In a surprising move, the U.S. Department of Labor (DOL) announced that the Final Rule, changing the claims procedure for ERISA- governed disability plans, will become effective on April 1, 2018. The DOL previously delayed the Jan. 1, 2018 effective date to allow additional time for comments and data submissions and to give the DOL time to amend or rescind the Final Rule. In a press statement released on Jan. 5, 2018, the DOL stated that while it received numerous complaints about the New Rule, only a few of them provided substantive criticism.
The Final Rule will have a significant impact on ERISA-governed disability plans and the cost of administering those plans. For a more comprehensive look at the many changes the Final Rule provides and how it may impact your disability plan, see our previous blog post here.