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

Featured Jobs

Executive Compensation Lawyer

Trucker Huss, A Professional Corporation
(Remote / San Francisco CA)

Trucker Huss, A Professional Corporation logo

Enrolled Actuary

Prime Pensions, Inc.
(Remote)

Prime Pensions, Inc. logo

Defined Benefit Calculation Specialist/Actuary

The Angell Pension Group, Inc.
(Remote / East Providence RI)

The Angell Pension Group, Inc. logo

Associate General Counsel

Central Pension Fund of the IUOE
(Washington DC)

Central Pension Fund of the IUOE logo

Retirement Plan Consultant

Carpenter Morse Group
(Remote)

Carpenter Morse Group logo

Retirement Plan Legal Specialist

Pentegra
(Remote / West Harrison NY)

Pentegra logo

Attorney

Central Pension Fund of the IUOE
(Washington DC)

Central Pension Fund of the IUOE logo

Relationship Manager

Compass Retirement Consulting Group, Inc.
(Remote / NH)

Compass Retirement Consulting Group, Inc. logo

Distribution \ Loan Clerk

Retirement, LLC
(Remote / Oklahoma City OK)

Retirement, LLC logo

Client Service Manager

United 401(k) Plans, Inc.
(Remote)

United 401(k) Plans, Inc. logo

Retirement Plan Relationship Manager

ERISA Services, Inc.
(Remote)

ERISA Services, Inc. logo

401(k) Distribution Manager

Nova 401(k) Associates
(Remote)

Nova 401(k) Associates logo

Quality Assurance Manager

Bates & Company
(Remote / Winter Park FL)

Bates & Company logo

Retirement Plan Administrator

Nicholas Pension Consultants
(Remote / Corona CA / Rancho Cordova CA)

Nicholas Pension Consultants 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 image LinkedIn icon
Twitter icon
Facebook icon

News

Get this news and more in our free daily email newsletters.
Take Two: Ninth Circuit Reverses Class Win Against United Behavioral Health
Roberts Disability Law Link to more items from this source
Jan. 27, 2023

"First, the court found that the plaintiffs did have Article III standing.... [On] the merits of the plaintiffs' claims, the court disagreed with the district court that UBH abused its discretion by interpreting the terms of the plans.... Lastly, and significantly, the court found that the district court erred when it excused unnamed class members from demonstrating compliance with the plans' mandatory exhaustion requirements." [Wit v. United Behav. Health, No. 20-17363 (9th Cir. Jan. 26, 2023)

Tags: Health Plan Administration

Final Rule Provides Exception Process for Underfunded Multiemployer Plans Seeking Special Financial Assistance from PBGC
Thomson Reuters Practical Law Link to more items from this source
[Guidance Overview]
Jan. 27, 2023

"In response to public comments, the final rule creates a process under which plan sponsors may request an exception from the interest rate assumptions and phase-in conditions when determining the plan's unfunded vested benefits (UVBs) for purposes of calculating withdrawal liability."

Tags: ARPA  •  Funding of DB Plans  •  Multiemployer Plans  •  PBGC

Coalition Sues to Stop ESG Rule
American Retirement Association [ARA] Link to more items from this source
Jan. 27, 2023

"In addition to the 24 states[, other plaintiffs include ... Liberty Oilfield Services LLC [which] sponsors a defined contribution 401(k) plan for its employees ... [The plaintiffs[ argue that the '2022 Investment Duties Rule contravenes ERISA's clear command that fiduciaries act with the sole motive of promoting the financial interests of plan participants and their beneficiaries'[.]" [Utah v. Walsh, No. 223-00016, (N.D. Tex. complaint filed Jan. 26, 2023)]

Tags: Fiduciary Duties  •  Retirement Plan Policy

New San Francisco Law Requires Supplemental Compensation During Military Leave
Littler Link to more items from this source
[Guidance Overview]
Jan. 27, 2023

"[T]he Military Leave Pay Protection Act (MLPPA) ... will require employers with 100 or more employees to supplement the pay of covered employees during a qualifying military leave for up to 30 days in a calendar year. The MLPPA takes effect February 19, 2023[.]"

