The item on the Department of Labor’s (DOL)’s regulatory agenda has moved from a final rule expected in September to a notice of proposed rulemaking in December.
The FAQs explain the Department of Labor’s (DOL)’s enforcement policy and ongoing administration of association health plans (AHPs) following a federal court ruling striking down the DOL’s most recent AHP guidance.
After a federal district court overturned final regulations on association health plans (AHPs) from the Department of Labor (DOL), the agency says “employers participating in insured AHPs can generally maintain that coverage through the end of the plan year or, if later, the contract term.”
However, when pressed by a Democratic lawmaker from Ohio, DOL Secretary Alexander Acosta was not able to provide specific details about his agency’s collaboration with the SEC on advisory industry conflict of interest reforms.
They are designed to increase plan sponsors’ and advisers’ awareness and understanding about basic fiduciary responsibilities when operating a retirement plan.
The relief on ERISA compliance applies to plan sponsors in Nebraska, Iowa and Alabama identified now or in the future for individual assistance by the Federal Emergency Management Agency (FEMA).
A district court has determined that the Department of Labor’s 2018 final regulations on association health plans are unlawful.
The Department of Labor found the investment adviser made 63 fraudulent requests to Transamerica for lump sum benefit checks for participants not entitled to plan benefits, in total transferring $2 million from the pension plan to his own accounts.
In addition, the agency is holding a three-day webcast series in March.
In addition, the agency has announced a “Getting It Right – Know Your Fiduciary Responsibilities” three-day webcast series.
An update from law firm Masuda, Funai, Eifert & Mitchell, Ltd. says that based on reviews of Form 5500s, the DOL’s Employee Benefit Security Administration (EBSA) is sending “no action” letters to plan sponsors.
In addition, a federal district court has ordered the trustee of the plans not to serve in a fiduciary capacity to any Employee Retirement Income Security Act (ERISA) employee benefit plan.
Legislative proposals could pave the way for increased access to workplace retirement savings plans in 2019, LIMRA says.
Three Mayer Brown ERISA attorneys discuss the current litigation landscape and offer practical strategies for promoting compliance in 2019.
Many industry groups that submitted comments to the DOL argued that the plain language of Section 3(5) of the Employee Retirement Income Security Act (ERISA) indicates non-related employers could participate in multiple employer plans (MEPs).
Plan sponsors faced another year of rapid regulatory change in 2018, with important developments coming out of the DOL, IRS and other federal government agencies.