Posts in tag

security act


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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 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 …

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 …

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 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 …

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 …

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 …

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 …