Subscribe (Free) to
Daily or Weekly Newsletters
Post a Job

Featured Jobs

Defined Contributions Compliance Consultant

Loren D. Stark Company (LDSCO)
(Remote)

Loren D. Stark Company (LDSCO) logo

Retirement Plan Relationship Manager

ERISA Services, Inc.
(Remote)

ERISA Services, Inc. logo

Regional Sales Director (West)

July Business Services
(CA)

July Business Services logo

Retirement Account Manager

Fringe Benefit Group
(Remote / Austin TX)

Fringe Benefit Group logo

Retirement Plan Administrator

Retirement Solutions Specialists
(Remote / Jacksonville FL / Hybrid)

Retirement Solutions Specialists logo

Senior Specialist 401k Recordkeeping

T Bank N.A.
(Dallas TX)

T Bank N.A. logo

Defined Contribution Account Manager

Nova 401(k) Associates
(Remote)

Nova 401(k) Associates logo

TPA Retirement Plan Consultant

EPIC RPS (TPA/DPS)
(Remote)

EPIC RPS (TPA/DPS) logo

Client Service Manager

July Business Services
(Remote)

July Business Services logo

Compliance Officer

New York City District Council of Carpenters Benefit Funds
(New York NY)

New York City District Council of Carpenters Benefit Funds logo

Retirement Plan Consultant

July Business Services
(Remote)

July Business Services logo

View More Employee Benefits Jobs

Free Newsletters

“BenefitsLink continues to be the most valuable resource we have at the firm.”

-- An attorney subscriber

Mobile app icon
LinkedIn icon     Twitter icon     Facebook icon

Search 97,173 News Items Curated by BenefitsLink®

News

Get this news and more in our free daily email newsletters.
403(b) Universal Availability Requirement and Exclusions for Student-Employees and Part-Time Employees
Bricker Graydon Link to more items from this source
[Guidance Overview]
Apr. 12, 2024

"As SECURE 2.0 is drafted, both the part-time exclusion and the student-employee exclusion are subject to the LTPT rule.... IRS issued proposed regulations about the LTPT rules for 401(k) plans, but they have not provided clarification for 403(b) plans.... [We] can hope that the IRS will provide more definitive guidance on the intersection of the rules before operational compliance is due next year."

Tags: 403(b) Plans and Annuities  •  Retirement Plan Administration  •  Retirement Plan Design  •  SECURE 2.0

'Prohibited Transaction' Cases Head to the Supreme Court
Miller & Chevalier Link to more items from this source
Apr. 12, 2024

"[T]he Supreme Court [has been] asked to resolve a circuit split concerning what a plaintiff must plead to assert a 'prohibited transaction' under ERISA.... [T]he Court [faces] three [such] petitions at once." [Bugielski v. AT&T Servs., Inc., No. 21-56196 (9th Cir. Nov. 8, 2023; cert pet. filed Apr. 5, 2024); Cunningham v. Cornell Univ., No. 21-0088 (2d Cir. Nov. 14, 2023; cert. pet. filed Mar. 13, 2024); D.L. Markham DDS, MSD, Inc. 401(K) Plan v. Variable Annuity Life Ins. Co., No. 22-20540 (5th Cir. Dec. 14, 2023; cert. pet. filed Mar. 18, 2024)]

Tags: Fiduciary Duties  •  Retirement Plan Investments

Can a Qualified Educational Assistance Program Be Used to Repay Employees' Student Loans? (PDF)
Thomson Reuters / EBIA Link to more items from this source
[Guidance Overview]
Apr. 12, 2024

"Educational assistance programs under Code Section 127 currently can be used to help employees repay certain student loans, but this benefit is only available for a limited time and certain restrictions apply. "

Tags: Educational Assistance Benefits

Ninth Circuit Opinion: Plausible Allegation of More Stringent Review of MH/SUD Claims in Violation of MHPAEA Survives Motion to Dismiss (PDF)
U.S. Court of Appeals for the Ninth Circuit Link to more items from this source
Apr. 12, 2024

