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Category: ERISA

Compliance Overview: Voluntary Benefits – ERISA Compliance Exemption | New York Employee Benefits Team

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Voluntary benefits are optional benefits that employers may offer to enhance their traditional benefits packages. Offering voluntary benefits allows an employer to include a variety of benefits that are attractive to employees in their benefits package without adding to their organization’s costs. While voluntary benefits are typically employee-paid, payments can be automatically deducted from employees’ … Continued

Benefits Buzz March 2025 | NY Benefits Consultants

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ERISA Fiduciary Breach Claims Dismissed in Prescription Drug Lawsuit On Jan. 24, 2025, a U.S. District Court for the District of New Jersey dismissed two claims in a class-action lawsuit filed against Johnson & Johnson (J&J), which alleged that the company breached its fiduciary duties under ERISA by mismanaging its prescription drug benefits plan and … Continued

Form 5500: What You Need To Know | NY Employee Benefits Group

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Attention Employers: Don’t Miss Your Form 5500 Deadline! Here’s a simplified breakdown of what you need to know about filing your employee benefit plan report: Who Needs to File? Employers subject to ERISA (Employee Retirement Income Security Act) with employee benefit plans, unless exempt. What to File? Form 5500 (annual report) for each employee benefit … Continued

The Rap on Wraps | NY Employee Benefit Brokers

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There’s a good chance you use a wrap document to help satisfy your Employee Retirement Income Security Act (ERISA) summary plan description (SPD) obligations. Yet if you look for a definition of wrap document in ERISA statutes or regulations, you will not find one. The wrap is not a defined term or required document; it … Continued

A DOL Audit Can Happen to You | Melville Benefit Brokers

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Summary plan descriptions (SPDs) are required for all retirement, health, and welfare plans subject to the Employee Retirement Income Security Act of 1974 (ERISA). However, misconceptions about this requirement are widespread. ERISA attorney Stacy H. Barrow, partner with Marathas Barrow Weatherhead Lent LLP, had a chat with ThinkHR about the importance of having proper ERISA … Continued

DOL Delays New Rules for Disability Benefit Claims | New York Benefit Advisors

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On November 29, 2017, the U.S. Department of Labor (DOL) published a Final Rule that delays implementation of new claim rules for disability benefits through April 1, 2018. This 90-day delay is intended to give the DOL, insurers, employers, and other interested parties additional time to review the new rules. The DOL is collecting public … Continued

Preston Rutledge to be Nominated as Next EBSA Head | New York Benefit Advisors

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President Trump has announced his intent to nominate Preston Rutledge as Assistant Secretary of Labor, Employee Benefits Security Administration (EBSA). The position as head of the EBSA has been vacant since Phyllis Borzi stepped down in January 2017. The White House announcement includes highlights of Mr. Rutledge’s career which clearly demonstrate his knowledge and experience … Continued

President Directs Federal Agencies to Consider ACA Changes | New York Benefit Advisors

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On October 12, 2017, President Trump issued an Executive Order directing the Departments of Labor (DOL), Health and Human Services (HHS), and Treasury to develop new rules to allow some exemptions from the Affordable Care Act (ACA). The Order indicates the Administration’s priorities although it has no immediate effect since any rule changes must first … Continued

DOL Guidance for Benefit Plans Impacted by Hurricane Harvey | New York Benefit Advisors

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The U.S. Department of Labor has issued compliance guidance for benefit plans, employers and employees, and service providers who are impacted by Hurricane Harvey. The guidance generally provides relief from various ERISA requirements and time limits for entities in the disaster area. This follows the Internal Revenue Service (IRS) announcement extending certain filing dates, including … Continued

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