plan members
DOL Releases ERISA Benefit Plan Enforcement Statistics for (Fiscal Year) 2021
The fact sheet says EBSA has enforcement authority over nearly 734,000 pension plans, 2 million health plans and 662,000 other benefit plans. These plans contain more than $12.9 trillion in assets and cover approximately 158 million workers and their dependents. The fact sheet also includes summary data on EBSA’s outreach and education efforts, including compliance …
Northwell Health Selects Northwell Direct Provider Network for Employee Benefits Plan
Photo: John Fedele / Getty Images Northwell Health has selected Northwell Direct to provide the 2022 health system health care delivery network for approximately 75,000 employees and dependents, avoiding the traditional approach of partnering with a private insurer. Northwell Direct, the affiliate of Northwell Health, Direct to Employer, is a for-profit entity that provides solutions …
Northwell Health Selects Northwell Direct Provider Network for New York State’s Largest Private Workforce Employee Benefit Plan
NEW HYDE PARK, NY – (COMMERCIAL THREAD) – Northwell Direct announced today that it has been selected by Northwell Health to provide the 2022 health system health care delivery network for approximately 75,000 employees and dependents.1 Northwell Direct is a for-profit entity that provides direct to employer solutions for all types of businesses. This is …
Auditing standard imposes new responsibilities on plan sponsors
The American Institute of Certified Public Accountants (AICPA) released a new auditing standard for employee benefit plans in July 2019. The new standard is commonly referred to as SAS 136, but its official name is Statement on Auditing Standards (SAS) No. 136, Forming an opinion and report on the financial statements of employee benefit plans …
CVS Health Retains Pharmacy Services with Service Benefit Plan, Adds Specialty Pharmacy Care
(Photo courtesy of CVS Health) CVS Caremark, CVS’s manager of pharmacy benefits, enters into a larger PBM contract with the government-wide benefit plan, also known as the Federal Employee Program. CVS Health has been the Pharmacy Benefits Manager for the Service Benefits Plan, which provides benefits to the federal workforce, since 1993. The new contract, …
Employee benefit plan term extensions end
Related practices and jurisdictions In April and May 2020, the U.S. Department of Labor (DOL) and IRS extended certain benefit plan deadlines, such as special health plan registration application deadlines, election deadlines COBRA and the payment of premiums, and deadlines for claims and appeals. This extension was intended to last for the duration of the …
DOL Deadline Extensions for Sponsors of Benefit Plan Participants
In accordance with emergency powers granted in the wake of the COVID-19 pandemic, the IRS and DOL have extended a number of deadlines related to benefit plans and granted further relief to members and sponsors. of diets. The Jones Walker of May 22, 2020, Employee Benefits Client Alert, provided a summary of the guidelines. On …
Employee benefit plan relief guidelines
On February 26, 2021, the Employee Benefits Security Administration (EBSA) of the Department of Labor issued Notice 2021-01 (the “Noticeâ€). The notice was issued jointly with the Department of the Treasury, the Internal Revenue Service and the Department of Health and Human Services (the “Departmentsâ€). Entitled “Advice on Maintaining Relief for Employee Benefit Plans and …
COVID-19 Employee Benefit Plan Deadline Extensions May Expire As early as February 28 | Ogletree, Deakins, Nash, Smoak & Stewart, PC
Employers face uncertainty over the expiration of COVID-19 relief that the U.S. Department of Labor (DOL) and the Internal Revenue Service (IRS) published in a joint directive on May 4, 2020. The joint directives require that employee benefit plans take or suspend certain deadlines during the “epidemic period,” which the directives define as the period …
COVID-19 Employee Benefit Plan Deadline Extension
Thursday 25 February 2021 Employers face uncertainty over the expiration of COVID-19 relief that the U.S. Department of Labor (DOL) and the Internal Revenue Service (IRS) published in a joint directive on May 4, 2020. The joint guidelines require that employee benefit plans take or suspend certain deadlines during the “epidemic period,” which the guidelines …
Provisions relating to the transparency of the employee health insurance scheme in the Consolidated Appropriations Act
Monday, December 28, 2020 The 2021 Consolidated Finance Law (CAA), which was enacted on December 27, 2020, includes provisions to increase the transparency of employee health benefit plans in four key areas. Removal of gag clauses on price and quality information Section 201 of the CAA amends the Employees Retirement Income Security Act (ERISA), the …
