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AT&T Sued by Participants Over 2023 Pension Risk Transfer with Athene Annuity and Life
PLANSPONSOR; free registration may be required Link to more items from this source
Mar. 14, 2024

"After conducting an $8.05 billion pension risk transfer in May 2023 and offloading 96,000 of its plan participants and beneficiaries, AT&T Inc. was sued by four former participants ... The former participants ... claimed that AT&T's decision to conduct the PRT with Athene Annuity and Life Company placed its retirees in danger and that AT&T and its independent fiduciary, State Street Global Advisors Trust Co., stood to gain from the transfer. " [Piercy v. AT&T Inc., No. 24-10608 (D. Mass. complaint filed Mar. 11, 2024)]

Tags: Fiduciary Duties  •  Funding of DB Plans

Defendants in ESG Litigation File Motion for Summary Judgment
October Three Consulting Link to more items from this source
Mar. 14, 2024

"Defendants' motion comes just days after the court had handed down a decision denying defendants' motion to dismiss.... [This article reviews] defendants' arguments in this case, mainly because they usefully raise the issues of proof and causation that vex challenges to the prudence (and loyalty) of certain proxy voting positions." [Spence v. American Airlines, Inc., No. 23-0552 (N.D. Tex. February 21, 2024; motion for summary judgment filed Feb. 26, 2024)]

Tags: Retirement Plan Investments - ESG

HHS Office for Civil Rights Issues Letter and Opens Investigation of Change Healthcare Cyberattack
U.S. Department of Health and Human Services [HHS] Link to more items from this source
[Official Guidance]
Mar. 14, 2024

"[HHS'] Office for Civil Rights (OCR) issued a 'Dear Colleague' letter addressing the cybersecurity incident impacting Change Healthcare ... The cyberattack is disrupting health care and billing information operations nationwide and poses a direct threat to critically needed patient care and essential operations of the health care industry." [Also available: Fact Sheet]

Tags: HIPAA  •  Health Plan Administration

Settlement Reached in ERISA Data Breach Lawsuit
PLANSPONSOR; free registration may be required Link to more items from this source
Mar. 14, 2024

"Retirement plan participants whose personal identifiable information was exposed in a 2021 data breach have asked a Georgia federal judge to approve an $8.733 million agreement to resolve allegations, which claimed national consultant Horizon Actuarial Services LLC failed to safeguard their sensitive data." [Sherwood v. Horizon Actuarial Services LLC, No. 22-1495 (N.D. Ga. proposed settlement agreement filed Mar. 11, 2024)]

Tags: Cybersecurity  •  Retirement Plan Administration

IRS Issues Reminder: Personal Expenses for General Health and Wellness Are Not Reimbursable Under Health FSAs, HRAs, or HSAs
Thomson Reuters / EBIA Link to more items from this source
[Guidance Overview]
Mar. 14, 2024

"This [IRS] news release may be helpful to those on the 'front lines' of plan administration, who are sometimes asked to explain the reasons for operating rules or decisions. Like last year's IRS guidance on substantiation shortcuts, it also serves as a reminder of the importance of obtaining adequate and appropriate substantiation before reimbursing claims, and highlights the challenges involved with certain expenses."

Tags: Cafeteria Plans  •  HSAs  •  Health Plan Administration

Can a DCAP Reimburse Payments for Care Provided by a Participant's Child? (PDF)
Thomson Reuters / EBIA Link to more items from this source
[Guidance Overview]
Mar. 14, 2024

"A DCAP cannot reimburse payments to an employee's child who is under age 19 at the end of the year or to someone whom the employee (or the employee's spouse) could claim as a dependent.... [The authors] recommend that you include information in your DCAP summary or open enrollment materials about the providers whose care can and cannot be reimbursed under a DCAP."

Tags: Cafeteria Plans  •  Dependent Care

IRS Expects to Fix Glitch Affecting Improperly Withheld Form 8955 Refunds
American Retirement Association [ARA] Link to more items from this source
Mar. 14, 2024

"Addressing improper withholding of tax refunds, says [Kelsey Mayo, the American Retirement Association's Director of Regulatory Policy], 'has, so far, been a manual process of corresponding with the IRS to have the penalty abated and the refund paid on an employer-by-employer basis.' However, Mayo reports that the IRS expects to implement a systematic fix for the impending corporate tax return deadline."

Tags: Retirement Plan Administration

Dealing with the Deceased Participants in Multiemployer Defined Benefit Plans
Morgan Lewis Link to more items from this source
Mar. 14, 2024

"[P]lan fiduciaries may want to revisit the plan's processes for identifying deceased participants (terminated vested and retirees) to ensure that these processes reflect a proactive, rather than reactive, posture. [This article describes] several practices plans may wish to consider."

