We use cookies to give you the best online experience. By using our website you agree to our use of cookies in accordance with our cookie policy. Learn more here.Close Me
July 1st was the deadline for plan service providers to provide
their 408(b)(2) fee disclosures to plan sponsors. Did you receive
one? Does it contain all the DOL-required elements?
You must take action if the service provider is covered by the
rule and did not provide the 408(b)(2) disclosure or the disclosure
did not comply with the requirements of ERISA Section 408(b)(2).
You must give service providers 90 days to conform with 408(b)(2).
If not corrected within 90 days, ERISA Section 408(b)(2) requires
you to fire the service provider or risk your compliance and become
subject to DOL penalties and IRS tax assessments.
If your service provider refuses to furnish requested
information, you must notify the DOL within 30 days. If your
service provider is unresponsive, you must notify the DOL within 90
days. If the requested information concerns future services to be
performed after the 90-day period ends, you must end the service
arrangement as soon as feasible. The DOL has provided a model fee
disclosure failure notice on its website.
Meanwhile, plan sponsors have an upcoming deadline for sending
notices to participants of the plan's fees. These notices are
to be prepared using the 408(b)(2) notices provided by the
plan's service providers and must be sent to participants by
August 30, 2012.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
A female employee traveling for her employer met a "friend" and at her motel room with him became "injured whilst engaging in sexual intercourse when a glass light fitting above the bed was pulled from its mount and fell on her."
The "just cause" standard has long been a cornerstone of traditional labor law (under many collective bargaining agreements, employees generally cannot be discharged except with "just cause").
The Affordable Care Act provides employees who are not offered health coverage by their employers with the option of purchasing health coverage through new health insurance marketplaces (also known as health insurance exchanges) that will operate in every state.
Beginning in 2014, the Affordable Care Act will require "large" employers to offer their full-time employees healthcare coverage that meets certain standards or pay a penalty.
The Affordable Care Act’s employer shared responsibility rules will require large employers to make an offer of minimum essential coverage to at least 95% of their full-time employees or pay a non-deductible excise tax on all their full-time employees.
The Defense of Marriage Act (DOMA) defines marriage at the federal level as a legal union between one man and one woman and excuses states from any obligation to recognize same-sex marriages recognized in any other state.
Employers have until October 1, 2013, to provide notice to current employees of coverage options available through the Health Insurance Marketplace established under the Affordable Care Act.
Issues After The Election
