DOL and Treasury Extend ERISA Deadlines for Areas Affected by Hurricanes Helene and Milton

The Departments of Labor and Treasury have extended deadlines for ERISA-related notifications and actions due to Hurricanes Helene and Milton, allowing affected individuals additional time to manage their retirement, health, and welfare plans. This relief includes suspensions of participant deadlines and offers assistance to plans in disaster regions.

On November 8, 2024, the Departments of Labor and Treasury announced guidance extending certain deadlines for retirement, health, and welfare plans due to the impacts of Hurricane Helene and Hurricane Milton. This guidance includes various forms of relief designed to assist individuals affected by these disasters, thereby alleviating some of the pressures associated with compliance in the aftermath of such events.

The extension of deadlines has been implemented as a response to Hurricane Helene and Hurricane Milton, acknowledging the challenges faced by individuals and plans in disaster-stricken areas. The Departments have exercised their authority under ERISA Section 518 to provide this relief, which historically has been enacted following other significant disasters to support the affected populations. This guidance aims to ensure that individuals do not lose their rights to benefits during these tumultuous times.

In conclusion, the Departments of Labor and Treasury have provided significant relief for individuals affected by Hurricanes Helene and Milton through extended deadlines for required disclosures and notifications under ERISA. The guidance reflects a strong commitment to supporting individuals during disaster recovery, ensuring that they retain access to critical health and welfare benefits.

Original Source: www.jdsupra.com