Subscribe Now!
Free Daily News, Jobs, Webcasts, Discussions
Post and Distribute
Your Jobs
ARPA News
ARPA Webcasts

Featured Jobs

DB Retirement Plan Administrator

The Nolan Company
(Telecommute / Overland Park KS)

The Nolan Company logo

Director of 401(k) Implementation, Core

Human Interest
(Telecommute / Mill Valley CA)

Human Interest logo

DC or DB Administrator

Farmer & Betts, Inc.
(Telecommute / Tacoma WA / Tualatin OR / Littleton CO)

Farmer & Betts, Inc. logo

DC Retirement Plan Administrator

The Nolan Company
(Telecommute / Overland Park KS)

The Nolan Company logo

Retirement Plan Administrator

Bates & Company
(Telecommute / Winter Park FL)

Bates & Company logo

Plan Document Specialist

Jocelyn Pension Consulting
(Telecommute / Boulder CO / San Rafael CA)

Jocelyn Pension Consulting logo

Product Support Consultant

ftwilliam.com part of Wolters Kluwer Legal & Regulatory
(Telecommute)

ftwilliam.com part of Wolters Kluwer Legal & Regulatory logo

Retirement Plan Consultant / Relationship Manager

Associated Pension Consultants
(Chico CA / Sacramento CA)

Associated Pension Consultants logo

Retirement Plan Administrator

RSW & Associates
(CT / NJ / NY)

RSW & Associates logo

401(k) Implementation Manager

Human Interest
(Telecommute / San Francisco CA)

Human Interest logo

Retirement Plan Administrator (Account Manager)

Kushner & Company
(Telecommute / Portage MI)

Kushner & Company logo

DB/DC Administrator

Primark Benefits
(Telecommute / Burlingame CA)

Primark Benefits logo

Director of Finance

NYCDC of Carpenters Benefit Funds
(New York NY)

Employee Benefits/Health and Welfare Attorney

Miller Johnson
(Telecommute / Grand Rapids MI / Kalamazoo MI / Detroit MI)

Miller Johnson logo

Retirement Plan Administrator

My Benefits, LLC
(Telecommute / Daphne AL / Atlantic Beach FL)

My Benefits, LLC logo

401(k) Consultant

TPS Group
(Telecommute / North Haven CT)

TPS Group logo

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

View ARPA News and Resources

<< Older News  |  June 12, 2021

News

Get this news and more in our free daily email newsletters.
DOL Begins Its Cybersecurity Audit Initiative, and It's a Doozy
Morgan Lewis Link to more items from this source
June 11, 2021

"Despite plan fiduciaries having had just a handful of weeks to digest the DOL's only actionable guidance on cybersecurity and privacy matters, ... the DOL has begun issuing information and document requests under this new initiative, and the requests are probing and indicate serious inquiry by the DOL.... [B]oth the pace with which the DOL has begun its audits and the depth and breadth of the initial round of requests is surprising."

Tags: Cybersecurity  •  Plan Audits by Government Agencies  •  Retirement Plan Administration

Calculating the ARPA COBRA Premium Subsidy Tax Credit
Proskauer Link to more items from this source
[Guidance Overview]
June 11, 2021

"[T]he calculations may be less than straightforward depending on the facts and circumstances, particularly where post-termination coverage is subsidized, or if the plan voluntarily provides continued coverage to individuals who are not otherwise qualified beneficiaries."

Tags: ARPA  •  COBRA

PBGC Regulatory Agenda, Fall 2020
Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
[Official Guidance]
June 11, 2021

Proposed Rules

  • Valuation Assumptions and Methods: Interest and Mortality Assumptions for Asset Allocation in Single-Employer Plans and Mass Withdrawal Liability Determination in Multiemployer Plans
  • Multiemployer Plan Guaranteed Benefits
  • Improvements to Rules on Recoupment of Benefit Overpayments
  • Penalties for Failure to Provide Certain Notices or Other Material Information

Final Rules

  • Benefit Payments and Allocation of Assets
  • Examination and Copying of PBGC Records
  • Adjustment of Civil Penalties
  • Special Financial Assistance by PBGC

Tags: Funding of DB Plans  •  PBGC  •  Retirement Plan Administration  •  Retirement Plan Design

DOL Regulatory Agenda, Spring 2021, Including Employee Benefit Items
U.S. Department of Labor [DOL] Link to more items from this source
[Official Guidance]
June 11, 2021

Proposed Rules (EBSA)

  • Implement SECURE Act and Related Revisions to Employee Benefit Plan Annual Reporting on the Form 5500
  • Definition of the Term "Fiduciary"
  • Implementing Executive Orders 13990 and 14030
  • Prohibited Transaction Exemption Procedures
  • Provider Nondiscrimination Requirements for Group Health Plans and Health Insurance Issuers in the Group and Individual Markets

