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.

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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A Chronology of COVID-19 Relief for ERISA Plans

This chronology traces the major ongoing relief provided by legislation, regulatory action, and other agency guidance to assist ERISA plan participants, fiduciaries, and sponsors during the ongoing COVID-19 pandemic through August 10, 2020. Superseded agency guidance is not included in the chronology. Terms/acronyms used: COVID-19 – Includes statutory and...
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Employee Layoffs May Vest Retirement Plan Benefits

Increasing numbers of employers are being forced to shutter places of business and lay off workers as the coronavirus pandemic continues. When laid off workers are participants in their employer’s qualified retirement plan, one consequence of the aggregate layoffs may be a partial termination of the plan under ERISA...
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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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Handling Missing Participants under Code Section 409A

Deferred compensation payments are due to one of your former executives, but the former executive is nowhere to be found. You know that the IRS has strict timing rules for payments subject to Code Section 409A (but maybe not as strict as you think ). The end of the...
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December 2018 Client Advisory

This Client Advisory, originally distributed in December 2018, 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 2019. The following...
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Join Us for Managing 401(k) Plan Fiduciary Risk on 11/8

In today's ever-changing and challenging 401(k) environment, plan sponsors find themselves in a new and seemingly complex environment. Regulations are becoming increasingly complicated, the number of class action lawsuits continues to rise, and employees insist on access to less expensive options with better performance, without understanding what the fees...
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IRS issues updated 402(f) rollover distribution notices

The IRS has issued new model notices for recipients of rollover distributions from qualified retirement plans. The updated notices reflect changes from the 2017 tax reform act, as well as regulatory changes enacted since previous versions of the notices were published. The model notices provide a safe harbor for...
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New Disability Claims Procedures Affect Retirement Plans and Deferred Compensation Plans Too

Much has been written about the Department of Labor's final rule regarding disability benefit claims procedures (the "Final Rule"), which took effect on April 2, 2018. And by now, most employers – and all disability insurance carriers – have taken steps to implement changes in disability plan administrative procedures...
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Voluntary Compliance with ERISA Does Not Preclude Church Plan Status

The IRS has once again confirmed that an employee benefit plan maintained by a church or church-affiliated organization is not subject to ERISA unless the plan sponsor makes an affirmative written election to have ERISA apply to the plan. That is the case even if the plan historically has...
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Socially Responsible Investing and the Plan Fiduciary

In the wake of mass shootings, environmental disasters, industrial accidents, drug and tobacco use pandemics, and other tragedies, retirement plan investors are paying more attention to selecting or rejecting investments based on perceived public policy benefits or detriment. For example, investors are more focused than ever on the larger...
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Budget Agreement Contains Changes to 401(k) Plan Hardship Distribution Rules

The budget agreement approved by Congress and signed into law on February 9, 2018 includes several changes to the rules governing hardship distributions from 401(k) plans. These changes — which were included in the House version of the tax reform bill, but removed during the reconciliation process — may...
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Tax Reform: A Brief Overview of the Final Legislation

Congress passed the Tax Cuts and Jobs Act on December 20, 2017, and President Trump signed the bill into law on December 22nd. As everyone knows by now, the new law makes sweeping changes affecting most areas of income taxation. And while the final legislation contained fewer provisions affecting...
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Noteworthy Federal Cases Relating to Employee Benefit Plans in 2017

Here is a round up of cases decided by the U.S. Supreme Court and the First and Second Circuit Courts of Appeals in 2017 involving ERISA employee benefit plans. While courts decided a number of cases pertinent to benefit plans, we found these to be noteworthy: United States Supreme...
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Client Advisory - Winter 2016

This Client Advisory highlights certain developments regarding the Affordable Care Act (most significantly, the delay of the ACA reporting requirements and the "Cadillac" tax), discusses the EEOC's proposed rules for wellness programs and the outcome of recent EEOC wellness program litigation, reviews important cases recently decided by and pending...
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2015 Mid-Year Client Advisory

At this time of year many employers finalize welfare plan designs for 2016 and gear up for open enrollment. And this summer, many employers are in the process of reviewing updated pre-approved defined contribution plan documents provided by their record keeping firms. With those efforts in mind, this Client...
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Where There’s Smoke There’s Questions: Designing Compliant Wellness Programs That Target Tobacco Use

The final regulations concerning wellness programs under the Health Insurance Portability and Accountability Act, as amended (HIPAA) continue to generate a number of questions and concerns for employers whose programs seek to promote employee health by curbing tobacco use. The compliance status of some programs is further complicated by...
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2014 Year-End Employee Benefit Plans Compliance Advisory

The 2014 end-of-year rush seems somewhat less frantic than in years past. Nevertheless, with a month left in the year many employers may find themselves scrambling to meet plan amendment and notice deadlines, and planning for 2015 may still be in process for some. This summary discusses a few...
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CMS Delays HPID Application Deadline

