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Deadline Approaching for Reminding Participants of Availability of HIPAA Privacy Notice

To many plan sponsors, the distribution of the “Notice of Privacy Practices” required by HIPAA’s privacy regulations (the “Privacy Rule”) may be no more than a distant memory. Well, dust off those HIPAA privacy notices because, according to the Privacy Rule, “No less frequently than once every three years, the health plan must notify individuals then covered by the plan of the availability of the notice and how to obtain the notice.”

Plan Sponsors Must Disclose Creditable Coverage Status to CMS

As we reported in our July 2005 issue of Benefits in Brief, regulations issued by the Centers for Medicare and Medicaid Services (“CMS”) require group health plans providing prescription drug coverage to Medicare Part D-eligible individuals to disclose to participants whether that coverage is “creditable.”

THE FIDUCIARY CORNER: Individual Financial Planners May Be ERISA Fiduciaries

An Advisory Opinion recently issued by the Department of Labor may come as quite a shock to many personal financial planners and investment advisors. According to the DOL, ERISA’s prudence, exclusive benefit, and prohibited transaction rules apply to many of the bread-and-butter recommendations that these professionals give, if their advice relates to assets held in qualified individual account plans.

New Funding Notice Required For Multiemployer Pension Plans

In January, the Department of Labor (“DOL”) finalized regulations intended to increase understanding on the part of multiemployer plan participants and beneficiaries of the funding status of their defined benefit pension plans. Issued under the Pension Funding Equity Act of 2004, the new rules require multiemployer plans to provide an annual “funding notice” with respect to all plan years beginning after December 31, 2004.

Supreme Court and Congress Weigh in on Plan Reimbursement Rights after Knudson

The travails of ERISA welfare plans seeking to enforce their subrogation and reimbursement provisions are in the news – again.

Reminder: Deadline For Small Plans To Comply With HIPAA Security Rule Approaching

Although many health plans completed their HIPAA Security Rule compliance efforts last spring, small health plans were given an additional year in which to comply.

Congress Finally Adopts Technical Correction For Dependent Care Assistance Plans

As we reported in the November 2004 issue of Benefits in Brief, the Working Families Tax Relief Act (WFTRA) took effect January 1, 2005.

IRS Defers Section 409A Reporting Obligations

Sponsors of nonqualified deferred compensation plans are now beginning to understand the substantive constraints imposed on such plans by Tax Code Section 409A, which was enacted as part of the American Jobs Creation Act of 2004 (AJCA).

THE FIDUCIARY CORNER: Fiduciary Liability Insurance Policies Warrant Careful Review

Sponsors of ERISA-governed plans should pay heed to the experiences of Raytheon Company, which recently learned to its dismay that the fiduciary liability insurance policy for which it had paid thousands of dollars was worthless as a defense to ERISA claims against it

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