Tags: Local Regulation  •  Military-Related Benefits, USERRA

SECURE 2.0: Credit for Small Employer Pension Plan Startup Costs When Employer Joins an Existing MEP/PEP
Schneider Downs Link to more items from this source
[Guidance Overview]
Jan. 27, 2023

"Prior to SECURE 2.0, the startup tax credit only applied for the first 3 years that a MEP was in existence ... Section 111 of SECURE 2.0 aims to fix this issue ... Section 111 is effective retroactively for taxable years beginning after December 31, 2019. This enables taxpayers who formed or joined new MEPs/PEPs in 2019, 2020, and 2021 to file amended returns and retroactively claim a credit for those earlier years applying the rules of Section 45E."

Tags: MEP/PEP  •  Retirement Plan Design  •  SECURE 2.0

SECURE 2.0: Modification of Credit for Small Employer Pension Start-Up Costs
Schneider Downs Link to more items from this source
[Guidance Overview]
Jan. 27, 2023

"SECURE 2.0 makes several changes to these credits. First, the employer plan start-up credit is increased from 50 percent to 100 percent for employers with up to 50 employees.... [An] additional credit is also provided based upon employer contributions made."

Tags: Retirement Plan Design  •  SECURE 2.0

Editor's Pick Spousal Consent Requirements Under a Qualified Retirement Plan (PDF)
KLB Benefits Law Group, via Bloomberg Law Link to more items from this source
[Guidance Overview]
Jan. 27, 2023

"Spousal consent is not a big deal, until it is. And it becomes a big deal at the worst possible time -- when the participant dies and is no longer available to make corrections, or when the participant divorces and many issues cannot be agreed upon. Plans that follow best practices and pay attention to the issue will dodge the worst outcomes."

Tags: Retirement Plan Administration

SECURE Act 2.0 Allows QCDs of $50,000 to Split-Interest Entity
Appleby Retirement Dictionary Link to more items from this source
[Guidance Overview]
Jan. 27, 2023

"SECURE Act 2.0 expands the [qualified charitable deduction (QCD)] provision, by allowing an IRA owner to make a one-time election to make a a QCD to a split-interest entity. This provision is effective for tax years beginning 2023 and [is] adjusted for inflation."

Tags: IRAs  •  Misc. Distribution Issues  •  SECURE 2.0

Text of IRS Publication 5308: Guide for Automated Enrollment for ACA Providers, Processing Year 2023 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Jan. 27, 2023

73 pages. "The purpose of this document is to describe the User Interface (UI) for the AE for ACA Providers Application ... This guide provides instructions on how to enroll and maintain A2A Client Application Systems using the IRS Enterprise Portal (IEP). Its scope is limited to the ACA functionality of the AE Application. However, this guide does not discuss any administrative aspects of the AE Application nor does it discuss how to use the IEP other than the aspects you need to know to access the AE Application."

Tags: Health Plan Administration

Tricky Revelations in the Proposed RMD Regs, and Planning Tips to Address Them
Appleby Retirement Dictionary Link to more items from this source
[Guidance Overview]
Jan. 27, 2023

"[1] The 'ALAR' rule means annual RMDs under the 10-year rule for some ... [2] 'Not more than 10 years younger' is not counted by calendar year ... [3] The shorter of rule limits distribution periods for older eligible designated beneficiaries ... [4] Documentation requirements for disabled or chronically ill status."