On October 31, 2014, the Centers for Medicare & Medicaid Services (CMS) issued a statement delaying enforcement of the health plan identifier (HPID) requirement. Specifically, Controlling Health Plans (CHPs) are no longer required to obtain HPIDs by the originally announced deadline of November 5, 2014, which has been delayed...
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Are you Experienced? A Look at the HPID Application Experience

Under final rules issued September 5, 2012 by the Department of Health and Human Services under HIPAA, nearly all employer group health plans are required to obtain a unique health plan identification number (HPID) by November 5, 2014. (We summarize the final rules briefly here .) Health plans with...
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2014 Mid-Year Supreme Court Case Review

The 2013-2014 term of the Supreme Court of the United States produced opinions that will have substantial effects on the design and administration of most employee benefits plans. This summary highlights three key decisions, one significant procedural ruling, and an emerging issue likely headed for Supreme Court review, all...
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2014 Mid-Year Compliance Update

While 2014 has been a relatively quiet year in terms of new rules affecting retirement plans, the January 1, 2015 effective date for the Affordable Care Act employer shared responsibility mandate is now in sight. This summary discusses a few key developments regarding employee benefit plans – especially group...
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IRS Guidance Confirms Treatment of Same Sex Spouses under Cafeteria Plans

IRSNotice 2014-01 , issued yesterday, provides helpful guidance for the administration of cafeteria plans after the U.S. Supreme Court's decision in the Windsor case. The guidance provides answers to a number of questions that employers and plan administrators have been asking, including the following: May a participant who was...
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2013 Year End Benefit Plan Compliance Update and Reminders for Employers

As 2013 draws to a close and we look ahead to 2014, there is no shortage of benefit plan administrative challenges with which employers must contend. While the Patient Protection and Affordable Care Act of 2010 ("ACA") remains very much at the forefront of these challenges, retirement plan and...
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Mid-Year Health Plan Compliance Update

Developments in the employee health plan arena have come fast and furious in the first half of 2013, and there is no lack of compliance activities to occupy the time of human resources and employee benefits professionals. We offer this collection of key developments for employers to consider as...
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Enforcement of Employer Mandate Delayed Until 2015

This evening the White House and U.S. Department of Treasury announced that the effective date of the employer shared responsibility component (also known as the employer pay or play mandate) of the Affordable Care Act will be delayed until 2015. Accordingly, businesses will not be penalized in 2014 for...
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The Verdict on DOMA and Proposition 8: Impact on Employee Benefit Plans

Today the United States Supreme Court overturned Section 3 of the Defense of Marriage Act ("DOMA") and reinstated a California judge's order that Proposition 8 (the California ballot initiative defining marriage as between a man and a woman) is unconstitutional. Although it will take time to sort through the...
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Are You Ready for a HIPAA and ACA Audit?

It's no secret that the Office of Civil Rights of the Department of Health and Human Services has been expanding its enforcement activity under the privacy and security standards of HIPAA. And it's not surprising that enforcement activity is in the offing under the Affordable Care Act as well...
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2012 Year End Benefit Plan Compliance Checklist and Reminders for Employers

By comparison to past years, the end of 2012 and beginning of 2013 seem not to bring all that much in the way of new legal compliance burdens regarding retirement plans, health plans, and deferred compensation plans. For the most part employers face the continued implementation of changes in...
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Firm Highlights

News

35 Verrill Attorneys Named 2020 Super Lawyers and Rising Stars

(November 9, 2020) – The 2020 edition of New England Super Lawyers and Rising Stars© has recognized a total of 35 Verrill attorneys for excellence in their individual areas of practice. Only the top...

Blog

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...

Blog

Consolidated Appropriations Act of 2021 Includes Flexible Spending Account Relief

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 flexibility relating to 2020 and 2021 health care and dependent...

Blog

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...

Blog

Webinar: The Effect of COVID-19 on Employee Benefit Plans – Making Sense of the Abundance of New Legislation and Guidance

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 segment, employee benefits attorneys Karen Hartford, Bill Jewett, and Chris...

Blog

Reporting Deferred Compensation on Form 990

Tax-exempt organizations often provide deferred compensation to their officers, key employees, and most highly compensated employees. Like current compensation payable to such employees, deferred compensation must be reported annually on Form 990, Schedule J...

Blog

Order of Benefit Deductions from Employee Pay

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 insurance premiums for welfare benefit plan benefits) should be...

Blog

IRS Notice 2021-15 Provides Clarity Regarding FSA Relief Available Under Consolidated Appropriations Act

Section 214 of the Consolidated Appropriations Act, 2021 (CAA) provides a substantial amount of flexibility for the operation of health and dependent care Flexible Spending Accounts (FSAs). The CAA did, however, leave many open...

Publication/Podcast

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...

Blog

Partial Plan Terminations – An Update

In our April 2020 post , we detailed how employee layoffs can cause a qualified retirement plan to undergo a “partial termination,” resulting in required 100% vesting of the affected employees’ benefits. As 2020...

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