The pandemic-related extensions of certain benefit plan compliance and reporting deadlines are expiring. Given a lack of answers from regulators, plan administrators should decide whether to treat the extensions as ended.
The Biden administration is reviewing Trump administration final regulations with an eye toward replacing many that address employer-sponsored health and retirement plans, and has frozen all proposed regulations pending their review.
The COVID-19 pandemic, social unrest and technological advancements have amplified and accelerated employee benefits trends that were already underway. Here, benefits and pay specialists share their predictions for 2021.
Advance copies of Form 5500 information returns, used to report on plan year 2020 benefits, reflect an increase in maximum civil penalties, among other adjustments. It’s uncertain if the Biden administration will revive an Obama-era proposed overhaul to Form 5500 that could expand reporting requirements for future years.
Four years ago, Donald Trump’s election had a significant impact on HR professionals, as it kicked off a process in which many federal regulations implemented by the Obama administration were revised and overturned. Given the election results, analysts expect the new Democratic administration will attempt to change many of those regulations, despite the ongoing pandemic.
As employers reopen their businesses and re-engage employees, they should not overlook these potential pitfalls in the administration of their retirement, health and welfare plans and their executive compensation arrangements.