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Latest Insights on COVID-19

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Latest Insights on COVID-19

Our gratitude, resilience and partnership ensure that we will overcome the challenges of COVID-19. Driven by our focus on the safety of our employees, the continuity of our business and the needs of our clients, we will continue to offer resources and expertise that inform decisions, enhance well-being and create better outcomes.

COVID Frequently Asked Questions

FAQs

Last updated on July 31, 2020

Benefits Compliance and COVID-19: Return to Work Frequently Asked Questions

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FAQs

Last updated on July 31, 2020

Benefits Compliance and COVID-19

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FAQs

Last updated on June 10, 2020

Small Business Administration

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FAQs

May 26, 2020

Returning to the Workplace Amid COVID-19: Potential Issues and Practical Guidance

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Corporate Benefits

Benefits Compliance COVID-19 State Quick Reference Chart

August 05, 2020

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IRS Confirms that Plan Sponsors Are Not Required to Extend FSA Claims Period

August 04, 2020

The IRS recently released an information letter dated June 29, 2020, addressing concern over unused amounts in health FSAs due to issues related to the COVID-19 public health emergency. As background, unused amounts in a health FSA are generally forfeited at the end of the plan year, unless the health FSA offers a grace period or carryover provision (i.e., “use it or lose it”). Due to the COVID-19 public health emergency, certain services may not be available, resulting in unspent health FSA funds for some participants. As such, the information letter addresses a request for an extension of time to use the amounts in the health FSA.

The IRS explains that plan sponsors are not required to extend a health FSA’s claims period, even in light of the COVID-19 public health emergency. However, the IRS reiterates that an employer with a health FSA plan year or grace period ending in 2020 is permitted to amend its plan to extend the claims period through the end of 2020. In addition, employers may amend their plans to provide for midyear health FSA election changes on a prospective basis, including revoking an election or increasing or decreasing an existing election. Further, an employer can also choose to amend its plan to provide for up to $550 in a carryover provision. Importantly, although these plan changes are permitted, they are not required. (See our Compliance Corner article from May 12, 2020, “IRS Announces New COVID-19-Related Guidance for Section 125 Cafeteria Plans and Related High Deductible Health Plans, and ICHRAs” for more information on these options for employers.) 

Although this letter does not provide novel guidance, it does confirm the actions that employers can take with regards to their FSAs.

IRS Information Letter 2020-0009 »

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Benefits Compliance and COVID-19: Return to Work Frequently Asked Questions

July 31, 2020

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Updates and Resources

Property and Casualty

The Schrems II Decision and what it means for the transfer of personal data from the EU to the US

July 27, 2020

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Observations on a Turbulent Property Market

July 27, 2020

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Navigating the Event Cancellation Marketplace During a Pandemic

July 24, 2020

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Updates & Resources

Archive: April 2 | COVID-19 Coverage Property and Casualty Update

Archive: April 2 | COVID-19 Coverage Property and Casualty Update

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State Updates

State Updates

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Individual Solutions

2020 Mid-Year Economic and Markets Update: Cross Currents and a COVID Hangover

July 31, 2020

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Breaking the Rules in Fixed Income Index Construction

July 31, 2020

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2020 Second Quarter Considerations

July 31, 2020

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Updates & Resources

Updates and Resources

Considering an Employee Survey on Office Reopening?

July 22, 2020

NFP recently deployed a company-wide survey to gather employee feedback on office reopening activities and factors to consider going forward. The feedback we received is helping us refine reopening protocols and make some adjustments. Clients interested in reviewing and using the questions for their own survey can access them here.

 

Parsing Out the Policy Particulars of the Paycheck Protection Program Flexibility Act

June 11, 2020

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Small Business Administration FAQ

June 10, 2020

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