408(b)(2) disclosures for retirement plans have been in effect for a few years. It is important to remember that the final regulations reserved a section for welfare plan disclosure. The preamble to the final regulations noted that commenters to the regulations supported disclosures specifically tailored to welfare plans. Although somewhat dated, the Employee Benefits Security […]
401k, 401k fees, fee disclosure, Form 5500, health & welfareErisaALERT 2015-01 – The Government Accounting Office (GAO) issued at least two reports discussing rollovers. We have seen increased government focus in the rollover area. The Government Accounting Office (GAO) issued at least two reports discussing rollovers. In 2013, The GAO issued (“401(k) Plans: Labor and IRS Could Improve the Rollover Process for Participants”) focusing […]
Disclosure, distribution, IRS, RolloversErisaALERT 2014-09 – ACA’s shared responsibility provisions impose penalties on individuals who do not maintain minimum essential coverage (MEC) and on plan sponsors who do not offer minimum value, affordable coverage. The way the IRS will know if an individual has MEC and if an employer offers minimum value, affordable coverage is via the §6055 […]
6055, 6056, ACA, compliance, Disclosure, HCR, ReportingErisaALERT 2013-05 discussed the statutory requirements and the proposed regulations regarding the new reporting and disclosure requirements imposed by the Affordable Care Act (ACA) relating to the individual mandate and shared responsibility. On March 10, 2014 final regulations were issued for §6055 Information Reporting of Minimal Essential Coverage (MEC) and §6056 Information Reporting by Applicable […]
6055, 6056, ACA, Disclosure, ReportingThe 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 FeesBoth reporting requirements have a delayed effective date of January 1, 2015 (originally effective January 1, 2014) with initial reporting and disclosure in 2016. In September, 2013, the IRS issued proposed regulations regarding ALE reporting as well as MEC reporting which modify the statutory language but leave the door open for increased reporting requirements. Refer […]
ACA, Disclosure, ReportingIn this ALERT we will focus on the plan sponsor’s responsibility to provide fee disclosures to participants in participant directed individual account plans (except SEPs, IRAs, SIMPLEs and governmental plans) by August 31st. The ball is now in the plan sponsor’s court and it is getting close to the end of the overtime period We […]
2012 archive, 404(a)(5), Disclosure, Participant disclosures(c) 2015 Erisa Diagnostics - We focus on benefits, so you can focus on business