READ TIME: 4 MINUTES The Department of Labor (DOL) recently released a final rule, expanding the definition of “investment advice” under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code. While the rule is aimed at retirement plans, the final rules failed to provide an exception for health and welfare plans that […]
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Webinar: ERISA – It’s Not Just About Retirement
Tuesday, September 10, 2024 1 – 2PM CST Register Now Registration Code:UBA410EW Gain insights into: An employer’s fiduciary responsibilities under a group health plan Reporting and disclosure requirements for all employers Preparing for a Department of Labor audit Be able to answer these questions: What happens if an employer fails to submit Form 5500? How […]
Read moreJuly 2024 Compliance Recap
July was a busy month for sponsors of group health plans. The final DOL rule on overtime exemption requirements went into effect July 1. IRS Form 5500, due on July 31 for calendar year plans, applies to most public and private sector businesses providing plans to 100 or more participants. Also due by July 31 […]
Read moreEmployee Classifications Guide for Group Health Plans
READ TIME: 10 MINUTES It is essential for an employer to correctly classify workers as employees or independent contractors for it to comply with federal, state, and local laws. Misclassifying employees can have significant financial and legal consequences for employers, leaving them open to liability for unpaid overtime pay, payroll taxes, unpaid benefits, for example. […]
Read moreGuide to Controlled Groups and Affiliated Service Groups
Controlled group rules apply to many types of employee benefit plans governed under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code, such as cafeteria plans, health savings accounts, and self-insured medical reimbursement plans. The rules treat two or more employers as a single employer because of their relationship to […]
Read moreUpcoming Changes for HDHP Plan Sponsors under Medicare Part D
READ TIME: 8 MINUTES Employers who sponsor group health plans must act now regarding the status of their prescription drug coverage in advance of changes to Medicare Part D that go into effect for 2025. The Inflation Reduction Act of 2022 (IRA) made changes to Medicare Part D to enhance benefits and enrollee cost savings, […]
Read moreWebinar: Keep it Classy – Identifying Employees Properly
Tuesday, August 13, 2024 1 – 2PM CST Register Now Registration Code:UBA410EW Attend this month’s webinar to learn how to properly classify employees for benefit eligibility. Gain insights into: Allowable employment-based classifications for benefits and contributions Risks arising from misclassifying or discriminating against employees Offering benefits to 1099 employees and related tax implications […]
Read moreEEOC Issues Final Regulations for the Pregnant Workers Fairness Act
READ TIME: 6 MINUTES The Equal Employment Opportunity Commission (EEOC) has recently released extensive final regulations under the Pregnant Workers Fairness Act (PWFA). The regulations were published in the federal register on April 19, 2024, and will take effect on June 18, 2024. Here’s what employers need to know. Overview of PWFA The PWFA took […]
Read moreGroup Health Plan Fiduciaries are the Subject of New ERISA Class Actions
READ TIME: 5 MINUTES Retirement plan fiduciaries are no stranger to ERISA class action lawsuits. These lawsuits typically allege that imprudent processes and lack of oversight led to excessive fees for investment options, recordkeeping services, and investment management services. Similar class actions are beginning to find their way to group health plan fiduciaries thanks to […]
Read moreHIPAA Privacy Rule to Support Reproductive Health Care Privacy
READ TIME: 6 MINUTES Following the Supreme Court’s decision in Dobbs v. Jackson Women’s Health Organization, which overturned Roe v. Wade and its constitutional protection of abortion, many states adopted extreme abortion bans and other restrictions on reproductive health care. Along with these new laws came concerns from both patients and providers that protected health […]
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