|This section highlights the required benefits notices and disclosures under federal law that apply to companies based on their number of employees. |
In particular, this section covers the following sized companies:
COVID-19-Related Deadline Extensions
Due to the COVID-19 pandemic, the federal government extended the time to furnish benefit statements and other notices and disclosures required under ERISA, if good faith efforts are made to provide the documents as soon as administratively practicable. These deadlines were initially extended by disregarding an Outbreak Period from March 1, 2020, until 60 days after the announced end of the National Emergency (or such other date announced by the Departments). Under federal law, this period could not exceed one year, meaning that the relief was expected to expire on Feb. 28, 2021.
However, Disaster Relief Notice 2021-01 extends the relief beyond this date in some situations, while emphasizing that plan administrators should continue to make reasonable accommodations to prevent the loss of or delay in payment of benefits.
The deadlines for individuals and plans subject to the initial relief are extended until the earlier of: One year from the date they were first eligible for relief; or 60 days after the announced end of the National Emergency (the end of the Outbreak Period). On the applicable date, the time frames for individuals and plans with periods that were previously disregarded will resume. In no case will a disregarded period exceed one year.
|OC Benefit Advisors|