By: Sterling Perkinson and Harrison Taylor
Transition Period Extension
In an August 9th court filing, the DOL announced it will extend the transition period for three prohibited transaction exemptions relating to the fiduciary investment advice rule (the “Fiduciary Rule”), including the Best Interest Contract (BIC) Exemption, to July 1, 2019. Previously, the transition period was set to end on January 1, 2018. The DOL’s extension of the transition period delays for at least 18 months...Continue Reading
On December 19, 2016, the DOL issued final regulations modifying the claims procedures for adverse determinations relating to disability claims under ERISA. Most of the changes mirror the additional disclosure requirements that apply to health plan claims under the Affordable Care Act. To allow employers, insurers and claims administrators time to comply, the final regulations apply to claims for benefits filed on or after January 1, 2018.
At the end of July, the DOL announced that it is...Continue Reading
The new SBC templates released last year are required for open enrollment periods beginning on and after April 1, 2017. For health plans and employers with calendar year plans, this means the updated SBC templates and related requirements apply to 2018 open enrollment occurring this Fall.
Given the current House and Senate “repeal and replace” ACA legislation, many employers are wondering if they need to take the time to revise their SBCs to comply with the new template and...Continue Reading
On June 16, a new FAQ was released and additional steps were taken towards increasing disclosures to participants with respect to mental health/substance abuse benefits. The FAQ confirms that eating disorders are a mental health condition and, therefore, the treatment of eating disorders is a mental health benefit under MHPAEA. The Departments also requested comments on whether additional clarification is needed on how MHPAEA applies to this treatment.
Perhaps of more consequence to plan...Continue Reading
The Fiduciary Rule will become applicable on June 9, causing registered investment advisers, broker dealers, and certain other service providers to retirement plans and IRAs to become subject to the standards of conduct required of ERISA fiduciaries and the prohibited transaction rules of ERISA and the Internal Revenue Code (Code) with respect to investment advice provided to 401(k), pension, or other plans subject to Title I of ERISA (ERISA Plans) and their participants, as well as IRA...Continue Reading