On May 18, 2021, the IRS issued Notice 2021-31 that provides guidance for employers, plan administrators, and health insurers regarding the tax credit available to them under the American Rescue Plan Act of 2021 (ARPA) for providing continuation health coverage to certain individuals under COBRA. Under ARPA, a 100% COBRA premium subsidy and other COBRA benefits are available to qualifying assistance eligible Read More

Passed in December 2020, the Consolidated Appropriations Act, 2021, (CAA) included provisions that address group health plan price transparency provisions, reporting, disclosure, and other patient protections. The price transparency rules are slated to become effective on January 1, 2022, so employers should be working with their carriers or TPAs on compliance efforts soon. Advance EOB Requirements The CAA requires Read More

On May 5, 2021, the House Ways and Means Committee voted unanimously to advance new retirement savings legislation to the House for approval. The Securing a Strong Retirement Act - dubbed “SECURE Act 2.0” - would enable millions more workers to build savings through employer-provided retirement plans while lowering costs for employers. Plan Participant Benefits Raises the Saver’s Credit. The Saver’s Credit Read More

The COVID-19 pandemic has brought about a number of changes to the American workforce, including shifts in how work actually gets done - or doesn’t get done. According to government data, the pandemic has accelerated the rate at which Americans are retiring, with a reported 2.7 million Americans over the age of 55 considering retirement years earlier than they had imagined. Thanks to soaring stock market and real Read More

On April 13, 2021, the Department of Labor (DOL) issued clarifying guidance for Prohibited Transaction Exemption (PTE) 2020-02, Improving Investment Advice for Workers & Retirees, which became effective on February 16, 2021. Adopted in December 2020, PTE 2020-02 allows investment advice fiduciaries to receive compensation as a result of providing fiduciary investment advice if that advice meets the DOL’s Read More

The IRS has updated its Top Mistakes in Voluntary Correction Program (VCP) Submissions webpage to ensure submissions by plans sponsors or their representatives are free of errors that could result in a delay of the IRS’ review of the submission as well as a holdup in issuing the compliance statement. The updated list includes new items concerning the electronic submission of VCP applications via Pay.gov, which Read More

On May 10, 2021, the IRS released an advance version of Notice 2021-26 to provide clarification regarding the taxability of benefits received in 2021 and 2022 under a dependent care assistance program (DCAP) that allows for carryovers or extended grace periods. Background Passage of the Consolidated Appropriations Act, 2021, in December 2020, permitted DCAPs to carry over unused benefits from plan years ending in Read More

The Department of Health and Human Services (HHS) has released its Notice of Benefit and Payment Parameters for 2022 Final Rule Part Two, which becomes effective on July 6, 2021. The final rule is largely targeted to insurers and Exchange regulators; however, employers and health plan advisors should take note of several provisions that could potentially impact their health plans, including the following: Annual Read More

The American Rescue Plan Act of 2021 (ARPA) includes a provision that authorizes a 100% subsidy of COBRA health insurance premiums to help continue health benefits for employees who lost their jobs or suffered a reduction in work hours. On April 7, 2021, the DOL issued guidance on the ARPA COBRA premium assistance. Eligibility The ARPA’s COBRA subsidy is available to Assistance Eligible Individuals (AEIs) who lost Read More

On April 26, 2021, the Occupational Safety and Health Administration (OSHA) sent a draft of long-awaited COVID-related federal workplace safety standards to the White House’s Office of Management and Budget for review. Shortly after assuming office, President Biden gave the DOL a March 15, 2021, deadline to determine whether mandatory workplace safety rules were necessary to protect American workers from the spread Read More