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New CEO for International Foundation of Employee Benefit Plans; Altobelli Retires After 14 Years

Press release. Excerpt: The International Foundation of Employee Benefit Plans announced that Michael Wilson has been hired as the new chief executive officer. Wilson begins his post on September 9, following the retirement of current CEO John A. Altobelli.... During Altobelli's tenure, the Foundation has grown from a $9 million to a $24 million budget. The number of programs offered expanded from 35 in 1988 to over 100 today.

International Foundation of Employee Benefit Plans Comment Letter to DOL on Proposed Form T-1 (PDF)

16 pages; submitted May 5, 2008. Excerpt: The purpose of this submission is to identify for [the Office of Labor-Management Standards] significant points which support the reinstatement of the exclusion contained in prior T-1 regulations whereby information for Trust Funds covered by ERISA and [that are required to] file Form 5500 need not be reported on the T-1 Form.

Survey by International Foundation of Employee Benefit Plans Finds DC Sponsors Are Making Plan Changes in Face of Economic Downturn

Excerpt: An IFEBP news release said 13% of DC plan sponsors have changed their investment product offerings as a result of the crisis -- almost double the 7% who reported doing so six months earlier. Of the 13% who have implemented changes, 21% added more low-risk investment choices, 18% increased diversification, 16% added lifecycle (target-date) funds or money market funds, and 15% added government-backed options. The poll found 16% of DC plan sponsors reduced or eliminated employer matches as a result of the economic situation. Of those who report having changed their match, 44% have reduced the amount of the match and 52% have suspended the match all together.

Fewer Spouses Covered on Employee Benefit Plans

"Employers often use one of the following four methods to reduce the number of spouses they cover: [1] Charging employees more to cover spouses who have access to employer-sponsored coverage through their own jobs. [2] Charging employees more to cover spouses whether or not they have access to other coverage. [3] Choosing not to cover any spouses who have access to their own employer-sponsored coverage. [4] Choosing not to offer coverage for any spouses under any circumstances."

Trending: Fewer Spouses Covered on Employee Benefit Plans

"In 2016, ... 15.7% of responding health plan sponsors imposed spousal surcharges or exclusions. Data from the 2018 survey, not yet released, shows 20.1% impose a surcharge or exclusion.... [A 2017 survey] shows 27% of companies used a spousal surcharge in 2017, with an additional 5% planning to do so in 2018 and another 14% considering a surcharge for 2019.... [In December 2017 a third survey] reported nearly 30% of its survey participants are imposing a spousal surcharge in 2018, up almost 10% from the previous year."

Auditing Employee Benefit Plans: COVID-19-Related Subsequent Events

"Benefit plan clients with year-ends after December 2019 will likely have pandemic-related events that may require an adjustment to the financial statements or additional disclosures. Auditors will have to work with clients to ensure any subsequent events have been accurately identified and reflected in the financial statements as required."

Why an Emergency Savings Account Should Be Your Next Employee Benefit

"One way to avoid taxation issues with emergency savings accounts is to establish a deemed Roth IRA account, which would be funded by after-tax contributions. Called a sidecar, money is deferred into an account until a certain amount is reached, called the buffer. Once that point occurs, the deferrals can switch into the retirement plan. Since this is still a relatively untested approach, there are a few hurdles to cross."

As Remote Work Becomes Normal, Could the Office Be a New Employee Benefit?

"A company with an office needs to start thinking about how their space acts as a unique, long-term benefit. Whether it’s building a social group, professional development or engagement with the local community, working in an office has big advantages—The company just needs to protect, encourage and promote them."

Limitations Periods in Benefit Plans: Guidance from the Courts (PDF)

"ERISA contains specific limitations periods for fiduciary claims ... But ERISA is silent for nonfiduciary suits such as health benefit claims, claims of interference with ERISA rights or document request claims.... To avoid the need to consult state law, a plan may specify that a claimant must bring suit within a certain period after a triggering event ... or within a certain period after completing the internal appeals process. Courts have long upheld such provisions, though courts in different jurisdictions have varied in their approach."

Disaster Planning for Employee Benefits (PDF)

"Natural disasters such as hurricanes, forest fires, ice storms and volcanic eruptions can result in widespread evacuations, work cessation and other disruptions that can significantly impact employees. For that reason, employers and benefit plans also should spend time considering and planning for disasters in a way that focuses on employees and plan participants. This article offers a look at several key planning areas."