security act
DOL accuses benefit plan trustees of embezzling $2.8 million
The Ministry of Labor asked an Illinois federal court to hold the trustees of a multi-employer welfare arrangement, the United Employee Benefit Fund, and its attorney liable for more than $2.8 million in losses after an investigation revealed that they had authorized the misappropriation of fund assets. The Chicago-based UEBF provides life insurance benefits to …
ESOP Benefits Plan Sponsors and Participants
Employee Stock Ownership Plan (ESOP) participants are better off than those who work for non-ESOP companies with a 401(k) plan, and the benefit can serve as a retention tool for companies, as well as a cushion for employees to be more financially resilient in the event of a crisis, according to a study by the …
Department of Labor Announces Changes to Employee Benefit Plan Audits
In 2015, the Ministry of Labour published a study that found that 39% of employee benefit plan audits had one or more major deficiencies. Because of these results, the Ministry of Labor asked the American Institute of Chartered Accountants (AICPA) to launch a project to strengthen the quality of employee benefit plan audits and improve …
Satisfying Employee Benefit Plan Disclosure, Notice and Election Requirements During a Pandemic and Beyond | BakerHostetler
The Internal Revenue Code (the Code) and the Employee Retirement Income Security Act (ERISA) set forth numerous disclosure, notice and election requirements for employee benefit plans. These communications can involve thousands of pages per year, per participant, and be very expensive if they must be printed on paper and mailed. Few participants really want all …
7th Circuit rules for masonry workers in dispute over employee benefit plans
Does the priority limitation found in the Bankruptcy Code apply to every fund that solicits unpaid contributions? Or do the claims of all funds sponsored by the bankrupt employer have to be aggregated? The 7e The Circuit Court of Appeal sided with more than a dozen masonry workers in answering this question in a ruling …
Auditing standard imposes new responsibilities on plan sponsors
The American Institute of Certified Public Accountants (AICPA) released a new auditing standard for employee benefit plans in July 2019. The new standard is commonly referred to as SAS 136, but its official name is Statement on Auditing Standards (SAS) No. 136, Forming an opinion and report on the financial statements of employee benefit plans …
Are you still waiting for your dunning check? Here’s when the next payments will be made.
COVID-19[female[feminine not only sickened hundreds of thousands of Americans; it also weighed heavily on the US economy. With countless businesses shuttered and millions of Americans scrambling to apply for unemployment benefits (a task made more difficult by archaic systems prone to breakdowns at a time like this), large numbers of Americans are waiting looking forward …
COVID-19 Employee Benefit Plan Deadline Extensions May Expire As early as February 28 | Ogletree, Deakins, Nash, Smoak & Stewart, PC
Employers face uncertainty over the expiration of COVID-19 relief that the U.S. Department of Labor (DOL) and the Internal Revenue Service (IRS) published in a joint directive on May 4, 2020. The joint directives require that employee benefit plans take or suspend certain deadlines during the “epidemic period,” which the directives define as the period …
COVID-19 Employee Benefit Plan Deadline Extension
Thursday 25 February 2021 Employers face uncertainty over the expiration of COVID-19 relief that the U.S. Department of Labor (DOL) and the Internal Revenue Service (IRS) published in a joint directive on May 4, 2020. The joint guidelines require that employee benefit plans take or suspend certain deadlines during the “epidemic period,” which the guidelines …
Who likes and opposes Mitt Romney’s family allowance scheme
Senator Mitt Romney’s family allowance proposal is garnering support from a variety of sources. Earlier this month, the junior Utah Senator, a Republican, unveiled a plan to send families a monthly check of $ 350 for preschoolers and $ 250 for school-aged children. As the Deseret News reported, his proposed Family Security Act would consolidate …
Democrats set to release $ 3,000 per child benefit plan for families
Democrats are set to unveil a plan to issue monthly payments to families with children. Families would get a maximum of $ 3,600 per child under 6 and $ 3,000 per child 6 to 17 years old. GOP Sen. Mitt Romney released his own monthly cash benefit proposal last week. Top Democrats will release details …
Provisions relating to the transparency of the employee health insurance scheme in the Consolidated Appropriations Act
Monday, December 28, 2020 The 2021 Consolidated Finance Law (CAA), which was enacted on December 27, 2020, includes provisions to increase the transparency of employee health benefit plans in four key areas. Removal of gag clauses on price and quality information Section 201 of the CAA amends the Employees Retirement Income Security Act (ERISA), the …
Agencies extend various deadlines for employee benefit plans
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 …
CARES Act to Provide Significant Benefit Plan Relief to Plan Members and Sponsors | Baker
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 …
Improve a bank’s competitive position with an executive benefits plan
With declining unemployment rates, wage growth is increasing and employers have vacancies, workers now have leverage, confidence and options. For banks competing for applicants, a full package of benefits can tip the scales for a candidate considering multiple offers. Chuck coldwell A tighter job market requires an organization to market itself as an employer of …
Has your benefit plan been selected for an audit? Do not panic !
Each year, a number of employee benefit plans are audited by the Internal Revenue Service (IRS) and the Department of Labor (DOL) to verify their compliance with the laws and regulations over which these agencies have enforcement authority. Agencies particularly focus on compliance issues that present the greatest potential risk to the greatest number of …
Infinisource Benefit Services Launches Tool to Speed Up and Simplify Plan Document Creation for Brokers
COLDWATER, Mich., Feb. 7, 2017 / PRNewswire / – Infinisource Benefit Services Announces the Addition of a Cloud-Based Solution, the POP / ERISA Document Generator for Brokers and Agents. It allows brokers to create and print full and complete Premium Only Plan and ERISA documents from an online portal. This new tool helps brokers keep …