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week ending May 22nd, 2020
Like many of us in the retirement plan industry, regulators and legislators have been extra busy due to the coronavirus pandemic. Not only have regulators provided special guidance related to the pandemic—allowing mid-year elections for health plans and flexible spending accounts (FSAs), for example—but they have issued expected guidance—the Department of Labor (DOL)’s e-disclosure rule and the IRS’ updated health savings accounts (HSAs) limits. And legislators are working on the fourth iteration of a coronavirus stimulus package that includes retirement plan-related provisions. In this edition of PLANSPONSOR Weekend, you will find the latest news from regulators and legislators. Stay safe and have an enjoyable long weekend!
Editor's Choice
Compliance
New IRS Revenue Procedure Sets 2021 HSA Limits
The revenue procedure also sets the deductible limits that define a high-deductible health plan for the year.
Compliance
IRS Expands Election and Reimbursement Periods for Health Benefits, FSAs
The agency has also announced an increase in the FSA carryover amount.
Compliance
Electronic Letter Ruling Requests Permitted by IRS
Instituted in response to the coronavirus pandemic, the dual paper and electronic filing policy will remain in effect until the revenue procedure is modified or superseded.
Compliance
IRS Offers Some Clarifications About CARES Act Retirement Plan Provisions
The guidance explains how repayment of coronavirus-related distributions works and whether plan sponsors are required to accept them, among other things.
Compliance
DOL Provides Relief for Certain Retirement Plan Requirements
Relief is provided for verification requirements for loans and distributions and timing for forwarding contributions and loan repayments, among other things.
Compliance
Regulators Extend Time Frames for Special and COBRA Health Plan Enrollment
Extended time limits disregard the period from March 1 until 60 days after the announced end of the national emergency or such other date announced by the agencies in a future notice.
Popular Reads
Compliance
Supreme Court Decision in Thole v. U.S. Bank Has Major Implications for Pensions
The ruling effectively establishes that individual pension plan participants cannot sue their employer for a fiduciary breach if their own benefit has not been cut or otherwise altered.
Compliance
Heroes Act Now In the Hands of a Skeptical Senate
The Heroes Act, passed by a narrow majority in the House, includes union pension partition relief and a waiver for the reinvestment of 2019 and 2020 RMDs.
Compliance
Court Finds Plan Sponsor Could Be Found Liable for Retirement Plan Cyberfraud
The plan sponsor had sued plan providers, but the providers in a counterclaim said the plan sponsor was equally liable.
Products
BlackRock Creates Retirement Paycheck
Two insurers have joined the effort to make lifetime income available in a simplified manner.
Compliance
Plan Sponsor, Provider Sued for Adding Untested CITs to 401(k)
The 92-page complaint includes a number of other allegations, including that the plan sponsor was motivated by its relationship with the provider for its defined benefit plans.
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