On February 4, 2022, the Departments of Labor, Health and Human Services and the Treasury (the “Departments”) released additional Frequently Asked Questions (FAQs) regarding group health plan coverage of over-the-counter at-home COVID-19 tests (OTC Tests) plans, without participant cost-sharing, preauthorization, or medical management.
Read MoreBeginning January 15, 2022, and continuing throughout the duration of the public health emergency, group health plans and insurers are required to cover over-the-counter (OTC) at-home COVID-19 tests (OTC Tests), including tests not ordered by a health care provider, without participant cost-sharing, preauthorization, or medical management, according to Frequently Asked Questions (FAQs) recently issued by the Departments of Labor, Treasury and Health and Human Services.
Read MoreOn August 23, 2021, the U.S. Food and Drug Administration approved the first COVID-19 vaccine for the prevention of COVID-19 disease in individuals 16 years of age and older. The vaccine, which has been referred to as the Pfizer-BioNTech COVID-19 Vaccine and has been available only under an emergency use authorization up to now, will be marketed under the brand name Comirnaty.
Read MoreAs discussed in our prior blog post, on April 28, 2020, the Employee Benefits Security Administration, U.S. Department of Labor, Internal Revenue Service, and Treasury Department (the “Agencies”) published joint guidance extending certain important deadlines that are otherwise applicable to employee benefit plans.
Read MoreThe Internal Revenue Service (IRS) issued helpful guidance to plan sponsors of safe harbor 401(k) plans that are considering reducing or suspending safe harbor employer matching contributions or safe harbor nonelective contributions as a result of the COVID-19 pandemic. As explained below, IRS Notice 2020-52 provides temporary relief from certain requirements that would otherwise apply for making mid-year amendments to safe harbor 401(k) plans.
Read MoreThe Departments of Labor, Health and Human Services, and the Treasury jointly released additional frequently asked questions (“FAQs”) regarding implementation of the health coverage provisions of the Families First Coronavirus Response Act (“FFCRA”); the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), and other health coverage issues related to COVID-19.
Read MoreThe Internal Revenue Service (“IRS”) issued Notice 2020-51 which provides much needed guidance concerning the waiver of 2020 required minimum distributions (“RMDs”) under the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The Notice also includes transition relief for plan administrators regarding the change to the required beginning date for RMDs under the Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”).
Read MoreOn May 21, 2020, the U.S. Department of Labor (“DOL”) announced a new safe harbor rule that will allow plan sponsors, by default, to post retirement plan disclosures online or deliver them to participants by email in satisfaction of their duties under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
Read MoreAs we discussed in our recent article, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) temporarily increases the permissible loan amount for loans taken by qualified individuals between March 27, 2020 and...
Read MoreThe IRS addressed Frequently Asked Questions (“FAQs”) this week on the new coronavirus-related distribution (“CRD”) available from eligible retirement plans added by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).
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