This CLE course will provide employee benefits counsel an in-depth analysis of new DOL and IRS regulations for employee benefits plans impacting plan sponsors and administrators, participants, and beneficiaries. The panel will discuss recently issued DOL and IRS relief for retirement, health and welfare plans, and participants impacted by the pandemic, including final rules for plan loans and contributions, HIPAA, new model COBRA forms, claims procedures, and other essential matters.
On Apr. 28, 2020, the DOL and IRS jointly issued final emergency regulations to minimize the loss of employee benefits due to certain ERISA and Internal Revenue Code-related compliance failures stemming from COVID-19. Employers, insurers, and plan sponsors and administrators are all impacted by new regulations, and employee benefits attorneys must identify critical issues to maintain compliance with ERISA and other applicable rules.
The new regulations require immediate attention from plan sponsors of retirement, health and welfare plans, issuers, third-party administrators, and other plan service providers. There is now additional time to elect and pay for COBRA, special enrollment under HIPAA, and filing claims, which causes substantial compliance risks and loss for plan sponsors and administrators.
The CARES Act also provides new rules regarding plan, loans, and distributions, which has resulted in amended tax rules. This requires plans to implement these new rules now and adopt amendments to reflect the operation of the plans, and administrators and fiduciaries must make reasonable accommodations to prevent the loss of benefits or undue delay in benefit payments. In light of the CARES Act, the DOL issued guidance providing relief from the deadlines for providing certain participant disclosures on the implementation of the new rules.
Listen as our panel discusses the impact of the new DOL and IRS regulations on plan administration and offers guidance on mitigating liability risks for fiduciaries.
