The Department of Labor's Employee Benefits Security
Administration (EBSA) today issued deadline relief and other guidance under
Title I of the Employee Retirement Income Security Act of 1974 (ERISA) to
help employee benefit plans, plan participants and beneficiaries, employers
and other plan sponsors, plan fiduciaries, and other service providers
impacted by the coronavirus outbreak.
"EBSA
will continue to safeguard the employee benefits of American workers while
ensuring that employers and plans have the flexibility they need to continue
delivering benefits during this challenging time," said Assistant
Secretary of Labor for EBSA, Preston Rutledge.
A Department of Labor notice, jointly issued with the Department
of the Treasury and Internal Revenue Service, extends certain time frames
affecting participants' rights to healthcare coverage, portability, and
continuation of group health plan coverage under COBRA, and extends the time
for plan participants to file or perfect benefit claims or appeals of denied
claims.
These
extensions provide participants and beneficiaries of employee benefit plans
additional time to make important health coverage and other decisions
affecting their benefits during the coronavirus outbreak.
The joint
notice is posted on EBSA's website and will be published in an upcoming
edition of the Federal Register.
EBSA Disaster Relief
Notice 2020-01 extends the time for plan officials to furnish benefit
statements, annual funding notices, and other notices and disclosures
required by ERISA so long as they make a good faith effort to furnish the
documents as soon as administratively practicable. The notice explains that
good faith includes the use of electronic alternative means of communicating
with plan participants and beneficiaries who the plan fiduciary reasonably
believes have effective access to electronic means of communication,
including email, text messages, and continuous access websites.
The notice also includes
compliance assistance guidance on plan loans, participant contributions and
loan payments, blackout notices, Form 5500 and Form M-1 filing relief, and
other general compliance guidance on ERISA fiduciary responsibilities. The
Disaster Relief Notice is posted on EBSA's website.
The department also
issued a set of Frequently Asked Questions (FAQs) on health benefit and
retirement benefit issues to help employee benefit plan participants and
beneficiaries, plan sponsors, and employers impacted by the coronavirus
outbreak understand their rights and responsibilities under ERISA.
EBSA's mission is to
assure the security of the retirement, health and other workplace related
benefits of America's workers and their families. EBSA accomplishes this
mission by developing effective regulations; assisting and educating workers,
plan sponsors, fiduciaries and service providers; and vigorously enforcing
the law.
The mission of the Department of Labor is to foster, promote and
develop the welfare of the wage earners, job seekers and retirees of the
United States; improve working conditions; advance opportunities for
profitable employment; and assure work-related benefits and rights.
For a copy of Notice
2020-01, click on the link below:
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