Posts in tag

plan sponsors


Employee Stock Ownership Plan (ESOP) participants are better off than those who work for non-ESOP companies with a 401(k) plan, and the benefit can serve as a retention tool for companies, as well as a cushion for employees to be more financially resilient in the event of a crisis, according to a study by the …

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 …

Abarca guarantees net costs per script for all prescriptions to protect First Medical against inflation and changing drug mixes Posted: October 14, 2021 at 12:43 p.m. CDT|Update: 11 hours ago San Juan, Puerto Rico, October 14, 2021 / PRNewswire / – Abarca, a pharmacy benefits manager (PBM) revolutionizing the industry with a new approach to …

Overpayment Correction Options Previously, pension plan sponsors had no choice but to ask overpayment recipients to repay any excess annuity amounts received. As of July 16, 2021, sponsors of defined benefit plans have two additional correction methods available to correct operational deficiencies resulting from overpayments: 1. Method of correcting funding exceptions. Defined benefit plans subject …

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 …

In practice, affected companies will want to review and confirm that their organizations’ actions comply with guidelines, especially with respect to how they oversee third parties hired to administer these plans. And while much of the content in the new cybersecurity guidelines is familiar to those who have worked with plans covered by the Health …

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 …

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 …

On February 26, 2021, the Employee Benefits Security Administration (EBSA) of the Department of Labor issued Notice 2021-01 (the “Notice”). The notice was issued jointly with the Department of the Treasury, the Internal Revenue Service and the Department of Health and Human Services (the “Departments”). Entitled “Advice on Maintaining Relief for Employee Benefit Plans and …

In addition to the well-known provisions on business loan programs, paid vacation and individual stimulus checks, the CARES Act included certain elements related to qualified pension plans – 401 (k), 403 (b) and government 457 ( b) – such as authorizing distributions related to the coronavirus, modifying the rules relating to participant loans and minimum …

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 …

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 …

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 …

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 …

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 …

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 …

PLANADVISER named HANYS Benefit Services one of its Top 100 Pension Advisors for 2019. PLANADVISER’s Top 100 Pension Advisors is an annual list of pension advisors and advisory teams at the top of their peer groups. respective in terms of assets under advice or number of pension plan clients, including defined contribution, defined benefit and …

Each year, a number of employee benefit plans are audited by the Internal Revenue Service (IRS) and the Department of Labor (DOL) to verify their compliance with the laws and regulations over which these agencies have enforcement authority. Agencies particularly focus on compliance issues that present the greatest potential risk to the greatest number of …