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week ending June 26th, 2020
Health care experience this year has been an anomaly. On the one hand, employers may be seeing increased claims—some even catastrophic—related to the COVID-19 pandemic. On the other hand, there has been a drop in claims for routine and elective care because of fears of going to the doctor and hospitals cutting back on elective procedures. This has called into question how employees will spend flexible spending account (FSA) dollars. Though there is still uncertainty, some expect claims to increase as employees go back to seeking routine and elective care. This could affect rates are negotiated for fully insured employers, and is something self-funded employers should consider. Employers should also consider offering voluntary benefits related to health care. Events caused by the COVID-19 pandemic have had an effect on employees’ mental health as well, so some employers are beefing up wellness programs to include mental health-related offerings. This edition of PLANSPONSOR Weekend offers information for employers as they consider their health and wellness offerings for next year. Have a great weekend!
Editor's Choice
Benefits
Employer Health Benefit Costs May Jump This Year and Next
Actions to mitigate increasing health benefit costs for this year or next will need to be as unique as the time in which we are living.
Benefits
There Are Ways for FSA Holders to Make Use of Their Accounts
The CARES Act has expanded the number of medical devices and medicines the funds can be used to buy, and telehealth is also an option.
Compliance
IRS Expands Election and Reimbursement Periods for Health Benefits, FSAs
The agency has also announced an increase in the FSA carryover amount.
Benefits
Voluntary Benefits Provide Much-Needed Help During COVID-19 Crisis
Plan sponsors should consider an off-cycle voluntary benefits enrollment and prepare for a workforce that will pay more attention to voluntary benefits in the future.
Benefits
Unprecedented Times Increasing Focus on Holistic Well-Being Programs
Despite employers’ own financial strain, most are committed to expanding wellness programs to address increased employee needs during the pandemic.
Popular Reads
2020 Recordkeeping Survey
Opinions
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.
Administration
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.
Compliance
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.
Investing
Active vs. Passive Investing: Understanding the Difference
Knowing how each type of investing works, as well as their advantages and disadvantages, can help retirement plan sponsors construct appropriate investment menus.
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