Certain small employers have the option to reimburse individual health coverage premiums up to a dollar limit through Qualified Small Employer Health Reimbursement Arrangements (QSE HRAs) under the 21st Century Cures Act (Cures Act). The Cures Act amends the Employee Retirement Income Security Act of 1974 (ERISA) to exclude QSE HRAs from the ERISA definition … Continued
Read about separating ERISA bonds from fiduciary liability insurance
Plan sponsors should review their plans’ default beneficiary provisions
Plan sponsors have become familiar with the voluntary correction programs offered by the IRS and DOL.
TPA was held liable for breaching its fiduciary duty by not disclosing certain fees.
Separate notices must then be sent to plan participants describing the fees that might be assessed against their accounts.
If the answers those employees receive turn out to be incorrect, the responders may be accused of violating their fiduciary duties under ERISA, and the plans at issue may be required to pay unexpected benefits.
Employers may think that, once received, these disclosures may simply be filed away with other plan documents but that could prove to be a costly mistake.
Here we have the latest episode in the sprawling saga of equitable remedies under ERISA. The question, as always, is whether a participant is entitled to something for which the plan document does not expressly provide. This time, the answer appears to be “yes.” Let’s catch up.
A quarterly Newsletter about Employee Benefits and Current Issues
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