On October 25, 2011 the DOL issued a final rule relating to the provision of investment advice to participants and beneficiaries in individual account plans and beneficiaries of individual retirement accounts (and certain similar plans). This ALERT will focus on employer sponsored individual account plans. Background The Pension Protection Act of 2006 created a statutory […]
DOL, investment adviceSnapshot In October 2010, the DOL issued regulations regarding disclosures (referred to as “participant disclosures” in this ErisaALERT) in participant directed accounts. The participant disclosures are plan related and investment related with each category requiring certain expense related disclosures. Certain participant disclosures can be provided in the summary plan description and/or the pension benefit statement […]
Disclosure, DOL, interim policy on electronic disclosuresRequest for Information Regarding Electronic Disclosure by Employee Benefit Plans The DOL has asked 30 questions seeking to obtain views and suggestions regarding electronic disclosure. The DOL previously provided a safe harbor for electronic distribution in 2002. The IRS also issued guidance regarding electronic distribution in 2006. The SEC has provided guidance on the electronic […]
Disclosure, DOL, electronic disclosureForm 5500 Roundup In January, we issued an ErisaALERT regarding EFAST2. As we are rapidly approaching the due date for calendar year 5500s, we would like to provide a brief update. EFAST2 new e-signature option The DOL recently issued guidance relating to a service provider signing the Form 5500 on behalf of their client; question […]
DOL, Form 5500DOL Issues Model CHIPRA Notice The DOL issued a model CHIPRA notice on February 4, 2010. As described in our ErisaALERT-2, CHIPRA requires employers that maintain a group health plan in states that offer assistance for health care to provide employees with a written notice of the availability of premium assistance programs under Medicaid or […]
CHIPRA, CHIPRA notice, Disclosure, DOLDecember, 2007 DOL Auditing Medical Plan The Department of Labor (DOL) is starting to audit health plans!!! We are currently working with a client in responding to a DOL audit notice. Relying on that old adage “forewarned is forearmed”, we would like to share with you the data that the DOL is requesting in this […]
DOL, DOL audits, DOL plan audits, H&W plan auditsJanuary, 2007 DOL Issues Guidance on Periodic Benefit Statements WHAT IS IT?: – In December 2006, the DOL issued Field Assistance Bulletin (FAB) No. 2006-03 regarding the periodic benefit statement requirement contained in the Pension Protection Act of 2006 (PPA). Plan sponsors should act in good faith compliance until regulations are issued concerning the pension […]
benefit statements, DOL, FAB 2006-03, periodic benefit statements(c) 2015 Erisa Diagnostics - We focus on benefits, so you can focus on business