CaliBen
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The DOL published FAQs last week. For self funded medical and pharmacy plans, how are you going about preparing the comparative analysis and ensuring compliance? I understand that (at least the PBMs) are not planning on providing this analysis to plan sponsors. Are you looking to law firms, your H&W consultant or elsewhere to make sure the analysis is complete? https://www.jdsupra.com/legalnews/show-your-work-faqs-on-non-quantitative-2551955/
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Cannot take a loan from a non-qualified DCP. Possibly the plan document provides for early distribution in the event of an unforeseeable emergency. Other options - reduce or eliminate deferrals for the next plan year. Find another source of funds - bank loan, 401k loan, loan from employer etc.
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For NJ statutory benefits, the benefit amount is based on the date of disability and is not adjusted as maximum benefits increase.
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I've been told by a vendor that the address for an ERISA plan administrator must be in the same state as the plan situs. Is this accurate? Thanks in advance.
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Thank you for the response. A follow up question. If imputing based on Table 2001 is the employer able to deduct the premium cost? There is no cash value and the employer will not receive any of the death benefit or any other type of recovery.
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Not sure which message board to post this. Client is purchasing life insurance [contractual protection insurance?] from a Lloyds specialty broker to provide coverage to key executives above what is available in group plan. Client will be owner and pay premiums, but executive will be able to name beneficiary. Can the client impute income to executives based on Table I rates, and then the benefits paid would be received tax free? Or does the full premium amount need to be included as taxable income like a 162 bonus plan? Or will death proceeds be taxable to estate, or as income in respect of a decedent, or taxable to the beneficiary?
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Not sure which message board to post this. Client is purchasing life insurance [contractual protection insurance?] from a Lloyds specialty broker to provide coverage to key executives above what is available in group plan. Client will be owner and pay premiums, but executive will be able to name beneficiary. Can the client impute income to executives based on Table I rates, and then the benefits paid would be received tax free? Or does the full premium amount need to be included as taxable income like a 162 bonus plan? Or will death proceeds be taxable to estate, or as income in respect of a decedent, or taxable to the beneficiary?
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Any legal issues with an employer policy that pays employees full pay when they take intermittent FML, but no pay for employees taking continuous FML?
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Can an employer offer longer COBRA duration, for example 30 months instead of 18 for a class of employees - executives, or salaried but not hourly? Assume that the employer does not subsidize the premium.
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Correct. They are permitted to purchase these voluntary group benefits on the same terms as the organization offers to their w-2 employees. The insurance is provided by state-regulated insurance companies.
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Does anyone know of a site similar to BenefitsLink that solely focuses on PBMs and Rx plans?
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Not an insurance company. But the 1099ers happen to be independent insurance agents.
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Yes. Sorry I had workers’ comp on my mind while typing reply.
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Thank you. Yes, worker compensation is a separate issue that is being addressed.
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Organization has no employees, only 1099 contractors. The contractors can purchase vision, dental and disability insurance through the organization. Is the organization required to file a 5500?
