Important Update: Based on informal comments from the U.S. Department of Labor, it appears that the tolling of benefit plan deadlines will end on July 10, 2023, as described in our earlier blog on this subject, notwithstanding the legislation that was signed on Monday ending the COVID-19 National Emergency on April 10th
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It’s Over: DOL, Treasury, and HHS Confirm End of (Most) COVID-19 Rules for Health Plans
Update: On April 10, 2023, President Biden signed into law legislation ending the COVID-19 National Emergency prior to the previously announced May 11, 2023 date. See our blog on this new development here. The legislation does not impact the end of the COVID-19 Public Health Emergency.
Earlier this week, the Departments of Labor, Treasury,…
The Long-Awaited End of the Tolling of Plan Deadlines due to COVID-19
By Roberta Chevlowe & Tanusha Yarlagadda on
The Biden Administration recently announced that the COVID-19 National Emergency will end on May 11, 2023. This means that the requirement to extend various benefit plan deadlines due to the COVID-19 pandemic will end as well.
By way of brief background, early during the pandemic, the U.S. Departments of Labor and Treasury adopted relief pursuant…
SECURE Act: Considering Implications of Changes to Required Minimum Distribution Rules
By Paul M. Hamburger & James Huffman on
As previewed in our prior blog post, the recently enacted SECURE Act includes many changes that affect employer-sponsored benefit plans and require the attention of plan administrators. Among these changes, effective for distributions made after December 31, 2019 (for individuals who reach age 70½ after that date), is the delay of the “required beginning…