Monday, July 30, 2012
Wednesday, July 25, 2012
EBSA helping plan sponsors who do not receive fee disclosures
Covered service providers were required to provide fee disclosures to plan sponsors effective July 1, 2012. But what should a plan sponsor do if they didn't receive the disclosures? The plan sponsor should request the information from the covered service provider in writing. If the covered service provider does not provide the information, the plan sponsor must notify the DOL either by paper or electronically.
The DOL has changed the mailing address, provided a sample notice and announced a new website which will enable the plan sponsor to notify the DOL electronically.
Why is this so important? Per the DOL website "If a service provider fails to provide the required information, the contract or arrangement between the plan and the service provider is prohibited by ERISA, and the plan fiduciary will have engaged in a prohibited transaction." However, there is an exemption if the plan sponsors requests the missing information and if not received notifies EBSA.
The DOL has changed the mailing address, provided a sample notice and announced a new website which will enable the plan sponsor to notify the DOL electronically.
Why is this so important? Per the DOL website "If a service provider fails to provide the required information, the contract or arrangement between the plan and the service provider is prohibited by ERISA, and the plan fiduciary will have engaged in a prohibited transaction." However, there is an exemption if the plan sponsors requests the missing information and if not received notifies EBSA.
Friday, July 20, 2012
IRS issues FAQ regarding new Medicare Tax
IRS issued FAQ regarding the additional
Medicare Tax that will go into effect in 2013. If you haven't done so already,
make sure your payroll system is set up for the additional tax and affected
employees notified.
http://www.irs.gov/businesses/small/article/0,,id=258201,00.html
http://www.irs.gov/businesses/small/article/0,,id=258201,00.html
Friday, July 13, 2012
EBSA adds Mental Health Parity Part II Compliance Tool
EBSA adds Mental Health Parity Part II Compliance Tool and offers two webinars.
The
Department of Labor's Employee Benefits Security Administration has updated its
website with the following:
- Updated Mental Health Parity Part II of the Self Compliance Tool, available at www.dol.gov/ebsa/pdf/cagappa.pdf
- Upcoming Webcasts:
- Mental Health Parity and Addiction Equity Act Compliance Assistance Webcast, registration and information available at http://mp163422.cdn.mediaplatform.com/163422/wc/mp/4000/15208/15213/16284/Lobby/default.htm?ref=ProductionTeamEmail
- Apprenticeship Plans and Fiduciary Responsibilities Webcast, registration and information available at http://mp163422.cdn.mediaplatform.com/163422/wc/mp/4000/15208/15213/16705/Lobby/default.htm?ref=ProductionTeamEmail
Subscribe to:
Posts (Atom)