No one likes going to the hospital, or paying bills, but paying bills from the hospital can be confusing for even the most astute patients. Deciphering an explanation of benefits (EOB) from a health insurance company and trying to determine what you owe and to whom can cause some serious headaches. (Which hopefully don’t lead […]
Many 401(k) plan sponsors seek to reduce their potential fiduciary liability by electing to be a Section 404(c) plan. Under Employee Retirement Income Security Act (ERISA) Section 404(c), a fiduciary is not liable for losses in the plan resulting from the participant’s selection of investments in his or her own account, provided that the participant […]
More and more companies are adding workplace financial wellness programs – and for good reason. Employees who aren’t worrying about financial problems on the job tend to be more focused, productive workers. A new survey says 83% of employers now offer financial wellness programs (up 20% from two years ago), and 14% plan on offering […]
Things are happening, and they portend an explosion of benefits litigation. Yes, this once-sleepy corner of the employment law forest is buzzing with news, and it came on March 1 from our very own U.S. 5th Circuit Court of Appeals—which covers Louisiana, Mississippi, and Texas—in an en banc decision, which means all the appeals court […]
A disability plan participant’s state-law privacy lawsuit against the plan’s claims administrator was dismissed by a federal district court, which found it was preempted by the Employee Retirement Income Security Act (ERISA).
Maximum penalties for violating many employment and benefits laws were increased as part of an inflation adjustment rule published January 2 (83 Fed. Reg. 7) by the U.S. Department of Labor (DOL).
HR employees typically begin planning for next year before autumn of the current year because choices about the next year’s benefits are made months before it begins. Whether you’re making many or few changes to the benefits you offer, your preparations for open enrollment provide a good opportunity to confirm that your benefits plans are […]
Plan withdrawal liability has been in place for U.S. multiemployer plans since 1980. It includes a heavy penalty that requires employers leaving a multiemployer plan to pay their share of the plan’s vested benefits not yet covered by contributions and investment earnings. As a result, healthy companies often seek to leave multiemployer plans before their […]
In a related move just ahead of disclosure of the proposed amendments to the fiduciary rule (See, DOL Seeks 18-Month Delay for Complying with Fiduciary Rule Exemptions), the U.S. Department of Labor (DOL) on August 3 released another set of frequently asked questions (FAQs) about the final fiduciary rule that became applicable on June 9.
Some light was shed on the rules related to cafeteria plan forfeitures when the plan sponsor ceases operations and terminates the plan, in Information Letter 2016-0077, issued earlier this year by the Internal Revenue Service (IRS).