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A Closer Look at ERISA Requirements – A Review of the Summary Annual Report
August 24, 2023
The Summary Annual Report (SAR) is a summary of the information that has previously been reported by the plan on the most recent Form 5500 to the Department of Labor (DOL). Doing so ensures transparency as it requires the plan to regularly communicate funding and financial information to those who are relying on its benefits.
SARs are required each year for pension plans, including 401(k) plans, and for welfare plans unless an exemption applies. The exemption applies to those welfare benefit plans that have less than 100 participants or are completely unfunded (meaning all claims are paid through the employer’s general assets). -
New FAQs on ARPA COBRA Premium Assistance
May 24, 2021 - Additional IRS Guidance Concerning Premium Assistance for COBRA Benefits
On May 18, 2021, the IRS issued Notice 2021-31, which provides FAQs for further guidance on the American Rescue Plan Act of 2021 (ARPA) that was signed on March 11, 2021.
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DOL Issues Additional COBRA Premium Assistance Guidance Under ARPA
April 9, 2021
The American Rescue Plan Act of 2021 (ARPA), enacted on March 11, 2021, allows qualified beneficiaries to receive premium assistance if health coverage was lost because of involuntary termination of employment or a reduction in hours. This assistance is available for the coverage period beginning on April 1, 2021, and ending on September 30, 2021. Premium assistance is initially “advanced” by the plan sponsor or insurer and then recovered or reimbursed through a tax credit.
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2019 DOL Penalty Amounts for ERISA Violations
February 28, 2019
The Department of Labor (DOL) recently announced increased 2019 penalties for employee benefit plans under the Employee Retirement Income Security Act of 1974 (ERISA). The increases generally apply to penalties that involve employee benefit reporting and disclosure failures if the penalty is assessed after January 23, 2019 and if the violation occurred after November 2, 2015.
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2018 DOL Penalty Amounts for ERISA Violations
September 12, 2018
The Department of Labor (DOL) announced increased 2018 penalties for employee benefit plans under the Employee Retirement Income Security Act of 1974 (ERISA). The increases generally apply to penalties that involve employee benefit reporting and disclosure failures if the penalty is assessed after January 2, 2018, and if the violation occurred after November 2, 2015. As a background, the 2015 Inflation Adjustment Act directs the DOL to annually adjust for inflation certain penalties for specified ERISA violations.
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How to Determine an ERISA Plan Name, Plan Number & Plan Year
February 14, 2018
Employee welfare benefit plans are required to have their own identifying information, which includes a plan name, plan number and plan year.