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Editor's Pick The Ultimate Guide to Employee Benefits Administration
Ceridian Link to more items from this source
Aug. 16, 2023

"Rather than persisting with outdated processes, there's new opportunity for HR teams to reduce administrative burden, empower employees to make informed benefits decisions, and generate valuable insights into cost improvements to support larger organizational goals. This guide will dive into common challenges of managing employee benefits administration and how to overcome these obstacles with employee engagement strategies and tools for looking ahead."

Tags: Health Plan Administration  •  Retirement Plan Administration

Editor's Pick DOL, HHS, and Treasury Propose Rules to Implement CAA 2021 Amendments to MHPAEA
Ropes & Gray LLP Link to more items from this source
[Guidance Overview]
Aug. 3, 2023

"[If] finalized as currently contemplated, all provisions ... would apply on the first day of the first plan year beginning on or after January 1, 2025.... [T]he proposed rules introduce a new framework for determining whether a plan or issuer has designed and implemented an NQTL that imposes greater limits on access to mental health and substance use disorder benefits as compared to medical/surgical benefits.... [T]he data collection requirement includes specific details about network composition ... The proposed rules set out standards for what a comparative analysis must include to satisfy the statutory requirements of MHPAEA."

Tags: Health Plan Administration  •  Health Plan Design  •  MHPAEA

Editor's Pick Long-Term Part-Time Employee Participation Under SECURE Act and SECURE 2.0
Boutwell Fay LLP, via Bloomberg Law Link to more items from this source
[Guidance Overview]
July 28, 2023

"Applying the two different rules -- SECURE Act in 2024 and SECURE 2.0 in 2025 -- will likely cause some administrative headaches for plan sponsors and service providers.... Plan sponsors should begin evaluating whether any changes will be needed to their plan documents or administration ... Some plans may end up in the large employer Form 5500 reporting category in 2024 or later due to participation by LTPT employees, and thus may need an independent plan audit for the first time."

Tags: Retirement Plan Administration  •  SECURE 2.0  •  SECURE Act

Editor's Pick 403(b) Plans and Social Security
Barbara O'Neill, via 403bwise Link to more items from this source
July 18, 2023

"This post delves into Social Security as a foundational source of income for many 403(b) plan participants. It describes how benefits are earned, calculated, and taxed, the Social Security earnings limit, why many public employees are not covered, non-teaching routes (e.g., a second job or sideline business) to earn Social Security coverage, unique benefit formula rules for people whose primary job isn't covered by Social Security, and relationships among Social Security, pension, and 403(b) plan income. It also includes studies about teachers' retirement date timing, as well as three 'need to know' facts and six take-away action steps."

Tags: 403(b) Plans and Annuities  •  Social Security  •  State and Local Government Plans

Editor's Pick SECURE 2.0: What Plan Sponsors, Administrators, and Recordkeepers Need to Know
Milliman Link to more items from this source
[Guidance Overview]
July 10, 2023

"Designed to help Americans save for the future, the SECURE 2.0 Act made many changes to employer-sponsored retirement programs. [This] research guides plan sponsors through these provisions, so they can help secure their employees' retirement."

Tags: Retirement Plan Administration  •  Retirement Plan Design  •  SECURE 2.0

Editor's Pick Pending PBM-Reform Legislation on Capitol Hill
ArentFox Schiff LLP Link to more items from this source
July 7, 2023

"[This article provides] a table of currently pending PBM-reform legislation, featuring brief descriptions, links to the texts, and additional information about each bill. [The authors] have highlighted significant bills, such as those introduced by Committee Chairs, bills that have attracted considerable attention from outside the Beltway, and bills that are most likely to make progress on the Hill."

