Clarifying Guidance on COBRA Deadline Extension Relief

On Oct. 6, 2021, the IRS issued Notice 2021-58, which clarifies the application of certain COBRA deadline extensions for electing COBRA coverage and paying COBRA premiums under prior relief that was issued as a result of the COVID-19 outbreak.

Standard COBRA Deadlines

COBRA Election Deadline

The standard deadline for individuals to elect COBRA coverage is typically within 60 days of receiving a COBRA election notice.

Premium Payment Deadline

The standard deadline to make COBRA premium payments is generally at least 45 days after the
date of the initial COBRA election, with a grace period of at least 30 days for subsequent payments.

Extended COBRA Deadlines

Emergency Relief
The Emergency Relief disregards the standard COBRA deadlines until the earlier of: (1) one year from the date individuals were first eligible for relief; or (2) the end of the Outbreak Period.

Notice 2021-58

On Oct. 6, 2021, Notice 2021-58 clarified that the disregarded periods to elect COBRA coverage
and to make COBRA premium payments generally run concurrently.

Employers should carefully review the guidance and consult benefits counsel to ensure their ongoing compliance with the Emergency Relief, as clarified by Notice 2021-58. For more information read this Compliance Bulletin for further explanation and contact HANYS Benefit Services by email or by calling (800) 388-1963.

COVID-19: Retirement and Benefit Plan Resources

As the COVID-19 crisis continues to unfold, we are closely monitoring news and updates from top sources. We’ll be updating this section as new developments unfold. Here are several key articles and links to help plan sponsors and administrators navigate the COVID-19 impact to retirement and benefit plans: Retirement Plans 4 Key CARES Act Provisions for Retirement Plan Sponsors Markets React to Coronavirus Important Considerations for Retirement Plan Sponsors during the Coronavirus Pandemic In Fed We Trust Participant Education Services: Timely Help from a Safe Distance CRDs 100% Taxable for New York State and Local Income Tax Purposes in 2020 IRS Permits Remote Notarization of Participant Elections Employee Benefits CARES Act Expands Health Coverage Rules Understanding the Historic $2 Trillion Stimulus Package Employee Compensation and Benefits During Closures and Furloughs DOL Clarifies Exemptions to Coronavirus Paid Leave Laws Small Business Exemption to

SECURE 2.0 Discussion Series: Session One

SECURE 2.0 provisions: What we know and what’s still up in the air The SECURE 2.0 Act, signed into law in late December 2022, has factored heavily in retirement industry discourse since the final legislation was published. As with any legislation of this depth and breadth, there’s a lot to digest and the industry takes time to adjust. Our team of experienced advisors recently met to discuss some of the more nuanced provisions of the legislation, such as changes to Roth contributions, and what they could mean for plan sponsors. Panel participants included the following HBS team members: Noah Buck, Christina Bauer-Dobias, Sean Bayne, Vincent Bocchinfuso and Kathleen Coonan. Highlights of our panel’s conversation below should serve to help guide plan sponsor thinking. On Roth employer contributions NB – In addition to deferring pre-tax or Roth, plan sponsors can now allow employer contributions to be classified as Roth, is that right? VB – Correct. This is immediately available to plan s

HANYS Benefit Services names Noah Buck president

Buck brings 20 years of retirement and benefits industry experience to leadership role of boutique advisory agency Rensselaer, NY July 14, 2022— HANYS Benefit Services announced today Noah Buck has been appointed president. Buck steps into the advisory agency’s leadership role at a time when organizations are seeking expert retirement and employee benefits guidance for fiduciary governance and employee engagement. With HBS since 2019, Buck had most recently served as interim president and was previously vice president of client relationship management. Before joining HBS, Buck was a principal in Milliman’s employee benefits practice. He earned a Bachelor of Science in management science and information systems from Penn State University and a Master of Business Administration from SUNY Albany. "I’m honored to be leading a team that is passionate about making sure our clients are meeting their organization’s and employees’ needs,” said Buck. “A focused approach to retirement and

HANYS Benefit Services

Search This Blog