At the 11th hour, the US Department of Labor’s Employee Benefits Security Administration (EBSA), with coordination and review by the Internal Revenue Service and the Department of Health and Human Services (collectively, the Agencies), finally issued guidance on the suspension of certain deadlines under the Employee Retirement Income Securities Act of 1974, as amended (ERISA) and the Internal Revenue Code of 1986, as amended (Code). As we described in our February 25, 2021 blog post, the Agencies previously issued EBSA Disaster Relief Notice 2020-01 and a joint final rule (collectively, Guidance) suspending timeframes for special enrollment elections, claims and appeals filing deadlines, and COBRA notice, election, and premium payment deadlines.
As we described in our LawFlash from last spring, the US Department of Labor’s Employee Benefits Security Administration (EBSA) and the Internal Revenue Service (IRS) (collectively, the Agencies) issued EBSA Notice 2020-01 and a joint final rule (collectively, Guidance) suspending certain deadlines under the Employee Retirement Income Securities Act of 1974, as amended (ERISA) and the Internal Revenue Code of 1986, as amended (Code).
Join Morgan Lewis this month for these programs on employee benefits and executive compensation.
Join Morgan Lewis for the first semester of the 2021 Global Public Company Academy, launching on February 10.
For the 2020 tax year, the Internal Revenue Service (IRS) moved reporting of certain nonemployee compensation, including current and deferred compensation paid to independent contractors and corporate directors, from Form 1099-MISC to revived Form 1099-NEC (see our previous LawFlash). However, according to IRS Publication 1220, released on October 20, 2020,
When negotiating a service agreement there are many terms and conditions to be mindful of, but it’s important to review and consider the acceptance requirements.
As employers begin to consider returning to the workplace, options related to testing and vaccinations are top of mind. Related to potential home-testing options, our FDA team has published a LawFlash on the Food and Drug Administration’s (FDA’s) Emergency Use Authorizations (EUAs) for the first over-the-counter (OTC) COVID-19 test to be performed at home, the first OTC home sample collection kit for COVID-19 testing, and additional prescription at-home tests and sample collection kits.
The US Department of Labor (DOL) published three long-awaited pieces of sub-regulatory guidance on January 12 regarding the issues of missing participants and uncashed checks. Plan fiduciaries now have some clearer guideposts on their obligations in this area.
The ongoing effort to provide relief for troubled multiemployer pension plans took many twists and turns in 2020, and the year ended once again without an agreed-upon solution.
As we addressed in our recent LawFlash covering the Consolidated Appropriations Act, 2021 (Act), the Act includes several requirements to enhance group health plan transparency. One provision we wanted to further highlight relates to the new requirements to show compliance with the Mental Health Parity and Addiction Equity Act (Mental Health Parity).