Insights

After passage by the DC Council in June 2023, approval by Mayor Bowser in July 2023, and the required review by the US Congress, the Expanding Access to Fertility Treatment Amendment Act (DC Law 25-49) became law on September 6, 2023. Under the new law, health insurance policies are required to provide coverage for infertility diagnosis, infertility treatment, and standard fertility preservation services. The law applies to health insurers issuing group health benefit plans in the District (inc

The Massachusetts Individual Mandate requires each Massachusetts resident to have health coverage that meets the Minimum Creditable Coverage (MCC) standards set by the Commonwealth Health Insurance Connector (Connector) or pay a penalty through their state tax returns. The Connector has announced the 2024 deductibles and out-of-pocket maximum limits for MCC. The 2022, 2023, and 2024 limits are summarized below. Although employers are not required to provide MCC for their Massachusetts employees

To improve transparency in the group health plan context, the Consolidated Appropriations Act, 2021 (CAA, 2021) amended ERISA to require the removal of gag clauses in service provider contracts. In addition, employers annually must formally attest to satisfying this requirement, with the first attestation due by the end of 2023. Specifically, under the CAA, 2021 gag clause prohibition, group health plans and insurers are prohibited from entering into agreements with a healthcare provider, provi

On August 23, 2023, the SEC enacted new rules for private fund advisors under the US Investment Advisers Act of 1940.* The final rulemaking requires that all SEC-registered private fund advisors to: Provide investors with quarterly statements detailing fees, expenses, compensation, and performance. Distribute annual audits for each managed private fund, using standards similar to the Custody Rule. Obtain and distribute fairness opinions for advisor-led secondary transactions, including summari

In addition to giving employees an opportunity to elect benefits, open enrollment allows employers to fulfill several compliance obligations. In this webinar, the Benefits Compliance team provided a refresher on the rules pertaining to annual elections and compliance best practices. Agenda Plan Documents, Plan Changes, Plan Updates Notices Distribution Documenting offers of coverage Including the people you can’t see Cafeteria plan rules HSA eligibility Certification of employee-provided infor

In the current high-stress economy, American workers are growing more and more concerned with their retirement. According to a new Pew Research study, without changes, the retirement-savings gap, or the difference between the amount of money needed for a comfortable retirement and individuals’ actual savings, could create a $1.3 trillion dollar economic burden through 2040. Many Americans simply aren’t able to save enough for retirement — 61% of elderly households are projected to have an annua

An Individual Coverage Health Reimbursement Arrangement (ICHRA) is the only way an employer may reimburse an employee or directly pay the cost of an employee's individual health insurance policy or Medicare premium on a tax-advantaged basis. To do so outside of an ICHRA, an employer risks an excise penalty of up to $100 per day per employee for an impermissible employer payment plan. ICHRA Basic Requirements An employer must meet the following requirements to sponsor an ICHRA: No traditional g

On August 28, 2023, the DOL announced a grace period for users to obtain new login credentials for its EFAST2 filing system, which is used to file Form 5500 series annual returns. Beginning January 1, 2024, users will have to log in via the new Login.gov process instead of using existing EFAST2 credentials. Login.gov allows users to securely log in to many government agency websites using a single username and password. New user accounts created on or after January 1, 2023, were directed to obt

On August 15, 2023, in David P. v. United Healthcare Ins. Co., the Tenth Circuit Court of Appeals (Tenth Circuit) reversed the defendant group health plan’s claim denial because the court determined that the defendant claims administrator abused their discretion and failed to follow ERISA claims procedures. The case was remanded with instructions to the district court to determine the appropriate disposition of the plaintiffs’ claims. The plaintiff, a participant in the defendant’s group health