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Biden Administration to Review Rules for Employee Health and Retirement Plans
Society for Human Resource Management [SHRM]; membership may be required to view articleLink to more items from this source
Jan. 25, 2021

"Congress might review recently finalized Trump-era rules effecting health plan coverage. Targets could include a [DOL] and [HHS] rule to allow grandfathered group plans to impose higher cost-sharing requirements, a DOL, Treasury and HHS (tri-agency) rule requiring health insurers and self-insured plans to disclose price and cost-sharing information, and an HHS rule to pass along drug company rebates to patients at the point of sale, among others....

"The [EEOC] on Jan. 7 released proposed rules limiting the value of incentives employers may use to encourage employee participation in wellness programs that track employees' health data. On Jan. 20, however, the Biden administration withdrew the proposed regulations from publication in the Federal Register until his newly appointed EEOC chair, Charlotte Burrows, reviews and approves the rule....

"The Biden transition team's list of regulations to be reviewed includes a November 2020 DOL final rule requiring sponsors of retirement plans to evaluate investments based solely on financial risk and return factors except when nonfinancial factors are used as a 'tie breaker' between funds with similar performance expectations....

"Another DOL final rule expected to be reviewed by the new administration addresses fiduciary requirements for professionals who recommend investments to 401(k) plan participants, allowing advisors to receive compensation from mutual fund providers while holding them liable if they fail to act in the best interest of those they advise."

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