DOL Issues Clarifying Guidance on COVID-19 Relief for Employee Benefit Plans/COBRA

On Feb. 26, 2021, the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) issued Disaster Relief Notice 2021-01 to provide guidance on the duration of the COVID-19-related relief regarding certain employee benefit plan deadlines during the Outbreak Period.

Life insurance comes in many different types. One of these types is universal life insurance. Universal life insurance is a type of permanent life insurance. Unlike term life insurance, which is written to cover a specific period of time, universal life insurance can provide lifetime coverage.

Rising health care costs are putting the squeeze on employers. According to SHRM, large employers will pay about $10,850 for each covered employee in 2021, while employees will pay about $4,650 each. This is an increase of about 5.3 percent from 2020, when large employers paid about $10,340 per covered employee and employees paid about $4,430 each.

Workplace safety is important to the health and welfare of employees and the overall health and productivity of a company. According to the Bureau of Labor Statistics (BLS), private industry employers reported 2.8 million nonfatal workplace injuries and illnesses in 2019. Of those, 882,200 caused a private industry worker to miss at least one day of work.

Continuity, Coronavirus, ERISA, Stimulus Package

There’s no reward without risk. Operational risk exists in every business. However, the nature of operational risk may vary depending on the specifics of the company.

Hurricanes. Blizzards. Tornados. Hail. Flooding. No matter where you live, there’s probably at least one type of severe weather that threatens to disrupt your business operations. When these bad weather events strike, the situation is often urgent, leaving little time to iron out policies and procedures in the moment. That’s why it’s important to have an inclement weather policy in place before the next storm hits.

Upcoming ACA Reporting Deadlines

Affordable Care Act (ACA) reporting for the 2020 calendar year is due in early 2021. Specifically, reporting entities must:

• File returns with the IRS by March 1, 2021, since Feb. 28, 2021, is a Sunday (or March 31, 2021, if filing electronically); and
• Furnish statements to individuals by March 2, 2021.

Compensation plans, also referred to as total compensation plans or compensation programs, encompass all of the compensatory components of a company's strategy. In addition to salary, compensation can include health benefits, retirement benefits, tuition reimbursement, bonuses or any other non-salary benefit that is considered part of a total compensation package.

Getting the right insurance for your home is essential. If you live in a townhouse, you may be wondering whether you need condo insurance or homeowners insurance – or something else. The answer will depend on your exact situation.