What potential benefits could arise from allowing CITs in 403(b) plans? How could it provide plan sponsors with more flexibility in managing investments? The Secure 2.0 Act and the CITs Dilemma: A proposed bill is aiming to fix a loophole in the Secure 2.0 Act that has prevented some [...]
Getting Ready for the Conclusion of COVID-19 Emergency Declarations President Biden made an announcement on January 30 that he plans to terminate the COVID-19 National Emergency (“NE”) and Public Health Emergency (“PHE”) on May 11, 2023. These emergency declarations have provided different types of assistance to employees covered by employee welfare benefit plans (health, [...]
Employer Health Plan Requirements Under The Consolidated Appropriations Act The Consolidated Appropriations Act of 2021 (CAA) was signed into law in December 2020, providing further stimulus and support to organizations and individuals affected by the COVID-19 pandemic. Among its many provisions are the most comprehensive changes to active employee health plans since the Patient Protection [...]
The Effect of DOL’s New Cybersecurity Guidance on Retirement and Health/Welfare Plans The Department of Labor (or DOL) released new guidance regarding cybersecurity in April 2021. This covered three important factors: hiring service providers, providing online security tips, and new cybersecurity best practices. These were separated into three documents. They included checklists for plan sponsors [...]
With the current widescale rollout of the COVID-19 vaccine, you may be finding that some of your employees don’t want to get vaccinated. This is posing a big problem for many organizations, as it may increase the risk of infection in your workforce and lead to lengthy periods of sick leave and social distancing. [...]
Concerning the employee benefits, on 22nd July 2021, ERIC (the ERISA Industry Committee) put in a request to the US Court of Appeals to ask the Ninth Circuit to permit it to make a response to the opposition to its petition to the City of Seattle to rehear the appeal by ERIC in its legal [...]
On June 14, 2021, the U.S. Department of Labor (DOL) issued an information letter stating that ERISA claims procedures require participants to be given any telephone conversation audio recordings which are deemed relevant to their claim for benefits. This statement followed the denial of a request from a participant to be given an audio recording [...]
In October of 2020, Blue Cross Blue Shield (BCBS) Association and member plans reached an agreement to settle a class action lawsuit brought by subscribers alleging antitrust violations. While the companies denied the allegations, they agreed to the settlement to avoid further litigation costs and risks. The Court's settlement terms will be reviewed on October [...]
As we informed you in our post last month, the American Rescue Plan Act of 2021 (ARPA) which was passed by Congress in early March included a 100% COBRA subsidy for individuals who experience(d) a loss of coverage due to an involuntary termination or reduction in hours between October 1, 2019 and September 30, 2021. [...]
Much has been written about the stimulus checks and vaccine aid that are major elements of the American Rescue Plan Act of 2021 (ARPA), which was enacted last week, but the Act also includes a number of other lesser-known elements designed to provide relief to struggling Americans, and employers need to take notice. Of particular [...]