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[Guidance Overview]
"[L]ast summer, Connecticut enacted two separate laws -- one creating a paid leave benefit and the other amending, and expanding, the existing Connecticut Family and Medical Leave Act ... Employers must keep this statutory setup in mind, as certain provisions are unique to each of the two laws." 
Jackson Lewis P.C.
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[Guidance Overview]
"[IRS Information Letter 2020-0024] explains that unused compensation reduction amounts can be carried over to subsequent periods under an employer's plan and used for future commuting expenses, so long as the employee has made a valid compensation reduction election and remains employed by the employer.... [T]he letter cautions that the qualified transportation plan rules do not allow refunds of qualified transportation fringe benefits that are provided through a compensation reduction agreement." 
Thomson Reuters / EBIA
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"The new AMA policy encourages employers to: [1] Provide robust education to help patients make good use of their benefits to obtain the care they need. [2] Take steps to collaborate with their employees to understand employees' health insurance preferences and needs. [3] Tailor their benefit designs to the health insurance preferences and needs of their employees and their dependents. [4] Pursue strategies to help enrollees spread the costs associated with high out-of-pocket costs across the plan year." 
American Medical Association [AMA]
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"Large insurer-affiliated PBMs saw strong results for the third quarter of 2020, in several cases driving revenues for parent companies that are grappling with various disruptive effects of the coronavirus pandemic. At CVS Health Corp., ... total revenues increased 3.5% year over year to $67 billion, and the company posted earnings per share (EPS) of $1.66, beating analysts' estimates.... Evernorth helped to boost Cigna's overall revenues to $40.8 billion ... Revenues for the Evernorth segment were $29.83 billion, a 20% increase year over year." 
AISHealth
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"These resolution agreements address fundamental and common privacy and security issues and provide a reminder that not all breaches are the result of sophisticated cyberattacks. Prosaic failures can also expose PHI to unauthorized disclosures, underscoring the importance of adopting clear policies and procedures, followed by workforce training and consistent implementation." 
Thomson Reuters / EBIA
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"44% of HSA owners spend all or most of their HSA funds every year on health care expenses. Of those spenders, half spend beyond their contribution amount each year.... [O]nly 22% of HSA owners save or invest their money to let it grow into a nest egg for health care costs in retirement, paying for medical expenses out of pocket." 
Connect Your Care
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Benefits in General
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[Official Guidance]
135 pages. "This document contains final regulations that provide guidance on how an exempt organization subject to the unrelated business income tax determines if it has more than one unrelated trade or business, and, if so, how the exempt organization calculates unrelated business taxable income. The final regulations also clarify that the definition of 'unrelated trade or business' applies to individual retirement accounts. Additionally, the final regulations provide that inclusions of 'subpart F income' and 'global intangible low-taxed income' are treated in the same manner as dividends for purposes of determining unrelated business taxable income.... The final regulations are effective on [the date published in the Federal Register]." 
Internal Revenue Service [IRS]
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"The winning combination is probably a mix of established ideas (such as the bedrock of company health insurance) and new ones shaped by the pandemic (more flexible schedules). This simple chart organizes benefits into a hierarchy according to cost to the employer -- as well as tiers within each price level to show which benefits tend to be more foundational. This may help you set or adjust your priorities for 2021." 
Principal Financial Group
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Most Popular Items in the Previous Issue
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BenefitsLink Health & Welfare Plans Newsletter, ISSN no. 1536-9595. Copyright 2020 BenefitsLink.com, Inc. All materials contained in this newsletter are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of BenefitsLink.com, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.
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