work classification or location. All employers should be mindful that these policies...
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DOL Guidance on Missing Pension Plan Participants - Part II

On January 18, we published a blog post regarding new Department of Labor (“DOL”) guidance on missing plan participants. That post is available here , and describes the DOL’s guidance on Missing Participants - Best Practices for Pension Plans (“Best Practices”). This blog post addresses two other pieces of...
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DOL Guidance on Missing Pension Plan Participants

The Department of Labor (“DOL”) has undertaken a nationwide compliance initiative to ensure that retirement plan participants receive the benefits that they were promised when they reach their retirement age. To that end, the DOL recently issued three pieces of guidance – (i) Missing Participants - Best Practices for...
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Employee Benefits & Executive Compensation 2020 Year-End Client Advisory

Click here to view as a PDF . This Client Advisory highlights important developments in the law governing employee benefit plans over the past year. It offers insight into what these developments mean for employers and plan sponsors and previews developments we expect to see in 2021. The following...
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ERISA and COBRA Implications for EAPs and Wellness Programs

There is a growing trend for employers to provide employee assistance programs (“EAPs”) and wellness programs for the benefit of their employees. Typically, the employer pays for benefits under these programs out of its general assets. These programs are designed to reduce health care costs, reduce absences from work...
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IRS Issues New Guidance on CARES Act Retirement Plan Distributions and Loans

The IRS recently issued Notice 2020-50 , which expands relief provided for retirement plan distributions and loans under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Distributions Under the CARES Act, a retirement plan may allow participants affected by COVID-19 to elect cash distributions in an amount...
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December 2019 Client Advisory

This Client Advisory, originally distributed in December 2019, highlights important developments in the law governing employee benefit plans and executive compensation over the past year. It offers insight into what these developments mean for employers and plan sponsors and previews developments we expect to see in 2020. The following...
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Same-Sex Marriage and Your Employee Benefit Plans

Maine has now officially joined nine other states in allowing same-sex marriage. The new Maine law ("An Act to Allow Marriage Licenses for Same-sex Couples and Protect Religious Freedom") was approved by a referendum election on November 6, 2012, and it became effective December 29, 2012. Some municipal offices...
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Working with the New Annual Limit on FSA Contributions

The Patient Protection and Affordable Care Act modified the rules relating to cafeteria plans to impose a new $2,500 annual limit on the amount that an employee may elect to contribute to a health flexible spending account ("health FSA"), effective January 1, 2013. The modification came in the form...
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Firm Highlights

Publication/Podcast

2021 Year End Employee Benefit Plan Amendments

Health and Welfare Plans Employers that made available COVID-19 relief and benefit enhancements in 2020 – such as the increased carry over limit and extended grace period for health flexible spending accounts – need...

Blog

What Employers Need to Know About Access to Reproductive Care After Dobbs

The United States Supreme Court’s decision in Dobbs v. Jackson Women’s Health Organization , No. 19-1392 (June 24, 2022) overturning Roe v. Wade and Planned Parenthood v. Casey, has led to a host of...

Blog

2025 Is the New 2022: IRS Extends Deadline to Adopt SECURE Act Amendments and CARES Act Waiver of 2020 RMDs Amendment

This post was updated on September 27, 2022. On August 3, 2022, the IRS released Notice 2022-33 , which extends the deadline for plans to adopt: all SECURE Act [1] amendments, optional or required...

News

77 Verrill Attorneys Recognized by Best Lawyers® 2023, Including Six Named Lawyers of the Year

Publication/Podcast

Amending Your Retirement Plans this Year for SECURE Act and CARES Act Changes

This post was updated on September 29, 2022. On August 3, 2022, the IRS extended the deadline for retirement plan sponsors to adopt amendments necessary to comply with the Setting Every Community Up for...

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DOL Proposes Amendments to QPAM Exemption

On July 27, 2022, the Department of Labor (DOL) proposed a set of amendments to Prohibited Transaction Class Exemption 84-14, the so-called “QPAM Exemption,” which permits an investment fund [1] holding assets of ERISA...

Blog

Amending Your Retirement Plans this Year for SECURE Act and CARES Act Changes

This post was updated on September 29, 2022. On August 3, 2022, the IRS extended the deadline for retirement plan sponsors to adopt amendments necessary to comply with the Setting Every Community Up for...

Blog

Proposed Changes to Massachusetts Paid Family & Medical Leave Regulations

The Massachusetts Department of Family and Medical Leave has proposed changes to the regulations governing the state’s paid family and medical leave program. The proposed changes are intended to clarify the requirements related to...

Blog

The How and When of Separations from Service Under Section 409A

Readers who regularly work with deferred compensation plans will know that Section 409A of the Internal Revenue Code (“Section 409A”) prescribes six events or times at which deferred compensation may be distributed to participants...

Blog

Agencies Heed President’s Call to Take Action to Protect Access to Sexual and Reproductive Health Care Post-Dobbs

Within days of the Supreme Court’s June 24 th Dobbs decision, which held that the Constitution does not guarantee the right to an abortion, key government agencies have taken action to protect access to...

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