The Department of Labor (DOL), Department of the Treasury, and Department of Health and Human Services (HHS) jointly issued proposed regulations regarding the Summary of Benefit Coverage (SBC).
The US Department of Labor (DOL) recently issued Technical Release No. 2011-3 (the Technical Release), which sets forth new guidance regarding the use of electronic media to comply with the fee disclosure requirements for participant-directed individual account plans.
Plan administrators can satisfy fiduciary requirements for disclosures concerning participant-directed individual account plans (the most common example being 401(k) plans) through the use of electronic media in certain circumstances, as described in a Technical Release issued by the U.S. Department of Labor (DOL) on September 13, 2011.
On December 23, 2010, the IRS issued Notice 2011-1 regarding the application of the nondiscrimination rules under Internal Revenue Code (Code) section 105(h) to non-grandfathered insured group health plans pursuant to the Patient Protection and Affordable Care Act (PPACA).
On December 22, 2010, the Internal Revenue Service ("IRS") issued IRS Notice 2011-1 (the "Notice") delaying the application of the nondiscrimination rules under Section 105(h) of the Internal Revenue Code (the "Code") to fully-insured group health plans.
In March, President Obama signed the Patient Protection and Affordable Health Care Act (PPACA) and the Health Care and Education Reconciliation Act of 2010 (HCERA), together referred to as the Act.
On August 26, 2010, the Departments of Treasury, Labor, and Health and Human Services published in the Federal Register an announcement of the availability of EBSA Technical Release No. 2010-01 providing an interim enforcement safe harbor for non-grandfathered self-insured group health plans not subject to a state external review process and, therefore, subject to the federal external review process.
Recent market declines have spurred demand for products within 401(k) plans that can mitigate investment and longevity risks by offering a guaranteed income feature.
President Obama’s proposed $3.8 trillion federal budget for 2011 includes $117 billion for the U.S. Department of Labor.
On February 2, 2010, the Department of Labor (DOL) and the Treasury Department jointly published a request for information (RFI) regarding lifetime income options in retirement plans and individual retirement accounts.