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Employers may not feel much of an administrative burden from the new “starter” retirement savings accounts announced Jan. 28 in President Barack Obama’s State of the Union address, but those opting to participate should be prepared for employees’ questions about the My Retirement Account or “myRA” program ahead of its launch late this year. While […]
The average 401(k) account balance at the end of 2012 was 8.4 percent higher than the year before, but increased assets weren’t typical for all defined contribution plan participants studied, according to a December 2013 brief by the Employee Benefit Research Institute. While equity investments through stock mutual funds comprised the bulk of 401(k) assets […]
The final regulations implementing the Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008 will become effective January 13. The Act requires group health plans that offer mental health or substance use disorder benefits to ensure that those benefits are equivalent to the medical and surgical benefits offered by the […]
by Paul M. Saito Governor Neil Abercrombie has signed into law the Hawaii Marriage Equality Act of 2013, which defines marriage in Hawaii as between “individuals without regard to gender.” Hawaii is the 15th state to give same-sex couples the right to marry. The law goes into effect December 2. A special session of the […]
In apologizing for the failed launch of the healthcare.gov website, U.S. Health and Human Services Secretary Kathleen Sebelius conceded to a House committee panel that accessing the site has been a “miserably frustrating experience for way too many Americans.” She expressed frustration regarding the flawed launch of the site, to be used to purchase affordable […]
by Charles S. Plumb Effective November 1, 2013, two Oklahoma statutes governing how an employer addresses tobacco use in its workplace or by its employees will be revised. Under the new 21 Okla. Stat. § 1247, lighted tobacco products in any form are prohibited in indoor workplaces. With a few exceptions, this prohibition includes work […]
With the DOMA ban on same-sex marriage being ruled unconstitutional, what does this mean for healthcare benefits—will a same-sex marriage be recognized in the same way as other marriages, thus allowing the same-sex partner to receive spousal healthcare benefits paid for at the pre-tax rate? This is just one of the many questions employers are […]
With the DOMA ruling so recent in our minds, employers have more unanswered employee benefits questions than ever before. Is it now illegal to tax healthcare benefits for a same-sex spouse? How should multi-state employers react if the final ruling comes down that only same-sex couples who reside in a state that recognizes same-sex marriages […]
A recent federal appeals court decision serves as a reminder that communicating with employees about their options for benefits calculation methods in defined benefit retirement plans is a very important aspect of preparing them adequately for retirement. Some DB plans offer more than one way to accumulate assets, and allow participants to choose the method […]
United Parcel Service plans to remove thousands of spouses from its health plan because they are eligible for coverage elsewhere. The health care reform law requires large employers to offer coverage to employees and their dependents, but it does not require companies to cover spouses. Some 15,000 working spouses eligible for coverage at their own […]