"[An] ERISA plan can violate the Parity Act ... by applying ... a more stringent internal process to MH/SUD claims than to medical/surgical claims. A plaintiff ... may be able to allege a plausible claim without having to allege a categorical practice or differential treatment for his or her medical/surgical claims. It is enough for such a plaintiff to allege the existence of a procedure used in assessing MH/SUD benefit claims that is more restrictive than those used in assessing medical/surgical claims under the same classification[.]" [Ryan S. v. UnitedHealth Group, Inc., No. 22-55761 (9th Cir. Apr. 11, 2024)]

Tags: Health Plan Administration  •  MHPAEA

Seventh Circuit Holds Withdrawal Liability Cannot Be Based on Extra-Contractual Contributions
Proskauer Link to more items from this source
Apr. 12, 2024

"The arbitrator and the district court [held] that by remitting contributions for the hauling work, the employer by its conduct effectively amended the CBA to require contributions for the hauling work, and therefore, those contributions were properly included in calculating the employer's withdrawal liability. The Seventh Circuit reversed, explaining that ... 29 U.S.C. Section 1145 requires that any changes regarding the obligation to contribute to an ERISA plan must be in writing." [Bulk Transp. Corp. v. Teamsters Union No. 142 Pension Fund, No. 23-1563 (7th Cir. Mar. 22, 2024)]

Tags: Funding of DB Plans  •  Multiemployer Plans

District Court Allows Lawsuit to Proceed Against 401(k) Plan Fiduciaries Alleged to Have 'Hand in the Cookie Jar' (PDF)
Thomson Reuters / EBIA Link to more items from this source
Apr. 12, 2024

"The court allowed the participants' claims to proceed, holding that there were genuine disputes of material fact as to whether the employer had breached its duties under ERISA by investing its employees' 401(k) savings in underperforming funds for more than a decade and allowing its business relationship with the fund provider to influence the retention." [Snyder v. UnitedHealth Group, No. 21-1049 (D. Minn. Mar. 12, 2024)]

Tags: Fiduciary Duties  •  Retirement Plan Investment Costs  •  Retirement Plan Investments

Fifth Circuit: Employee Must Provide Adequate Notice of Need for FMLA Leave
The Wagner Law Group Link to more items from this source
Apr. 12, 2024

"The Fifth Circuit observed that while the employer knew about the father’s condition, the employee did not express an intent or desire to take leave, let alone FMLA leave. Accordingly, it determined that that was insufficient to put the employer on notice that the employee intended to take leave or that that leave qualified for FMLA protection." [Cerda v. Blue Cube Operations, No. 23-40404 (5th Cir. Mar. 19, 2024)]

Tags: FMLA and Other Leave

Physician with Long COVID Wins Claim Seeking Long-Term Benefits
DeBofsky Law Link to more items from this source
Apr. 12, 2024

"The ruling offers a lesson to claimants on how to prove a disability claim involving long COVID, but also teaches insurers what not to do.... Although the court ... acknowledged that Unum may have had some basis for questioning Abrams' claim due to the absence of definitive objective test results, the court was convinced by the consistency of the medical findings presented." [Whitehouse v. Unum Life Ins. Co. of America, No. 22-1736 (D. Minn. Mar. 21, 2024)]

Tags: COVID-19  •  Disability Plans

'Surplus' Considerations for Public Pension Plans (PDF)
American Academy of Actuaries Link to more items from this source
Apr. 12, 2024

"A 'surplus' management strategy may include contribution adjustments, risk reduction strategies, and benefit enhancements, which are intended to preserve the current plan 'surplus' and/or reduce the risk of future funded status and contribution volatility."

Tags: Funding of DB Plans

2024 Report on State Retirement Systems: Funding Levels and Asset Allocations
Wilshire Link to more items from this source
Apr. 12, 2024

"Wilshire estimates that the aggregate funded ratio was 74.8% at FYE 2023, which represents an 0.4% decrease from FYE 2022. Wilshire's estimate of the aggregate funded ratio as of March 31, 2024 (i.e., the most recent quarter-end as of this publication) is 83.2%. The 8.4% increase from our FYE 2023 measurement stems primarily from strong performance across most asset classes. This rise was notably driven by the FT Wilshire 5000 Index, which saw its best quarterly return in the fourth quarter of 2023 since the fourth quarter of 2020."

