Noted healthcare observer/thought leader Paul Keckley – who provided private-sector input on the Affordable Care Act – breaks down the “need to know” facts of its potential successor, the American Health Care Act, and discusses some of the big bets it makes about the future.

The full article, “The American Health Care Act: What…

Bass, Berry & Sims attorney Doug Dahl authored an article discussing the various ways in which employers seek to decrease risk associated with defined benefit pension plans and what HR and benefit professionals should know about the process. As Doug points out in the article, once an employer decides to engage in a de-risking strategy,…

The Internal Revenue Service (IRS) recently issued updated audit guidelines for its agents regarding the substantiation requirements for hardship withdrawals from 401(k) and 403(b) plans. This guidance is welcome news for plan sponsors who rely on third party administrators to process participants’ requests for hardship withdrawals, as it relaxes previous IRS guidance which (1) required plan sponsors to obtain and store copies of the actual source documents (e.g., medical bills, cancelled checks, etc.) that established a participant’s request for a hardship withdrawal and (2) did not permit participant self-certification of hardship withdrawal requests.
Continue Reading The IRS Provides Updated Guidance on Hardship Distributions

Earlier this month, the Department of Labor (DOL) proposed a 60-day delay of the April 10, 2017 effective date of its (much debated) fiduciary rule.  The fiduciary rule – a vestige of the Obama Administration – was thought to be bound for the chopping block once President Trump took office.  However, the proposed rule has only thus far been delayed, concerning many in the industry that:  (1) there may be a gap period during which the fiduciary rule becomes law before a delay is published, or (2) the DOL could decide to simply leave the fiduciary rule in place.
Continue Reading DOL Announces Temporary No Enforcement Policy of Fiduciary Rule

Under a new proposed H.R. bill, employers may be able to strongly encourage employees to participate in genetic testing.  H.R. 1313, entitled the Preserving Employee Wellness Programs Act, was recently approved by a House of Representatives committee and would allow employers to ask about family medical history and request genetic information as part of a wellness program.
Continue Reading New House Bill Would Open Door for Genetic Testing in Wellness Programs

In an article published by InvestmentNews, Bass, Berry & Sims attorney Doug Dahl provided insight on the Department of Labor’s (DOL) decision to remove its FAQs document regarding the fiduciary rule from its website. The FAQs provided numerous questions for investors to pursue with their advisers based on the requirements of the DOL fiduciary…

Last week, President Trump issued a memorandum directing the Department of Labor (DOL) to reconsider implementation of the fiduciary rule. The fiduciary rule, which widens the scope of who is considered a “fiduciary” of an employee benefit plan under ERISA and under what circumstances an advisor provides “investment advice,” has been met with considerable criticism in some circles.

Many expected President Trump to delay or overturn the rule, but at least initially, he has declined to do so.  Trump’s memorandum did not delay, withdraw or revise the fiduciary rule in any way. His memorandum merely tasked the DOL with reconsidering the fiduciary rule in light of whether it could negatively affect the ability of consumers to gain access to retirement and investment advice. Specifically, Trump requested legal and economic analysis as to whether the fiduciary rule will:Continue Reading DOL’s Fiduciary Rule Still in Limbo after Trump Memo and Federal Judge’s Ruling

To help stabilize the individual insurance market, Section 1341 of the Affordable Care Act introduced the Transitional Reinsurance Program (TRP), which includes the collection of a TRP fee from “contributing entities” for 2014, 2015 and 2016 to fund the program. The reporting for 2016 (the final year that the TRP fee is applicable) is due by November 15, 2016.

Who has to pay the fee?

“Contributing entities” are required to pay the TRP fee to the U.S. Department of Health and Human Services (HHS). Generally, “contributing entities” include health insurers and self-funded group health plans providing major medical coverage. The IRS has confirmed that the TRP fee is deductible as an ordinary and necessary business expense.Continue Reading Reminder: November 15 Transitional Reinsurance Program Filing Deadline is Fast Approaching