Illinois passed the Consumer Coverage Disclosure Act (CCDA) in 2021. In a nutshell, the CCDA requires all employers to send employees a notice comparing their health benefits to a list of the state of Illinois’ Essential Health Benefits (EHBs). Depending
Employee Benefits & Executive Compensation Blog
The Employee Benefits & Executive Compensation Blog, published by UB Greensfelder LLP, focuses on legal issues related to employee benefits and executive compensation. Topics include compliance with state and federal laws such as ERISA, health insurance regulations, pension plan administration, multiple employer plans (MEPs), audit standards for employee benefit plans, wellness program regulations, and the impact of new legislation on employer obligations. The blog addresses practical concerns for employers regarding plan disclosures, asset distribution, audit responsibilities, and premium surcharges tied to wellness initiatives, providing guidance on navigating complex regulatory frameworks affecting employee benefits and executive pay structures.
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Latest from Employee Benefits & Executive Compensation Blog
Distributing Assets When an Unrelated Employer Leaves a Multiple Employer Plan
There are both single-employer pension plans and multiple employer plans (MEPs). In a single-employer plan, only employees within the same “controlled group” of businesses are allowed to participate. Put very simply (because the rules are complicated), the controlled group consists…
Changing Limited-Scope Audit Standards Will Create New Responsibilities for Many Plan Sponsors of Employee Benefit Plans in 2022
At the beginning of this year, we wrote about changing standards applicable to audits of financial statements of employee benefit plans subject to ERISA. Specifically, we explained that the Auditing Standards Board (ASB) of the American Institute of Certified Public…
New Wellness Program Guidance Issued for COVID-19 Vaccine Premium Surcharges
As the number of people receiving a COVID-19 vaccine has decreased, employers have tried to find ways to incentivize their employees to get vaccinated. While some employers have imposed COVID-19 vaccine requirements, others have searched for alternative methods to motivate…
Changes to Limited-Scope Audits of Employee Benefit Plan Financial Statements are Extended
In 2018, the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) changed the audit standards applicable to audits of financial statements of employee benefit plans subject to ERISA. These standards impact what is currently known…
Supreme Court Hears Oral Arguments in ACA Challenge
On November 10, 2020, the U.S. Supreme Court held oral arguments in California, et. al. v. Texas, et. al., the most recent challenge to the Patient Protection and Affordable Care Act (ACA).
By way of brief background, the Supreme Court…
IRS issues guidance on CARES Act coronavirus-related distributions and loans
When the CARES Act was enacted, we wrote about its provisions that impact retirement plans and provide relief to plan sponsors and plan participants. Recently, pursuant to Section 2202 of the CARES Act, the Internal Revenue Service issued Notice 2020-50…
Objective Versus Subjective Evidence in the ERISA Claims-Handling Process
Greensfelder Officer Amy Blaisdell recently co-authored an article in For the Defense, a publication of the Defense Research Institute (DRI), about lessons employers should keep in mind when defending against disability benefits claims that lack objective medical evidence. The article,…
Using COVID-19 disaster relief funds to assist employees
The COVID-19 pandemic has caused significant burdens for employers and employees alike. While some businesses struggle to survive, others are fortunate enough to be in a position to help employees as they face hardships created by the crisis. Many employers…
The impact of the CARES Act on retirement plans
On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act. The CARES Act includes the following provisions that impact retirement plans and provide relief to plan sponsors and plan…