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NEW FEES PAYABLE BY HEALTH PLAN SPONSORS AND INSURERS
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One of the ways the 2010 Affordable Care Act (ACA) was designed to slow the growth of health care costs is through an emphasis on quality of care. For instance, the ACA created a "Patient-Centered Outcomes Research Institute," which is charged with advancing research into comparative clinical effectiveness. To fund this Institute, the ACA imposes a fee on both insured and self-funded health plans for the seven-year period from 2012 through 2019.
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AS FEE DISCLOSURE DEADLINES APPROACH, DOL ISSUES ADDITIONAL GUIDANCE
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After over four years of regulatory starts and stops, plus the threat of a legislative solution, two separate sets of fee disclosure regulations issued by the Department of Labor (DOL) will finally become effective this summer. These regulations will add significant new responsibilities for fiduciaries of ERISA-covered retirement plans, as well as those who provide services to such plans.
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A COMMON PLAN MISTAKE: MISCALCULATING MATCHING CONTRIBUTIONS
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Sponsors of 401(k) plans often fail to make the proper employer matching contribution called for under the terms of the plan document. Although there are any number of causes for this failure, a common one involves the timing of matching contributions.
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FEDERAL APPEALS COURT REJECTS EQUITABLE REMEDIES WHEN SPD PROMISES MORE GENEROUS BENEFITS THAN PENSION PLAN DOCUMENT
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In some ways, the Ninth Circuit's recent decision in Skinner v. Northrop Grumman Retirement Plan B is a garden-variety example of a classic fact pattern: the terms of a summary plan description (SPD) promise better benefits than the plan document it summarizes, and participants sue for the difference.
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COSTLY FIDUCIARY BREACHES IN 401(K) FEE CASE PROVIDE MANY LESSONS
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A recent decision handed down by a Missouri federal trial court has been the focus of the 401(k) world - and a costly reminder of the importance of strictly adhering to the many duties ERISA imposes on plan fiduciaries.
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