Insights on benefits counseling and litigation issues impacting employers nationwide
The Department of Labor is allowing defined contribution retirement plan administrators to reset the timing for annual fee disclosures to participants (see our earlier blog post reminding readers of the disclosure requirement and contemplating possible relief).
DOL has issued Field Assistance Bulletin 2013-02 announcing the temporary enforcement policy. The participant-level fee disclosure regulation, implemented last year…
Two decisions issued by the United States Supreme Court on June 26, 2013 expand same-sex marriage rights and carry significant implications for employee benefit plans and employers sponsoring the plans. In United States v. Windsor, No. 12-307 (June 26, 2013), the Court ruled that Section 3 of the Defense of Marriage Act of 1996…
Employers that sponsor participant-directed individual account plans like 401(k)s and 403(b)s need to prepare for the annual disclosure requirement imposed on plan administrators under section 404 of the Employee Retirement Income Security Act. (See our earlier posts and article regarding the regulations that became effective last year.)
Separate regulations required service providers to give plan administrators…
We are pleased to announce the launch of Jackson Lewis’ Health Care Reform Resource Center. Our Resource Center provides one convenient place for you to obtain key health care reform-related law, agency guidance, Jackson Lewis articles and related information. We hope you find this resource helpful.
The DOL has begun to audit PPACA compliance, is your plan ready?
Continue Reading The DOL Has Started Auditing Group Health Plans for PPACA, as well as GINA and Wellness Program Compliance
Federal agencies (IRS/HHS/DOL) issue proposed regulations concerning wellness programs…
Continue Reading Proposed Wellness Regulations Would Raise Maximum Rewards, Among Other Changes
On July 30, 2012, the Department of Labor issued FAB 2012-02R as a revised version of FAB 2012-02 (issued May 7, 2012), which supplements the participant-level fee disclosure regulation and how it may be implemented. (See our prior post regarding FAB 2012-02.)
Q&A 30 of FAB 2012-02 generated significant controversy as it appeared to introduce…
Now that the July 1, 2012 deadline has passed for ERISA “covered service providers” to inform “responsible plan fiduciaries” about the services performed for their retirement plans and the investment management, recordkeeping, and other fees charged to those plans, it is time for employers and other plan fiduciaries to take action.
First, plan fiduciaries must…
On May 7, 2012, the DOL published Field Assistance Bulletin 2012-02 (the “FAB”) providing additional guidance and clarification for employers and other plan fiduciaries regarding the participant-level fee disclosure regulation (29 CFR 2550.404a-5) applicable to participant-directed individual account plans (e.g., 401(k) and 403(b) plans; see our earlier article regarding these regulations). The FAB is also…
Under Department of Labor Regulations, plan administrators of individual account plans such as 401(k) plans and most 403(b) plans must provide all participants who are eligible to direct investments in the plan with certain investment and fee information (see http://www.dol.gov/ebsa/newsroom/fsparticipantfeerule.html for more information). The plan administrator is the employer sponsoring the plan unless the employer …
