February 28, 2010 - Self Reporting of Single Employer Welfare Plan Compliance Failures
Employers need to know that the formalization of the self-reporting of compliance failures became effective January 1, 2010. This means that all group health plan sponsors are now required to assess their compliance with COBRA, HIPAA and other regulations and report compliance failures to the IRS. Failure to do so carries significant penalties. Because this is such a significant issue, we’ve prepared a comprehensive chart to help our clients assess the impact on their companies. Additional information can be found in the forms available at the websites listed at the end of the Chart. To read the entire article click on the title.

December 28, 2009 – COBRA Subsidy Extension Requires Immediate Employer Action
The American Recovery and Reinvestment Act of 2009 (ARRA) provides for premium reductions and additional election opportunities for health benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985, commonly called COBRA. Eligible individuals pay only 35 percent of their COBRA premiums and the remaining 65 percent is reimbursed to the coverage provider through a tax credit. The premium reduction applies to periods of health coverage beginning on or after February 17, 2009 and lasts for up to nine months for those eligible for COBRA during the period beginning September 1, 2008 and ending December 31, 2009 due to an involuntary termination of employment that occurred during that period. The TAA Health Coverage Improvement Act of 2009, enacted as part of ARRA, also made changes with regard to COBRA continuation coverage.

November 3, 2008 - DOL Proposes Additional Disclosure Rules
Marc Zimmerman, AIF®, Vice President Qualified Plans Consulting
The Department of Labor (DOL) requires plan fiduciaries to provide participants with information sufficient to enable them to make informed decisions about the investment management of their accounts. Last year, DOL proposed regulations that would impose new and expanded disclosure requirements on plan sponsors.

November 3, 2008 - The Mental Health Parity and Addiction Equity Act of 2008
Juan Kelly, ASA, EA, MAAA, Senior Actuarial Advisor
In the past, strict limitations were placed on mental health and substance abuse benefits because of concerns over the potential for abuse and fraud. The Mental Health Parity and Addiction Equity Act changes that by requiring group health insurance plans to cover mental illness and substance abuse disorders on the same terms and conditions as other illnesses.

August 15, 2008 - Cashed-out DC Plan Participants can Sue for Investment Losses Caused by Breach of Fiduciary Duty
M&A Vice President, Compliance
In two federal cases, the courts held that former, cashed-out participants have standing to sue under Section 502(a)(2) of the Employee Retirement Income Security Act of 1974, for Investment Losses Caused by Breach of Fiduciary Duty. This decision was affirmed on July 18th, in the 1st Circuit Court of Appeals, which includes Massachusetts. The fact that a participant has left their employ does not protect plan sponsors from liability for breaches of fiduciary duty.

August 15, 2008 - DOL Proposes New Service Agreement Rules
M&A Vice President, Compliance
The Department of Labor (DOL) has issued proposed regulations which, when they become final, will require that contracts between service provider(s) and a plan disclose enough information to assist the fiduciaries in ascertaining and understanding (1) exactly what the plan actually pays for specific services (2) whether all the compensation received by the vendor is reasonable for those services and (3) the potential for conflicts of interest that may affect a vendor’s performance of those services.

July 16, 2008 - Top Ten Mistakes Participants Make on their 401(k) Plans
Marc Zimmerman, AIF®, Vice President Qualified Plans Consulting
For many employees, the money they save in their 401(k) Plan will be the primary source of retirement income. For this reason, it is critical that they have a complete understanding of how their Plan works and the implications of their participation, investment and withdrawal decisions. This is primarily the responsibility of the employer. The list of “don’ts” in this article will help employers help participants avoid these common mistakes.