When an employee forgets—or chooses not—to notify you of a divorce, it can cause a ripple effect on your benefit plan administration, particularly with your health plan. Here's what you need to know and do to keep your health plan compliant and minimize risk.
Coverage Ends at Divorce
The first thing you need to know is when coverage terminates ...
The Department of Labor (DOL) issued guidance earlier this month that will affect defined benefit plans’ annual funding notices. The annual funding notice requirements were amended by SECURE 2.0 and are effective for plan years beginning after December 31, 2023. The changes made by the Act, and the guidance issued by the DOL, are intended to ...
Under SECURE 2.0, plan sponsors were granted discretion to determine whether or not the plan would recoup "inadvertent benefit overpayments." However, SECURE 2.0, did not define the term, leaving implementation of the new provision unclear for plan sponsors. To provide more guidance on the provision, last year, the IRS released Notice 2024-77
Late last year, the Department of Labor (DOL) launched the public Retirement Savings Lost and Found Database. Created as part of SECURE 2.0, the DOL hopes that the database will serve as a centralized location to help missing participants and beneficiaries locate their retirement benefits. Missing participants remain a focus area on audit ...
If your health insurance premiums have gone up again, you are not alone. For that reason, we frequently get questions from clients on whether there is anything they can do to get high claimants off of their plans. The short answer is no, an employer cannot kick a high claimant off their health plan even if the employee was lasered by your stop loss. There ...