The DOL issued final 408 regulations (b)(2) on February 3, 2012 (see ErisaALERT 2012-03) which included a sample guide to initial disclosures. While not required, the DOL noted that the sample guide may be a useful tool to assist the responsible plan fiduciary. Interim final regulations which preceded the final regulations (see ErisaALERT 2010-11) requested […]
408 (b) (2), 408 regulations, Disclosure, DOL, Fee Transparency, Plan FeesNote: The DOL released proposed regulations regarding electronic communication on October 23, 2019. In addition, the DOL issued an RFI to gather more information. The regulations would become effective 60 days after the publication of the final regulations and would be applicable on the first day of the first calendar year following publication. The DOL […]
General Requirement: The Plan administrator must use measures reasonably calculated to ensure actual receipt of the material by plan participants, beneficiaries and other individuals. Material must be sent by methods of delivery likely to result in full distribution. (DOL 2520.104b-1(b)). As a practical matter, you should be able to demonstrate how the distribution was made. […]
The DOL has posted a Health Benefits Advisor to its website. The following is an excerpt taken from the website. The Health Benefits Advisor provides employers with an overview of certain federal laws that can affect health benefit coverage provided by group health plans. The requirements described in this Advisor generally apply to group health […]
In recent weeks the DOL has issued a number of notices to plan sponsors for both retirement and health & welfare plans. Retirement plans – the notices relate to Form 5500 filings. These notices relate to the information reported on the Schedule H vs the information reported on the Schedule C. Specifically, plans that report […]
2012 archive, DOL, DOL auditsThe DOL issued final 408(b)(2) regulations on February 3, 2012. These regulations provide modifications to the interim final regulations issued in 2010 (see ErisaALERT 2010-11). This ErisaALERT will discuss some of the modifications. We will provide a more extensive discussion at some point in the future. The modifications Effective date – The effective date has […]
2012 archive, 408b2, covered service provider, Disclosure, DOL, fee disclosure, Fee TransparencyOn December 2, 2011, the DOL issued Technical Release 2011-04 concurrently with HHS issuance of an Interim Final Rule regarding Medical Loss Ratio (MLR) rebates. The Interim Final Rule appeared in the December 7, 2011 Federal Register and requests comments no later than February 6, 2012. The HHS guidance is expressed in terms of “subscribers” […]
ACA, DOL, minimum loss rebates, MLROn October 25, 2011 the DOL issued a final rule relating to the provision of investment advice to participants and beneficiaries in individual account plans and beneficiaries of individual retirement accounts (and certain similar plans). This ALERT will focus on employer sponsored individual account plans. Background The Pension Protection Act of 2006 created a statutory […]
DOL, investment adviceRequest for Information Regarding Electronic Disclosure by Employee Benefit Plans The DOL has asked 30 questions seeking to obtain views and suggestions regarding electronic disclosure. The DOL previously provided a safe harbor for electronic distribution in 2002. The IRS also issued guidance regarding electronic distribution in 2006. The SEC has provided guidance on the electronic […]
Disclosure, DOL, electronic disclosureOn October 21, 2010, EBSA issued proposed regulations expanding the definition of fiduciary. Investment Advisors and service providers will have to examine the proposed rules to determine whether they fall under the broadened definition. The DOL is requesting comments by January 20, 2011. This ErisaALERT will provide a very brief overview of some of the […]
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