Employee Benefits Archives - Word on Benefits

What Retirement Plan Sponsors Need to Know About Spousal Consent and Remote Witnessing

Jenny Gartman, CEBS

25 May 202325 May 2023

The Treasury Department and the Internal Revenue Service (IRS) temporarily allowed, in light of COVID-19 pandemic restrictions, electronic alternatives to physical presence requirements for retirement plan participants’ elections that required spousal consent. The two allowed alternatives were remote witnessing by notaries public […]

Employee Benefits

Legal & Legislative Reporter: Wrongful-death Proceedings Under an ERISA Plan

Tim Hennessy

24 May 202324 May 2023

Every month, the International Foundation releases the Legal and Legislative Reporter, a compilation of new employee benefits-related case summaries. Below is a summary we thought you’d be interested in. Content provided by Morgan, Lewis & Bockius LLP. The U.S. District Court for the […]

Employee Benefits

Forfeiture Guidance for Retirement Plan Sponsors

Amanda Wilke

23 May 202323 May 2023

On February 27, 2023, the Internal Revenue Service (IRS) issued a proposed rule to clarify the use of forfeitures in qualified defined contribution (DC) and defined benefit (DB) retirement plans. The rule would take effect for plan years beginning on or after […]

Employee Benefits Mental Health

Trauma in Organizations: Mental Health

Cara McMullin

18 May 202318 May 2023

Employers cannot guarantee that employees will never be exposed to trauma in the workplace. However, they can take action to help prevent the most debilitating effects of exposure to trauma by adequately preparing employees. Preparation includes both the ability to respond in […]

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Workplace Benefits Valedictorians: The Graduating Class of 2023 Wants These Benefits

Tim Hennessy

17 May 202317 May 2023

When it comes to employee benefits, tried-and-true offerings like employer-paid health insurance and matching retirement savings plan contributions have remained at the head of the class among soon-to-be U.S. and Canadian college graduates over the years. According to a survey from The […]

Employee Benefits Health Care Prescription Drugs

RxDC Reporting Due June 1: Here’s What to Know

Anne Newhouse

16 May 202316 May 2023

Prescription drug data collection (RxDC) is the new reporting process required by Section 204 of the Consolidated Appropriations Act, 2021 (CAA). The reporting is meant to capture data on prescription drug (Rx) pricing trends, reimbursement amounts including rebates, identify how Rx costs […]

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The Rise of Gender-Affirmation Health Care Benefits

Anne Patterson

11 May 202311 May 2023

Gender-affirmation health care benefit offerings have been on the rise over the past seven years, according to survey data from the International Foundation. Up from 12 percent in 2016, 30 percent of U.S. employers now offer the benefit. I spoke with Julie […]

American Rescue Plan Act (ARPA) Defined Benefit (DB) Plans DOL Employee Benefits ERISA MPRA Retirement

How SFA Rules Impact Annual Funding Notice Requirements

Jenny Gartman, CEBS

09 May 202309 May 2023

The American Rescue Plan Act (ARPA) of 2021 authorized special financial assistance (SFA) through the Pension Benefit Guaranty Corporation (PBGC) to eligible severely underfunded multiemployer plans. ARPA added section 4262 to Title IV of the Employee Retirement Income Security Act (ERISA). The multiemployer plans […]

Compliance Dependent Care Disability Benefits Employee Benefits FMLA Health Care Human Resources (HR) Paid Leave Paid Time Off (PTO) Parental Leave Retirement Wellness Work Life Balance

In a Benefits Plan Far, Far Away

Julie Stich, CEBS

04 May 202309 May 2023

Over the past several years, May 4 has skyrocketed in popularity as Star Wars Day—as in, “May the Fourth be with you.” In honor of May the Fourth, we thought it would be fun to continue the rebellion against convention by using Star […]

Employee Benefits ERISA Retirement

State-Sponsored Retirement Savings Programs: What Employers Need to Know

Kathy Bergstrom, CEBS

03 May 202303 May 2023

Research shows that one of the key hurdles for achieving retirement security is having access to a retirement plan at work. And, until recently, as many as 57 million people in the United States didn’t have access to an employer-sponsored retirement plan. […]