Final Rules (EBSA)

  • Pension Benefit Statements -- Lifetime Income Illustrations
  • Adoption of Amended and Restated Voluntary Fiduciary Correction Program
  • Requirements Related to Surprise Billing, Part 1
  • Requirements Related to Surprise Billing, Part 2
  • Amendment of Abandoned Plan Program

Tags: Coronavirus (COVID-19)  •  Fiduciary Duties  •  Health Plan Administration  •  Reporting to Government Agencies  •  Retirement Plan Administration  •  Retirement Plan Design  •  Retirement Plan Investments

IRS Regulatory Agenda, Fall 2020, Including Employee Benefit Items
Internal Revenue Service [IRS], U.S. Department of the Treasury Link to more items from this source
[Official Guidance]
June 11, 2021

Numerous employee benefits items, some of which are:

Proposed Rules

  • Determination of Governmental Plan Status
  • Guidance on Rules Applicable to IRAs Under Sections 408 and 408A
  • Reporting and Notice Requirements for Deferred Vested Benefits Under Section 6057
  • Rules Relating to Employer-Provided Meals and Employer-Operated Eating Facilities
  • Definition of Church Plan
  • Application of Nondiscrimination Requirements, Backloading Limitations, Certain Plan Termination Rules, Benefit Limitations, and Top Heavy Rules to Statutory Hybrid Plans
  • MEPs and the Unified Plan Rule
  • Determination of Line of Business for Purposes of No-Additional-Cost Service and Qualified Employee Discount Fringe Benefits
  • Guidance on 401(a)(9) Required Minimum Distributions
  • Requirements Related to Surprise Billing, Part 1
  • Requirements Related to Surprise Billing, Part 2

Final Rules

  • Definition of Dependent Under Section 152
  • Reporting and Notice Requirements for Deferred Vested Benefits Under Section 6057
  • Update to Minimum Present Value Requirements for Defined Benefit Plan Distributions
  • Application of Normal Retirement Age Regulations to Governmental Plans
  • Nondiscrimination Relief for Closed Defined Benefit Plans
  • Minimum Value of Eligible Employer-Sponsored Plans
  • Withholding on Certain Retirement Plan Distributions Under Section 3405(a) and (b)
  • Application of the Employer Shared Responsibility & Certain Nondiscrimination Rules to HRAs and Other Account-Based Group Health Plans Integrated With Individual Health Insurance Coverage or Medicare

 

Tags: 409A Plans  •  Executive comp  •  Health Plan Administration  •  Health Plan Design  •  Retirement Plan Administration  •  Retirement Plan Design

Text of IRS FAQs: Tax Credits for Paid Leave Under ARPA for Leave After March 31, 2021
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
June 11, 2021

"These FAQs address the tax credits available under the American Rescue Plan Act of 2021 (the 'ARP') by employers with fewer than 500 employees and certain governmental employers without regard to the number of employees ('Eligible Employers') for qualified sick and family leave wages ('qualified leave wages') paid with respect to leave taken by employees beginning on April 1, 2021, through September 30, 2021, as well as the equivalent credits available for certain self-employed individuals."

[Editor's note: The IRS has published separate FAQs about tax credits that may be claimed for qualified leave wages paid with respect to leave taken by employees prior to April 1, 2021, under the FFCRA and the COVID-related Tax Relief Act, at Tax Credits for Paid Leave Under the [FFCRA] for Leave Prior to April 1, 2021 FAQs.]

Tags: ARPA  •  Coronavirus (COVID-19)  •  FMLA and Other Leave

Text of PBGC Submission to OMB and Request for Comments on Revisions to Forms for Reportable Events; Notice of Failure to Make Required Contributions
Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
[Official Guidance]
June 11, 2021

"PBGC is modifying the Form 10 for the 'Failure to make required contributions' reportable event to provide that if payment was made to satisfy a missed contribution, the filer must submit documentation of that payment ... to give evidence that the missed contribution was made up and no risk to the plan remains before PBGC closes the event.... PBGC is modifying the [Form 200] to include a separate field showing the payment amount that triggered the notification in order to better track missed contributions and identify the amount by which liens associated with missed contributions must be updated." [Instructions for submission of comments can be found on the PBGC website.]

Tags: PBGC  •  Reporting to Government Agencies

Text of PBGC Submission to OMB and Request for Comments on Changes to Survey of Nonparticipating Single Premium Group Annuity Rates
Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
[Official Guidance]
June 11, 2021

"[PBGC's published] interest rates are intended to reflect current conditions in the annuity markets. To determine these interest rates, PBGC gathers premium rate data from insurance companies that are providing group annuity contracts to terminating pension plans through a quarterly survey. The American Council of Life Insurers (ACLI) distributes the survey and provides PBGC with 'blind' data ... PBGC is proposing several changes to the survey distributed by ACLI." [Instructions for submission of comments can be found on the PBGC website.]

