On March 18, 2020, President Trump signed the Families First Coronavirus Response Act (“Act”) into law. There are two paid leave sections of the Act that private employers with fewer than 500 employees and public agencies must be aware of: (1) the Emergency Family and Medical Leave Expansion Act (the “EFMLEA”) and (2) the Emergency Paid Sick Leave Act (the “EPSLA”). Both provisions will take effect before April 2, 2020 and expire on December 31, 2020. The Emergency Family and Medical Leave Expansion Act The EFMLEA is an expansion of the Family and Medical Leave Act (“FMLA”) that requires private employers with less… Read More »
[Source: R. David Wentz, J.D., CHFC, Tax Favored Benefits, Inc., 07.2016 | Keywords: DOL, Employee Benefits, Retirement] On April 6, 2016 the Department of Labor released a new regulation generally referred to as the “Fiduciary Rule” which, under Employee Retirement Income Security Act of 1974, as amended (“ERISA”), will serve to significantly expand the activities which determine whether one is considered a Fiduciary by providing “investment advice” with the resulting duties and responsibilities. The final rule is not applicable until April 10, 2017 with a transitional period for full compliance running until January 1, 2018. The Fiduciary Rule applies to all ERISA-covered… Read More »
[Author: Doug Crable, Kiernan Benefit Solutions, LLC, 2013 | Keywords: Human Resources, COBRA] The Consolidated Omnibus Budget Reconciliation Act of 1985, commonly known as COBRA, is a federal law that requires employers of 20 or more employees with group health plans to offer employees, their spouses and dependents a temporary period of continued health care coverage if they choose coverage through the employer’s group health plan. The purpose of COBRA is to protect current and former employees and plan participants and their dependents when they lose coverage. Which employers are covered under COBRA? Group health plans provided by employers with 20 or… Read More »
