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When making decisions about benefit plans, plan sponsors should take some time to consider what role they are playing. I am working with a company that is terminating its health plan and the distinction between "settlor" functions and "fiduciary" functions became very significant. So I thought I might share some thoughts on the topic.
On Tuesday, HR/benefits practitioners got some free legal advice regarding their specific obligations under new Department of Labor 401(k) fee disclosure rules, which go into effect next month.
Two years after the Internal Revenue Service and U.S. Department of Labor jointly issued a high-profile Request for Information regarding how defined contribution plans can better provide lifetime income, the IRS and Department of the Treasury have issued some initial guidance. DOL guidance, expected to further underscore the importance of the issue, is anticipated “in the near future.”
Three separate panels of witnesses testified at the February 15 Equal Employment Opportunity Commission meeting to discuss the laws that govern pregnancy and caregiver-based employment discrimination, current charge statistics on these types of claims and how to help employers comply with the many laws involved. Several panelists urged the Commission to update and clarify current guidance to better assist employers.
It's tax time again and I tend to get questions this time of year about reporting of benefits. Health plans that provide coverage to same-sex couples and domestic partners require some special consideration for tax purposes so let's review some of the key issues. The first is verification of status. Some employers voice to me concerns over asking for marital status for fear that requiring enrollees to identify potential same-sex partners is tantamount to discrimination. But
A woman whose firing from her job over a request to pump breast milk was supported by a Texas judge said last week the decision was unfair and discriminatory, and her lawyer said an appeal was under consideration.
The Department of Labor unveiled a final 401(k) fee disclosure rule last Thursday that requires plan providers to give more details about what employers pay for retirement plan administration and other services.
On January 24, 2012, the Acting General Counsel of the National Labor Relations Board issued a second report on social media cases, just six months after the GCs last report on the subject. In this latest document, the Obama Board continues to refine its analysis of the two most common issues presented to it in social media cases: whether the employers policy itself is overbroad and thus violates employees right to engage in concerted and
On-site clinics utilized in conjunction with a group health plan are becoming an increasingly common method to help employers address the rising cost of health care. The issues in implementing an on-site clinic may seem obvious: Finding a service provider; installing an appropriate facility; and addressing employee access during work hours. However, there are less obvious but equally important compliance concerns that arise when an on-site clinic is implemented. Such clinics maintained on an employers
Most employers have become accustomed to the IRS and Department of Labor periodically auditing their qualified retirement plans. Now, employers must also be ready for HIPAA audits.
An Eastman Kodak employee filed a civil lawsuit against Kodak's board members and other fiduciaries of the photography companies' retirement plans, saying they breached their duties as the company was spiraling toward bankruptcy.
On January 3, 2012, the Internal Revenue Service issued Revenue Procedure 2012‑6, which formally changes and eliminates certain features of its determination letter program for qualified retirement plans. According to an earlier announcement of these changes (in IRS Announcement 2011-82), the IRS concluded that the features being eliminated are “of limited utility to plan sponsors in comparison with the burdens they impose.” However, the changes will significantly restrict the determination letter service on which plan
Wage laws are tricky. But it is an area of law all employers need to familiarize themselves with. It's necessary to compensate employees sometimes even when you least expect it. In fact, there are times when employees need to be paid for…not working.
I recently read an article about a company wellness program that consisted primarily of a company health fair. At the health fair, an employee who thought he was otherwise healthy took a Prostate-Specific Antigen test and discovered he had elevated PSA levels. He was encouraged to follow up with his doctor, who discovered he had prostate cancer. He was ultimately cured and his doctor said he probably would have died had it not been for
The Patient Protection and Affordable Care Act requires employers to report the aggregate cost of employer-sponsored health coverage on the Forms W-2 of its employees. In March 2011, the Internal Revenue Service issued interim guidance on the Form W-2 informational reporting requirement in the form of 31 Q&As. Recently, the Internal Revenue Service revised this interim guidance by issuing Notice 2012-9, which clarifies several of the original Q&As and adds some Q&As.
Broker-dealers are up in arms over a little-known provision of the Department of Labor's 401(k) plan fee disclosure rules.
An official at the Department of Labor acknowledged that it may not be feasible for securities industry groups to immediately provide all of the data it requested for use in a cost-benefit analysis it is conducting.
Although it is probably not high on the list of priorities for plan administrators, the end of a calendar year usually means means the start of the process of preparing 5500s. They may not be due right away, but it is always good to know what information you will have to provide when you eventually file them. The Employee Benefits Security Administration has made an informational copy of the 2011 5500 available, with instructions, on
In the midst of the holiday season, many of us spend time reflecting on the past year and identifying opportunities to improve ourselves in the one ahead. As you make your personal New Years resolutions, why not make some professional resolutions as well? A 2012 review and update of these 10 personnel policies will help manage employee expectations, limit company liability and ensure regulatory compliance.
While it is well known that the National Labor Relations Board governs issues involving unions and unionized employers, it also protects employees' rights to engage in "protected concerted activities," defined as two or more employees conferring or taking action for their mutual aid or protection regarding terms and conditions of employment. It does not matter if the employees are unionized. If an employer disciplines or discharges an employee for engaging in such activities, it may