Tags: Funding of DB Plans  •  PBGC

Massachusetts Becomes Latest State to Enact COVID-19 Sick Leave
Epstein Becker Green Link to more items from this source
[Guidance Overview]
June 11, 2021

"[E]mployers are required to provide employees with up to 40 hours of COVID-19 emergency paid sick leave if they are unable to work due to a qualifying reason related to COVID-19, including to obtain a vaccine.... [T]he final version of the bill took effect upon signing, and its benefits will remain in place until September 30, 2021, or until the COVID-19 Massachusetts Emergency Paid Sick Leave Fund ('Reimbursement Fund') runs out[.]"

Tags: FMLA and Other Leave  •  Local Regulation

Amazon Plans to Offer 6-Month, Discount Generic Rx Fills
AISHealth Link to more items from this source
June 11, 2021

"Amazon.com, Inc. launched a long-anticipated expansion of its pharmacy business on June 8, saying it will allow Prime members to purchase up to six-month supplies of generic prescription drugs for $6.... Amazon's well-developed logistics and internet retail abilities mean it will be a formidable player."

Tags: Health Plan Design  •  Prescription Drug Costs

Retirement Plan Fiduciaries and the DOL Investment Advice Rules
Warner Norcross & Judd LLP Link to more items from this source
[Guidance Overview]
June 11, 2021

"This guidance offers important takeaways for employer-plan fiduciaries with respect to hiring and monitoring: [1] those who advise you about the investment funds that should be included in the plan; and [2] those who provide advice to participants about their investment fund selection in the plan or on rollovers (e.g., at provider call centers)."

Tags: Fiduciary Duties

Where's the Healthcare Money Made? Pharmacy!
EPIC Link to more items from this source
June 11, 2021

"Unlike nearly every other purchase a consumer makes, when members buy pharmaceuticals, there is a different price for each person -- even at the same pharmacy.... In fact, fully insured employers that do not transparently negotiate prescription drug pricing, and are simply subject to the general contract of the insurers, face the worst drug pricing in the market."

Tags: Prescription Drug Costs

Employers Increasing Support for Work/Life Balance and Mental/Emotional Health
Fidelity Link to more items from this source
June 11, 2021

"For 2021, 92% expanded the support for mental health and emotional well-being, which includes programs focused on stress management, sleep improvement and resiliency ... Nearly three-quarters (74%) of employers increased programs to support work/life balance, with 69% of employers adding new leave options or expanding their leave benefits during the COVID-19 pandemic."

Tags: Coronavirus (COVID-19)  •  Health Plan Design

Jumbo 403(b) Plan Hit With Excessive Fee Suit
PLANSPONSOR; free registration may be required Link to more items from this source
June 11, 2021

"The complaint alleges that many of the mutual funds ... were more expensive than comparable funds found in similarly sized plans -- those with more than $1 billion in assets. It says the expense ratios for the funds in the plan were up to 280%, in one case, and up to 273%, in another, above the median expense ratios for funds in the same investment category." [Garnick v. Wake Forest Univ. Baptist Medical Ctr., No. 21-0454 (M.D.N.C. complaint filed Jun. 4, 2021)]

Tags: 403(b) Plans and Annuities  •  Fiduciary Duties  •  Retirement Plan Investments

SAS 136: The New Audit Standard for Employee Benefit Plans and Its Impact on Plan Sponsors
Ogletree Deakins Link to more items from this source
[Guidance Overview]
June 11, 2021

"The new standard affects all phases of audits, including engagement acceptance and reporting. It also significantly revises the form and content of the audit report to provide greater transparency regarding the scope and nature of the audit.... [T]he new standard requires plan sponsors to provide additional information and documentation to the auditor. [Certain] key provisions may have major implications for plan sponsors."

Tags: Health Plan Administration  •  Reporting to Government Agencies  •  Retirement Plan Administration

IRS Finalizes Regs on Federally Declared Disaster Postponement of Tax Deadlines
Journal of Accountancy Link to more items from this source
[Guidance Overview]
June 11, 2021

"[In] the case of any person described in Sec. 7508A(b) (generally pensions and employee benefit plans), the time-sensitive acts postponed for the mandatory 60-day postponement period include ... various contributions, distributions, and rollovers."

