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About this Blog
Welcome to the Snell & Wilmer Benefits Blog. We will be posting about current employee benefits and executive compensation topics and issues. We invite you to contact the authors with your thoughts or questions.Blog Contributors
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Contemplating a Severance Plan? Consider ERISA
A severance plan may be subject to the requirements of ERISA as an employee welfare benefit plan. The determination of whether a severance plan is subject to ERISA depends in large part on whether the plan is part of an … Continue reading
Posted in Employee Benefits, Executive Compensation, Qualified Retirement Plans
| Tagged correction, ERISA, Form 5500, penalty, preemption, severance plan
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Late Or Incorrect Forms 1095-C: The IRS Provides Relief, But Only For Employers Acting In Good Faith To Comply Or Who Missed The Deadline Due To Reasonable Cause
Many employers struggled to furnish correct Forms 1095-C to employees by the March 31, 2016 deadline. Section 6721(a)(2) of the Internal Revenue Code provides penalties for failure to furnish Forms 1095-C to individuals by the deadline. Although the presumptive penalty … Continue reading
Posted in Employee Benefits, Health & Welfare Plans, Health Care Reform
| Tagged ACA, Affordable Care Act, correction, deadline, Form 1095-c, furnish forms, good faith, incomplete form 1095-c, incorrect form 1095-c, IRS, reasonable cause
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Chief Counsel Memorandum Clarifies IRS Position on Informal 409A Corrections
On May 1, the IRS released a Chief Counsel Memorandum that clarifies the IRS’ position with respect to the correction of deferred compensation arrangements outside of the IRS’ formal Section 409A correction programs. In the Memorandum the IRS analyzed a … Continue reading
Posted in Employee Benefits, Executive Compensation
| Tagged 409A, 409A failures, correction, deferred compensation, deferred compensation arrangements, Section 409A
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IRS Provides Relief for Correction of Elective Deferral Mistakes in 401(k) Plans
The IRS recently announced changes that make it significantly easier to correct employee deferral mistakes (also known as elective deferrals) in qualified retirement plans. The changes make modifications to the IRS’ Employee Plans Compliance Resolution System (“EPCRS”), which is the … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged 401(k), 401(k) plan, automatic contribution, automatic enrollment, correction, elective deferral error, EPCRS, qualified retirement plans
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