PLANSPONSOR Weekend Newsdash
Week ending August 9th, 2019
Open enrollment season is coming soon, so now is a great time for employers to take a fresh look at their health care benefits. To help with this, Mercer has published “Top 10 Compliance Issues for 2020 Health and Fringe Benefit Planning.” Recent lawsuits can also inform employers about how to design benefits and what to look for from providers. Employers want to lower health benefit costs, and strategies to do so already exist, according to Dave Chase, co-founder of Health Rosetta. Employers also need to prepare their communications and education materials. Lively, a health savings account (HSA) platform for employers and individuals, found many employees do not understand their health care benefits, which could prevent them from selecting the best plan to fit them and to not use their benefits properly. This could lead to higher costs for both employers and employees. This edition of PLANSPONSOR Weekend is designed to help plan sponsors as they review their health benefit offerings.
Editor's choice
Yale Sued Over Wellness Program ‘Penalty’
The lawsuit says the so-called “incentive” Yale offers for participating in the wellness program are in fact a “penalty” that violates non-participants’ right, and it notes that the Equal Employment Opportunity Commission (EEOC) withdrew the incentive portions of its wellness program rules.Read more >
A Court and the DOL Weigh In on Cross-Plan Offsetting for Health Benefits
An appellate court decision and an amicus brief filed in the case by the Department of Labor (DOL) emphasize plan sponsors’ duty to monitor what health plan providers or third-party administrators (TPAs) are doing.Read more >
Strategies to Lower Employer Health Benefit Costs Already Exist
Employers can lower their health benefits spend, as well as costs for employees, by moving away from preferred provider organizations (PPOs), utilizing value-based care and using benefits consultants instead of traditional brokers.Read more >
Education About Health Benefits Can Lower Costs for Employers and Employees
Many employees don’t understand health benefits—including that most insurance covers preventive care. Better education can lead employees to use benefits correctly and become healthier.Read more >
Additional Preventive Care Benefits Permitted for HDHPs
The IRS has issued guidance allowing high-deductible health plans (HDHPs) with health savings accounts (HSAs) to cover specified medications and services used to treat chronic diseases prior to meeting the plan deductible.Read more >
Democrats Take Control of the Senate: What Does That Mean for Your Retirement Plan?

Syed Nishat, with Wall Street Alliance Group, discusses potential effects on retirement plans if President Joe Biden is able to move forward his legislative agenda.

2020 Recordkeeping Survey
Takeda Pharmaceuticals Faces ERISA Lawsuit Over TDF Suite in 401(k) Plan

The lawsuit says the target-date funds were selected for the plan despite having no performance history and, when they continued to underperform, they were not replaced with better options.

The Value of Having a Retirement Plan Committee Charter
While not required by ERISA, attorneys say a committee charter is a best practice that can help a plan run more smoothly—and help fiduciaries avoid litigation and penalties.
Pandemic Puts More Households at Risk in Retirement

The Center for Retirement Research says half of American households are at risk of not being able to live at pre-retirement standards of living in retirement.

Editorial: Alison Cooke Mintzer


Subscribe to NewsDash, click here.
To unsubscribe, click here.
BrightScope / CIO / FWW / Investor Economics / LiquidMetrix / Market Metrics / Matrix Solutions / PLANADVISER / Plan For Life / PLANSPONSOR / Simfund