By Steve Friedman and Sean Brown The Department of Labor’s Employee Benefits Security Administration (“EBSA”) recently issued final investment advice regulations (pdf) that are intended to make fiduciary investment advice more accessible for Americans who participate in 401(k)s and/or individual retirement arrangements (IRAs). When it comes to employer-sponsored plans, this new rule provides employers with… Continue Reading
Monthly Archives: October 2011
House Approves Bill Narrowing Eligibility to Receive Certain Health Care Subsidies
By Ilyse Schuman On Thursday the House of Representatives voted 262-157 in favor of a bill that would modify how adjusted gross income is calculated for the purposes of qualifying for certain healthcare programs under the Affordable Care Act. Specifically, H.R. 2576 would factor in the full amount of Social Security benefits received for determining… Continue Reading
DOL Issues Its Final Rule on Prohibited Transaction Exemption Procedures
By Adam J. Peters The Department of Labor’s Employee Benefits Security Administration (EBSA) issued a final rule on October 27, 2011, governing the process for filing requests for administrative exemptions from the prohibited transaction provisions under the Employee Retirement Income Security Act (ERISA). ERISA’s design includes numerous safeguards to prevent employee benefit plan fiduciaries from self-dealing… Continue Reading
Employees Are Warming Up to Health Care Reform, Survey Finds
By Ilyse Schuman According to the executive summary of a 2011 Mercer Workplace Survey, (pdf) employees continue to place a high value on employer-provided benefits, and are willing to pay more in premiums to keep their health insurance. The survey, which collected responses from 1,507 401(k) participants between June 16 and July 1, 2011, found… Continue Reading
IRS Announces Pension Plan Limitations for Tax Year 2012
By Ilyse Schuman The Internal Revenue Service has released a detailed list of pension plan and other retirement-related contribution limitations for the Tax Year 2012 that were triggered by an increase in the cost-of-living index. Read the full post on the IRS announcement on Littler’s Washington DC Employment Law Update blog.
Administration Drops CLASS Act
By Ilyse Schuman The Affordable Care Act’s beleaguered long-term care program has been officially abandoned due to its lack of financial sustainability. The Community Living Assistance Services and Supports (CLASS) Act (pdf) would have created a national, voluntary program for individuals to purchase long-term care benefits in the event they become functionally disabled. Adults would… Continue Reading
Institute of Medicine Releases Recommendations For Determining Essential Health Benefits
By Ilyse Schuman In a report by the Institute of Medicine (IOM) to the U.S. Department of Health and Human Services (HHS), the IOM recommends that in developing the essential health benefits (EHB) that certain insurance plans must offer under the Affordable Care Act, HHS should ensure that such benefits are affordable to consumers, employers,… Continue Reading
Surveys Find Health Care Premiums Have Substantially Increased in 2011, But that the Rate of Increase will Decelerate in 2012
By Ilyse Schuman The findings of two recent surveys on employer-provided health care indicate that while premiums have risen by 8-9% in 2011, the rate of cost increases will likely decrease the following year. The Employer Health Benefits 2011 Annual Survey (pdf) conducted by Kaiser Family Foundation (Kaiser) and the Health Research & Educational Trust… Continue Reading