Tags: Multiemployer Plans  •  Retirement Plan Administration

Federal Agencies Issue Final Rules on Federal IDR Process Administrative Fee and Certified Entity IDR Fee Ranges
Hall Benefits Law Link to more items from this source
[Guidance Overview]
Mar. 14, 2024

"The final rules provide for an administrative fee charged by these agencies to participate in the IDR process and the methodology for determining that fee. Likewise, the rules determine the certified entity IDR fees range for single and batched determinations. The rules also finalize the number of administrative fees and certified entity IDR fee ranges for disputes on or after the effective dates of the rules. The final rules went into effect on January 22, 2024."

Tags: Health Plan Administration

Joint Board for Enrollment of Actuaries Proposes Eliminating Physical Presence Rule for CPE Programs
American Retirement Association [ARA] Link to more items from this source
[Guidance Overview]
Mar. 14, 2024

"The new proposed regulations would apply to CPE credits earned for programs held during the period from Jan. 1, 2023, through the date that is 30 days after the publication of the Treasury decision finalizing these proposed regulations. The extended -- a.k.a. permanent -- waiver of the 'physical presence' requirement would apply to active enrolled actuaries."

Tags: Funding of DB Plans  •  Health Plan Administration  •  Retirement Plan Administration

State Mandates Drive Business Owners to Explore Retirement Plans
Putnam Investments Link to more items from this source
Mar. 14, 2024

"Lawmakers and the retirement industry have tried for years to close the access gap. This year could see growth in workplace plans. The growing number of state initiatives and new tax incentives introduced by recent legislation, including SECURE 2.0, could move the dial on business startup plans."

Tags: Retirement Plan Design

2024 Retirement Happiness Study (PDF)
MassMutual Link to more items from this source
Mar. 14, 2024

"The definition of retirement may be shifting to mean more than simply an end to working. A majority of pre-retirees view retirement as either shifting focus to 'a new type of work or fulfilling purpose' or 'working less.'... On average, 63 is the ideal age for retirement according to both retirees and pre-retirees. While current retirees are hitting close to that mark with an average actual retirement age of 62, there are signs that future retirees could have more difficulty retiring at their ideal age.... Many retirees retired earlier than planned. Few say they retired later than planned."

Tags: Retirement Plan Design

Another Lawsuit Alleges Cigna Uses Algorithm That Auto-Denied 300,000 Claims
BenefitsPro; free registration required Link to more items from this source
Mar. 14, 2024

"The plaintiff alleged that once the algorithm denies claims, Cigna's medical doctors confirm the denials without checking the patients' medical history. .. Consumer class actions alleging the same claims in this case have already been filed in the Eastern District Court of California, the Southern District Court of California, and two others in Connecticut District Court." [Sachs v. Cigna Corp., No. 24-0329 (D. Conn. complaint filed Mar. 11, 2024)]

Tags: Health Plan Administration

Understanding Health Plan Fiduciary Duties
Savoy Link to more items from this source
Mar. 14, 2024

"Are you exercising discretion, or making a recommendation? For most benefits consultants, real discretion sits elsewhere. The employer is generally making decisions on behalf of the plan, even at your recommendation.... Is the HRA administrator performing a ministerial function, where they only act at the direction of the plan, or are they making black-and-white decisions out of a gray area?The real answer to 'are you a fiduciary' is anything but black and white, and requires a fact-specific inquiry."

Tags: Fiduciary Duties

Brace Yourself for Higher RMDs in 2024
Morningstar Link to more items from this source
Mar. 14, 2024

"Following a banner year in the stock market, investors subject to required minimum distributions could be in for a nasty tax surprise[.]"

Tags: Required Minimum Distributions (RMDs)

Text of FRTIB Final Regs: Removal of 30-Calendar-Day Waiting Period Between Withdrawals
Federal Retirement Thrift Investment Board Link to more items from this source
[Official Guidance]
Mar. 14, 2024

"This direct final rule removes the Thrift Savings Plan (TSP)'s restriction on a participant's ability to request more than one withdrawal within a thirty-calendar-day period."

Tags: Federal Government Plans  •  Retirement Plan Administration

President's FY 2025 Budget Seeks to Expand Mental Health Coverage and Protections
Miller & Chevalier Link to more items from this source
Mar. 14, 2024

"The Biden administration released its fiscal year (FY) 2025 budget on March 11, 2024, and it contains multiple legislative proposals that, if enacted into law, would significantly impact mental health and substance use disorder coverage offered through ERISA health plans. Although a president's budget proposal is akin to a wish list, especially during an election year, the FY 2025 proposal reveals aspirational mental health initiatives that the current administration would like to see become law."

