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Are Your Benefit Plans Keeping Pace with the New Reality?

IPB Benefits & Compensation Insider

The global pandemic has added complexity to existing leave rules, as employers adjust their workforces to address the pandemic and new and changing economic realities. Our latest alert highlights the issues that often arise when these new workforce policies and strategies are not carefully integrated with the terms of employee benefit plans, including:

Four Common Issues for Retirement & Savings Plans

  • Inconsistency between the definition of "disability" under the LTD and pension plans
  • Failure to properly credit the leave or furlough period under the plan
  • Failure to count non-wage pay as "eligible compensation" under the plan
  • Failure to accurately identify whether a "termination of employment" has occurred

Three Common Issues for Health & Welfare Plans

  • Failure to terminate coverage during the period of absence in contravention of Plan terms
  • Failure to collect employee premium contributions
  • Failure to meet the notice requirements of COBRA
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