Spencer’s Benefits NetNews – October 2, 2020

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Featured This Week

New Reports

  • Analysis: Basic rules applicable to 401k cash arrangements, 9/20 (221.-1)

    (Read Cheetah) »

  • Survey: BLS Employment Cost Index, 9/20 (422.-1)

    (Read Cheetah) »

  • Analysis: Model forms for PHI, 9/20 (502.-27)

    (Read Cheetah) »

  • Analysis: Health San Francisco plan, 9/20 (509.-9)

    (Read Cheetah) »

  • News

    PBGC report shows small improvement for multiemployer insurance program

    The Pension Benefit Guaranty Corporation (PBGC) has released the findings of its Fiscal Year (FY) 2019 Projections Report, providing 10-year projections, ending with FY 2029 (September 30, 2029), of the financial status of the multiemployer and single-employer plan insurance programs under a range of future financial scenarios.

            (Read Cheetah) »

    Michigan’s health insurers agree to provide COVID-19 testing, treatment at no cost through end of 2020

    Governor Gretchen Whitmer and the Michigan Department of Insurance and Financial Services (DIFS) have announced that the state has secured agreements from nearly all of the state’s health insurers to waive all out-of-pocket costs for COVID-19 testing and treatments through the end of 2020, including copays, deductibles, and coinsurance. These agreements cover more than 92 percent of the commercial health insurance market in Michigan.

            (Read Cheetah) »

    Nationwide approach to paid leave is needed, comment letters say

    The COVID-19 pandemic has highlighted the need for a uniform, nationwide approach to paid leave and has put a spotlight on the patchwork of state and local requirements that arise in the absence of a federal solution, according to a comment letter to the Department of Labor from Mercer. In July, the DOL issued a request for information on paid leave. The DOL said the information will help “identify promising practices related to eligibility requirements, related costs, and administrative models of existing paid leave programs.”

            (Read Cheetah) »

    Medicare Part D creditable coverage notices due by October 14

    Sponsors of group health plans that provide prescription drug coverage must notify Medicare-eligible individuals whether the coverage is creditable by October 14. The Medicare open enrollment period begins October 15 and runs through December 7.

            (Read Cheetah) »

    Employers taking steps to support childcare needs of working parents, survey finds

    U.S. employers are boosting efforts to meet the childcare needs of working parents of young and school-age children, according to a survey by Willis Towers Watson. The survey, however, found that while most employers (74%) believe supporting these employees is a top priority today, less than four in 10 (39%) agree that their current programs and policies to support them are effective.

            (Read Cheetah) »

    PBGC final regs modify assumptions PBGC uses to determine de minimis lump-sum benefits

    The Pension Benefit Guaranty Corporation (PBGC) has issued final regulations that modify the assumptions it uses to determine de minimis lump-sum benefits in PBGC-trusteed terminated single-employer defined benefit plans. The PBGC states that the changes are intended to modernize the methodology used to determine de minimis lump-sums in terminated underfunded single-employer plans.

            (Read Cheetah) »