As of 2018, the DOL estimates that there are 34 million defined benefit (DB) plan participants in private pension plans and 106 million defined contribution (DC) plan participants with combined assets of $9.3 trillion....more
Effective sometime later this year, but no later than September 18, benefit statements issued to participants for defined contribution plans (i.e., 401(k) plans) will be required at least once per year to include a disclosure...more
The CMS, DOL and Treasury Departments recently and jointly issued FAQs about how group health plans are required to cover COVID-19 Diagnostic Testing without cost-sharing. The guidance makes clear that private group health...more
3/3/2021
/ Centers for Medicare & Medicaid Services (CMS) ,
Coronavirus/COVID-19 ,
Cost-Sharing ,
Department of Labor (DOL) ,
Diagnostic Tests ,
Employer Group Health Plans ,
Employer Responsibilities ,
Joint Statements ,
U.S. Treasury ,
Vaccinations ,
Virus Testing
The DOL issued Disaster Relief Notice 2021-01 this past Friday about different deadlines that were extended last year due to COVID from March 1, 2020 through February 28, 2021. The deadlines were extended for COBRA election...more
3/3/2021
/ Benefit Plan Sponsors ,
COBRA ,
Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
Employee Benefits ,
Employer Group Health Plans ,
Filing Deadlines ,
IRS ,
Public Health Emergency ,
Relief Measures ,
Time Extensions
On June 19, the Treasury, Labor and HHS Departments jointly proposed an updated Self-Compliance Tool for confirming compliance under the Mental Health Parity and Addiction Equity Act (MHPAEA). The Departments expect to issue...more
On June 29, the DOL proposed a new class exemption from the prohibited transaction rules for investment advice fiduciaries. If certain conditions are met, an investment advisor may receive reasonable compensation for...more
On June 23, the DOL released proposed regulations for retirement plans for “socially responsible” investments that are also called environmental, social and governance (ESG) investments. The proposed standards require plan...more
On May 27, the DOL issued final regulations that provide a safe harbor for electronic disclosures to employees. Although the regulations don’t become effective until 60 days later (on July 27, 2020), they may be relied upon...more
On June 23, the DOL, IRS and HHS issued joint FAQs about the implementation of health coverage rules related to COVID-19 under the CARES Act and the FFCRA. Topics covered by the FAQs include coverages, procedures and services...more