Benefit Plan Deadlines Extended, Application Standards Relaxed by DOL, IRS During Pandemic | McCarter & English, srl
The United States Department of Labor’s Employee Benefits Security Administration and the IRS recently issued the following coordinated guidelines providing additional relief to benefit plan sponsors, trustees, participants and beneficiaries who must overcome challenges related to employment. compliance with administrative requirements and deadlines under ERISA due to the COVID-19 outbreak and quarantine measures: EBSA Disaster …
Does your benefit plan need an audit? Understanding the 80/120 rule
The requirement to file audited financial statements with your benefit plan’s Form 5500 depends on whether your plan is considered a large or a small depositor, which is determined by the number of participants in your plan at the start of the plan. year of the plan. The participants in your plan are: All employees …
When employees can and cannot change benefit plan contributions
updated on January 4, 2021 Update: Appropriation Act extends FSA relief The Consolidated Appropriations Act that President Trump signed in late 2020 allows employers who sponsor flexible spending accounts (FSAs) for health or dependents to allow participants to carry over any unused amounts in those accounts from 2020 to 2021 and from 2021 to 2022. …
Agencies extend various deadlines for employee benefit plans
In response to the COVID-19 pandemic, the IRS extended certain deadlines affecting employee benefit plans, including the deadline for filing Form 5500 for plan years ending September to November 2019 The new deadline, announced in Notice 2020-23, is July 15, 2020. Separately, the US Department of Labor (DOL) is extending the Employee Retirement Income Security …
New Rules Provide Extensions to Benefit Plan Compliance Deadlines | Husch Blackwell LLP
On April 29, 2020, the Benefits Security Administration (EBSA), Department of Labor (DOL), Internal Revenue Service, and Department of Treasury (the Agencies) issued a Final Rule (Rule) regarding the extension of time limits under ERISA. and the Internal Revenue Code (Code). The rule applies to group health insurance, disability and provident schemes, pension schemes and …
Federal Agencies Extend Deadlines for Employee Benefit Plan Matters | Ballard Spahr srl
The Internal Revenue Service has published Notice 2020-23, which automatically postpones certain deadlines affecting employee benefit plans. More specifically, any deadline that would normally fall from April 1, 2020 until July 14, 2020, is now automatically extended until July 15, 2020. The highlights are as follows: Plan loan repayments. When plan members borrow from their …
CARES Act to Provide Significant Benefit Plan Relief to Plan Members and Sponsors | Baker
The CARES Act (Coronavirus Aid, Relief, and Economic Security) has a dramatic impact on employee benefit plans, providing relief to eligible plan members and plan sponsors and expanded benefits to health plan members collectives. Relief for members of eligible pension plans With regard to qualified pension plans, the CARES law: Provides for a special ‘coronavirus-related …
Increased late filing fees for DOL and IRS employee benefit plan
Related practices and jurisdictions Thursday, January 30, 2020 For 2020, legislation enacted in December 2019 significantly increases the penalties imposed by the Internal Revenue Code (the Code) for the late filing of certain notices and reports on employee benefit plans. Additionally, a final rule issued by the Department of Labor (DOL) makes inflation adjustments to …
School Benefit Services is now a PlanMember Financial Center in Sacramento
CARPINTERIA, Calif.– (BUSINESS WIRE) – Marina armbruster, founder of Educational services in Sacramento, is happy to announce its affiliation with Plan members’ securities company. As a new member of the Plan Financial center, School Benefit Services will expand retirement and investment planning and financial education opportunities for community educators. Sacramento domain, in particular Yuba, Sutter …
MetLife Legal Services Employee Benefits Plan Now Offers Credit Monitoring Services to Help Plan Members Avoid Identity Theft
NEW YORK–(COMMERCIAL THREAD) – As concerns about identity theft continue to be a priority for employees, MetLife has added credit monitoring services to its group benefits plan for legal services, MetLaw®, which is provided by Hyatt Legal Plans, a MetLife company. The new credit monitoring service, available to employers of 1,000 or more employees, strengthens …
The Benefits Industry Matures
Photo: Getty Images Designing a comprehensive benefits plan today can be like putting together a jigsaw puzzle. While traditional health insurance products provide the main elements, discounted benefit plans can be a cost effective way to round out the picture. The last few years have seen a steady growth of these regimes, which historically have …