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Federal authorities provide limited coronavirus-related relief for plan sponsors and individual taxpayers

Federal authorities provide limited coronavirus-related relief for plan sponsors and individual taxpayers

Along with the immediate and unique challenges that the COVID-19 pandemic has presented to employers, these same employers – in their capacity as plan sponsors – are still tasked with their routine benefits plan reporting responsibilities. Happily, federal authorities have provided relief related to these obligations and deadlines.

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State-mandated or encouraged insurance premium payment grace periods, and the risks they pose to ERISA plan sponsors

State-mandated or encouraged insurance premium payment grace periods, and the risks they pose to ERISA plan sponsors

In response to the coronavirus pandemic, some states have prohibited or pointedly encouraged carriers from canceling benefits policies, so for some employers, deferring premium payments appears to be a win-win – employers retain cash for other immediate needs and employees don’t lose coverage. However, employers and their plans’ fiduciaries should be cautious for several reasons.

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