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February 16, 2020

The Pension Benefit Guaranty Corporation (PBGC) announced in January that it has approved a facilitated merger of two multiemployer pension plans, the Laborers International Union of North America 1000 Pension Fund and the Laborers Local 235 Pension Fund. This is the f...

January 28, 2020

In mid-December, Congress passed and President Trump signed the Bipartisan American Miners Act, a bill intended to rescue the multiemployer pensions of retired coal miners. Coal miners’ pensions are in dire straits as coal mining companies have consistently been closin...

January 14, 2020

Private health insurance costs have skyrocketed this decade. The Kaiser Family Foundation recently reported that private health insurance spending has grown over 50% per capita in the last ten years, compared to just 21.5% growth in Medicare spending and 12.5% growth i...

January 1, 2020

The Pension Benefit Guaranty Corporation (PBGC) recently released its Fiscal Year 2019 Annual Report. The PBGC acts as an insurer and guarantees a pension benefit to retirees if their pension plan should be unable to pay benefits. The report notes a record deficit of $...

December 30, 2019

Many health plans are struggling over the decision to cover gene therapies, a type of medical procedure which treats diseases by manipulating genes at the cellular level. On one hand, a certain gene therapy procedure may be the only option to cure an otherwise incurabl...

December 25, 2019

More and more health plans are providing low- or no-cost wellness benefits. While this may be an upfront cost to plans, it often reflects long-term cost savings as participants remain healthy or become healthier. Health plans may consider providing the following popula...

December 18, 2019

In November 2019, the DOL issued new templates and instructions for completing Summaries of Benefits and Coverage (SBCs). As a reminder, the SBC is a concise document that summarizes, in simple and clear language, information about a health plan’s covered benefits, cos...

December 11, 2019

The cyber security of health plan information is often at the forefront of many plan sponsors’ minds because of the strict requirements of HIPAA, but a recent lawsuit emphasizes the importance of retirement plan cyber security as well. In the lawsuit, a participant all...

December 1, 2019

ERISA requires that, in response to a request from a participant or beneficiary, a plan must furnish certain documents within 30 days. These documents include a copy of the latest updated summary plan description, the latest annual report, any terminal report, the barg...

November 21, 2019

In response to an executive order directing the agency to lighten regulatory burdens on retirement plans, the Department of Labor (DOL) proposed new rules regarding electronic delivery of retirement plan documents and disclosures. Under the current rule, plans by defau...

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