Tags: Prescription Drug Costs

Editor's Pick SECURE 2.0 Implementation Roadmap
U.S. Chamber of Commerce Link to more items from this source
[Guidance Overview]
June 28, 2023

143 PPT slides. "On December 29, 2022, Congress passed SECURE 2.0, which contained over ninety distinct retirement plan provisions with effective dates ranging from the date of enactment, 2023, 2024, 2025 and beyond.... [This slide deck provides a] SECURE 2.0 Implementation Roadmap ... that breaks this legislation down in a more accessible format."

Tags: 401(k) Plans  •  403(b) Plans and Annuities  •  Retirement Plan Administration  •  Retirement Plan Design  •  SECURE 2.0

Editor's Pick Employer's Guide to Nonqualified Deferred Compensation Plans
Fidelity Link to more items from this source
June 26, 2023

"Offering a NQDC plan can amplify your ability to attract, retain, and reward highly compensated and executive talent. These plans are especially attractive to HCEs as a result of the statutory limits on annual deferrals and contributions to qualified plans like the 401(k). In fact, NQDC plans generally have no limits on the amounts that can be contributed. In addition, they may offer more flexibility than qualified plans."

Tags: Nonqualified Plans  •  Retirement Plan Design

Editor's Pick 403(b) vs. 401(k) - 2023 (PDF)
Retirement Management Services, LLC Link to more items from this source
[Guidance Overview]
June 13, 2023

4-page chart compares plan design and compliance considerations. Includes both ERISA and non-ERISA 403(b) plans.

Tags: 401(k) Plans  •  403(b) Plans and Annuities  •  Retirement Plan Design

Editor's Pick Recent State and Federal Scrutiny Presents Unique Opportunity for Plan Sponsor PBM Agreement Negotiation
Hall Benefits Law Link to more items from this source
June 7, 2023

"Because there are so many eyes trained on PBMs at this moment, Plan sponsors should ... [use] the scrutiny as leverage to ask for terms that, in the past, might have been non-starters.... Plan sponsors can argue in good faith that the PBM has a fiduciary obligation to provide data and transparency to all of its group health plan clients.... By articulating to the PBM the requirements incumbent upon a fiduciary, a Plan sponsor can address some of the more onerous provisions in its PBM Agreement, and with proper memorialization of the process will adhere to fiduciary standards, all while accruing savings to the Plan."

Tags: Health Plan Administration  •  Prescription Drug Costs

Editor's Pick What Is the Right Option for a Spouse IRA Beneficiary?
Morningstar Link to more items from this source
[Guidance Overview]
May 26, 2023

"A spouse beneficiary who chooses the beneficiary IRA option can move the assets to their own IRA later. But once the assets are moved to the spouse beneficiary's own IRA, there is no turning back. Therefore, the beneficiary IRA option should be chosen when there is uncertainty about which option is best. The assets can then be moved to the spouse beneficiary's IRA when tax-beneficial."

Tags: IRAs  •  Misc. Distribution Issues

Editor's Pick What Employers Need to Know About ERISA Compliance for Health Plans
HealthPayer Intelligence Link to more items from this source
[Guidance Overview]
May 25, 2023

"ERISA does not require employers to offer health insurance. But for employers who choose to do so, the law holds them accountable to the coverage promises they make to employees. ERISA's goal is to ensure employers properly administer and explain their health plans to employees."

Tags: Fiduciary Duties  •  Health Plan Administration  •  Health Plan Design

Editor's Pick Tracking Telehealth Changes State-by-State in Response to COVID-19
Manatt, Phelps & Phillips, LLP Link to more items from this source
May 22, 2023

Updated May 5, 2023. Descriptive list of current and proposed state and federal guidance, regulations, and legislation.

