Unanimous Supreme Court Holds Retirement Plan Fiduciaries Must Monitor and Remove All Imprudent Investment Options
Last week, on January 24, the United States Supreme Court issued its much-anticipated decision in Hughes v. Northwestern University (“Hughes”), unanimously holding that retirement plan fiduciaries have a duty to continuously monitor retirement plan investment options and to remove all imprudent ones. In its opinion, the Supreme Court made it clear that if there are…
Free Over-the-Counter COVID Tests (if you can find them)
The Families First Coronavirus Response Act (FFCRA) was enacted on March 18, 2020, and generally requires group health plans to provide benefits for certain items and services related to COVID-19 testing when those items or services are furnished on or after March 18, 2020 and during the applicable emergency period. Plans must provide this coverage…
New Health Plan Disclosure Requirements Should Bring More Transparency
Ten years ago, the United States Department of Labor (“DOL”) published a final regulation under the Employee Retirement Income Security Act of 1974 (“ERISA”), which required retirement plan service providers to disclose information about the service provider’s compensation and potential conflicts of interest. Under that regulation, covered service providers to retirement plans are required to…
Permanent Extension of Form 1095-C Reporting Deadline
The Internal Revenue Service recently released a host of changes to Form 1095-C reporting required under the Affordable Care Act. This is welcome relief for large employers who struggle to deliver these forms to employees by the old January 31 deadline. A. Deadline Extension The IRS issued proposed regulations to permanently delay the deadline to…
COVID Vaccines: When is an Employee’s Vaccination Status HIPAA-Protected?
Whether an employee’s vaccination status is protected by HIPAA has been (or should be) on the minds of all human resources personnel as of late. This is especially true in the wake of the Department of Labor’s Occupational Safety and Health Administration (“OSHA”) impending rule that will likely require employers with 100+ employees to ensure…
New Health Plan Guidance Regarding Transparency Regulations and Last Year’s Budget Act
Late last Friday afternoon, the Departments of Labor, Health and Human Services, and the Treasury, issued some new frequently asked questions (FAQs) regarding implementation of the transparency in coverage (TIC) regulations and the Consolidated Appropriations Act of 2021 (CAA). You might recall that the TIC regulations require group health plans to publish three machine-readable files…
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ERISALINC provides legal insight, news, and commentary from McAfee & Taft's Employee Benefits & Executive Compensation attorneys.