News & Analysis as of

Employee Retirement Income Security Act (ERISA) Disclosure Requirements Benefit Plan Sponsors

Snell & Wilmer

An Interesting Intersection: No Surprises Act Claims and the New Fee Disclosure Requirements for Group Health Plans

Snell & Wilmer on

As reported in our January 7, 2022 SW Benefits Blog “The DOL Asks and Answers Questions About the New Welfare Plan Fee Disclosure Rules,” group health plans must now comply with the ERISA Section 408(b)(2) disclosure...more

Verrill

How to Shoot Yourself in the Foot with Your SPD

Verrill on

Benefit plan sponsors sometimes send out Summary Plan Descriptions (SPDs) having given too little thought to the legal consequences. Two recent cases illustrate how an organization can end up in serious and costly litigation...more

Holland & Hart - The Benefits Dial

What Happens in a Small Town Stays in a Small Town … Until the DOL Doubles Down on Mental Health Parity Compliance

The Department of Labor (DOL), the Department of Health and Human Services (HHS), and the Department of Treasury (collectively, the Departments) recently issued their joint report to Congress regarding their Mental Health...more

McAfee & Taft

New health plan disclosure requirements should bring more transparency

McAfee & Taft on

Ten years ago, the U.S. Department of Labor (DOL) published a final regulation under the Employee Retirement Income Security Act of 1974 (ERISA) that required retirement plan service providers to disclose information about...more

Morgan Lewis - ML Benefits

Qualified Retirement Plan Sponsors: Don't Forget About Summary Plan Descriptions

While considering year-end tasks and planning for the upcoming year, qualified plan sponsors should think about whether they need to revise and/or reissue their summary plan descriptions (SPDs) in 2022....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

40% of plan participants don’t know what their fees are, most of the other 60% also have no clue

According to the Government Accountability Office (GAO), about 40% of 401(k) plan participants don’t fully understand the fees they are paying. Even with fee disclosure rules implemented in 2012, 41% of participants...more

Verrill

Retirement Plan Administrators: Are You Ready to Comply with the New Lifetime Income Disclosure Requirement for Benefit...

Verrill on

Lifetime Income Disclosure Requirement. The Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”), enacted December 20, 2019, added a new annual disclosure requirement for benefit statements to...more

Holland & Hart - The Benefits Dial

In the Darkness at the Edge of Town…Cybersecurity Guidance for Plan Participants, Record-Keepers, and Plan Sponsors From The EBSA

On April 14, 2021, the Employee Benefits Security Administration (“EBSA”) published guidance for plan sponsors, plan fiduciaries, record-keepers, and plan participants on best practices for maintaining cybersecurity. This is...more

Dickinson Wright

Group Health Plan Transparency Disclosure Rules Finalized: What Plan Sponsors Should Know

Dickinson Wright on

The Department of Labor (DOL), the Internal Revenue Service (IRS) and the Department of Health and Human Services (HHS) (collectively, Agencies) issued final regulations in November 2020 requiring non-grandfathered group...more

Proskauer - Employee Benefits & Executive...

ERISA Disclosure Requirements for Service Providers Extended to Group Health Plans

The recently enacted Consolidated Appropriations Act of 2021 (“CAA”) requires new disclosures for brokers and other consultants providing services to certain group health plans. Under the CAA, “covered service providers”...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Consolidated Appropriations Act Requirements to Increase Health Plan Transparency

The Consolidated Appropriations Act (CAA), 2021, which was signed into law December 27, 2020, includes provisions designed to increase transparency in employee health benefit plans in four key areas. Removal of Gag Clauses...more

Fisher Phillips

Labor Department Creates New Options For Employers To Electronically Distribute Retirement Plan Notices

Fisher Phillips on

The Department of Labor recently issued a new rule providing an additional safe harbor for electronic disclosure of pension plan notices effective July 27, 2020. Prior to the new rule, the DOL’s only safe harbor for...more

