Regulatory guidance is closer to fruition that may help 401(k) and 403(b) plan sponsors better educate plan participants on lifetime income options, and may allay their concerns about the expense and legal risk of doing so. On May 8, the…
Author Archives: Gwen Cofield
DOL Issues Model Notice/Guidance on Exchange Options, also Updates COBRA Election Notice
May 9, 2013 – 4:06 pm
Employers wanting to get an early start on providing a required notice to employees of coverage options under health insurance exchanges just got some help from the federal government. On May 8, the U.S. Department of Labor issued a model…
New Reform Rules Give More Guidance on Minimum Value Coverage
May 2, 2013 – 11:22 am
Determining whether group health coverage provides “minimum value” is key to avoiding penalties under health reform’s premium tax credit program, so employers will likely welcome new proposed rules that further explain MV criteria. The proposal, to be published May 3…
$1.3M Settlement in COBRA/ARRA Class Action Now Final
April 26, 2013 – 11:15 am
On April 23, a federal district court in Alabama gave final approval to a settlement agreement under which an employer and plan administrator will pay $1.3 million to a group of former employees who alleged they never received COBRA election…
COBRA Extension Notice Needed Despite Awareness of Disability
April 22, 2013 – 4:39 pm
Group health plan terms clearly explained that the plan administrator had to be notified of a disability determination within 60 days in order to trigger an 11-month COBRA extension; therefore, the plan administrator was justified in denying the extension when…
3rd Circuit Rejects Call to Change $3K COBRA Notice Penalty
April 19, 2013 – 2:07 pm
In rejecting a qualified beneficiary’s attempt to increase a nearly $3,000 COBRA notice penalty, the 3rd U.S. Circuit Court of Appeals noted that the employer/plan administrator’s efforts to remedy the violation did not warrant any higher award. The court also…
Stop-Loss Insurers Would Not Be Health Exchange ‘Navigators’ Under HHS Proposal
April 5, 2013 – 4:42 pm
The health reform law provides that entities called “Navigators” will assist consumers and small businesses in researching health insurance exchanges — but stop-loss insurers for self-funded health plans won’t be one of them. Those insurers, as well as individuals and…
403(b) Plans Get More Compliance Help with IRS’ New Prototype Program
March 29, 2013 – 2:45 pm
On March 28, the IRS issued long-awaited guidance to help 403(b) retirement plan sponsors comply with written plan document requirements in the form of Revenue Procedure 2013-22, which contains a “master and prototype program,” and an information package with sample…
IRS Gives 403(b) Plans Audit Relief, Tips on Top 10 Errors
March 7, 2013 – 11:54 am
Now that the IRS has incorporated 403(b) plans into its Employee Plans Compliance Resolution System, it is providing some plan sponsors with compliance relief, and is expanding upon some online tools it provides to help plan sponsors identify the steps…
Feds Step Up Health Reform Implementation With New Rules
March 5, 2013 – 5:42 pm
It’s been busy recently for the federal government when it comes to implementing various health reform requirements. Here’s an overview of new guidance issued the week of Feb. 25-March 1 on health insurer fees, market reforms, the Small Business Health…