The Department of Labor issued a press release on February 12 confirming that Prohibited Transaction Exemption 2020-02, titled “Improving Investment Advice for Workers & Retirees” (the “Exemption”), would go into effect as scheduled. The Exemption was finalized and published by the Trump administration in December 2020, and came into effect on February 16.
The newly available Exemption is intended to fill a void left by the loss of the “Best Interest Contract” or “BIC” Exemption, which was struck down along with the rest of the Obama-era Fiduciary Rule in a March 2018 Fifth Circuit ruling.
Continue reading “Biden Administration Permits Trump-Era Investment Advice Exemption, Rollover Guidance, to Come Into Effect”
On January 12, 2021, the Department of Labor (“DOL”) issued guidance that is intended to help retirement plan fiduciaries meet their ERISA obligations to locate and distribute benefits to missing or nonresponsive participants.
Continue reading “DOL Provides (Informal, Non-Binding) Guidance on Missing Participants”
As noted in several recent blog posts, the year-end Consolidated Appropriations Act (CAA) included a number of employee benefits-related changes. One set of changes represents an effort to further strengthen protections under the Mental Health Parity and Addiction Equity Act (MHPAEA). These new provisions will require group health plans and health insurance issuers (collectively, “group health plans”) that provide both medical and surgical (M/S) benefits and mental health or substance use disorder (MH/SUD) benefits and that impose nonquantitative treatment limitations (NQTL) on MH/SUD benefits to perform comparative analyses to demonstrate compliance with mental health parity requirements. Plans will also be required to provide that comparative information to the DOL, HHS or applicable State authority upon request (DOL for ERISA-governed group health plans). These new requirements go into effect February 10, 2021 (45 days after enactment of the CAA).
Continue reading “Mental Health Parity: Comparative Assessments Required for Certain Nonquantitative Treatment Limits in Group Health Plans”