Welfare Benefit Plan ERISA News
October 2010

 
Fiduciary Liability Insurance
-Overlooked, Misunderstood, and Underappreciated
Fiduciary Liability Insurance is not required by ERISA; however, it is strongly recommended. A fiduciary may be held personally liable for mistakes in the administration of employee benefit plans, i.e., his or her personal assets are at stake! The term fiduciary is broader than just the named fiduciaries in the Plan Document. Anyone who has discretionary authority over a Plan or assists in its administration, such the Director of Human Resources and Benefits Administrator, is exposed to personal liability. Many fiduciaries believe incorrectly that their ERISA Fidelity Bond, Employee Benefits Liability coverage, Surety Bond, or D&O Coverage protects their personal assets.
Small Business Tax Credit Calculator
Use this tool to help understand the potential financial impacts of the health care legislation on your business, including the small business health care premium credit (effective 2010), requirements to provide coverage for employees (effective 2014), penalties for not providing coverage (effective 2014), and excise taxes on high-cost health plans (effective 2018).  
Maintaining Grandfathered Status
It is necessary but not sufficient to merely declare the intent to treat a Plan or health insurance coverage as grandfathered. To maintain such status, the Plan or health insurance coverage must include a disclosure statement in any Plan materials provided to a Participant or Beneficiary describing the benefits provided, stating that the Plan believes it is a grandfathered health plan within the meaning of Section 1251 of the Patient Protection and Affordable Care Act (PPACA), provide contact information for questions or complaints, and keep records documenting the terms of the health plan in effect on March 23, 2010 and any other documents necessary to verify its status as grandfathered. This Grandfathering Decision Tool can help you decide whether grandfathering is right for you. If it is, the Department of Labor has provided model disclosure language that may be inserted into the Summary Plan Description (SPD) for each health plan that desires to achieve and maintain grandfathered status.
 
 
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"How ERISA Will Affect Your Group Insurance Clients in 2010"
 
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© 2017 ERISAPros, LLC, All rights reserved. Information on ERISAPros' website, its newsletter, “News & Views,” and its blog, “ERISA Wonk,” is published as a general informational source. Information and articles are general in nature and are not intended to constitute legal or tax advice in any particular matter. Blog posts and comments reflect the personal views of their respective authors - not those of ERISAPros. Transmission of this information does not create an attorney-client relationship. ERISAPros, LLC is not a law firm and is not giving legal or tax advice. It does not warrant and is not responsible for errors or omissions in the content on its website or in its newsletters. ERISA is a complicated and confusing law. Summary Plan Descriptions (SPDs), Wrap Plan Documents, and Form 5500s require review and updating by qualified ERISA compliance professionals.

 

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