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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pandemic, the dual paper and electronic filing policy will remain in effect until the revenue procedure is modified or superseded.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
Opinions
Democrats Take Control of the Senate: What Does That Mean for Your Retirement Plan?
Syed Nishat, with Wall Street Alliance Group, discusses potential effects on retirement plans if President Joe Biden is able to move forward his legislative agenda.
2020 Recordkeeping Survey
Compliance
Takeda Pharmaceuticals Faces ERISA Lawsuit Over TDF Suite in 401(k) Plan
The lawsuit says the target-date funds were selected for the plan despite having no performance history and, when they continued to underperform, they were not replaced with better options.
Data and Research
Pandemic Puts More Households at Risk in Retirement
The Center for Retirement Research says half of American households are at risk of not being able to live at pre-retirement standards of living in retirement.
Compliance
Trustee Sued Over Retirement Plan Account Fraud
The lawsuit claims the trustee allowed an unauthorized person to take a distribution from a participant’s account and that the trustee is refusing to provide information to help remedy the situation.
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