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Benefit plan


In response to the COVID-19 pandemic, the IRS extended certain deadlines affecting employee benefit plans, including the deadline for filing Form 5500 for plan years ending September to November 2019 The new deadline, announced in Notice 2020-23, is July 15, 2020. Separately, the US Department of Labor (DOL) is extending the Employee Retirement Income Security …

The Internal Revenue Service has published Notice 2020-23, which automatically postpones certain deadlines affecting employee benefit plans. More specifically, any deadline that would normally fall from April 1, 2020 until July 14, 2020, is now automatically extended until July 15, 2020. The highlights are as follows: Plan loan repayments. When plan members borrow from their …

The CARES Act (Coronavirus Aid, Relief, and Economic Security) has a dramatic impact on employee benefit plans, providing relief to eligible plan members and plan sponsors and expanded benefits to health plan members collectives. Relief for members of eligible pension plans With regard to qualified pension plans, the CARES law: Provides for a special ‘coronavirus-related …

Latest revision: May 1998 Employees working more than 20 hours per week may enroll in the Section 125 flexible benefit plan. Initial enrollment must occur within the first 30 days of employment or during the annual enrollment period. opened. The flexible section 125 benefit plan is based on participation for one calendar year only (January …

Related practices and jurisdictions Thursday, January 30, 2020 For 2020, legislation enacted in December 2019 significantly increases the penalties imposed by the Internal Revenue Code (the Code) for the late filing of certain notices and reports on employee benefit plans. Additionally, a final rule issued by the Department of Labor (DOL) makes inflation adjustments to …

A commitment to continuing education is an important investment in the future. This is especially true for a student covered as a child annuitant under the Survivor Benefit Plan, or SBP. The plan’s children’s pension payments generally end when beneficiaries turn 18. But if you are a recipient attending a full-time educational institution – in …

The ERISA Consultants at the Retirement Learning Center Resource Desk receive regular calls from financial advisers on a wide range of technical topics related to IRAs, Qualified Pension Plans, and other types of Retirement Savings Plans. We bring you Case of the Week to highlight the most relevant topics affecting your business. A recent call …

SUMMIT OF LEE, Mo., August 8, 2019 / PRNewswire / – GEHA (Government Employees Health Association) announced today its selection by the United States Office of Personnel Management (OPM) as the exclusive carrier of two new Federal Employee Health Benefit Plans (FEHB) under the Compensation Plan Contract (IBP). After a competitive process, GEHA was chosen …

For the good business owner, a defined benefit plan can be the path to a very comfortable retirement. The problem is that far too few business owners are aware of the tax and retirement benefits associated with a defined benefit plan. According to CNN Money, the number of companies with defined benefit plans is only …

“Compass’s wide range of consulting services will be a huge asset to our HR service providers.” HOPKINTON, Mass. (PRWEB) May 30, 2019 PrismHR, the Leading HR Technology Software Powering Payroll, Benefits, and HR for Small and Medium Businesses Across the United States, Today Announced Compass Consulting Group, LLC Now Offers its Plan Design Programs benefits …