Take a quick dive into the exciting world of ERISA with Faegre Drinker benefits and executive compensation attorneys Fred Reish and Brad Campbell. In this quick-hit series of updates, Fred and Brad offer a high-level view of current trends and recent ERISA developments. See the newest episode, How PTE 2020-02 Will Be Changed, below.
Continue reading “ERISA Moments Ep. 10: How PTE 2020-02 Will Be Changed”
Take a quick dive into the exciting world of ERISA with Faegre Drinker benefits and executive compensation attorneys Fred Reish and Brad Campbell. In this quick-hit series of updates, Fred and Brad offer a high-level view of current trends and recent ERISA developments. See the newest episode, Who is a Fiduciary? The Proposal’s Three Definitions of Fiduciary, below.
Take a quick dive into the exciting world of ERISA with Faegre Drinker benefits and executive compensation attorneys Fred Reish and Brad Campbell. In this quick-hit series of updates, Fred and Brad offer a high-level view of current trends and recent ERISA developments. Watch the newest episode, The New Fiduciary Proposal: PTE 84-24 and the Obligations of Insurance Companies, below.
The Eastern District of Kentucky recently became the latest court to weigh in on arbitration and class action waiver provisions in ERISA-governed defined contribution plans. In Merrow v. Horizon Bank, the court found such a provision enforceable and compelled arbitration of the plaintiffs’ ERISA breach of fiduciary duty and prohibited transaction claims.
The three plaintiffs were former employees of P.L. Marketing (PLM), who were vested participants in the P.L. Marketing, Inc. Employee Stock Ownership Plan (the Plan). They filed an action against Horizon Bank, the Plan’s trustee, asserting that defendants violated ERISA by causing the Plan to overpay for company stock. Plaintiffs brought three ERISA claims, arguing: 1) Horizon participated in a prohibited transaction; 2) Horizon breached its fiduciary duty as the Plan administrator; and 3) the selling shareholders knowingly participated in ERISA violations under 29 U.S.C. § 1132(a)(3).
Take a quick dive into the exciting world of ERISA with Faegre Drinker benefits and executive compensation attorneys Fred Reish and Brad Campbell. In this quick-hit series of updates, Fred and Brad offer a high-level view of current trends and recent ERISA developments. See the newest episode, The New Fiduciary Proposal: PTE 84-24 and the Significant Disclosure Obligations, below.
Take a quick dive into the exciting world of ERISA with Faegre Drinker benefits and executive compensation attorneys Fred Reish and Brad Campbell. In this quick-hit series of updates, Fred and Brad offer a high-level view of current trends and recent ERISA developments. See the newest episode, The New Fiduciary Proposal: PTE 84-24 and the Limits on Independent Agents’ Compensation, below.
Take a quick dive into the exciting world of ERISA with Faegre Drinker benefits and executive compensation attorneys Fred Reish and Brad Campbell. In this quick-hit series of updates, Fred and Brad offer a high-level view of current trends and recent ERISA developments. See the newest episode, The New Fiduciary Proposal: An Overview of PTE 84-24 and its Impact, below.
Take a quick dive into the exciting world of ERISA with Faegre Drinker benefits and executive compensation attorneys Fred Reish and Brad Campbell. In this quick-hit series of updates, Fred and Brad offer a high-level view of current trends and recent ERISA developments. See the newest episode, ERISA Moments: New DOL Fiduciary Proposal Stirs Controversy—The Impact on the Insurance Industry.
The IRS recently announced the 2024 cost-of-living adjustments to various benefit and contribution limits applicable to retirement plans. The IRS modestly increased the applicable limits for 2024. The following limits apply to retirement plans in 2024:
Continue reading “IRS Announces 2024 Retirement Plan Limits”
The Consolidated Appropriations Act of 2021 generally requires group health plans and health insurance issuers to submit a Gag Clause Prohibition Compliance Attestation (Attestation) each year to demonstrate compliance with the prohibition on including gag clauses in certain agreements. The Departments of Labor, Health and Human Services, and the Treasury (the Departments) issued FAQs last February requiring affected plans and issuers to submit their first Attestations no later than December 31, 2023, covering the period beginning December 27, 2020 through the attestation date, with subsequent Attestations due annually thereafter.
Group health plans and health insurance issuers offering group health insurance coverage are prohibited by ERISA and the Internal Revenue Code from entering into an agreement with a health care provider, network or association of providers, third-party administrator (TPA), or other service provider offering access to a network of providers that would directly or indirectly restrict a plan or issuer from (i) disclosing provider-specific cost or quality-of-care information to referring providers, plan sponsors, enrollees or eligible individuals; (ii) electronically accessing de-identified claims and encounter information or data for plan participants, beneficiaries, or enrollees, and (iii) sharing such information or data with business associates, consistent with applicable privacy regulations. A similar prohibition applies to health insurers offering individual health insurance coverage under the Public Health Service Act. These prohibited restrictions are referred to as “gag clauses.”
Continue reading “Reminder: Gag Clause Attestations Due by Year-End”
