Most benefit plans offered by businesses and non-profits are subject to regulation under ERISA. As part of administering these plans, Summary Plan Description documents (SPDs) are required. These documents are supposed to contain the most important plan information a participant would need to know, including eligibility and operational details. ERISA further regulates when these documents should be provided. Since Read More

Many provisions of the Affordable Care Act (ACA) are still being debated, especially as our country decides what direction to go next and government agencies shift in the ways they’re creating and applying regulations to enforce the law. One provision of the ACA, often referred to as the “Cadillac Tax,” that is currently under discussion, places a 40% excise tax on “high-cost” employer-sponsored health plans. While Read More

Paying attention to the shifts in how the IRS interprets its regulations is an important part of benefits administration,  In recent Notice 2019-18, the IRS announced that there will be no amendments to regulations that will stop retiree lump sum windows in defined benefit pension plans and that this will not necessarily lead to a violation of minimum distribution rules. This is a shift in gears from 2015 guidance Read More

One of the key issues with respect to retirement plan distributions is proper handling of beneficiary designations. Issues that arise for retirement plan sponsors related to beneficiary designations include incomplete beneficiary designation forms, benefits being split among beneficiaries in unclear or mathematically impossible ways, or even pre-deceased beneficiaries. While your human resources department can take Read More