Fiduciary breach claims brought by employees on behalf of plans fell outside arbitration agreements in individual employment contracts

Plan participants were not required by arbitration agreements signed as part of their individual employment contracts to submit claims for breach of fiduciary duty to arbitration, according to the U.S. Court of Appeals in San Francisco (CA-9). In affirming a decision of the trial court, the Appeals Court explained that the scope of the arbitration […]

HSA assets exceed $50 billion

Health savings account (HSA) assets have accumulated $51.4 billion in their HSA accounts at the end of June, a year over year increase of 20.4 percent, according to the 2018 Midyear Devenir HSA Market Survey. Devenir expects this number to grow to $54 billion by the end of 2018. The survey also found the following: […]

IRS extends deadline for pre-approved DC plan six-year cycle opinion letter procedures

The IRS has extended the deadline for submitting on-cycle opinion letter applications for pre-approved defined contribution plans for the third six-year remedial amendment cycle to December 31, 2018. This revenue procedure is effective as of August 15, 2018. Under Rev. Proc. 2017-41, this submission period was scheduled to begin on October 2, 2017 and to […]

Tips for preparing employees for upcoming open enrollment include using mix of communication methods

The Summer season is coming to end, which means open enrollment is looming. Productive employees who are engaged with their careers may not have the time to focus on their benefit offerings or may be overwhelmed with amount of choices that are available to them, especially during open enrollment season. Clarity Benefit Solutions says brokers […]

PBGC seeks comments on regs concerning reportable events and notice of failure to make required contributions

The Pension Benefit Guaranty Corporation (PBGC) is seeking comments on an extension, with modifications, of two currently approved collections of information under its regulations on reportable events and certain other notification requirements. The PBGC has issued Forms 10 and 10-Advance and instructions under regulations concerning reportable events, and Form 200 and instructions under regulations relating […]

Pension & Benefits NetNews – September 4, 2018

NetNews Subscription Want to receive these Newsletters via E-mail? Sign Up / Unsubscribe Resources Online Store Customer Service Home Page Products & Training News & Information About Links in this Newsletter To access the IntelliConnect™ full text documents you must be a subscriber to the Pension Plan Guide or Employment Benefits Management. Links within […]

Senators introduce bill to retain prohibition on preexisting condition exclusions

Senators Thom Tillis (R-NC), Lamar Alexander (R-TN), Chuck Grassley (R-IA), Dean Heller (R-NV), Bill Cassidy, M.D. (R-LA), Lisa Murkowski (R-AK), Joni Ernst (R-IA), Lindsey Graham (R-SC), John Barrasso (R-WY), and Roger Wicker (R-MS) have introduced the Ensuring Coverage for Patients with Pre-Existing Conditions Act, which would amend HIPAA to guarantee the availability of health insurance […]

PBGC seeks nominations for Advisory Committee members

The Pension Benefit Guaranty Corporation (PBGC) seeks nominations for individuals to serve as members of the PBGC Advisory Committee. The deadline for receipt of nominations is September 24, 2018. The Advisory Committee consists of seven members appointed by the President from among individuals recommended by the PBGC Board of Directors. By February 19, 2019, the […]

Nominations sought for ERISA Advisory Council

The Department of Labor is soliciting nominations to fill five three-year vacancies on the ERISA Advisory Council on Employee Welfare and Pension Benefit Plans. The deadline for receipt of nominations is September 17, 2018. The terms of five Council members expire at the end of the year. Nominations are being accepted for one vacancy each […]

Flight paramedic fired for fraudulent misuse of baby-bonding leave can’t advance FMLA claims

A helicopter pilot was fired from his job as a flight paramedic based on his apparent fraudulent misuse of baby-bonding leave to operate a side business at airshows, and for being dishonest when confronted about it, a federal district court in Kentucky ruled in dismissing his FMLA and promissory estoppel claims on summary judgment. The […]