Tags: Required Minimum Distributions (RMDs)

Fiduciary Considerations for an Expanding U.S. Pension Risk Transfer Market (PDF)
Ivins, Phillips & Barker Link to more items from this source
Jan. 27, 2023

"The key is managing the natural conflict between a company's settlor role and the plan fiduciary's role. The business goal is for a cost-effective and swiftly executed annuity purchase, and the fiduciary's goal is to select a safe and secure annuity. To resolve the competing goals, the plan fiduciary must have a carefully crafted fiduciary process."

Tags: Fiduciary Duties

Editor's Pick Transportation Plans Offer Valued Benefits But Pose Compliance Issues (PDF)
Mercer Link to more items from this source
[Guidance Overview]
Jan. 27, 2023

17 pages. "Since 1998, employees have been able to pay for qualified transportation fringes through pretax salary reductions ... The tax exemption extends to commuting expenses for transit passes, qualified parking, van pools, and in certain years, bicycles. While these benefits are not subject to cafeteria plan or ERISA rules, compliance difficulties exist, and a 2018 tax law added complexities. Some state and local jurisdictions have imposed employer mandates ... others provide tax-related incentives."

Tags: Misc. Benefits

Michigan Appellate Court Upholds Existing Paid Sick Leave Law
Miller Johnson Link to more items from this source
Jan. 27, 2023

"[T]he Michigan Court of Appeals reversed a lower court's July 2022 decision that had found the 2018 state legislature's 'adopt and amend' strategy violated the state constitution. As a result, Michigan employers will not be required to ... expand their paid sick leave policies." [Mothering Justice v. Michigan, No. 362271 (Mi. Ct. App. Jan. 26, 2023)]

Tags: FMLA and Other Leave  •  Local Regulation

How to Make Retirement Plans' ESG Investments a Success
HUB International Link to more items from this source
Jan. 27, 2023

"[1] There is no perfect fund that meets everyone's needs.... [2] ESG investment options require due diligence.... [3] An ESG investment has to be considered on its investment merits.... [4] Determine the most important factors for your participants.... [5] Educate plan participants on ESG options."

Tags: Retirement Plan Investments - ESG

Health Savings Account Balances, Contributions, Distributions, and Other Vital Statistics, 2021
Employee Benefit Research Institute [EBRI] Link to more items from this source
Jan. 27, 2023

"Despite a rebound in out-of-pocket health care spending in 2021, HSA balances increased on average over the course of the year.... Accounts that received an employer contribution saw higher total contributions and were more likely to invest.... Most accountholders took a distribution in 2021.... Age and tenure play a major role in HSA utilization."

Tags: HSAs  •  Health Plan Design

Middlemen Increasingly Block Patient Access to New Generics (PDF)
Association for Accessible Medicines [AAM] Link to more items from this source
Jan. 27, 2023

12 pages. "New generic drugs offer significantly lower prices for patients. Nonetheless, drug supply chain middlemen like health plans and pharmacy benefit managers (PBMs) increasingly block patient access, delaying coverage of new generics in favor of higher-priced brand drugs with high rebates. This report analyzes six years of data showing the extent to which plans and PBMs delay patient access to lower-cost generic drugs."

Tags: Prescription Drug Costs

PBGC Approves $20.5 Million in Special Financial Assistance for Plasterers Local 82 Pension Fund
Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
Jan. 27, 2023

"The plan, based in Portland, Oregon, covers 317 participants in the construction industry.... The plan will receive $20.5 million in SFA, including interest to the expected date of payment to the plan."

Tags: Funding of DB Plans  •  Multiemployer Plans

PBGC Approves $53.5 Million in Special Financial Assistance for Alaska Ironworkers Pension Plan
Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
Jan. 27, 2023

"The plan, based in Anchorage, Alaska, covers 744 participants in the construction industry.... The plan will receive $53.5 million in SFA, including interest to the expected date of payment to the plan."