Burr & Forman

The Countdown Begins for Lifetime Income Disclosures

Burr & Forman on

The SECURE Act of 2019 made three statutory changes to ERISA regarding lifetime income benefit payments from defined contribution plans (e.g., 401(k), 403(b), profit sharing, and money purchase pension plans). This blog will...more

McDermott Will & Emery

DOL: Path for 401(k) Plans to Offer Private Equity Investment Options

McDermott Will & Emery on

The US Department of Labor (DOL) issued an information letter in June 2020 indicating that, in limited circumstances, it will allow defined contribution retirement plans (such as 401(k) plans) to indirectly invest in private...more

K&L Gates LLP

DOL Creates New E-Delivery Safe Harbor for Retirement Plan Disclosures

K&L Gates LLP on

EXECUTIVE SUMMARY - The Department of Labor (DOL) published final regulations that make significant strides in reducing barriers to the electronic delivery of a wide array of retirement plan disclosures. Specifically, the...more

Troutman Pepper

Changes to Plan Distribution and Disclosure Information

Troutman Pepper on

Updated Safe Harbor Special Tax Notice (402(f) notice) & Lifetime Income Illustrations – Five Key Points for Plan Fiduciaries - The IRS has updated its safe harbor Special Tax Notice required to be provided to plan...more

Seyfarth Shaw LLP

Show Me the (Monthly) Money!

Seyfarth Shaw LLP on

Seyfarth Synopsis: On Tuesday, August 18, 2020, the Department of Labor’s Employee Benefits Security Administration (EBSA) released an interim final rule related to a new disclosure that will need to be provided as a part of...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

E-disclosure should lower fees too

It’s great that the Department of Labor (DOL) has finally embraced the electronic disclosure of important ERISA notices. It took them a long time, but when your business is trying to protect participant rights, this is what...more

Robinson & Cole LLP

Department of Labor Finalizes ERISA Requirements for Providing Electronic Retirement Plan Disclosures

Robinson & Cole LLP on

On May 27, 2020, the U.S. Department of Labor (DOL) issued a final rule providing a new “notice and access” safe harbor for retirement plan fiduciaries to distribute ERISA required disclosures electronically (Final Rule). The...more

Faegre Drinker Biddle & Reath LLP

New DOL Electronic Disclosure Rules – What You Need to Know

The Department of Labor (DOL) issued final electronic disclosure rules for retirement plans on May 27, 2020 (2020 Safe Harbor). We are already fielding questions about these new rules and have provided answers here to some of...more

Seyfarth Shaw LLP

Does My Health FSA Cover My Surgical Mask Bulk-Purchase? (and other pressing questions about the intersection of coronavirus,...

Seyfarth Shaw LLP on

Seyfarth Synopsis: Because everything has a coronavirus angle now….this blog post covers various issues and considerations plan sponsors and administrators should keep in mind as the coronavirus outbreak continues to...more

Snell & Wilmer

Potential $2.4 Billion and Countless Trees Saved – Department of Labor’s Proposed Rule on Electronic Disclosure for Retirement...

Snell & Wilmer on

The Department of Labor recently issued a proposed rule that allows certain retirement plan disclosures to be posted online, rather than requiring such disclosures to be printed and mailed. The Department of Labor anticipates...more

Perkins Coie

US Department of Labor Proposes New “Notice and Access” Electronic Delivery Safe Harbor

Perkins Coie on

The U.S. Department of Labor (DOL) issued proposed regulations on October 23, 2019, providing for a new electronic-delivery safe harbor applicable to certain required disclosures for ERISA-governed retirement plans. Though...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

DOL releases new e-disclosure rule

The Department of Labor (DOL) proposed a new rule to allow retirement plan disclosures to be posted online. The new rule allows plan administrators to post any document that the administrator is required to furnish under...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Going Paperless: DOL Proposes New Electronic Disclosure Safe Harbor

On October 23, 2019, the U.S. Department of Labor (DOL) published proposed rules addressing default electronic disclosures by employee benefits plans under the Employee Retirement Income Security Act of 1974 (ERISA). In doing...more

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