Seyfarth Synopsis: The IRS published guidance in its Employee Plans newsletter on August 24, 2020, allowing incomplete determination letter applications to be filed by August 31, 2020, with an opportunity to supplement the filing through the end of the year.
Last year, the IRS opened the determination letter process for a limited time period for
Businesses are dealing with the effects of the pandemic on retirement plans and pensions, executive compensation, and health and welfare benefits. Workforce management issues resulting in reduction in hours, furloughs, and severance situations have required unique approaches to termination, conversion or bridging of benefits.
Our Employee Benefits & Executive Compensation attorneys have been monitoring, advising
By: Rebecca K. Bryant, Sam M. Schwartz-Fenwick, and Ian H. Morrison
Seyfarth Synopsis: A recent 10th Circuit decision holding that in order for the abuse of discretion standard to apply in litigation the claims administrator must provide participants with actual notice of discretionary authority or notice of a document affecting standard of review
As we all are aware, the global pandemic is a force to be reckoned with. Life as we now know it looks completely different than what we had expected a mere few months ago. Nowhere is this more evident than in the financial fortunes of US companies and workers. In response, Congress passed the Coronavirus
By Richard Loebl and Mark Casciari
Seyfarth Synopsis: The central tenets of ERISA are to provide as much freedom as possible, within minimal parameters, to draft ERISA plans, and then to honor the terms of the plans. COVID-19 may very well cause increased ERISA plan claim filings, so now is the time for plan sponsors
Seyfarth Synopsis: On April 9, 2020, the IRS issued Notice 2020-23, extending federal tax filing deadlines and payment obligations to July 15, 2020 for certain items otherwise due to be performed from April 1, 2020 through July 14, 2020. Notice 2020-23 extends the period for performing 44 “time-sensitive” employee benefit-related actions.
These time-sensitive actions were
On Monday, March 23, at 1:00 p.m. Central, Seyfarth partners Diane Dygert, Benjamin Conley, Jennifer Kraft, Kaley Ventura, Jake Downing, and Christina Cerasale are presenting a 1 hour CLE webinar, “Employee Benefits in a Time of COVID-19.”
Keep up with the latest developments and rapidly changing laws and regulations relating to COVID-19 and your benefit
Seyfarth Synopsis: Many employers maintain a tax-preferred transportation fringe benefit plan to provide tax-free transit benefits to employees. Under such plans, the benefit is often distributed in the form of an electronic voucher or payment card. However, if the electronic payment card malfunctions after it is received, cash reimbursements for transit expenses will be