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Health & Welfare Plans Newsletter September 1, 2020 |
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Newly Posted Voluntary Fiduciary Correction Program
HSA University
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Discussions |
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This Newsletter:
BenefitsLink Retirement Plans Newsletter:
Message Boards Digest:
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[Guidance Overview]
"[T]he DOL did not discuss whether an employee will have a qualifying reason for leave if the school is open each day, but is open for fewer hours than normal ... Nor did the Q&A address the currently open question of whether employees may take FFCRA leave for child care purposes on an intermittent basis without employer approval. It would appear, however, based on the new Q&A, that the DOL would likely support an employee's right to take FFCRA leave even for shorter periods than a single, full workday if the child's school is unavailable during times when it would normally be available." Bryan Cave Leighton Paisner LLP |
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[Guidance Overview]
"[W]hether an employee's child has a pandemic related school closure is not the end of the inquiry in determining whether FFCRA leave applies. To qualify, the employee must be unable to work (or to work remotely) because they need to provide child care as a result of the school closure. Because individual employee circumstances will vary, employers should plan to have a good-faith, interactive dialogue with employees about their specific circumstances." Fox Rothschild LLP |
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[Guidance Overview]
"The California Legislature [was] expected to pass legislation [Aug. 31] that would provide up to 80 hours of supplemental paid sick leave to millions of California workers for reasons related to COVID-19. Mirror Senate and Assembly bills, SB 822 and AB 1867, achieve this goal, in part, by codifying the supplemental paid sick leave previously provided to 'food sector' employees earlier this year via Executive Order N-51-20.... [T]he bills would expand this supplemental paid sick leave to all employees working for certain private companies and all health care providers and emergency response workers not already provided sick leave through the [FFCRA]." Fisher Phillips |
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[Guidance Overview]
"Large employers with 100 or more employees will pay a 2021 HCE rate of $3.18, up from $3.08 in 2020. Medium employers with 20-99 workers and nonprofits with 50-99 employees will pay a 2021 HCE rate of $2.12, up from $2.05.... [E]mployers cannot use a COBRA-equivalent rate to determine their quarterly expenditures for employees enrolled in self-funded plans. Instead, these plans must use one of two options to determine expenditures: fixed expenditures or paid healthcare claims." Mercer |
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"[B]etween March 1, 2020, and May 31, 2020 ... [e]xisting sick leave or paid time off plans remained unchanged in 73 percent of establishments.... Among establishments that created or modified existing plans: thirty-four percent added 1 to 5 paid days, twenty percent added 6 to 10 paid days, thirty-seven percent added more than 10 paid days ... Seven percent of establishments created or modified existing unpaid sick leave plans." U.S. Bureau of Labor Statistics [BLS] |
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"This year, more than ever before, employers see investments in health and well-being as an integral part of workforce strategy, increasing from 36% in 2019 to 45% in 2020.... Virtual care is here to stay, spanning an array of services, from primary care to musculoskeletal to mental health and many others." Business Group on Health |
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"New Jersey Governor Phil Murphy recently signed a new law levying a 2.5% health insurance tax on net premiums collected for individual and large business plans across the state. Premiums for small businesses ... [and] certain self-funded coverages are not included.... It is expected to raise more than $200 million each year, funding a reinsurance program ... and subsidies for consumers. Both are designed to help low- and middle-income families who have limited access to affordable health insurance." Corporate Synergies |
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"Health savings account asset growth remained strong, increasing to $73.5 billion in assets held in over 29 million accounts, a year-over-year increase of 19% for assets and 12% for health savings accounts for the period ended June 30th, 2020.... HSA investment assets increased to an estimated $17.6 billion at the end of June, up 32% year-over-year. On average, investment account holders hold a $15,445 total balance." Devenir |
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Benefits in General |
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[Official Guidance]
"Victims of Hurricane Laura that began August 22 now have until December 31, 2020, to file various individual and business tax returns and make tax payments ... The IRS is offering this relief to any area designated by [FEMA] as qualifying for individual assistance. Currently this includes Allen, Beauregard, Calcasieu, Cameron, Jefferson Davis and Vernon parishes in Louisiana[.]" Internal Revenue Service [IRS] |
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"[E]mployed respondents overwhelmingly said their benefits programs make up a key part of their compensation (77%, up from 67% from a year ago) and are a big reason they would stay at a job (73% vs 59%).... 75% agreed that, 'Due to the pandemic, I feel that access to benefits through an employer is now more important than ever before.'... By more than a 2-to-1 margin, respondents said they would 'be willing to take a chance on a new job right now if it offered better benefits' (52% agree vs. 24% disagree, with 24% neutral)." Prudential |
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Press Releases |
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Most Popular Items in the Previous Issue |
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Text of DOL Proposed Rule: Fiduciary Duties Regarding Proxy Voting and Shareholder Rights (PDF)
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What Are the Required Annual Notices for Health Plans?
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