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5 Matching News Items |
| 1. |
Locke Lord LLP
Aug. 19, 2024
"Plan administrators may rely on participants' written certifications that they are eligible for an EPED or DAVD.... 401(k) plan sponsors can allow amounts attributable to elective, qualified nonelective, qualified matching, or safe harbor contributions to be included in the distribution.... direct rollovers need not be offered, Code Section 402(f) notices need not be provided, and no 20% mandatory income tax withholding is required from such distributions.... An applicable retirement plan must accept repayment of EPEDs or DAVDs from the participant within a 3-year period following receipt if [certain conditions] apply."
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| 2. |
Locke Lord LLP
July 18, 2024
"[On] July 12, 2024, the IRS [announced] that the IRS would permit paper filing of the Form 5330 for tax years 2023 and 2024.... [T]he IRS noted that it has only one authorized AEP for filing Forms 5330 at this time. To get the relief from the electronic filing requirement, the IRS noted that employers must document the lack of AEPs as the reason for filing the Form 5330 on paper rather than electronically."
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| 3. |
Locke Lord LLP
May 10, 2024
"[T]he preamble to the Final Rule clarifies that the provisions would not apply to employers as it relates to the provision of employee health benefits.... In addition, the preamble to the Final Rule clarifies that even if a plan sponsor or a third-party administrator of a group health plan receives Federal financial assistance, such assistance does not make the group health plan a 'covered entity'."
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| 4. |
Locke Lord LLP
May 10, 2024
"[M]any retirement plan third-party administrators (“TPAs”) are seeking approval to be an AEP during 2024 and are anticipating being in a position to e-file the Forms 5330 before the filing deadline of March 31, 2025 (applicable to the deadline for the excise taxes on late corrective distributions from a retirement plan that occur in 2024). However, these TPAs cannot guarantee approval prior to the deadline. Unfortunately, employers do not have the option of filing the Forms 5330 by paper even with the lack of AEPs."
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| 5. |
Locke Lord LLP via JDSupra
Dec. 18, 2023
"The Oklahoma Attorney General's office is likely to appeal to the Supreme Court. ... [T]he Eighth Circuit had previously ruled that ERISA did not preempt regulation of pharmacy benefit managers (PBMs) ... while the Tenth Circuit [has] ruled that similar regulation is preempted by ERISA.... As things now stand, PBMs, insurers, etc., operating in Kansas City, Missouri, and Kansas City, Kansas, may be subject to different legal standards as ERISA preempts state regulation of PBMs in Kansas but not in Missouri." [PCMA v. Mulready, No. 22-6074 (10th Cir. Aug. 15, 2023; pet. for en banc hearing denied Dec. 12, 2023)]
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