Tags: Health Plan Design  •  Health Plan Policy

Paid Family and Medical Leave Legislative Developments
International Foundation of Employee Benefit Plans [IFEBP] Link to more items from this source
Mar. 14, 2024

"Proposals for paid family and medical leave at the federal level historically haven't had enough support to become law. Many states have added paid leave mandates since 2017, creating a challenge for multistate employers seeking to deliver consistent benefits to their entire workforce. To address this challenge, lawmakers in the House Paid Family Leave Working Group recommended four ideas for future legislation that could drive consensus among lawmakers to provide more families with more paid leave."

Tags: FMLA and Other Leave

ESG Investing: The U.S. Regulatory Perspective
Morgan Lewis Link to more items from this source
[Guidance Overview]
Mar. 13, 2024

"As companies increasingly encounter dialogue regarding environmental, social, and governance (ESG) factors, they and their investors and other stakeholders face the task of navigating the sometimes-contradictory web of regulations governing the world of ESG investing. In the United States, ESG-related regulatory risk primarily originates from three key sources: the [SEC], the [DOL], and state legislatures and agencies. This article provides a summary discussion of the regulatory framework impacting ESG investing in these three areas."

Tags: Retirement Plan Investments - ESG

The Saver's Credit, 2024
Retirement Management Services, LLC Link to more items from this source
[Guidance Overview]
Mar. 13, 2024

"[This article provides] a question and answer explanation intended for employers and employees who want to know all the related details ... [and] a two-page notice to explain the rules to employees. There is no legal requirement that the notice be given to employees.... [E]mployers and others in the retirement services community [are encouraged] to give out the notice in order to promote retirement savings by eligible employees."

Tags: Retirement Plan Administration  •  Retirement Plan Information for Employees

ACA Mistakes Can Result in Costly IRS Penalties to Employers
EisnerAmper Link to more items from this source
[Guidance Overview]
Mar. 13, 2024

"An employer can be subject to a significant shared employer responsibility payment (ESRP) ... if it fails to offer sufficient health coverage causing a full-time employee to qualify for a premium tax credit.... Employers are also required to timely report information on health coverage ... under IRC Sec. 6056.... Currently, the IRS is issuing ESRP and information reporting penalty notices to employers that relate back to the 2020 and 2021 tax years."

Tags: Health Plan Administration

Mental Health Parity and Addiction Equity Act: Comprehensive Final Rule Expected in 2024
Husch Blackwell Link to more items from this source
[Guidance Overview]
Mar. 13, 2024

"This proposed rule regulates the financial requirements, quantitative treatment limitations (QTLs), and non-quantitative treatment limitations (NQTLs) that Health Plans use when designing and administering Plan benefits and provides crucial instruction to the Departments aimed at facilitating increased enforcement of MHPAEA’s requirements and stricter penalties for noncompliance.... [O]nce finalized, the 2023 Proposed Rule will be effective for group Health Plans on January 1, 2025 and effective for individual Health Plans on January 1, 2026."

Tags: Health Plan Administration  •  Health Plan Design

House HELP Subcommittee to Hold Oversight Hearing: Examining the Policies and Priorities of the PBGC
Committee on Education and the Workforce, U.S. House of Representatives Link to more items from this source
Mar. 13, 2024

" 'The [PBGC] represents some of the worst of the Biden administration's incompetence and misuse of taxpayer dollars,' said Chairman Good. 'Its failure to implement standard controls and verification procedures has resulted in millions of dollars in inaccurate payments -- at least $127 million of which was sent to fund pensions for dead participants. This hearing will shine a much-needed light on PBGC's mismanagement and ineffectiveness.' "

Tags: PBGC

How Starter 401(k) Plans Compare to Safe Harbor and Traditional Plans
Employee Fiduciary Link to more items from this source
[Guidance Overview]
Mar. 13, 2024

"[SECURE 2.0] created a new type of automatic enrollment 401(k) plan called the 'starter 401(k) deferral-only arrangement'  ... meant to be an entry-level option for small businesses who do not already offer a retirement plan. A starter plan is not subject to annual testing like a traditional 401(k) plan or mandatory employer contributions like a safe harbor 401(k) plan. The trade-off is lower contribution limits for plan participants. Small businesses can adopt a starter 401(k) plan starting January 1, 2024."

Tags: 401(k) Plans  •  Retirement Plan Design  •  SECURE 2.0

J&J Case Practical Considerations: The Core Four ERISA Fiduciary Duties, Part 2
Newfront Link to more items from this source
Mar. 13, 2024

"[T]he class plaintiff argues J&J had the duty to ensure that decisions were made in the best interest of the plan and its participants, including reviewing the plan's prescription drug costs and taking steps from such reviews to save the plan and participants millions of dollars. If J&J is ultimately found to have breached its fiduciary duties in this area, there could be a wave of claims targeting similar situations." [Lewandowski v. Johnson & Johnson, No. 23-0671 (D.N.J. complaint filed Feb. 5, 2024)]

Tags: Fiduciary Duties  •  Health Plan Administration  •  Health Plan Costs

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