Notifying Participants of a Plan Change | PA Benefit Consultants

Curious about when you should notify a participant about a change to their health care plan? The answer is that it depends! Notification must happen within one of three time frames: 60 days prior to the change, no later than 60 days after the change, or within 210 days after the end of the plan … Continued

799,182 Reasons to Buy Life Insurance | PA Benefit Advisors

A generation ago, unexpected loss of a loved one could be seen as an isolated situation. But today, a quick search of GoFundMe delivers a difficult reality check. Simply type “funerals” into the search field, and behold—799,182 results (on this particular day). Almost 800,000 tales of the sudden loss of a loved one, compounded by … Continued

Prescription Drug Discount Programs | PA Employee Benefits

Did you know that you can save time and money on your prescription drugs by simply signing up for a discount card online? With savings as much as 80% off, these discount cards keep your health care costs down even when the prices of prescriptions are sharply rising.  At no cost to the patient, discount … Continued

The Rap on Wraps | PA Benefit Brokers

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

Higher Satisfaction Through Higher Education | PA Benefit Advisors

When evaluating employee benefits, essentials such as health and dental plans, vacation time and 401(k) contributions quickly come to mind. Another benefit employers should consider involves subsidizing learning as well as ambitions. Grants and reimbursements toward advanced degrees and continuing education can be a smart investment for both employers and employees. Educational benefits are strongly … Continued

A DOL Audit Can Happen to You | PA Benefit Brokers

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

Price Shop Healthcare | PA Benefit Brokers

As the costs of health care soar, many consumers are looking for ways to control their medical spending. Also, with the rise of enrollment in high deductible health plans, consumers are paying for more health care out-of-pocket. From medical savings accounts to discount plans for prescriptions, patients are growing increasingly conscious of prices for their … Continued

Ask the Experts: Electronic Delivery of ERISA Notices | PA Benefit Advisors

Q. Can we provide summary plan descriptions (SPDs) electronically? A. Yes. However, just sending them is not enough to meet ERISA requirements; you must ensure the intended recipients are actually getting them. Specifically, ERISA requires SPDs to be furnished using “measures reasonably calculated to ensure actual receipt of the material” via “methods likely to result … Continued

DOL Fiduciary Rule Overturned | PA Benefit Brokers

In its March 15, 2018, decision, the U.S. Court of Appeals for the Fifth Circuit overturned the U.S. Department of Labor’s (DOL) Fiduciary Rule that expanded the definition of an investment advice fiduciary under the federal Employee Retirement Income Security Act (ERISA). Under the Fiduciary Rule, investment brokers were going to be required to put … Continued

 

Fairmount Benefits Company

Two Radnor Corporate Center
Suite 110
Radnor, PA 19087
610-567-0175
800-527-3615

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