On July 8, 2020, in the consolidated cases of Little Sisters of the Poor Saints Peter and Paul Home v. Pennsylvania et al. and Donald J. Trump, President of the United States, et al. v. Pennsylvania et al., the U.S. Supreme Court ruled that employers can exclude coverage for birth control from their health
Kimberly Weibley
IRS Provides Increased Flexibility in Section 125 Cafeteria Plans
IRS guidance, Notice 2020-29 and 2020-33, issued on May 12, 2020 addresses unanticipated changes in health and dependent care expenses because of the 2019 Novel Coronavirus (COVID-19) pandemic by providing for increased flexibility with respect to mid-year elections under a Section 125 cafeteria plan during calendar year 2020 related to employer sponsored health coverage, health…
RECENT CHANGES IN EMPLOYEE BENEFITS LAW-WHAT YOU NEED TO KNOW FOR 2020
In the past few months, we have seen significant changes to the laws governing employee benefits, from the new hardship withdrawal regulations for 401(k) participants, to the SECURE Act, to the new individual coverage health reimbursement arrangement (“HRA”). Here is what you need to know for 2020:
Starting December 20, 2019:
- Qualified Plan loans
…
IRS Finalizes Hardship Withdrawal Regulations
Not all 401(K) and other qualified plans allow hardship withdrawals, but if your plan does allow hardship withdrawals, make sure it is compliant with the new rules finalized in September. All of the changes are optional for a qualified retirement plan’s 2019 Plan year. Operational compliance must begin January 1, 2020. Key changes outlined in…
New IRS Regulations Ease the Way for Hardship Withdrawals from Qualified Retirement Plans
On February 9, 2018, the Bipartisan Budget Act (the “Act”) was signed into law. The Act directed the IRS to revise regulations governing hardship withdrawal provisions in qualified plans. The legislative goal was to expand the circumstances under which hardship withdrawals may be made and eliminate some of the penalties associated with hardship withdrawals.
On…