Practical HR Tips, News & Advice. Updated Daily.
One result of the new fee disclosures requirements and retirement plan sponsors’ new duty to ensure reasonable service fees has been increased review of many plans’ provider costs. Through requests for proposals, comparative benchmarking and renewed scrutiny of current providers, plan committees and sponsors are endeavoring to learn if they are paying too much for […]
Under what circumstances will an employer owe an Employer Shared Responsibility payment? In 2014, says Simon, senior legal editor at BLR®, if an employer meets the 50 full-time employee threshold, the employer generally will be liable for an Employer Shared Responsibility payment only if either: The company doesn’t provide coverage to substantially all (95% or […]
Many employers that sponsor 401(k) retirement plans make mistakes in the way they report elective deferrals on Form W-2, the federal tax agency’s Wage and Tax Statement sent to employees. IRS on Feb. 13 said on its website that its Employee Plans Compliance Unit sampled filings from employers that provided Forms W-2 and found 75 […]
In fact, the delays have already started, says Simon, senior legal editor at BLR. The health insurance exchange notice distribution requirement has been delayed. Specifically, the U.S. Department of Labor (DOL) has stated that the March 1, 2013, deadline for employers to distribute notices about the availability of health insurance exchanges has been delayed until […]
Employers that retaliate against employees for reporting violations of certain health reform requirements could be subject to government investigations and hearings, as well as damages that include back pay awards and compensatory damages, under interim final rules issued Feb. 22 by the U.S. Department of Labor’s Occupational Safety and Health Administration. The rules flesh out […]
Final health insurance market reform rules issued Feb. 22 could result in higher health premiums, a major association of health insurers predicted, even though the policy goal is make health insurance more dependable and valuable for consumers. The final rules issued by the U.S. Department of Health and Human Services are designed to ensure that […]
Current and former 401(k) plan participants have sued Fidelity Investments on behalf of thousands of other plan participants and retirees to recoup account losses they say resulted from “self-dealing” by the huge asset manager. The case is worth plan sponsors’ attention because it closely resembles a widely watched 2012 ruling against Fidelity, Tussey v. ABB […]
Health reform’s final essential health benefits rule makes it clear that self-insured and large group health plans do not need to comply with limits on growth in employee cost-sharing, offer all 10 categories of essential health benefits, or meet actuarial minimums like small-group and individual policies. However, the regime explained in the rule is still […]
Along with newly issued health reform rules finalizing essential health benefits provisions comes a new series of FAQs from the U.S. departments of Labor, Health and Human Services and Treasury. This guidance addresses specific questions raised about the scope of reform’s cost-sharing and preventive services provisions, and provides some transition relief for large group and self-insured […]
Your wellness program may get way more important under the Affordable Care Act (ACA), says Morris, a member of the firm Epstein Becker Green in its Washington, D.C., office who specializes in benefits. There are already many benefits to wellness programs, but Morris is convinced they will become even more crucial as the ACA unfolds […]