When we met on the Client Call this past Friday, we were awaiting the president’s signature on legislation amending terms of the PPP and loan forgiveness. As anticipated, this legislation has since been signed. We strongly encourage all to become familiar with the revised information. As discussed, HR 7010 amends the Paycheck Protection Program and…
The U.S. Senate passed the House version of Paycheck Protection Program (PPP) legislation Wednesday night, tripling the time allotted for small businesses and other PPP loan recipients to spend the funds and still qualify for forgiveness of the loans. The bill passed in a unanimous voice vote hours after Wisconsin Sen. Ron Johnson initially blocked…
As business closures increase due to the COVID-19 pandemic, employers are faced with questions about compensation and health benefit coverage for their employees. Government relief measures may provide compensation for businesses and individuals in certain situations. In other cases, existing rules on employee rights will apply. Paid leave may be required for some employees by…
Regulations and guidelines surrounding the COVID-19 pandemic continue to evolve. In this presentation, Legal Content Director Erica Storm for an update on compliance issues related to the COVID-19 pandemic, including the latest information from the DOL, EEOC and OSHA on employer requirements, as well as updates on new COVID-19 relief efforts. This presentation requires a…
Guidance Applies to Employer-Sponsored Health Coverage, Health FSAs and DCAPs On May 12, 2020, the IRS released Notice 2020-29, which provides temporary flexibility for mid-year election changes under a Section 125 cafeteria plan during calendar year 2020. The changes are designed to allow employers to respond to changes in employee needs as a result of the…
Inflation-Adjusted Contribution Limits and HDHP Amounts to Increase The IRS has announced the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs) as determined under the Internal Revenue Code. Annual Contribution Limits For calendar year 2021, the annual limit on HSA contributions for an individual with self-only coverage under a high deductible health plan (HDHP) is $3,600 (up…
On May 21, 2020, the U.S. Department of Labor (DOL) published a final rule that will allow plan administrators to post retirement plan disclosures online or deliver them to employees by e-mail, as a default, to comply with their statutory duty to furnish documents under ERISA. This new safe harbor permits the following two optional methods for…
Fees Apply to Employers Sponsoring Certain Self-insured Plans As a reminder, employers that sponsor certain self-insured health plans are responsible for Patient-Centered Outcomes Research Institute (PCORI) fees. Fees for plan years that ended in 2019 are due July 31, 2020. Under the Affordable Care Act, PCORI fees were originally scheduled to apply to policy or plan years ending…
