Posts Categorized: Retiree Benefits

New ERRP Legislation Introduced

in Retiree Benefits

Senator John Kerry recently introduced legislation that would add an additional $5 Billion to ERRP. http://www.gpo.gov/fdsys/pkg/BILLS-112s1088is/pdf/BILLS-112s1088is.pdf Based on the current Congress, I think this has a real uphill climb.

ERRP Almost Half Depleted

in Retiree Benefits

CMS recently announced that the ERRP program has reimbursed $2.44 Billion through May 3, 2011.  A current listing of all the plan sponsors who have received reimbursements and the amounts are located in the CMS release appended below.  The maximum amount allocated for ERRP is $5 Billion. Early Retiree Reinsurance Program: Reimbursement Update, May 13, 2011

ERRP Budget Update

in Affordable Care Act, Retiree Benefits

HHS recently released its fiscal year 2012 budget, which includes projected outlays for the early retiree reimbursement program. As of January 2011, approximately 5,000 plan sponsors have been accepted into the program, and approximately $1 Billion has been distributed to plan sponsors. By the end of fiscal year 2011 (which ends September 30, 2011), HHS projects that it will pay out another $2.6 Billion. This would bring the total distributed to $3.6 Billion by September 30, 2011, leaving only $1.4 Billion to be distributed in fiscal year 2012 (which begins on October 1, 2011). When the Affordable Care Act established… Continue Reading

ERRP Spent $1 Billion in 2010

in Affordable Care Act, Retiree Benefits

Congress appropriated funding of $5 billion for the early retiree reinsurance program.  The program ends when the funds are exhausted or January 1, 2014, whichever is earlier.  HHS announced this week that approximately $1 Billion has been reimbursed through the end of 2010, leaving $4 Billion for the ERRP for 2011 and future periods.

All Quiet in DC this Week

in Health Benefits, Retiree Benefits, Welfare Benefits

Now that the set of Transformers 3 has moved out of DC, it is fairly quite this week.  It appears that everyone is digging out from the avalanche of Affordable Care Act guidance, and waiting for the elections in two weeks.  As you are updating your enrollment guides and summary plan descriptions, and drafting plan document amendments, keep in mind that plaintiffs lawyers love obscurity and inconsistency.  The best way to draft any plan language is to be clear and consistent among your enrollment guides, summary plan descriptions and plan documents.