Worker Misclassification: Getting Right with the IRS

About a year ago, I wrote an article on Virginia’s new initiative to address worker misclassification regarding employment and income taxes. The Virginia program is an enforcement initiative backed by substantial penalties. Nationally, the IRS has a Voluntary Classification Settlement… Read more

September 15, 2022 | ERISA & Employee Benefits | Labor & Employment | Tax

IRS Announces Another Compliance (Audit) Pilot Program. Oh joy!

By Neil V. Birkhoff

In the June 3, 2022, issue of the IRS Employee Plans News, the IRS Employee Plans group announced it is piloting a pre-examination retirement plan compliance program beginning in June 2022. Under this program, the IRS will notify a plan… Read more

June 6, 2022 | ERISA & Employee Benefits | Tax

QDRO’s From The Plan Administrator’s Perspective

By Jane D. Tucker

A qualified domestic relations order (“QDRO”) is a state domestic relations order that assigns to an alternate payee (such as a former spouse or a child) the right to receive all or a portion of benefits payable to a plan… Read more

January 14, 2022 | ERISA & Employee Benefits

2021 Year-End Compliance Issues and Amendments for Retirement Plans

As the end of 2021 approaches, despite the current focus on proposed legislative infrastructure, spending, and tax packages, retirement plan sponsors should take time before year-end to review deadlines for required 2021 plan amendments and related compliance obligations. 401(k) plan… Read more

November 17, 2021 | ERISA & Employee Benefits

SECURE Act 2.0 — Look Out for New Retirement Plan Incentives

On the heels of 2019’s SECURE Act (Setting Every Community Up for Retirement Enhancement Act), there currently is broad bipartisan congressional support for additional retirement plan legislation providing incentives to increase employees’ retirement savings. The House and Senate have drafted… Read more

July 19, 2021 | Corporate & Business Transactions | ERISA & Employee Benefits

New ERISA Guidance on Retirement Plan Cybersecurity

The Department of Labor (DOL) has just issued first-time retirement plan guidance to address cybersecurity risks for employers, plan fiduciaries, recordkeepers and plan participants. The guidance is in the form of recommended best practices to protect retirement benefits by providing… Read more

April 30, 2021 | Cybersecurity & Data Privacy | ERISA & Employee Benefits

New Guidance Clarifies COVID-19 Employee Benefit Deadline Extensions

Last year the IRS and Department of Labor (DOL) extended various ERISA and COBRA deadlines for employee benefit plan participants affected by COVID-19. The extended deadlines included: The timeframe to elect COBRA continued health coverage; The deadline for making COBRA… Read more

March 4, 2021 | ERISA & Employee Benefits

COVID-19 and Retirement Plans — Partial Plan Termination Issues and New Fiduciary Relief

Potential Partial Termination of Retirement Plan. A partial retirement plan termination may occur when there is a significant reduction (generally more than 20%) in plan participation due to employer-initiated terminations or layoffs during the plan year. If a partial termination… Read more

May 13, 2020 | COVID-19 Task Force | ERISA & Employee Benefits

COVID-19, the CARES Act and Retirement Plan Issues

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) has a significant impact on employee benefit and retirement plans. The following summary highlights the changes. Suspension of required minimum distribution rules The required minimum distribution (RMD) rules for retirement… Read more

April 2, 2020 | COVID-19 Task Force | ERISA & Employee Benefits

ERISA & Employee Benefits