Cohen & Buckmann Insights

In a bit of good news for plan sponsors, the IRS announced in Notice 2022-33 on August 3, 2022, that it is extending upcoming plan amendment deadlines under the Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”), the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and the Bipartisan Miners Act of 2019 (“Miners Act”) to December 31, 2025. (https://www.irs.gov/pub/irs-drop/n-22-33.pdf) In most cases, private non-collectively bargained plans had…
The American Rescue Plan Act (“ARPA”) made a full subsidy for six months of premiums available to COBRA-eligible individuals whose employment was involuntarily terminated or who lost coverage due to a reduction in hours. Between this subsidy program and the further extension of the COBRA notice, election, and premium payment deadlines under Department of Labor (“DOL”) and IRS guidance issued in February, health plan sponsors and administrators are contending with a number of COBRA compliance…
Earlier this year, the COBRA notice, election and premium payment deadlines were extended from March 1 until 60 days after the end of the ongoing COVID-19 national emergency. This extension has imposed an unfamiliar administrative burden, and the potential for significant coverage cost increases, on employers that sponsor group health plans. If they have not already done so, plan sponsors should start planning now for the tricky administrative issues that will arise during and after…
Target-date funds, once considered a conservative approach to retirement planning, are now under the microscope by both plan sponsors and participants. The COVID-19 pandemic and the March market decline sparked a massive selloff of assets particularly in 2020 funds, whose participants are at or close to retirement, and seeking safer alternatives. The selloffs have shed new light on the risks associated with this investment strategy. The increased scrutiny is due in part to the dominance…
If you are a 401(k) or 403(b) plan fiduciary and you have the impression that ERISA litigation has increased in 2020, you are correct. An analysis by Bloomberg Law says that there have already been five times more lawsuits filed in 2020 than in 2019.  Most of these were filed after March, and Bloomberg attributes this increase at least partially to COVID-19.  Since participants have more time to look into and worry about their plans,…
Elizabeth Drigotas will be participating in the Practicing Law Institute program, “Hot Issues in Executive Compensation 2020,” as a panelist of the session, “Executive Compensation: Restructurings/Investments/Takeover Preparation.” The session will be held on Wednesday, September 9, 2020 at 10:45 a.m. and will cover: Executive compensation considerations in bankruptcy/special issues Emerging from restructuring Takeover preparedness 280G in asset sales and investments As the economy absorbs the impact of the COVID-19 pandemic and the legislature, SEC, and…
Elizabeth Drigotas, senior counsel at Cohen & Buckmann PC, will be speaking at a Worldwide Employee Benefits Network Event, “COVID-19 and the New Workplace: How Safety Practices, Work Arrangements and Employee Benefits Have Changed,” on September 17, 2020, at 12:30 p.m. EDT. The event will be available via Webex. The three-member panel will discuss how COVID-19 is changing the workplace, with a focus on significant issues, including: New safety standards and liability concerns The “new…
Carol Buckmann, ERISA lawyer and co-founding partner of Cohen & Buckmann, P.C. will present at the PLANSPONSOR National Annual Conference on September 21–25, 2020, held online. Carol will join a panel of attorneys on the first day of the conference at 12:30 p.m. EDT for the session, “Legislative and Regulatory Update Part I,” to discuss regulations and legislation issued and passed as a result of the COVID-19 pandemic relating to retirement plan administration. Throughout much…
ERISA attorney Carol Buckmann will be participating in the PLANSPONSOR webinar, “Distribution Options for Employees,” on August 20, 2020, at 2:00 p.m. EDT. Carol will be joined by a panel of editors from PLANSPONSOR magazine and other leading industry professionals to discuss issues related to retirement plan distribution options for employees, including: Changes made to hardship withdrawal and required minimum distribution (RMD) rules under the Setting Every Community Up for Retirement Enhancement (SECURE) Act and…