Insurance News
- DOL Finalizes New Method for Electronic Delivery of Retirement Plan Disclosures May 21, 2020On May 21, 2020, the U.S. Department of Labor (DOL) published a final rule that will allow plan administrators to post retirement plan disclosures online or deliver them to employees by e-mail, as a default, to comply with their statutory duty to furnish documents under ERISA.
- IRS Releases 2021 Health Savings Account (HSA) Limits May 21, 2020The IRS has announced the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs) as determined under the Internal Revenue Code.
- New COVID-19 Guidance for Section 125 Mid-year Election Change Rules May 14, 2020On May 12, 2020, the IRS released Notice 2020-29, which provides temporary flexibility for mid-year election changes under a Section 125 cafeteria plan during calendar year 2020.
- IRS Provides More Options for Unused Funds in Health FSAs and DCAPs May 13, 2020Options Include an Extended Period for Incurring Expenses and Increased Health FSA Carryover Limit On May 12, 2020, the IRS announced more options with respect to unused amounts in health flexible spending accounts (FSAs) and dependent care assistance programs (DCAPs).
- EEOC Delays EEO-1 and Related Reports Due to COVID-19 May 12, 2020Due to the COVID-19 pandemic, employers and unions that are subject to equal employment opportunity (EEO) reporting under Title VII of the Civil Right Act will not be required to file EEO surveys in 2020, the U.S. Equal Employment Opportunity Commission (EEOC) announced on May 8, 2020.
- FFCRA May 7 Update: DOL Publishes Additional FAQs May 8, 2020Newest DOL Publication Adds FAQs 89 Through 93 On May 7, 2020, the U.S. Department of Labor (DOL) added five new answers to frequently asked questions (FAQs) to help employers comply with requirements set by the Families First Coronavirus Response
- DOL Issues Updated Model COBRA Notices May 7, 2020The General Notice and Election Notice Models Now Include Medicare Information On May 1, 2020, the U.S. Department of Labor issued new model notices that group health plans may use to use to comply with COBRA notification requirements. Use of
- EEOC Updates Guidance on Coronavirus and the ADA May 7, 2020New FAQs Address Return to work Issues For At Risk Employees Who Are At High Risk of Becoming Ill From COVID 19 On May 7, 2020, U.S. Equal Employment Opportunity Commission (EEOC) issued additional answers to frequently asked questions (FAQs)
- Virginia to Increase State Minimum Wage Rate May 6, 2020New Rate Becomes Effective May 1, 2021 New legislation will progressively increase the state’s minimum wage rate to $15 per hour by 2026. The current rate in Virginia is equal to the federal minimum wage rate of $7.25 per hour.
- Colorado Expands Paid Health Emergency Leave May 1, 2020On April 27, 2020, Colorado amended its emergency regulations mandating paid sick leave for certain workers affected by COVID-19.