Tags: Health Plan Design  •  Teleheath

Editor's Pick CRS Report: Social Security: The Trust Funds (PDF)
Congressional Research Service [CRS] Link to more items from this source
May 16, 2023

22 pages. "This report covers how the Social Security program is financed and how the Social Security trust funds work. The report also covers the projected financial operations of the trust funds using data from the 2023 Annual Report of the Board of Trustees. The 2023 annual report reflects the trustees' understanding of the OASDI program at the start of 2023 and presents projected program and financial information for a 75-year period (2023-2097)." [RL33028, updated May 16, 2023]

Tags: Social Security

Editor's Pick Controlled and Affiliated Service Group Rules for Retirement and Cafeteria Plans: An Overview
EisnerAmper Link to more items from this source
[Guidance Overview]
May 16, 2023

"For plan sponsors with U.S. based operations and exclusively U.S. controlled groups, there is, generally, a healthy awareness of the rules as operations are typically centralized in the U.S. and frequently a single third-party administrator is used for all retirement plans of the controlled group. For foreign based corporations with U.S. subsidiaries ... each company in the U.S. controlled group may have their own retirement plan and cafeteria plan with completely different benefits and separate third-party administrators and none of the parties are aware that a controlled group exists.... The ownership thresholds triggering application of these rules are much lower for [affiliated service groups] than for controlled groups."

Tags: Cafeteria Plans  •  Health Plan Administration  •  Retirement Plan Administration  •  Retirement Plan Design

Editor's Pick End of the COVID-19 National Emergency: What It Means for ERISA-Covered Group Health Plans
Phillips Lytle LLP Link to more items from this source
[Guidance Overview]
May 9, 2023

"[1] Modified deadlines ... [1] Qualifying event notice ... [3] Sending COBRA election notices ... [4] COBRA election period ... [5] First COBRA payment due date ... [6] COBRA payment due date ... [7] Claim filing deadline ... [8] Internal appeal deadline ... [9] External appeal deadline ... [10] Special enrollment ... [11] Plan sponsor/administrator considerations ... [12] Document changes."

Tags: COBRA  •  COVID-19  •  Health Plan Administration

Editor's Pick SECURE 2.0: Plan Sponsor Considerations to Avoid a Long-Term Part-Time Mess
Hall Benefits Law Link to more items from this source
[Guidance Overview]
May 8, 2023

"Plan sponsors should consider whether to avoid potentially disparate outcomes and complicated plan amendments by amending the plan to replace the Three-Year Rule with the Two-Year Rule retroactive to 2022 ... SECURE Act 2.0 amends ERISA to provide an enforceable right of an LTPT Employee to make salary deferrals to the plan through the established enforcement mechanisms available under ERISA Section 502.... Consider the interplay of Form 5500 small plan relief and eligibility expansion to LTPT employees."

Tags: 401(k) Plans  •  403(b) Plans and Annuities  •  Retirement Plan Administration  •  SECURE 2.0

Editor's Pick Real Estate Investments in Qualified Plans (PDF)
Harlowe & Fallk LLP, via Journal of Pension Benefits Link to more items from this source
[Guidance Overview]
May 5, 2023

"Although there are many complications involving the investment of real estate in a qualified plan, that is, it complicates administration, exposes the plan sponsor to additional requirements and risk of government scrutiny, can create prohibited transactions, and can raise qualification issues -- some trustees may still find the investment benefits outweigh the costs."

Tags: Retirement Plan Investments

Editor's Pick SECURE 2.0: So, About That Employer Roth Contribution
Ferenczy Benefits Law Center Link to more items from this source
[Guidance Overview]
May 2, 2023

"SECURE 2.0 [includes] a fundraiser provision that allows plan participants to elect to have any fully vested employer contributions funded to a defined contribution plan made as Roth for tax purposes.... The effective date for this new and ambitious provision was surprisingly the date of SECURE 2.0's enactment.... [N]otwithstanding the immediate effective date of this provision, it is impractical and inadvisable to consider initiating Roth employer contributions at this time."

