To assist with the nation's response to the COVID-19 pandemic, new provisions were released on Tuesday, May 12, 2020, by the IRS to allow Cafeteria Plan … [Read more...]
Coronavirus-related Distributions
May 12, 2020 by
The Coronavirus Aid, Relief, and Economic Security (CARES) Act (HR 748) was signed into law on March 27, 2020, providing support to individuals, businesses, and … [Read more...]
Who are qualified individuals?
May 12, 2020 by
Below are the guidelines under the CARES Act for "qualified individuals" relating to Coronavirus-related Distributions. “Qualified individuals” include any of … [Read more...]
CARES Act – Special Rules for Retirement Accounts
March 29, 2020 by
Section 2202. Tax Favored Withdrawals from Retirement Plans The Coronavirus Aid, Relief, and Economic Security (CARES) Act allows participants to receive up to … [Read more...]
OTC Medication, Menstrual Care Products and Telehealth Now Reimbursable
March 27, 2020 by
Over-the-Counter (OTC) Medicines and Menstrual Products The Coronavirus Aid Relief and Security (CARES Act) allows consumers to purchase over the counter (OTC) … [Read more...]
Flex Spending Account, DCAP, HSA, HRA, QSEHRA Election Changes
March 25, 2020 by
This article was last updated on 4-2-20 at 11 am. Flex Spending Account (FSA and Limited FSA) Election Changes Here is the most up-to-date information on … [Read more...]
High Deductible Health Plans and Expenses Related to COVID-19
March 20, 2020 by
The Internal Revenue Service advised that high-deductible health plans (HDHPs) can pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, … [Read more...]
401k Hardship Distribution Changes
September 4, 2019 by
The Bipartisan Budget Act of 2018 will modify the way your 401k hardship distributions are handled after January 1, 2019. Plan Amendments will be needed to … [Read more...]
5500 Filing Deadline Reminder
August 19, 2019 by
Cafeteria/Retirement Plan 5500 Filing Deadline: July 31 (for plans with 12-31 year ends) ERISA, the federal law that governs retirement and welfare plans (e.g. … [Read more...]
Protecting Your Plan Assets with an ERISA/Fidelity Bond
August 19, 2019 by
To comply with ERISA, every fiduciary of an employee benefit plan and every individual who handles plan funds must be bonded. Being bonded protects plan assets … [Read more...]
