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About this Blog

Welcome to the Snell & Wilmer Benefits Blog. We will be posting about current employee benefits and executive compensation topics and issues. We invite you to contact the authors with your thoughts or questions.

Taking the Off Ramp: IRS Opens Limited Program To Return Wrongly Received Employee Retention Credits

By Matthew P. Chiarello and Carlene Y. Lowry The IRS continues to evaluate and process Employee Retention Credit (“ERC”) claims with a focus on inaccurate and ineligible filings. Among its efforts to police the ERC program, the IRS announced a new initiative that permits taxpayers to return ERCs to which the employer is not entitled […]

Certain Information Statements for ISOs and ESPPs Due by January 31, 2024

As reported in Part 4 of our 2022 End of Year Plan Sponsor “To Do” List,  Section 6039 of the Internal Revenue Code (the “Code”) requires employers to provide a written information statement to each employee or former employee and file information returns with the IRS regarding: (1) the transfer of stock pursuant to the exercise […]

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Updated Glass Lewis Proxy Voting Guidelines (Clawbacks)

I previously blogged about the New York Stock Exchange and Nasdaq listing standards that require issuers to adopt compliant clawback policies by December 1, 2023. While many issuers may have already adopted clawback policies that satisfy the minimum legal requirements to comply with the law, recent guidance from Glass Lewis may prompt these issuers to […]

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Enforcement Back On: Departments Rescind Enforcement Relief for Machine Readable File Requirements under Transparency in Coverage Rules

On September 27th, the Departments released FAQs about Affordable Care Act Implementation Part 61 (“FAQ 61”), announcing that the Departments are rescinding prior-issued enforcement relief for certain machine-readable file requirements under the Transparency in Coverage (the “TiC”) regulations. The final TiC regulations, published in the Federal Register on November 12, 2020, in part required group […]

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Tighter Margins: IRS Makes It More Difficult to Meet ACA Affordability Safe Harbors in 2024

We have reported previously on the importance of understanding the coverage and reporting rules of the Affordable Care Act.  In particular, Code Section 4980H imposes penalties on large employers for failure to offer minimum essential coverage to 95% or more of their full-time employees (and dependents) or to provide affordable, minimum value health insurance. Whether […]

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IRS Delays Roth Catch-Up Contribution Requirement

On August 25, 2023, the IRS issued Notice 2023-62, which gives retirement plan sponsors a two-year administrative transition period to implement the SECURE 2.0 requirement that certain catch-up contributions to 401(k) and similar defined contribution plans be made on an after-tax Roth basis. More specifically, SECURE 2.0 requires catch-up eligible participants who received more than […]

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Compliant Clawback Policies Must be Adopted Before December 1, 2023

As noted in a prior post, both the  New York Stock Exchange (“NYSE”) and Nasdaq have adopted listing standards that requires issuers to adopt compliant clawback policies by December 1, 2023.  Adoption of such policies and/or the amendment of an existing policy to make it compliant with the NYSE and Nasdaq listing standards will require […]

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Another HIPAA Special Enrollment Deadline Extension – What’s a Group Health Plan to Do?

Just when you thought the confusing COVID-19 ERISA deadline extensions were behind you, the Biden-Harris Administration asks you to reconsider.  Recap – In response to the COVID-19 National Emergency, DOL and Treasury issued guidance requiring benefit plans to extend certain ERISA deadlines related to COBRA continuation coverage, HIPAA special enrollment, and benefit claims and appeals, […]

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SECURE 2.0 and Required Minimum Distributions in 401(k) Plans: What Plan Sponsors Need to Know

SECURE 2.0 brought significant changes to retirement planning and distributions, including updating the Required Minimum Distribution (RMD) requirements.  As background, RMDs are the minimum amounts that individuals who attain their “required beginning date” must withdraw from their retirement accounts each year. SECURE 2.0 introduced several changes to the rules on RMDs including the following: 1. […]

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