Tags: Health Plan Administration  •  Reporting to Government Agencies  •  Retirement Plan Administration

Defined Contribution Plan Participants' Activities, First Quarter 2021 (PDF)
Investment Company Institute [ICI] Link to more items from this source
June 11, 2021

16 pages. "Preliminary data indicate that the commitment to contribution activity in 2021:Q1 continued at the high rate observed in the first three months of other years.... Most DC plan participants stayed the course with their asset allocations as stock values edged up during the first three months of the year.... DC plan participants' loan activity edged down in the first quarter of 2021."

Tags: 401(k) Plans

CRS 'In Focus' Report on Social Security Long-Range Projections: Why 75 Years?
Congressional Research Service [CRS] Link to more items from this source
June 11, 2021

"This 'In Focus' explains why the Trustees use a 75-year horizon for evaluating the financial status of the Social Security program under current law and, in turn, for evaluating the financial impact of Social Security legislative proposals. It also explains why comparing the valuation period used for Social Security with the valuation periods used for other systems, including private-sector defined benefit (DB) pension plans,can be misleading." [IF11851, Jun. 11, 2021]

Tags: Social Security

UnitedHealthcare Backs Off Retroactive Review of Emergency Care Claims, for Now
HealthLeaders Media Link to more items from this source
June 11, 2021

"The policy was supposed to take effect next month, but UHC said it would delay implementation until at least the end of the COVID-19 pandemic. Providers say payers should abide by the 'prudent layperson standard,' which requires payers to base reimbursement on a patient's presenting complaint rather than the final diagnosis."

Tags: Health Plan Design

How Auto-Enrollment Could Achieve Near-Universal Healthcare Coverage
The Commonwealth Fund Link to more items from this source
June 11, 2021

"Both the comprehensive and limited approach to auto-enrollment would require the development of new administrative systems and enhanced marketplace subsidies to improve coverage affordability. Each approach would operate more simply if accompanied by a public insurance option. [The authors] conclude that the administrative and financing challenges related to auto-enrollment can be addressed and that a balance between public costs and sufficient political support could be identified."

Tags: Health Plan Design  •  Health Plan Policy

Should My Money Stay or Go? Employer 401(k) vs. IRA Rollover
Kiplinger Link to more items from this source
June 11, 2021

"Employers are the newest contenders for the rollover assets from your retirement plan. Here's what to consider when leaving your job and choosing whether to leave your money in your old employer's defined contribution plan or roll it over to an IRA."

Tags: 401(k) Plans  •  Retirement Plan Information for Employees  •  Rollovers

SCOTUS Decision on Northwestern University Case Could Be a Pivotal Point for Plan Sponsors and Plan Advisers
The Prudent Investment Fiduciary Rules Link to more items from this source
June 11, 2021

"While the petition for certiorari poses several questions, the one that ... could, and should, be unequivocally resolved is the so-called 'menu of investment options' defense.... [T]here are a few courts that continue to accept the defense, effectively [denying] plan participants the rights and protections guaranteed to them under ERISA. The plaintiffs cite this ongoing division within the federal judicial circuits as one reason for why cert should be granted." [Hughes v. Northwestern Univ., No. 18-2569 (7th Cir. Mar. 25, 2020; cert. pet. filed Jun. 19, 2020)]

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

Nevada Becomes Second State to Adopt a Public Health Insurance Option
The Nevada Independent Link to more items from this source
June 11, 2021

"Under the new law, Nevada's public option plan won't be available for purchase until 2026, giving state officials time to conduct an actuarial study of the proposal to determine whether it will accomplish proponents' goals of increasing health care access and affordability and at what cost."

Tags: Health Plan Design  •  Health Plan Policy  •  Local Regulation

Text of IRS Disaster Relief Notice LA-2021-03, for Victims of Severe Storms and Flooding in Louisiana
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
June 11, 2021

"Victims of severe storms and flooding that began May 17, 2021 now have until August 16, 2021, to file various individual and business tax returns and make tax payments ... Individuals and households affected by severe storms and flooding that reside or have a business in Ascension, Calcasieu, East Baton Rouge, Iberville, and Lafayette Parishes qualify for tax relief."

Tags: Health Plan Administration  •  Reporting to Government Agencies  •  Retirement Plan Administration

GAO Priority Open Recommendations: Social Security Administration
U.S. Government Accountability Office [GAO] Link to more items from this source
June 10, 2021

"This report outlines [GAO's] 4 priority open recommendations for the Social Security Administration as of May 2021.... These recommendations involve ... ensuring program integrity; and protecting vulnerable beneficiaries. SSA's continued attention to these issues could lead to significant improvements in government operations." [GAO-21-430PR, published Jun. 3, 2021, released Jun. 10, 2021]

Tags: Social Security


<< Older News  |  June 12, 2021

© 2021 BenefitsLink.com, Inc.