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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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IRS Extends Amendment Deadline for Certain Qualified Plan Amendments
The IRS recently provided some welcome relief in the form of extended amendment deadlines for sponsors of qualified retirement plans (including collectively bargained plans). Notice 2022-33 extends the deadline for adopting amendments required by the Setting Every Community Up for … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged amendment, CARES Act, extension, IRS, Miners Act, notice 2022-33, qualified plans, SECURE ACT
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A Running Start: IRS Pilots New Pre-Examination Program
The Employee Plans Office of the Internal Revenue Service (the “IRS”) announced a new pre-examination program for retirement plans to begin as of June 2022. The pilot program is designed to reduce the amount of time and resources the IRS … Continue reading
Posted in audit, Employee Benefits, Qualified Retirement Plans
| Tagged audit, closing letter, EPCRS, IRS, IRS letter, new program, pilot program, pre-examination, qualified plan, retirement plans
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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
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged EPCRS, IRS, qualified retirement plans
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Better Late Than Never: IRS Issues Guidance Clarifying COBRA Premium Subsidy Rules
S&W Insight: The IRS clarified several trailing issues with respect to COBRA premium subsidies under the American Rescue Plan Act, including extended election periods, eligibility for other coverage, and rules about allocating premium credits among employers. In addition, a notice … Continue reading
Posted in Health & Welfare Plans, Health Care Reform
| Tagged american rescue plan, ARPA, COBRA, cobra premium, IRS, notice requirement, subsidy
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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
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged automatic contribution, IRS, Notice 2020-86, qaca, qualified automatic contribution arrangement, SECURE, treasury
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IRS Confirms Major Disaster Leave-Sharing Program Use for COVID-19 Pandemic
On August 3, 2020, the IRS posted a short set of frequently asked questions for leave-sharing programs which confirm that major disaster leave-sharing programs under IRS Notice 2006-59 can be used for employees who have been adversely affected by the … Continue reading
Posted in Employee Benefits
| Tagged covid-19, IRS, leave donation, leave sharing, major disaster
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IRS Approves Additional Leave-Based Donation Programs for COVID-19 Relief
We previously posted about two leave-sharing programs available to employers during the COVID-19 pandemic: major disaster leave-sharing programs and medical emergency leave-sharing programs. These leave-sharing programs may allow employees to donate paid leave to co-workers affected by COVID-19. When properly … Continue reading
Posted in Employee Benefits, Health & Welfare Plans
| Tagged 2020-46, IRS, leave, leave donation, leave sharing, sick leave, tax
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Retirement Plan Dreams May Go Up in Smoke for Marijuana Companies
Companies in the medical and recreational marijuana industry continue to face an uphill battle for access to financial services. Although a number of states have legalized the medicinal and/or recreational use of marijuana, marijuana remains classified as a Schedule I … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged 401(k), controlled substances act, financial services, IRS, marijuana, money laundering, qualified plan, regulation, weed
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IRS Letters 226J: Having the Right Section 4980H Records Can Be Worth a Small Fortune
As reported in our 2018 End of Year Plan Sponsor “To Do” List (Part 1) Health & Welfare, the Section 4980H penalties are still in effect and the IRS is enforcing them. Employers continue to receive Letters 226J, which the … Continue reading
Posted in Employee Benefits, Health & Welfare Plans, Health Care Reform
| Tagged 4980H, ACA, Affordable Care Act, Form 1094-C, Form 1095-c, IRS, letter 226j, recordkeeper, vendor
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IRS Changes Course on Lump Sums to Retirees
In Notice 2019-18, the Internal Revenue Service (the “IRS”) changed its position and now will permit employers to offer lump sum payments to retirees who are currently receiving annuity payments from a defined benefit plan. This is a reversal from … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged annuities, annuity, IRS, lump sum, notice 2015-49, notice 2019-18, retirees
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