The advice that credit union executives should always read a document before signing remains sound, especially in light of a recent court ruling. In Nye v. Ingersoll Rand Co., the court found that executives were entitled to benefits from two different incentive plans that they had enrolled in, despite the claim that their entitlement under the […]
On May 7, 2012, the DOL issued Field Assistance Bulletin 2012-02 (“FAB 2012-02”), to assist plan administrators and service providers in complying with the requirements of the DOL’s final participant-level fee disclosure regulation. The guidance contains several notable clarifications, including: (1) confirmation that if a plan provides investment and plan-related information in a single document, […]
On April 12, 2012, Governor Cuomo issued Executive Order No. 42, establishing a statewide Health Benefit Exchange within the New York State Department of Health. The Exchange, which will be fully operational by January 1, 2014, will initially be financed by the federal government, and will be financially self-sustaining by January 1, 2015, as required […]
The U.S. Departments of Labor, Health and Human Services, and the Treasury recently released a set of Frequently Asked Questions (“FAQs”) regarding the application of the Patient Protection and Affordable Care Act’s (“ACA”) annual and lifetime limits to HRAs. The ACA prohibits lifetime monetary limits on essential health benefits (“EHB”). The ACA also prohibits […]
The U.S. Supreme Court has announced that it will hear oral arguments in the collection of cases challenging the constitutionality of the Patient Protection and Affordable Care Act (“PPACA”) from March 26 to March 28, 2012. The justices have set aside Tuesday, March 27th to hear arguments regarding the constitutionality of the PPACA’s individual mandate, […]
Defined contribution plans that elected to suspended required minimum distributions for 2009 under the Worker, Retiree, and Employer Recovery Act of 2009 (“WRERA”), must amend their plans to reflect the election before the last day of the plan year beginning on or after January 1, 2011. This means that calendar year plans that suspended required […]
The IRS recently issued Notice 2012-31, which proposes three different methods by which sponsors of self-insured health plans may value the coverage provided under their plans. Under the Patient Protection and Affordable Care Act (“PPACA”) employers that provide affordable “minimum essential health coverage” will not be subject to the PPACA’s employer penalties. Minimum essential health […]
On February 13, 2012, the DOL published a Notice of Proposed Rulemaking (“NPR”) proposing regulations implementing the changes to the Family and Medical Leave Act (“FMLA”) made by the 2010 National Defense Authorization Act (“NDAA”). The NDAA amended the FMLA to permit eligible family members of all active duty service members to take leave for […]
On March 12, 2012, the Department of Health and Human Services (“HHS”) issued final and interim rules governing the establishment and operation of American Health Benefit Exchanges under the Patient Protection and Affordable Care Act (“PPACA”). The PPACA requires states to establish Exchanges that will provide a competitive marketplace for individuals and small businesses to […]
On May 31, 2011, the Department of Health and Human Services (“HHS”) issued a proposed regulation that changes the requirements under the Health Insurance Portability and Accountability Act (“HIPAA”) for health plans and other HIPAA covered entities to provide individuals with an accounting of disclosures of their Protected Health Information (“PHI”). Under the proposed regulation, […]