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Health & Welfare Plans Newsletter

August 31, 2022

6 New Job Opportunities 6 New Job Opportunities

 

[Official Guidance]

Draft 2022 Instructions for IRS Form 1095-A: Health Insurance Marketplace Statement (PDF)

Aug. 30, 2022. "Marketplaces use Form 1095-A to furnish the required statement to recipients. A separate Form 1095-A must be furnished for each policy, and the information on the Form 1095-A should relate only to that policy.... Statements must be furnished to recipients on paper by mail, unless a recipient affirmatively consents to receive the statement in an electronic format."  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

Additional Health Plan Price Transparency Disclosures Coming Soon

"Annual reporting on pharmacy benefits and drug costs will take effect at the end of 2022. In 2023, plans must make available the participant-level price comparison tool for the first 500 shoppable items/services. In 2024, plans must add all remaining shoppable items/service to the participant-level price comparison tool."  MORE >>

Newfront

[Guidance Overview]

Prescription Drug Reporting Deadline Approaching

"Group health plans are required to report various information about their prescription drug costs and spending ... The reporting deadlines are: December 27, 2022 for 2020 and 2021 calendar-year data; June 1, 2023 for the 2022 calendar-year data.... [P]lan data may be reported to CMS in the aggregate by pharmacy benefit managers (PBMs), insurers or other reporting entities. There may also be multiple entities reporting information on behalf of a single plan."  MORE >>

Segal

[Guidance Overview]

Exceptional Usefulness and Quality icon Agencies Release Surprise Billing Final Rule on Some Issues and Multiple FAQs on Others

"Recently, courts vacated parts of last year's interim final rules that related to determining the appropriate payment amount in the independent dispute resolution (IDR) process. These final rules fill in the gaps created by those court decisions.... The regulations go into effect Oct. 25, 2022. For good measure, the Departments ... tossed in numerous FAQs that include details on surprise billing payment calculations, notices and clarifications regarding common scenarios."  MORE >>

Lockton

[Guidance Overview]

Benefits-Related Provisions of the Inflation Reduction Act of 2022

"[1] Extension of ACA subsidies ... [2] Medicare prescription drug pricing negotiations ... [3] Manufacturer rebates under Medicare ... [4] HSA safe harbor for insulin."  MORE >>

Groom Law Group

Long Term Disability Lawsuit Was Time-Barred Due to Plan's Limitations Period

"In reaching this determination, the Eleventh Circuit concluded that it was irrelevant that the plaintiff was not given actual notice of the limitations provision." [Bakos v. Unum Life Ins. Co. of America, No. 22-11131 (11th Cir. Aug. 25, 2022; unpub.)]  MORE >>

The Wagner Law Group

4 in 10 U.S. Workers Will Scale Back on Employee Benefits During Open Enrollment Due to Inflation

"40% of U.S. workers reported inflation will make them scale back on the employee benefits they choose during open enrollment. In addition, 48% of U.S. workers said inflation is making it difficult for them to pay for their benefits.... Younger workers were more likely to report they would cut back on benefits compared to older peers. More than half of the workers ages 18-34 (51%) reported they are likely to scale back on their benefits compared to those ages 35-54 (41%) and those ages 55+ (25%)."  MORE >>

The Hartford

Should Municipalities Prefund Their Retiree Medical Plans?

"[A] mature plan can expect to have about 60% of benefits paid by investment income.... Without prefunding, today's taxpayers are paying for the benefits of current retirees, who may have worked many years ago and possibly under a different benefit structure.... Rating agencies view a funded plan more favorably than an unfunded one."  MORE >>

Milliman

Employee Benefits Jobs

View job as Client Relationship Manager
          for AimPoint Pension Client Relationship Manager

AimPoint Pension

Remote

View job as Client Relationship Manager
          for AimPoint Pension

View job as ERISA Associate
          for Sherman & Howard ERISA Associate

Sherman & Howard

Denver CO

View job as ERISA Associate
          for Sherman & Howard

View job as Implementations Relationship Manager
          for Vestwell Implementations Relationship Manager

Vestwell

Remote / New York NY

View job as Implementations Relationship Manager
          for Vestwell

View job as ESOP Administrator
          for Blue Ridge ESOP Associates ESOP Administrator

Blue Ridge ESOP Associates

Remote

View job as ESOP Administrator
          for Blue Ridge ESOP Associates

View job as DC Plan Administrator 
          for Strategic Pension Services, LLC DC Plan Administrator

Strategic Pension Services, LLC

Remote / Albany NY

View job as DC Plan Administrator 
          for Strategic Pension Services, LLC

View job as Cash Balance Design Consultant / Actuary
          for Alerus Cash Balance Design Consultant / Actuary

Alerus

Remote

View job as Cash Balance Design Consultant / Actuary
          for Alerus

Press Releases

Goldman Sachs Completes Acquisition of NextCapital Group

Goldman Sachs Asset Management

HBL Strengthens C-Suite, Adds Law Office Manager to National ERISA and Employment Law Team

Hall Benefits Law

Wellbeats Earns Bronze StevieĀ® Award as HR Solution Provider of the Year

Wellbeats

Last Issue's Most Popular Items

What Can a Baseball Road Trip Teach Us About Bugging an Employee Who Is on FMLA Leave?

FMLA Insights

IRS Appears to Be Ignoring Requirements of IRC Section 4980H When Issuing Employer Mandate Penalties

Accord

New Philadelphia Commuter Benefit Ordinance Will Require Employers to Provide Qualifying Mass Transit Benefits

Morgan Lewis

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BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587.

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