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Welcome to the Snell & Wilmer Benefits Blog. We will be posting about current employee benefits and executive compensation topics and issues. We invite you to contact the authors with your thoughts or questions.Blog Contributors
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More is Not Always Better: Supreme Court Reexamines Fiduciary Duty of Prudence
In what may be one of the shortest decisions this term, the Supreme Court handed down a unanimous six-page opinion on January 24, 2022 in Hughes v. Northwestern University. Vacating the Seventh Circuit’s decision, the Court further defined an ERISA … Continue reading
Posted in Employee Benefits
| Tagged duty, ERISA, fiduciary, fiduciary duty, hughes, northwestern, SCOTUS, Supreme Court
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Group Health Plans Must Provide Free Over-the-Counter COVID-19 Tests Effective January 15, 2022
On January 10, 2022 the Departments of Labor, Health and Human Services, and Treasury issued Affordable Care Act FAQs Part 51 which addresses, in relevant part, payment for over-the-counter (“OTC”) COVID-19 testing. For more information about the OTC COVID-19 testing and its … Continue reading
Posted in Employee Benefits, Health & Welfare Plans
| Tagged covid, FFCRA, Health Care, health plans
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The DOL Asks and Answers Questions About the New Welfare Plan Fee Disclosure Rules
In Field Assistance Bulletin 2021-03 (12/31/21) (FAB), the Department of Labor (DOL) issued guidance and temporary enforcement policy to address the new 408(b)(2) disclosure requirements that apply to certain service providers to group health plans. The Consolidated Appropriations Act of … Continue reading
Posted in Employee Benefits
| Tagged DOL, FAB 2021-03, fee disclosure, Field Assistance Bulletin, welfare plan
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Final Touches: IRS Clarifies Impact of COVID-19 Disaster Relief on COBRA Payment Deadlines
The Internal Revenue Service recently issued guidance to clarify the interaction between COVID-19 disaster relief and premiums due for continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”). As summarized here, the Joint Notice and the EBSA … Continue reading
Posted in Employee Benefits
| Tagged ARPA, COBRA, covid, deadlines, examples, Notice 2021-58, premiums
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In Case You Missed It – Summer 2021
Summer has come and gone, but there was no summer vacation for employee benefits legislation and guidance. In case you have been too busy to check out our blogs lately, here are some key items to help you stay organized … Continue reading
Posted in Employee Benefits
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New Ways to Self-Correct Overpayments Under EPCRS
On July 16, 2021, IRS issued Revenue Procedure 2021-30 to update the Employee Plans Compliance Resolutions System (the “EPCRS”). The update in part expands the opportunities for plan sponsors to self-correct failures under the EPCRS by: (1) extending the self-correction … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged EPCRS, IRS, qualified retirement plans
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SEC Approves Nasdaq’s Board Diversity Rules
On August 6, 2021, the Securities and Exchange Commission (“SEC”) adopted the Nasdaq Stock Market LLC’s (“Nasdaq”) proposed board diversity rule. The rule is intended to encourage greater board diversity by requiring board diversity disclosures for Nasdaq-listed companies. As explained … Continue reading
Posted in Employee Benefits
| Tagged Corporate Communicator, diversity, equity, inclusion, Nasdaq, SEC
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Departments Provide Some Relief to Health Plan Sponsors Facing Looming Year-End Deadlines
Year-end is always a scramble for health plan sponsors as they go through renewal and open enrollment. This year was looking to be worse than normal given the impending deadlines for complying with the transparency in coverage regulations (“TiC”) and … Continue reading
Posted in Employee Benefits, Health Care Reform
| Tagged ACA, CAA, deadlines, health and welfare, transparency in coverage
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Not All Surprises Are Good – Phase I of the Surprise Billing Rules
On July 1, 2021, the Office of Personnel Management, Department of the Treasury, Department of Health and Human Services, and Department of Labor issued the interim final rule “Requirements Related to Surprise Billing; Part I” (the “IFR”), which is the … Continue reading
Posted in Employee Benefits, Health & Welfare Plans, Health Care Reform
| Tagged Department of Labor, ifr, no surprises act, surprise billing
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Updated Nonqualified Deferred Compensation Plan Audit Guide
In June the Internal Revenue Service released an updated Nonqualified Deferred Compensation Audit Technique Guide. This updated Guide replaces the initial Guide published in 2015. While it is too early to say whether the release of the updated guidance signals … Continue reading
Posted in Employee Benefits, Executive Compensation
| Tagged 409A, nonqualified deferred compensation, Section 409A
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