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On March 25, 2020, the Senate passed the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, as a follow-up to the Families First Coronavirus Response Act. The Act contains a number of employee benefits related provisions to address the COVID-19 emergency. The House of Representatives intends to take up the legislation on March 27, 2020. …
Continue reading “Summary of Employee Benefits Provisions in CARES Act (as passed by U.S. Senate)”
On Monday, March 23, 2020, Michigan Governor Gretchen Whitmer issued a statewide stay-at-home order to fight the ongoing coronavirus outbreak. The executive order, effective at 12:01 am on Tuesday, March 24, 2020, will continue for at least the next three weeks. Individuals may only leave their home or place of residence under very limited circumstances. …
Continue reading “Michigan Governor Issues Stay-At-Home Order”
With all of the dark news surrounding COVID-19, the Department of Homeland Security (DHS) deserves a “thank you” from employers for their logical announcement related to Form I-9 compliance issues on March 20. The main points in the announcement are outlined below: Remote Completion of Section 2 of Form I-9 For completion of Section 2 …
The realities of the Coronavirus (Covid-19) pandemic have quickly and dramatically changed the way we work, shop, seek health care, and interact with each other. Unfortunately, the impact of the virus on the economy and investment markets has been just as severe. We have seen increased market volatility, the end of a long bull market, …
Continue reading “Employer Actions for 401(k) Plans Sickened by Coronavirus”
The Setting Every Community Up for Retirement Enhancement Act (“SECURE Act”), adopted in December 2019, has increased the penalty that the IRS may impose on plan sponsors who do not timely file Form 5500 (Annual Return/Report of Employee Benefit Plan). Prior to the law change, the IRS could assess a civil penalty of $25 for …
Many of the nation’s largest insurers have announced that they will be waiving the deductible or other cost-sharing for testing or other expenses related to the 2019 Novel Coronavirus (“COVID-19”). Plan sponsors that offer coverage to employees through a high deductible health plan (“HDHP”) asked whether this waiver would affect the health plan’s status as …
Continue reading “High Deductible Health Plans and Expenses related to COVID-19”
The Department of Homeland Security (“DHS”) has expanded its travel ban concerning the Coronavirus Disease 2019 (COVID-19) to bar certain foreign national travelers who have been physically present in Iran within the last 14 days from entering the U.S. The expanded ban took effect on March 2, 2020. The travel ban does not apply to …