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When it comes to health reform’s new Summary of Benefits and Coverage, the feds will give some compliance leeway in cases where plan sponsors cannot fit data into the narrow spaces prescribed in the law, a prominent federal official told benefits attorneys in Washington, D.C. Many in the industry say the health reform law was […]
Corporate pensions’ September funding levels continued to recover, gaining ground on rising interest rates that reduced the funds’ liabilities. Three benchmark measures of the funded status of typical corporate retirement plans all showed improvement from August and record-low levels recorded earlier this year. Pension liabilities, or benefit obligations, of the 100 largest corporate defined benefit […]
Retirement plans’ fortunes are tied to the financial markets — and how the federal government regulates them — and there has been no bigger development in that arena than the Dodd-Frank Wall Street Reform Act of 2010. The law made news Oct. 3, when presidential candidate Mitt Romney criticized Dodd-Frank’s “too big to fail” provision, […]
Concerns about whether enough Americans have access to retirement savings plans regularly drive alarmist headlines and heated Capitol Hill hearings, but two recent studies indicate that workers’ access to such plans is, in fact, widespread. For U.S. workers most likely to be able to save and to be focused on preparing financially for retirement, coverage […]
GOP presidential candidate Mitt Romney recently provided more details on his own health reform plan, stating that if elected, on his first day in office, says he will issue an executive order for the federal government to issue health reform waivers to all 50 states, and immediately work on repealing the health reform law passed […]
Employers and plan administrators have more options now in choosing a way to reimburse the expenses their employees incur for lodging, meals and incidentals during business travel. The IRS in Notice 2012-63 issued per diem rates that are an alternative to the CONUS per diem rates the U.S. General Services Administration issues. The notice also […]
Many retirement plan sponsors and administrators are cheering the phase-in of reduced funding requirements that tie future company contributions to a 25-year average interest rate. Nonetheless, some experts predict that the changes may encourage investors in these plans to think less about hedging risk. A report Towers Watson issued, “The Implications of Funding Relief: What […]
Oklahoma’s Attorney General has revived his state’s challenge to the federal health reform law, this time targeting the law’s employer mandate. The state’s amended complaint at the U.S. District Court for the Eastern District of Oklahoma seeks to overturn an IRS regulation allowing some consumers to get federal subsidies to buy insurance on health insurance […]
Curbing FMLA/CFRA abuse is complex. Employers must continue to meet their obligations to employees under the federal Family and Medical Leave Act (FMLA) and the California Family Rights Act (CFRA), yet they often fear claims of discrimination, harassment, or retaliation when rightfully trying to cut down on employee FMLA/CFRA abuse situations. Additionally, the case law […]
In some years, Sept. 23 represents the Autumn Equinox, but in 2012 for health plan sponsors and administrators, it triggers the compliance date for a key disclosure requirement under health reform: the distribution of summaries of benefits and coverage, beginning with open enrollment periods and/or plan years that begin on or after Sept. 23. Here […]