As the temperatures continue to rise, regulations and litigation related to employer-sponsored group health plans have followed suit. As these new rules continue to evolve, we are often asked whether a self-insured group health plan is required to cover gender-affirming medical services. Many state governments have enacted legislation on ...
SECURE 2.0 provided employees better access to liquid assets during a major life crisis. We have previously discussed the domestic abuse victim distribution exemption and the emergency personal expense distribution exemption in this space. We are revisiting these topics because the IRS, through issuance of Notice 2024-55, has provided ...
It is the first week of summer, even though in Ohio the smoldering heat has made it feel like summer for weeks now. Summer reminds many of us of pool days, eating watermelon and corn on the cob, Fourth of July fireworks, and 401(k) plan audits. Oh wait, that last one may just be me. But once the summer season arrives, most plan auditors begin the process ...
Last month, the IRS released the 2025 cost-of-living adjusted limits for health savings accounts (HSAs) and high-deductible health plans (HDHPs). The IRS requires that in order to contribute to an HSA, an individual must be enrolled in a HDHP plan that meets the minimum deductible requirements. The minimum deductible is the amount a ...
When considering compensation and benefits packages to lure and retain top executives or talent, nonprofit organizations, including universities and hospitals, are often at a disadvantage compared to their for-profit rivals. Their tax-exempt status limits the compensation options available to them and the public reporting ...
The Department of Labor (DOL) recently released the Retirement Security Rule - yet another iteration of its updated fiduciary rule that has been kicking around the agency for over a decade. The final rule updates the definition of investment advice fiduciary under ERISA and will generally be effective September 23, 2024, with a delayed ...
One of the many elements of business ownership and management is attracting and retaining productive employees. Offering the right mix of employee benefits tailored to your employee population can play an important role in that process. One area of employee benefits to consider offering depending on employee demographics is educational ...
Earlier this month, a Mayo Clinic employee filed a proposed class action against the clinic, arguing that the clinic’s employee health plan and its third-party administrator (TPA) Medica, underpaid for services performed by out-of-network doctors, thus passing on the costs to participants.
The lawsuit alleges that the health system and ...
One of the most basic duties of a defined contribution plan sponsor is to ensure that that there is no delay and participants’ salary deferral elections are correctly and timely deposited into the retirement plan. Not only is this duty necessary for proper administration of the plan, it is also part of a plan sponsor’s fiduciary duties under ...
If you administer a 403(b) plan you should be familiar with the term “universal availability”. This concept means that, as a general rule, all employees must be allowed to make elective deferrals into the plan immediately upon hire. Thus, 403(b) plans generally cannot have eligibility requirements for elective salary deferrals into the ...