Tags: Funding of DB Plans  •  Multiemployer Plans

Government Audits Reveal Millions of Dollars in Overpayments to Medicare Advantage Health Plans
Kaiser Health News Link to more items from this source
Jan. 27, 2023

"The audits, which cover billings from 2011 through 2013, are the most recent financial reviews available, even though enrollment in the health plans has exploded over the past decade to over 30 million and is expected to grow further.... [A] final regulation could order health plans to return hundreds of millions, if not billions, of dollars or more in overcharges to the Treasury Department -- payments dating back a decade or more. The decision by the Centers for Medicare & Medicaid Services is expected by Feb 1."

Tags: Health Plan Costs  •  Medicare

Milliman Pension Buyout Index, January 2023
Milliman Link to more items from this source
Jan. 27, 2023

"Estimated competitive retiree buyout cost, as a percentage of accounting liability, decreased by 70 bps from 101.0% to 100.3% during December ... [T]he competitive bidding process is estimated to save plan sponsors on average around 2.5% as of December 31.... [R]etirees can be annuitized for an estimated 100.3% of accounting liabilities (accumulated benefit obligation)."

Tags: Funding of DB Plans

Start the New Year on the Right Foot: File Your ISO and ESPP Returns and Statements on Time
K&L Gates Link to more items from this source
Jan. 27, 2023

"Deadlines for these annual reporting requirements are quickly approaching: 31 January 2023 or corporations to furnish annual information statements to employees. 28 February 2023 (if filing by paper) or 31 March 2023 (if filing electronically) for corporations to file information returns with the IRS."

Tags: Reporting to Government Agencies  •  Stock Options  •  Stock Plans

Which Benefits Are Valued Most Depends on Age of Workers (PDF)
Employee Benefit Research Institute [EBRI] Link to more items from this source
Jan. 27, 2023

"[M]iddle-aged employees reported being more likely than younger or older workers to be concerned about various aspects of their well-being. Older workers were, unsurprisingly, focused on retirement benefits. And younger workers highly valued help with day-to-day bills, student loan debt assistance, and career advancement opportunities."

Tags: Health Plan Design  •  Retirement Plan Design

What Surviving Spouses Need to Know About Social Security
Savant Link to more items from this source
Jan. 26, 2023

"[1] You cannot combine your survivor benefits and regular retirement benefits, but you can switch between the two in order to maximize the total combined value you receive.... [2] A complex formula determines how much, if any, of your Social Security income is taxable. Your state may tax your benefits as well.... [3] [T]he Government Pension Offset (GPO) and Windfall Elimination Provision (WEP) may impact your survivor benefits and/or retirement benefits.... [4] [T]here is usually an opportunity to alter your claiming strategy.... [5] While getting remarried may entitle you to new spousal benefits, it could also impact your preexisting survivor benefits."

Tags: Retirement Plan Information for Employees  •  Social Security

Michigan Employers Are on the Earned Sick Time Clock
Dickinson Wright PLLC Link to more items from this source
[Guidance Overview]
Jan. 26, 2023

"If not further delayed or voided, the Michigan Earned Sick Time Act will require all employers in Michigan to provide at least 72 hours of sick leave to every employee in Michigan (including exempt, non-exempt, full-time, part-time, occasional, temporary, etc.) For 'small employers' (with fewer than ten employees), at least 40 of those 72 hours must be paid, and 32 hours may be unpaid. All employers with ten or more employees, all 72 hours must be paid."

Tags: FMLA and Other Leave  •  Local Regulation

The Best Benefit for 2023: A Hybrid Work Schedule
VOYA Financial Link to more items from this source
Jan. 26, 2023

"Unlike fully remote offerings, the hybrid model strikes what those in HR view as an ideal balance between flexibility and in-person office time. An overwhelming 97% of those surveyed believe there is a direct correlation between productivity, wellness and the number of days spent in a physical office, citing the need for a certain amount of face-to-face collaboration. The ideal number of days per week is three, according to feedback, regardless of company or amount of employees."

Tags: Misc. Benefits

© 2023 BenefitsLink.com, Inc.