Gretchen Harders

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On March 29, 2022, the U.S. House of Representatives passed H.R. 2954, entitled “Securing a Strong Retirement Act” (“Secure 2.0”), which would, among other things, impose additional requirements on employers that sponsor 401(k) and 403(b) plans. Secure 2.0 has not yet been passed by the Senate, and is likely to undergo changes, if passed by the Senate.  Nevertheless, the following overview of some of the provisions included in the House version of Secure 2.0 provides a preview of the types of changes that retirement plans sponsors may be required (or permitted) to implement, as early as this year or in 2023:
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Continue Reading A First Look at Secure 2.0—New Requirements for Plan Sponsors

On September 30, 2021, the COBRA premium assistance period established by the American Rescue Plan Act (“ARPA”) will come to an end. ARPA requires, among other things, that employers provide 100 percent COBRA premium subsidies to assistance eligible individuals (“AEIs”) and their qualified beneficiaries, if they are eligible for COBRA during the six-month period beginning…

On July 15, 2021, the Internal Revenue Service (“IRS”) updated its Employee Plans Compliance Resolution System (“EPCRS”) by issuing Revenue Procedure 2021-30 (PDF). The EPCRS changes and revisions, which generally became effective on July 16, 2021, are beneficial to plan sponsors, participants and the retirement plan community.

The IRS has long provided a basic…

On December 27, 2020, President Donald Trump signed into law a $900 billion pandemic relief bill that provides extended relief for qualified student loan borrowers. Known as the “Heroes Act,” the stimulus package is a win for borrowers seeking student loan repayment from their employers.

The initial $2.2 trillion stimulus package that Congress passed in…

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On October 30, 2020, the Department of Labor (DOL) adopted the Final Rule amending the Investment Duties DOL Regulation, §2550.404a-1, which governs the obligations of ERISA fiduciaries when selecting investments for ERISA plans.  The Final Rule made several changes to the June 2020 Proposed Rule, which proposed to define the duties of fiduciaries when…

As the pandemic continues into 2021, many employers are contending with their workers’ significantly increased caregiving responsibilities.  Parents – many without viable day care or other childcare options – must try to balance work with the challenges of caring for their children and overseeing their education (and entertainment). Other employees find themselves at the forefront…

Many U.S. businesses are starting to prepare for phased returns to the workplace. Employers’ planning should consider the impact that various return-to-work approaches may have on their employee benefits and compensation programs and, in addition, how some innovative employee benefits and compensation programs may enhance workplace morale and productivity by assisting employees transitioning back to…

As the COVID-19 state of emergency continues, businesses are implementing and considering a variety of employee-related measures to manage the impact of the crisis. While some businesses may avail themselves of payroll protection programs and loans to maintain the status quo, others may be faced with having to implement reductions-in-force (RIFs), furloughs and layoffs.  Added…

The closure orders issued by federal and state government authorities across the United States have resulted in the reduction and loss of income for a significant percentage of the U.S. workforce. On March 18, 2020, President Trump signed into law the Families First Coronavirus Response Act (the “Coronavirus Act”), effective April 1, 2020, providing relief…

[Updated on April 17, 2020]

As temporary layoffs and furloughs become more prevalent during the COVID-19 outbreak, employers have been asking whether they may allow employees to take hardship distributions under their Section 401(k) plans for expenses and losses resulting from COVID-19.

Under the IRS hardship distribution final regulations, employers were permitted to add…