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149 Matching News Items
1.
Why Is There No IRS Correction Program for Non-Governmental 457(b) Plans?
Verrill Dana LLP
May 1, 2024
Verrill Dana LLP
May 1, 2024
"If your non-governmental 457(b) plan has accepted deferrals exceeding the IRS-prescribed annual dollar limit (or the limit on catch-up deferrals, if applicable), the good news is that the regulations outline an approved correction method. The method is similar to the method that applies to 401(k) plans ... The bad news is that if an excess deferral under a non-governmental 457(b) plan is not distributed by April 15 of the following year, with earnings, there is no further opportunity for correction"
2.
RxDC Reporting in Light of June 1, 2024 Deadline and Recent PBM Litigation
Verrill Dana LLP
Apr. 23, 2024
Verrill Dana LLP
Apr. 23, 2024
"Given the upcoming deadline and the heightened litigation risk associated with pharmacy benefit managers (PBMs).... [this post] provides action steps for group health plans to consider. RxDC reporting is no small task, and plan sponsors would be well advised to craft an approach specific to their needs and capabilities to mitigate compliance and litigation risks."
3.
Health and Welfare Benefit Plan Fiduciary Governance in the Wake of the Johnson & Johnson Lawsuit
Verrill Dana LLP
Apr. 22, 2024
Verrill Dana LLP
Apr. 22, 2024
"If the merits of the J&J lawsuit are litigated, we can infer from analogous fee litigation concerning retirement plans that the question before the court will be whether the J&J defendants engaged in and documented a prudent process in selecting and monitoring the plan's PBM and its prescription drug benefits." [Lewandowski v. Johnson & Johnson, No. 24-0671 (D.N.J. complaint filed Feb. 5, 2024)]
4.
Cross-Plan Offsetting in Group Health Plans: The DOL Makes Its Position Clear
Verrill Dana LLP
Feb. 29, 2024
Verrill Dana LLP
Feb. 29, 2024
"In October of 2023, the DOL entered into a settlement agreement with EmblemHealth Inc. ... resolving claims that Emblem breached its fiduciary duties under ERISA by engaging in the practice of cross-plan offsetting.... Based on the potential ERISA violations and the practical problems that may result, employers that maintain health plans (particularly self-insured health plans) should determine whether their TPAs are engaging in cross-plan offsetting."
5.
ACA Compliance When Employees Move from Full-Time to Part-Time Mid-Year
Verrill Dana LLP
Feb. 13, 2024
Verrill Dana LLP
Feb. 13, 2024
"A common fact pattern that frequently results in ACA reporting errors is the employee who moves from a full-time position to a part-time position mid-year. Must plan sponsors continue to offer this part-time employee health coverage? Doesn't the ACA only require employers to offer health coverage to their full-time employees? The answers to these questions depend on which measurement methodology the employer uses to calculate full-time employee/full-time equivalent (FTE) status."
6.
SECURE 2.0 Provisions with 2024 Implementation Dates
Verrill Dana LLP
Dec. 25, 2023
Verrill Dana LLP
Dec. 25, 2023
"While no amendments are required for plans heading into 2024, plan operations may see some updates ... [1] Long-term, part-time employee eligibility and vesting ... [2] Catch-up contributions as Roth contributions ... [3] Required minimum distribution changes ... [4] Matching contributions for student loan payments ... [5] Emergency savings accounts linked to individual account plans ... [6] Penalty-free withdrawals ... [7] Mandatory cash-out limit increase."
7.
Proposed Regs for Long-Term, Part-Time Employee Participation in 401(k) Plans
Verrill Dana LLP
Dec. 10, 2023
Verrill Dana LLP
Dec. 10, 2023
"Many plans provide for the application of the actual hours method for hourly employees and an equivalency method for salaried employees. One would expect the typical LTPT employee to be paid on an hourly basis, but the plan sponsor should apply the service crediting method it would normally use based on the classification of the potential LTPT employee."
8.
Use of Retirement Plan Forfeitures: The IRS Proposed Regs, Recent Litigation, and the DOL's Position
Verrill Dana LLP
Dec. 7, 2023
Verrill Dana LLP
Dec. 7, 2023
"This post first briefly describes what a forfeiture is, what the 2023 Proposed Regulations provide, and what the pending lawsuits allege, then explores why the DOL's position on the use of forfeitures might differ from the IRS's. With the applicability date for the 2023 Proposed Regulations approaching, this post is also a reminder for plan sponsors to confirm that their retirement plans, in operation, comply with the regulations and that the plan documents reflect how the plans are operated."
9.
HIPAA Privacy Rule Changes May Yet Be Finalized Before Year End
Verrill Dana LLP
Nov. 29, 2023
Verrill Dana LLP
Nov. 29, 2023
"In 2021, [HHS] proposed changes to the [HIPAA] Privacy Rule ... that would significantly alter the current regulations. The Proposed Rules are supposed to be finalized in 2023.... The proposed changes to the Privacy Rule that should most concern group health plan sponsors fall into two general categories: [1] changes that increase the right of individuals to access their PHI, and [2] changes that allow covered entities and business associates to share PHI more easily while safeguarding against a breach."
10.
Maine's Mandatory Retirement Savings Program: What Employers Need to Know
Verrill Dana LLP
Nov. 5, 2023
Verrill Dana LLP
Nov. 5, 2023
"The final rule establishes procedures and requirements for 'Covered Employers' to register with [the Maine Retirement Investment Trust (MERIT)], onboard 'Covered Employees' with MERIT, and remit payroll deduction contributions to the program administrator. The final rule also addresses the right of Covered Employees to opt out of MERIT and includes rules regarding contribution rates and IRA investment options."
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