In our January 2022 update, we discussed new federal requirements that group health plans should pay close attention to in 2022. The sponsor of a self-funded plan will need to work closely with its legal counsel, benefits consultant, and administrative services only (ASO) provider or other third-party administrator (collectively, TPA) to modify its plan
Washington Legislature Amends WA Cares Fund, Delays Premium Collection until July 2023
On January 27, 2002, Washington Governor Jay Inslee signed House Bills 1732 and 1733 into law, officially delaying the assessment of WA Cares Fund premiums until July 1, 2023. As a result, WA Cares Fund benefits will not be available until July 1, 2026. These delays give state lawmakers additional time to resolve key issues
2022 Cybersecurity Issues and Recommendations for ERISA Plan Fiduciaries
New cybersecurity developments and observations, including those relating to U.S. Department of Labor review of cybersecurity issues, warrant prompt consideration by plan fiduciaries, including those plans covered by HIPAA. The following update includes recommendations to help ERISA retirement and health and welfare plan sponsors and responsible fiduciaries protect benefit plans and participants against cybersecurity risks
Ringing in the New Year: Key Developments for Health Plan Sponsors
There are many new and expanding legal requirements for group health plans and issuers of group health plan coverage to pay attention to this year. Many of these requirements were enacted as part of the Consolidated Appropriations Act of 2021, which passed in December 2020. This update describes the key legal requirements that we are
Washington Governor Attempts to Clarify WA Cares Fund Premium Collection
Today, Washington Governor Jay Inslee released a statement clarifying his earlier statement about delaying the assessment of WA Cares Fund premiums. (Our earlier blog entry is here.) In today’s clarification, the Governor appears to be saying that employers still have a choice to make about whether to collect and remit WA Cares Fund premiums,
Washington State Pauses Collection of WA Cares Fund Premium Assessments, Employers Should Too
See our December 23, 2021 update to this alert here: Washington Governor Attempts to Clarify WA Cares Fund Premium Collection | Employee Benefits (perkinscoiebenefitsblog.com)
On December 17, Washington Governor Jay Inslee, Senate Majority Leader Andy Billig, and House Speaker Laurie Jinkins issued a joint statement that included the Governor’s intention to direct the State’s Employment
DOL Proposes Expanded Use of ESG Factors in ERISA Plan Investment Decisions and Proxy Voting
The U.S. Department of Labor (DOL) published a proposed regulation on October 14, 2021, that would clarify how fiduciaries of private sector employee benefit plans should apply ERISA’s fiduciary duties of prudence and loyalty when making investment decisions and exercising shareholder rights. In part, the DOL’s changes to its “Investment Duties” regulation (29 C.F.R. §
US Department of Labor Issues Highly Anticipated Cybersecurity Guidance for ERISA Plans
On April 14, 2021, the U.S. Department of Labor (DOL) released three-part guidance on cybersecurity issues for employee benefit plans, marking its first significant commentary on the issue since its comprehensive but nonbinding report in late 2016.
The DOL’s guidance provides tips and best practices for ERISA plan sponsors, responsible fiduciaries, recordkeepers, service providers, and
Employee Benefit Provisions in the Consolidated Appropriations Act, 2021
President Trump signed into law the Consolidated Appropriations Act, 2021 (the Omnibus Bill) on December 27, 2020. The following update provides a summary of key employee benefit provisions in the Consolidated Appropriations Act.
The act expands and extends certain COVID-19 relief, including new qualified disaster relief for retirement plan distributions and temporary special rules
Employee Benefit Plan Developments—2020 Year in Review
Employee benefits professionals have faced many challenges in 2020.
The following update provides highlights of key developments that employers and other plan sponsors should consider as 2021 approaches. Read the full article.