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
By: Sarah Lowe and Sterling Perkinson
The Department of Labor (DOL) has now made clear that it intends for its controversial “Fiduciary Rule” to become effective on June 9, 2017. The Fiduciary Rule expands the definition of “fiduciary investment advice” under ERISA and the tax code to cover many additional service providers to ERISA plans and IRAs. As we noted in an earlier post, the DOL had delayed the Fiduciary Rule for 60 days while it considered the burdens that the Fiduciary...Continue Reading
The Ninth Circuit Court of Appeals is not known for being employer-friendly. So, when the Ninth Circuit issued its latest opinion on health care provider ERISA claims, most thought it would be against employer-sponsored health plans. But, in a shocking opinion, the Ninth Circuit dealt health care providers a serious (and possibly fatal) blow to their recent crusade to use ERISA to pursue claims for reimbursement against employer-sponsored health plans.
In DB Healthcare v. Blue Cross Blue...Continue Reading
By: Sarah Lowe, Sterling Perkinson and Harrison Taylor
The Presidential Memorandum directing the Department of Labor (the “Department”) to review the Fiduciary Rule (the “Rule”) produced its first significant regulatory impact for the investment advisor community yesterday as the Department finalized its proposed 60-day delay to the application of the Rule on April 4, 2017. (See our blog post on the proposed delay here.) This announcement also delays the Rule’s related prohibited...Continue Reading