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DOL Updates Required FFCRA Poster and FAQs

… what they need to do with the poster. The FAQs have been updated to include reference to the updated poster, and are summarized below. Where do I post this notice? Since most of my workforce is teleworking, where do I electronically “post” this notice? Each covered employer must post a notice of the Families First Coronavirus Response Act (FFCRA) requirements in a conspicuous place on its premises. An employer may satisfy this requirement by emailing or direct mailing this notice to employees, or posting this notice on an employee information internal or external website. Do I have to post this

https://www.epicbrokers.com/insights/dol-updates-required-ffcra-poster-and-faqs/

IRS Extends Deadline for 2019 Health Savings Account Contributions

… 15, 2020. In turn, the IRS extended the standard deadline for contributions to HSAs. The FAQs also clarify that individuals have until July 15, 2020 to withdraw excess HSA contribution amounts (and any interest or income on the excess amounts) to avoid the 6% excise tax on excess contributions. EPIC Employee Benefits Compliance Services For further information on this or any other topics, please contact your EPIC consulting team. Learn About Our Employee Benefits Compliance Services EPIC offers this material for general information only. EPIC does not intend this material to be, nor may any person receiving this information construe …

https://www.epicbrokers.com/insights/irs-extends-deadline-for-2019-health-savings-account-contributions/

Feds Extend Deadlines for Certain Plan Filings

Quick Facts: The IRS and the DOL recently announced limited, automatic extended deadlines for filing Forms 5500 and M-1 due to the COVID-19 National Emergency. The relief applies to filings due on or after April 1, 2020, and before July 15, 2020, including due dates for extensions falling within those dates. The limited extension window does not apply to Forms 5500 for 2019 calendar year plans, which have a standard due date of July 31, 2020. Calendar-year plans may still request a Form 5500 filing extension by submitting Form 5558 to the IRS. The Internal Revenue Service …

https://www.epicbrokers.com/insights/feds-extend-deadlines-for-certain-plan-filings/

The Return of Fear-Mongering Consulting

For more of our coronavirus coverage, visit epicbrokers.com/coronavirus  Viewpoints from Adam Okun Just over a decade ago, as the Great Recession was beginning to take form, I was working for a prestigious human capital consulting firm that began circulating an ominous set of slides to its client base. The frightening message (supposedly backed by two decades of data) was clear: beware of the coming spike in healthcare claims. That’s right – this organization, with nearly 20,000 of the most brilliant minds in the industry, concluded that the recession of 2008 was going to lead to a spike …

https://www.epicbrokers.com/insights/the-return-of-fear-mongering-consulting/

Departments Extend Certain Benefit Election and Notice Dates

The Employee Benefits Security Administration (EBSA) has issued Disaster Relief Notice 2020-01 (Notice) in which it declared that employee benefit plans, employers, plan sponsors, plan fiduciaries, plan service providers, participants, beneficiaries and employees will have additional time to perform certain time-sensitive plan actions due to the impact of the COVID-19 pandemic. The Notice provides relief for a period beginning March 1, 2020, and ending 60 days after the officially announced end of the COVID-19 National Emergency (Outbreak Period) or such other date announced by the Department of Labor (DOL) in a future notice. The Department of …

https://www.epicbrokers.com/insights/departments-extend-certain-benefit-election-and-notice-dates/

Covering Coronavirus: Risk Considerations Volume 1, Issue 10

EPIC Risk Advisory Bulletin Volume 1, Issue 10 The global COVID-19 (coronavirus) pandemic remains both dynamic and fluid. We continue to see unprecedented disruptions at home and abroad. In this issue, we take a focused look at: General Information on Coronavirus Insurance Products and Coverage Information Potential Role of Environmental Insurance FFCRA Lawsuits Begin to Emerge Legislation and Litigation Roundup Human Resources and Employee Benefits Returning to Work: Resources for Employers Golf Courses Open Across America Working at Home With Pets: CDC Guidelines Employee Benefits Insights Return to Work Survey As discussions begin on reintegrating employees into the workforce …

https://www.epicbrokers.com/insights/covering-coronavirus-risk-considerations-volume-1-issue-10/

How Credible are Coronavirus Cost Models?

For more of our coronavirus coverage, visit epicbrokers.com/coronavirus  Viewpoints from David Wiesner As EPIC and every other consulting and actuarial firm rush to the market with a coronavirus (COVID-19) cost impact modeling tool, I would urge a healthy dose of skepticism. Let me explain why: The numbers are moving too fast. Four weeks ago, the models told us 1.1 to 2.2 million people may die from COVID-19 based on then-assumed infection and death rates. Over the next few weeks, those models were revised downward and downward again. Even now as more tests come …

https://www.epicbrokers.com/insights/how-credible-are-coronavirus-cost-models/

Returning to Work Will Require an Enormous Amount of Planning

… they pass through the office. Rotating staff seems to be a popular option so that if a staff member contracts, or is exposed to, COVID-19 renewed isolation requirements would impact only a portion of the workforce. Many employers are considering restricting visitors or creating isolation workspace for them – but are concerned about employees interacting with those guests. Most employers plan to implement screening of employees as they enter the workspace, but what protocol should be adopted? Questionnaires about exposure to the disease for the employee, family members, and anyone with whom they are in contact will be important. Many

https://www.epicbrokers.com/insights/returning-to-work-will-require-an-enormous-amount-of-planning/