Tags: Funding of DB Plans  •  State and Local Government Plans

HSAs vs. PPOs: Impact of Plan Type on Use of Health Care Services and Spending.
Employee Benefit Research Institute [EBRI] Link to more items from this source
Apr. 12, 2024

"Inpatient admissions and days were higher in HSA plans than in PPOs.... HSA plan enrollees used emergency departments less than PPO enrollees.... HSA plan enrollees filled fewer prescriptions as compared with PPO enrollees.... Among individuals with no health conditions, HSA plans resulted in fewer emergency department visits relative to PPO enrollees, fewer specialist visits, and fewer prescription drug fills, while visits to primary care providers increased."

Tags: HSAs  •  Health Plan Costs

Evaluating HSA Providers
planadviser Link to more items from this source
Apr. 12, 2024

"Retirement and health experts encourage the use of health savings account, but also warn that not all HSA providers are the same when it comes to fee structures and investment options.... [A]llowing participants to select their own HSA provider could enable participants to seek different investment options, but it would dramatically reduce the operational efficiency for the employer."

Tags: HSAs

Text of IRS Notice 2024-34: Weighted Average Interest Rates, Yield Curves, and Segment Rates for April 2024 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Apr. 11, 2024

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"

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

OMB Concludes Fiduciary Rule Review, DOL Release Expected Soon
American Retirement Association [ARA] Link to more items from this source
Apr. 11, 2024

"The White House's Office of Management and Budget (OMB) has completed its review of the Retirement Security Rule, and it is expected to be released by the [DOL] by the end of the month ... The OMB ... removed the rule from its regulatory review dashboard on April 10."

Tags: Fiduciary Duties  •  Retirement Plan Investments

Text of CMS 2025 Final Letter to Issuers in the Federally-facilitated Exchanges (PDF)
Centers for Medicare & Medicaid Services [CMS], U.S. Department of Health and Human Services [HHS] Link to more items from this source
[Official Guidance]
Apr. 11, 2024

"This 2025 Final Letter provides updates on operational and technical guidance for the 2025 plan year for issuers seeking to offer qualified health plans (QHPs), including stand-alone dental plans (SADPs), in the Federally-facilitated Exchanges (FFEs) or the Federally-facilitated Small Business Health Options Programs (FF-SHOPs). It also describes how parts of this 2025 Final Letter apply to issuers in State-based Exchanges on the Federal Platform (SBE-FPs).... The 2025 Final Letter focuses on guidance that has been updated for the 2025 plan year[.]"

Tags: Health Plan Design

Employers Must Remain Vigilant in Addressing IRS Letters 226J for Employer Shared Responsibility Payments
Laner Muchin Link to more items from this source
[Guidance Overview]
Apr. 11, 2024

"The Letter 226J is the first letter sent by the IRS notifying the employer that it may be subject to an ESRP.... [T]he assessments often result from misunderstandings or failures to properly complete Forms 1094-C and 1095-C, thus employers oftentimes avoid the proposed assessment entirely, or at least in part, early in the process with relatively little cost."

Tags: Health Plan Administration

Illinois Federal Court Holds That Pension Rehabilitation Plan Fund Used an Improper High-Contribution Rate in Withdrawal Liability Calculations
Littler Link to more items from this source
Apr. 11, 2024

"In a matter of first impression for federal courts, the Northern District of Illinois found that a pension fund cannot use post-2014 contribution rate increases made pursuant to a rehabilitation plan to calculate an employer’s withdrawal liability payment amount. This decision represents a major victory for employers faced with inflated withdrawal liability demands." [Central States, Southeast and Southwest Areas Pension Fund v. Event Media, Inc., No. 22-6133 (N.D. Ill. Mar. 29, 2024)]

Tags: Funding of DB Plans  •  Multiemployer Plans

Retirement Plan Access and Fraud Prevention Considerations
Spectrum Consultants Link to more items from this source
Apr. 11, 2024

"Plan participants need to take common sense measures to safeguard their accounts. Plan sponsors now face the dual challenge of providing online access to participants' retirement plans while keeping their information secure. Implementing and maintaining a proactive cybersecurity strategy is key for both parties."

