Employee Benefit Plans

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Guidance on Employer Leave Sharing Plans

August 6, 2020

New FAQs on employer leave sharing plans are available from the IRS. It clarifies the tax implications for employees. May employers set up a leave-sharing plan under IRS Notice 2006-59  that permits employees to deposit leave in an employer-sponsored leave bank for use by other employees who have been adversely affected by the COVID-19 pandemic? Yes.…

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Rollover Relief for Required Minimum Distributions from Retirement Accounts

June 24, 2020

Taxpayers that have already taken a required minimum distribution (RMD) in 2020 from their retirement accounts before the CARES Act was enacted can roll the funds back into the retirement account. The deadline is August 31, 2020 to take advantage of the rollover for RMDs taken this year. Under the CARES Act, RMDs due in…

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Expanded Relief for Retirement Plan Distributions

June 23, 2020

The IRS released Notice 2020-50 which provides guidance and extended relief for retirement plan participants affected by the Coronavirus pandemic. The CARES Act includes provisions regarding retirement plan distributions and loans. Under the CARES Act, qualified individuals may treat up to $100,000 as coronavirus-related distributions from eligible retirement plans from January 1, 2020 to December…

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Deadlines Extended for Employment Taxes, Benefit Plans, and More

June 1, 2020

The IRS has postponed deadlines for certain specified time-sensitive actions for certain employment taxes, employee benefit plans, exempt organizations, IRAs, HSAs and Coverdell education savings accounts on account of the Coronavirus pandemic. Deadlines extended to June 30, 2020 With respect to the remedial amendment period and plan amendment rules for section 403(b) plans, actions that…

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Employers Receive More Flexibility on Cafeteria Plans

May 13, 2020

The IRS released guidance on temporary changes to section 125 cafeteria plans, which extend the claims period for health flexible spending arrangements (FSAs) and dependent care assistance programs as well as allow employees to make mid-year changes to their employer-sponsored health coverage. Employers, at their discretion, may amend their cafeteria plans to allow employees to:…

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FAQs on Employee Benefit Plan Retirement Benefits

April 30, 2020

The Department of Labor released guidance on employee benefit plan retirement benefits to help employee benefit plans, plan participants and beneficiaries, employers and other plan sponsors, plan fiduciaries, and other service providers impacted by the Coronavirus pandemic. CARES Act Background The CARES Act expands access to retirement plan distributions and loans for qualified individuals impacted by…

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