In the wake of the COVID-19 pandemic, reductions in hours, furloughs and temporary closures are becoming an increasingly common and unavoidable occurrence. Employers can expect to encounter questions with respect to employee benefits offered to affected employees. While the facts and circumstances of each case will vary, common themes exist, a few of which are mentioned below.
Continue Reading Critical Employee Benefit Issues in a Pandemic – Can Employees Take Their Money out of Plans?
For Tax-Exempt Employers: 403(b) Retirement Plan Compliance Opportunity
Tax-exempt employers have a special opportunity to fix compliance concerns with their 403(b) retirement plans. They have through March 31, 2020 – the “Remedial Amendment Period” (RAP) – to retroactively self-correct compliance issues with their 403(b) plan documents, without going through the IRS’ more costly and time-consuming process that would normally be required. An overview of this opportunity is below.
Continue Reading For Tax-Exempt Employers: 403(b) Retirement Plan Compliance Opportunity