Insights

On November 3, 2023, the DOL published a proposed rule broadening the definition of an investment advice fiduciary under ERISA. The newest iteration of this rule is the most recent attempt by the DOL to update the definition of fiduciary after the 2016 Conflict of Interest Rule (the 2016 rule) was set aside by the US Court of Appeals for the Fifth Circuit in litigation. Ultimately, the DOL seeks to again update the original five-part test that has been used to identify fiduciaries who render in

On November 1, 2023, the IRS issued Notice 2023-75, which provides certain cost-of-living adjustments for a wide variety of tax-related items, including retirement plan contribution maximums and other limitations. Several key figures are highlighted below. These cost-of-living adjustments are effective January 1, 2024. The elective deferral limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan increases from $22,500 to $23,000 in

On September 29, 2023, the DOL entered into a settlement agreement with EmblemHealth Inc. (“Emblem”), a New York-based insurer and third-party administrator (TPA) of ERISA group health plans, resolving claims that Emblem breached its fiduciary duties under federal law by engaging in a practice known as “cross-plan offsetting.” According to the DOL’s investigation, Emblem used “cross-plan offsetting” to recoup alleged overpayments made to healthcare providers under employer-sponsored group healt

In this webinar, the team of NFP experts addressed the important role diversity, equity, and inclusion plays in closing the retirement gap.

On October 6, 2023, the DOL, HHS, and IRS (the departments) issued new FAQs on the status of the No Surprises Act rules and their application to the Independent Dispute Resolution (IDR) process. The guidance follows the August 24, 2023, Texas District Court decision in Texas Medical Association vs. HHS (the TMA case), which is the latest ruling in the series of ongoing disputes between the parties regarding implementation of the No Surprises Act. The FAQs are intended to help stakeholders under

On October 18, 2023, the IRS released Notice 2023-70, which announces that the adjusted applicable dollar amount for PCOR fees for plan and policy years ending on or after October 1, 2023, and before October 1, 2024, is $3.22. This is a $0.22 increase from the $3.00 amount in effect for plan and policy years ending on or after October 1, 2022, but before October 1, 2023. PCOR fees are payable by insurers and sponsors of self-insured plans (including level-funded plans, HRAs, and many point solu

HHS recently announced inflation-adjusted penalty amounts related to violations of Summary of Benefits and Coverage (SBC), Medicare secondary payer (MSP), and HIPAA privacy and security rule requirements. These new penalty amounts are calculated based on a cost-of-living increase of 1.07745%. The new amounts are applied to penalties assessed on or after October 6, 2023, for violations occurring on or after November 2, 2015. Summary of Benefits and Coverage (SBC)The ACA requires insurers and gro

The IRS recently released both the final forms and instructions for Forms 1094-B/C and 1095-B/C for the 2023 reporting year. Forms 1094-C and 1095-C are filed by applicable large employers (ALEs) to provide information that the IRS needs to administer the employer mandate penalties and eligibility for premium tax credits, as required by the ACA under Section 6056. Form 1094-B and 1095-B are filed by minimum essential coverage providers (e.g., insurers and self-insuring employers) to report cove

On September 25, 2023, the Congressional Research Service (CRS) published a comprehensive report on Paid Family and Medical Leave (PFML), incorporating studies and statistics published by the Bureau of Labor Statistics and other research organizations. This report: Provides an overview of PFML in the US. Summarizes the current state-level PFML program provisions. Provides examples of some large employers’ leave programs. Describes recent federal legislative action to increase access to PFML. R