New Ways to Self-Correct Overpayments Under EPCRS

On July 16, 2021, IRS issued Revenue Procedure 2021-30 to update the Employee Plans Compliance Resolutions System (the “EPCRS”).  The update in part expands the opportunities for plan sponsors to self-correct failures under the EPCRS by:  (1) extending the self-correction … Continue reading

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CalCurrent Podcast and Equity Compensation for Startups

On May 13, 2021, Phoenix executive compensation and employee benefits partner, Greg Gautam, joined Snell & Wilmer’s “CalCurrent” podcast.  On his episode,  Greg covered five common pitfalls private companies and startup companies should watch out for when structuring their equity … Continue reading

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In Case You Missed It – Key 2021 Employee Benefits Topics

This year is off to a fast start and plan sponsors might find their heads spinning as they try to keep track of rapidly developing employee benefits legislation and guidance.  We periodically consolidate key newsletters and blog posts to help … Continue reading

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Credit Where Credit Is Due: IRS Offers Long-Sought Guidance on Employer Retention Credit Program

As we previously reported, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) provided for an employee retention credit (“ERC”) designed to encourage employers to retain workers during the COVID-19 crisis.  In general, the ERC permits eligible employers … Continue reading

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IRS Clarifies SECURE Act Changes to Qualified Automatic Contribution Arrangements

The IRS recently published Notice 2020-86 (the “Notice”), which provides clarification with respect to certain changes made by the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”). In particular, the Notice answers several outstanding questions … Continue reading

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‘Tis the Season: Four Year-End Employee Benefit Plan Checklists

Each year, we publish health and welfare, cost-of-living, executive compensation, and qualified retirement plan checklists to help individuals and employers stay apprised of updates to the law of employee benefits.  We recently published the last of these annual checklists.  In … Continue reading

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With a New Administration, Will the Department of Labor’s Fiduciary Rule Once Again be Revised?

The Department of Labor’s (the “DOL”) attempts to regulate the conduct of fiduciaries under ERISA and the Code has been mired in controversy.  In 2010, the Obama administration’s DOL proposed a fiduciary regulation that was met with so much criticism … Continue reading

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Is Your Safe Harbor Section 401(k) Plan Required to Provide an Annual Notice?

Sponsors of safe harbor Section 401(k) plans should consider whether they are required to provide their annual safe harbor notice in 2020 for the upcoming 2021 plan year.  The Setting Every Community Up for Retirement (“SECURE”) Act, which was enacted … Continue reading

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Final DOL Rule Imposes Fiduciary Limitations on Social Investing

The DOL recently issued a final rule (“Rule”) providing guidance on the long-standing issue of whether ERISA fiduciaries are permitted to consider non-pecuniary factors while making investments (or selecting investment funds) that promote one or more environmental, social or corporate … Continue reading

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Department of Labor Issues Final Electronic Disclosure Rule

On May 21, 2020, the Department of Labor (the “DOL”) announced a final rule establishing a new electronic disclosure safe harbor.  The new safe harbor permits retirement plan administrators to deliver certain plan documents by one of two methods: (1) … Continue reading

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