The Patient-Centered Outcomes Research Institute (PCORI) fee that employers thought was dead as of last September is back, thanks to legislation passed in December 2019 that extended it for an additional 10 years. The Bipartisan Budget Act of 2019 reinstated the PCORI annual filing and fees for another decade, through 2029. This means that self-funded plan sponsors’ and insurers’ PCORI filings and fees Read More

The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) includes three sections designed to encourage more employers to adopt retirement plans, and it simplifies a few issues that have bedeviled plan sponsors and taxpayers for years.  Among these issues are: Whether participants in defined contribution plans will be able to save enough to sufficiently fund their living expenses in Read More

A recent New York Times article highlights what it calls a “tidal wave of business bankruptcies” that are coming due to financial fallout from the COVID-19 pandemic. A number of high profile businesses have already declared bankruptcy, including J.C. Penney, Hertz, J. Crew, Neiman Marcus, 24-Hour Fitness, Borden Dairy, and Pier 1 Imports. More are sure to follow. Typically, a business will file either Chapter 7 or Read More

The primary purpose of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is to provide financial relief to Americans suffering from the financial fallout of the COVID-19 pandemic.  Among the many provisions in the CARES Act are several temporary changes that relax IRS rules for retirement account withdrawals and loans for qualified individuals impacted by COVID-19.  Restrictions on Eligibility Read More

On May 15, 2020, the U.S. House of Representatives passed the Health and Economic Recovery Omnibus Emergency Solutions Act (“HEROES Act”) that was introduced by Democratic leadership as a “phase four” COVID-19 relief and stimulus package. Although the U.S. Senate seems inclined not to act on this legislation at this point and the White House opposes it, certain provisions within the Act will likely make it into a Read More

A Utah court recently refused to dismiss a breach of fiduciary duty cause of action against a third party administrator after mental health treatment benefits for a child covered by a parent’s self-insured health plan were denied.    Background In the case -- Daniel R. v. UMR -- Daniel R. was a participant in a self-insured health plan in which his child, I.M., was a beneficiary. I.M. entered treatment at New Haven Read More

The Setting Every Community Up for Retirement Enhancement Act (“SECURE Act”) has added new lifetime income disclosure requirements to benefit statement rules under ERISA. The law requires that a participant’s total accrued benefit be expressed as a lifetime income stream in the form of a single life annuity.  If the participant has a same-age spouse, the total accrued benefit must be expressed as a qualified joint Read More

The COVID-19 pandemic has brought about a staggering number of changes for employers in the past few months, requiring them to make significant changes to workplace processes and policies virtually on the fly. In this environment, it’s important to review employee benefits plans to ensure these changes have not triggered any adverse consequences. Employers are encouraged to review their actions related to benefits Read More

Q: What is the VFCP? A: The VFCP, offered through the Department of Labor (DOL)’s Employee Benefits Security Administration (EBSA), is a way to voluntarily correct certain fiduciary breaches (or potential breaches). Only specific types of fiduciary breaches are eligible for relief on the VFCP all of which deal with transactions that raise valuation issues and/or prohibited transaction issues under Title I of Read More