Tags: Cybersecurity  •  Retirement Plan Administration

Health and Welfare Benefits Monthly Update, April 2024 (PDF)
Alston & Bird Link to more items from this source
[Guidance Overview]
Apr. 11, 2024

29 presentation slides. Topics: [1] Washington update; [2] STLDI and fixed indemnity regulations; [3] Wellness incentives/surcharges: benefits areas of concern; [4] Updates to HIPAA online tracking; and [5] Compliance corner.

Tags: HIPAA  •  Health Plan Administration  •  Health Plan Design

Agencies Release Final Regs on Fixed Indemnity Insurance, Refrain from Addressing Level Funded Plans
Woodruff Sawyer Link to more items from this source
[Guidance Overview]
Apr. 11, 2024

"The final regulations ... include modifications to the definition of short-term limited-duration insurance (STLDI) as well as new notice requirements for all STDLI policies and marketing materials ... The new notice requirement applies for plans years beginning on or after January 1, 2025. In the group market, it must be provided at or before the time participants are given the opportunity to enroll or reenroll in coverage."

Tags: Health Plan Administration

Investment Menus and Fiduciary Considerations
Spectrum Consultants Link to more items from this source
Apr. 11, 2024

"Before adding an investment strategy or asset class to an investment menu it is important to carefully consider the rationale for doing so. Is the potential addition appropriate based on the retirement plan's Investment Policy Statement and the plan participant population served?"

Tags: Fiduciary Duties  •  Retirement Plan Investments

Pension Risk Transfer 2.0: Current Talking Points in the Marketplace
NEPC Link to more items from this source
Apr. 11, 2024

"[1] [DOL] Interpretive Bulletin 95-1.... [2] Private equity's role in pension risk transfers.... [3] Reinsurance.... [4] Hibernation remains a viable alternative.... [5] IBM reopens pension plan.... [6] Lockheed Martin and AT&T lawsuits."

Tags: Funding of DB Plans

Are Annual Fees Charged by Concierge Doctors Considered an Eligible Medical Expense for Reimbursement from an HSA or FSA?
Burnham Benefits Link to more items from this source
[Guidance Overview]
Apr. 11, 2024

"Depending on how the underlying program is structured, some services might be reimbursable if presented as a requirement implicating the plan's cost sharing features, such as member copays. In such instances, part or all of the fee might actually satisfy IRC Section 213(d), thereby qualifying for reimbursement on the basis of a qualifying and eligible individual healthcare related expense."

Tags: Cafeteria Plans  •  HSAs

Duluth, Minnesota Repeals Its Paid Leave Ordinance; Ordinances in Other Cities Remain
Jackson Lewis P.C. Link to more items from this source
[Guidance Overview]
Apr. 11, 2024

"The city of Duluth, Minnesota, repealed its Earned Sick and Safe Time (ESST) ordinance effective Jan. 17, 2024.... Minnesota's statewide ESST statute went into effect on Jan. 1, 2024. The Duluth City Councilors ... stated that Minnesota's state-wide ESST law rendered the city's ordinance unnecessary. The ESST ordinances in Minneapolis and St. Paul remain in effect."

Tags: FMLA and Other Leave  •  Local Regulation

Retirement Plan Risks Posed by Higher Interest Rates
Morningstar Link to more items from this source
Apr. 11, 2024

"Higher yields could prove fleeting.... Inflation and an overallocation to cash.... Higher interest rates and higher tax bills."

Tags: Retirement Plan Investments

© 2024 BenefitsLink.com, Inc.