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Cybersecurity and ERISA Benefit Plans: Risks and Best Practices for Plan Sponsors and Fiduciaries
January 13, 2021 WEBCAST
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[Guidance Overview]

Final Health Plan Transparency Regs to Phase In (2022-2024)

"[If] an employer with a self-funded plan enters into a contract with a TPA to have the TPA handle these disclosures, the employer, through its group health plan, is still ultimately responsible. By contrast, employers with insured plans may contract with their health insurance carrier to provide these disclosures and the carrier will ultimately be responsible. Therefore, contractual amendments will likely be coming in 2021." 

HUB International

[Guidance Overview]

"Earlier this year, the COBRA notice, election and premium payment deadlines were extended from March 1 until 60 days after the end of the ongoing COVID-19 national emergency.... [T]he IRS and EBSA have not addressed whether administrators should correct previously sent COBRA election notices. The fact that COBRA election notices are not required until the end of the extension period suggests that interim corrections are not required. However, while the usual statutory penalties for COBRA violations should not apply, failing to notify COBRA qualified beneficiaries of their rights may increase the likelihood of a breach of fiduciary duty claim." 

Cohen & Buckmann, P.C.

30 pages. "Because the Limited Partners are working owners and bona-fide partners, they may participate in the single employer welfare benefit plan set up by DMP, so long as DMP employs at least one common-law employee. Accordingly, [ DOL Advisory Opinion 2020-01A ] is set aside as arbitrary and capricious under the APA and contrary to law under ERISA and Defendants are ENJOINED from refusing to acknowledge the ERISA-status of the Plan or refusing to recognize the Limited Partners as working owners of DMP." [Data Marketing Partnership, LP v. DOL, No. 19-800 (N.D. Tex. Sep. 28, 2020)] 

U.S. District Court for the Northern District of Texas

"These price transparency rules: [1] will up-end almost every type of contract out there in the health insurance industry, [2] will release a treasure trove of data into the marketplace, and [3] will take an enormous amount of effort and money to implement. Love them, hate them, or somewhere in between, you'd be hard-pressed to say they aren't bold and disruptive, and they are coming at the employee benefits industry fast!" 

MZQ Consulting, LLC

"[T]hese cost estimates will at first be required for only 500 of the most shoppable items and services, which are listed in the final rule. For the remainder, plans will have until January 1, 2024. This disclosure must include ... [1] Estimated cost-sharing liability; [2] Accumulated amounts; [3] Negotiated rates, expressed as dollar amounts ... [4] Out-of-network allowed amounts; [5] A list of items and services included in any bundled payment arrangement; [6] A notice of prerequisites (such as prior authorization), if applicable; and [7] A disclosure notice." 

HR Daily Advisor

"Overall, insurers owe record-high rebates of nearly $2.46 billion to more than 11.2 million consumers. This represents an average of $219 in rebates per person. Consistent with prior years, the rebates are most significant in the individual market, where insurers owe $1.7 billion to an estimated 5.1 million consumers. These rebates are up significantly from the $1.37 billion owed to nearly 9 million consumers last year, which was a record high relative to prior years." 

Katie Keith, via Health Affairs Blog

[Official Guidance]

31 pages; employee benefits items begin on page 11. 

Internal Revenue Service [IRS]

"[1] Confirm termination dates for various benefits and make sure your systems are in place.... [2] Be sure your employee handbook and benefits plan documents address the end of benefits in the same way.... [3] Understand any job abandonment provisions contained in the employee handbook to properly administer these provisions.... [4] Develop a defined process for employees returning from leaves of absence and timeline for terminating employees who fail to follow or engage in the specified process." 

HUB International

Press Releases

IRI Announces 2020 Federal Champion of Retirement Security Award Recipients Insured Retirement Institute [IRI]

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