Insights

On July 28, 2022, the DOL, IRS and Department of Treasury jointly issued Part 54, FAQs About Affordable Care Act Implementation. The newly issued guidance includes 14 frequently asked questions related to coverage of preventive services, specifically women's preventive services and contraception. As a reminder, the ACA requires non-grandfathered group health plans to provide coverage for certain preventive care services with no cost-sharing for participants. Please note that male sterilization

Generally, an employer can vary benefits and contributions by bona fide employment classifications. However, even where such classifications exist, the employer should ensure that the variations comply with the applicable nondiscrimination rules. Section 125 nondiscrimination rules apply to benefits and contributions made through a cafeteria plan. Section 105 rules apply to self-insured plans, including HRAs. Both sets of rules are designed to prohibit discrimination in benefits and contributi

On July 26, 2022, the DOL proposed an amendment to the Class Prohibited Transaction Exemption 84-14, also known as the Qualified Professional Asset Manager (QPAM) Exemption. According to the DOL, the amendments are designed to ensure the exemption continues to protect investment funds holding ERISA retirement plan assets and individual retirement accounts. A registered investment advisor or a bank, savings and loan or insurance company meeting certain financial criteria can qualify as a QPAM.

On July 25, 2022, in Ministeri v. Reliance Standard Life Insurance Co., the US Court of Appeals for the First Circuit found an ambiguous term in an ERISA-governed life insurance policy should be held against the insurer and, applying an interpretation that favored the plaintiff, awarded full benefits with attorneys' fees and interest. The plaintiff in this case, Renee Ministeri, sued Reliance Standard Life Insurance Company (Reliance) for life insurance benefits totaling $1,092,000 following R

On July 12, 2022, Gov. Ige signed SB 3289 into law, establishing the Hawaii Retirement Savings Account Program. The program will be a state-facilitated payroll-deduction retirement savings plan for private sector employees in Hawaii who do not have access to employer-sponsored retirement plans. The new law also creates a new board within the Department of Budget and Finance. The board, once appointed, will determine the program's time frames, including effective dates of employee contributions

On July 25, 2022, HHS issued a proposed rule revising regulations that implement Section 1557 of the Affordable Care Act. Section 1557 prohibits healthcare providers, health plans and insurers from discriminating on the basis of race, color, national origin, sex, age and disability. The previous administration scaled back many of these protections, despite court rulings that prevented the previous administration from implementing those changes. The proposed rule will reinstate the protections.

On July 19, 2022, in Mothering Justice et al. v. Nessel, et al., a Michigan court ruled that the state's legislature violated Michigan's Constitution when it amended two recently adopted ballot initiatives in 2018. The court's ruling voids Michigan's current Paid Medical Leave Act (PMLA) and current minimum wage laws and reverts to versions of those laws originally adopted by the legislature, versions which provide expanded paid sick leave and a higher minimum wage. The original law called the

Rising inflation and the sharpest increase in U.S. interest rates since 1994 have contributed to a widespread sense of unease as many retirement fund participants watch their savings dissolve. That's the opinion of Nick Della Vedova, a president at NFP Retirement, and Jeff Elvander, chief investment officer at NFP Retirement, who authored an article for MarketWatch. Uncertainty is an ideal market environment for investors to consider how a target-date fund '” equipped with professional manageme

On July 8, 2022, President Biden issued an Executive Order in response to the Supreme Court's decision in Dobbs v. Jackson Women's Health Organization. In the order, the President stated that his administration continues to support a woman's rights to make reproductive healthcare decisions and will protect and defend those rights. To demonstrate that policy, the order gives specific directions to several agencies. Specifically, the Secretary of HHS is ordered to submit a report to the President