Tags: Retirement Plan Design  •  SECURE 2.0

Editor's Pick Text of IRS Chief Counsel Advice 202317020: Claims Substantiation for Payment or Reimbursement of Medical and Dependent Care Expenses (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Apr. 28, 2023

"Reimbursements of section 213(d) medical expenses to an employee from a health FSA provided in a section 125 cafeteria plan are included in the gross income of such employee if any expense of any employee reimbursed by the health FSA is not fully substantiated including if any expenses below a certain threshold are not substantiated.... In addition, an employer may not exclude reimbursements of dependent care expenses from an employee's gross income if any expenses of any employee under the dependent care assistance program are not substantiated after the expense has been incurred."

Tags: Cafeteria Plans  •  Dependent Care

Editor's Pick Alternatives for Sponsors of Defined Benefit Pension Plans
Verrill Dana LLP Link to more items from this source
Apr. 27, 2023

"This post summarizes options that may be available to employers that sponsor DB Plans to reduce administrative costs and risk factors ... [1] Stay the course for funded plans ... [2] Plan mergers ... [3] Freezing plan participation and benefit accruals ... [4] Lump sum windows and annuity purchases ... [5] Plan termination."

Tags: Funding of DB Plans  •  Retirement Plan Design

Editor's Pick Individual Arbitration of ERISA Breach of Fiduciary Duty Claims: Is It Possible And, If So, Is It Worth It?
Proskauer, via JDSupra Link to more items from this source
Apr. 26, 2023

"[T]he seemingly instinctive desire to pursue individual arbitration in lieu of class litigation may need to be reevaluated.... [A]rbitration of ERISA fiduciary breach claims may still emerge as a useful tool to the defense bar, but the focus may need to shift away from arbitration as a means to avoid altogether the prospects of class action litigation, and in favor of crafting arbitration agreements that will make such litigation more manageable."

Tags: Health Plan Policy  •  Retirement Plan Policy

Editor's Pick Breaking Up Is Hard to Do: The End of the COVID Mandates and Outbreak Period Extensions
Alston & Bird Link to more items from this source
[Guidance Overview]
Apr. 26, 2023

"Plan sponsors opting for a reversal of the additional previously mandated benefits should review all plan communications related to announcements about coverage for COVID-19 diagnosis, treatment, and preventive services ... If duration was not communicated, or if the notice was issued in an earlier plan year, then the participants need to be notified within a 'reasonable time' in advance of the reversal.... Plan sponsors that are considering extending deadlines beyond what is required by the end of the Outbreak Period should discuss with insurers and stop-loss carriers."

Tags: COBRA  •  COVID-19  •  Health Plan Administration

Editor's Pick The Right to a Jury Trial in ERISA Excessive Fee Cases
Encore Fiduciary Link to more items from this source
[Opinion]
Apr. 25, 2023

"Courts are making no effort to go beyond the arcane legal-versus-equitable test from the common law in England.... [Defendant's] Memorandum in support of the Emergency Motion to Certify Interlocutory Appeal in the Yale case ... does an excellent job in highlighting the significant prejudice to plan sponsors if unsophisticated juries will decide fiduciary imprudence cases.... Based on the inconsistent case law to date, most federal judges are unqualified to second-guess plan fiduciaries. But a panel of local citizens is definitely unqualified." [Vellali v. Yale Univ., No. 16-1345 (D. Conn. Mar. 17, 2023)]

Tags: Fiduciary Duties  •  Retirement Plan Policy

Editor's Pick SECURE 2.0 Changes to Retirement Plan Corrections
Frost Brown Todd LLC Link to more items from this source
[Guidance Overview]
Apr. 20, 2023

"In SECURE 2.0, Congress has ... [tried] to resolve certain correction issues that bedevil plan administrators.... [1] Correction methods formerly approved either by the IRS or the DOL, but not both, have [now] been written into the IRC and ERISA ... [2] Overpayment errors made by the plan can be corrected without creating hardship for participants and also without exposing plan fiduciaries to a fiduciary violation. [3] The safe harbor correction method for certain automatic contribution and elective deferral failures ... has been made permanent. [4] Self-correction is given broader scope than the agencies apparently felt they had authority to provide."

Tags: Retirement Plan Administration

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