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Taking the Off Ramp: IRS Opens Limited Program To Return Wrongly Received Employee Retention Credits

By Matthew P. Chiarello and Carlene Y. Lowry The IRS continues to evaluate and process Employee Retention Credit (“ERC”) claims with a focus on inaccurate and ineligible filings. Among its efforts to police the ERC program, the IRS announced a new initiative that permits taxpayers to return ERCs to which the employer is not entitled […]

Enforcement Back On: Departments Rescind Enforcement Relief for Machine Readable File Requirements under Transparency in Coverage Rules

On September 27th, the Departments released FAQs about Affordable Care Act Implementation Part 61 (“FAQ 61”), announcing that the Departments are rescinding prior-issued enforcement relief for certain machine-readable file requirements under the Transparency in Coverage (the “TiC”) regulations. The final TiC regulations, published in the Federal Register on November 12, 2020, in part required group […]

| 3 min read

IRS Delays Roth Catch-Up Contribution Requirement

On August 25, 2023, the IRS issued Notice 2023-62, which gives retirement plan sponsors a two-year administrative transition period to implement the SECURE 2.0 requirement that certain catch-up contributions to 401(k) and similar defined contribution plans be made on an after-tax Roth basis. More specifically, SECURE 2.0 requires catch-up eligible participants who received more than […]

| 2 min read
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Compliant Clawback Policies Must be Adopted Before December 1, 2023

As noted in a prior post, both the  New York Stock Exchange (“NYSE”) and Nasdaq have adopted listing standards that requires issuers to adopt compliant clawback policies by December 1, 2023.  Adoption of such policies and/or the amendment of an existing policy to make it compliant with the NYSE and Nasdaq listing standards will require […]

| 1 min read
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Another HIPAA Special Enrollment Deadline Extension – What’s a Group Health Plan to Do?

Just when you thought the confusing COVID-19 ERISA deadline extensions were behind you, the Biden-Harris Administration asks you to reconsider.  Recap – In response to the COVID-19 National Emergency, DOL and Treasury issued guidance requiring benefit plans to extend certain ERISA deadlines related to COBRA continuation coverage, HIPAA special enrollment, and benefit claims and appeals, […]

| 3 min read

SECURE 2.0 and Required Minimum Distributions in 401(k) Plans: What Plan Sponsors Need to Know

SECURE 2.0 brought significant changes to retirement planning and distributions, including updating the Required Minimum Distribution (RMD) requirements.  As background, RMDs are the minimum amounts that individuals who attain their “required beginning date” must withdraw from their retirement accounts each year. SECURE 2.0 introduced several changes to the rules on RMDs including the following: 1. […]

| 2 min read
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SECURE 2.0 Expands Self-Correction Under EPCRS

Effective December 29, 2022, Section 305 of SECURE 2.0 expands the ability for plan sponsors to self-correct certain plan failures under the Employee Plans Compliance Resolution System (“EPCRS”).  Section 305 of SECURE 2.0 generally permits the self-correction of certain “eligible inadvertent failures” under EPCRS, including certain plan loan failures, provided that: (1) the failure is […]

| 2 min read

NYSE and Nasdaq File Amended Proposed Clawback-Related Listing Standards

As described in Part 4 of our 2022 end of year plan sponsor “to do” list, on October 26, 2022, the Securities and Exchange Commission published the final clawback rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”).  The clawback rules were published in the Federal Register on November 28, 2022 and become effective […]

| 2 min read
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