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Defined Contribution Retirement Plan Senior Administrator
First American Bank (Elk Grove Village IL / Hybrid)
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235 Matching News Items
1.
New HIPAA Rule Will Require Updates to Policies and Notices
Segal
May 16, 2024
Segal
May 16, 2024
"Self-insured group health plan sponsors must incorporate the terms of the new final rule into their HIPAA privacy compliance program. This involves ... amending policies and procedures, particularly those addressing use and disclosure and authorization policies; implementing compliant attestation forms; amending Notices of Privacy Practices; and training staff and business associates on the new policies."
2.
IRS Explains New Disaster Relief Distribution and Loan Rules
Segal
May 13, 2024
Segal
May 13, 2024
"[IRS Fact Sheet 2024-19 clarifies] that plan sponsors may opt for the relief to be permanently in effect so the disaster declaration triggers the availability, or they may choose to provide the relief on a case-by-case basis.... [T]hey may limit the relief to, for example, distributions and not loans.... [T]he plan may provide for smaller distributions or smaller loans than the maximum."
3.
Creating a Realistic Schedule for Implementing a New Pension Administration Solution for a Public Sector Plan
Segal, via PERSist
May 7, 2024
Segal, via PERSist
May 7, 2024
"Based on Segal's experience with 35 public sector [pension administration system] replacement projects in recent years, on average, the projects took 44% longer than originally planned.... [R]esponding vendors are incentivized to propose an aggressive timeline, to keep their bid low. Furthermore, the vendor likely anticipates they will be evaluated poorly by proposing a longer schedule, even if it more realistic.... Short of structurally changing the procurement process, we don't believe there is a simple way to prevent this situation, but there is a way to manage it."
4.
Mental Health Parity Covers Treatment of Eating Disorders
Segal
Apr. 25, 2024
Segal
Apr. 25, 2024
"This [article] presents an overview of eating disorders and how they are treated. It also covers mental health parity requirements under the Mental Health Parity and Addiction Equity Act (MHPAEA).... In the latest statement on eating disorders, EBSA Assistant Secretary Lisa Gomez writes that people seeking treatment for eating disorders, such as therapy, medications, nutritional counseling, or residential treatment programs, should not face barriers or roadblocks that do not exist for medical treatments."
5.
CMS Issues Guidance on Medicare Part D Drug Program, Creditable Coverage Calculation
Segal
Apr. 15, 2024
Segal
Apr. 15, 2024
"The final guidance provides some relief for plan sponsors with active plans and helpful clarification for those who take advantage of the [Retiree Drug Subsidy (RDS)] program.... Plans that test for creditable coverage for active employees will be able to continue to use the current testing methodology for 2025, which means it is less likely that plans would be found to not be creditable coverage."
6.
Spotlight on Gene Therapies
Segal
Apr. 1, 2024
Segal
Apr. 1, 2024
"The growth of gene therapy has put pressure on plan sponsors to review strategies for their covered population, including financial implications and decisions about coverage criteria."
7.
State Employee Health Benefits Study Covering 50 States
Segal; free registration required
Mar. 28, 2024
Segal; free registration required
Mar. 28, 2024
"The study covers medical and prescription drug plan design and benefit cost-sharing arrangements offered to full-time active employees in all 50 states for 2023-2024.... Knowing the details about other state employee health benefit plans can help you benchmark your plan design."
8.
Now Is the Time for Pension Plan Sponsors to Explore De-Risking Strategies
Segal
Mar. 12, 2024
Segal
Mar. 12, 2024
"Since late 2022, interest rates have risen to levels not seen in more than 15 years. Over that period, most pension plans have become more demographically mature, which makes them more vulnerable to risk factors such as investment return volatility and changing interest rates. The current interest rate environment provides opportunities to reduce pension plan risk that may have been untenable when interest rates were lower"
9.
What We Get Wrong About Predicting Mental Health Outcomes
Segal, via Benefits Quarterly
Mar. 1, 2024
Segal, via Benefits Quarterly
Mar. 1, 2024
"Health plans understand that mental health affects outcomes, but the theory often has not translated to improved delivery of health care to individual patients. The new role of incorporating mental health into predicting outcomes, in contrast, is one that focuses on well-executed intervention, not merely identification and awareness. It unifies predictive endeavors with the patient in a timely, relevant manner to address the influence that men- tal health has on all health care experiences."
10.
The Revival of the Defined Benefit Plan
Segal
Feb. 26, 2024
Segal
Feb. 26, 2024
"New plan designs for generating lifetime income, such as variable annuity pension plans and, to a lesser extent, cash balance plans, can be designed to provide a lifetime of guaranteed income in a way that is much more sensitive to the financial risks associated with defined benefit plans. Modern plan designs and investment policies can allow plan sponsors to be intentional about which risks are borne by the plan (and which are spread across the individual participants), and how to manage those risks."
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