In a recent joint press release, the Treasury Department and Internal Revenue Service (IRS) announced that same-sex married couples will be recognized as legally married for all federal tax purposes. The ruling applies regardless of where the couples reside so long as they were married in a juris...
CONTRIBUTING AUTHOR KRISTINE M. CUSTODIO, ADVANCED CERTIFIED PARALEGAL On August 29, 2013, the Internal Revenue Service hosted a phone forum titled, How to Prepare for an IRS Employee Plans Audit. IRS Director of Employee Plans Examinations, Monica Templeman, Esq., emphasized that strong intern...
As you may have heard in the news recently, the Patient Protection and Affordable Care Act (“PPACA”) requires employers to provide a notice to employees regarding the new health benefit exchange (“Exchange”) by October 1, 2013. This deadline is important for employers to avoid paying costly penal...
In Firestone v. Bruch, the Supreme Court established a de novo standard as the presumed judicial standard of review in benefit denial cases unless the benefit plan gives the administrator or fiduciary discretionary authority to determine the eligibility for benefits or to construe the terms of th...
ERISA Practitioners, Employee Benefit Plan Sponsors and Administrators: Beware of New Procedures and Guidelines Issued By the IRS Regarding Its Voluntary Correction Program Which Serves to Ameliorate Non-Compliant Employee Benefit Plans of Their Tax-Qualification Errors Under ERISA and the Intern...
Although not required, an employer has the option of seeking an advance determination as to the qualified status of its retirement plan by the Internal Revenue Service (“IRS”), rather than waiting for the IRS to review the plan in connection with an audit. This written advance determination is ca...
An issue may arise when the terms of the plan document conflict with the terms of the summary plan description (“SPD”). In Cigna Corp. v. Amara, the Supreme Court recently held that SPD language does not become part of the terms of a plan document. The Court made it clear that “summary documents,...