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About This Blog

Bloomberg BNA's Pension & Benefits Blog is a special resource offered by Bloomberg BNA to provide commentary and insight on news and trends reported in our publications: Pension & Benefits Daily, Pension & Benefits Reporter, and the Benefits Practice Resource Center. The authors of the blog are members of our Benefits Practice Resource Advisory Board and members of staff (who contribute summaries of some of their recent stories). 

The ideas presented here are those of individuals, and Bloomberg BNA bears no responsibility for the appropriateness or accuracy of the communications between group members. We reserve the right not to post comments that are abusive or otherwise objectionable.

Communications regarding the Pension & Benefits Blog may be directed to Dana Domone via e-mail to

Pension & Benefits

December 17, 2014

Obama's MyRAs Meant as Complement To Employer-Sponsored Plans, Official Says

President Barack Obama's proposal for “starter” retirement accounts is meant solely to jump-start savings by workers not currently with access to employer-sponsored retirement plans, a senior Treasury Department official said during a Senate subcommittee hearing.        

December 11, 2014

Panelists: Dudenhoeffer and GreatBanc Pact Provide ESOP Fiduciaries Useful Guidance

Fiduciaries for employee stock ownership plans who want to avoid litigation over the prudence of their actions in either buying or selling employer stock should focus on the fallout from the U.S. Supreme Court's decision in   Fifth Third Bancorp v. Dudenhoeffer, 134 S. Ct. 2459 (U.S. 2014)  and procedures set forth in the Department of Labor's June settlement agreement with GreatBanc Trust Co., according to experts in a video webcast sponsored by the American Law Institute—Continuing Legal Education.

December 8, 2014

DOL Survey Finds ‘Unacceptable' Rate Of Plan Audit Deficiencies, Official Says

More than a third of all employee benefit plan audits have deficiencies, a rate that is “unacceptable,” a Department of Labor official said at a conference of the American Institute of CPAs.

December 3, 2014

More DOL Guidance on Brokerage Windows Could Cause Problems, Organizations Say

The general consensus among a slew of comment letters on the Department of Labor's request for information on standards for brokerage windows in participant-directed individual account plans is: More guidance isn't necessary.

November 28, 2014

As Fiduciary Rule Stalls, DOL Advances Amicus Brief Program, Targets Providers

Recent efforts in the courts to treat service providers as fiduciaries aren't a signal that providers should worry for the safety of their nonfiduciary status, but they could be a “warning shot” that the Department of Labor is hungry to expand fiduciary status as it continues to work on crafting its yet-to-be-released fiduciary rule.

November 20, 2014

EEOC Needs to Coordinate Wellness Guidance With ERISA Agencies, Benefits Attorneys Say

The Equal Employment Opportunity Commission's lawsuit alleging that Honeywell International Inc.'s wellness program violated anti-discrimination laws is a “gross overstep” that should provide a “wake-up call” to President Barack Obama's administration to take a better coordinated approach to developing wellness program guidance for benefits plan sponsors, said benefits attorneys with Groom Law Group Chartered.

November 12, 2014

Retiree Health Benefit Dispute Draws Multiple Briefs, Including ‘True' Amicus Brief

In a surprising move, Bethesda, Md.-based law firm Goldstein & Russell P.C. has filed an amicus brief with the U.S. Supreme Court in an upcoming retiree benefit case that purports to be solely informational and in support of neither party (M& G Polymers USA, LLC v. Tackett, U.S., No. 13-1010, arguments scheduled 11/10/14). 

November 6, 2014

New Mortality Tables to Further Drive Interest In Pension Plan De-Risking, Attorney Predicts

A confluence of factors, including newly released mortality tables from the Society of Actuaries, will drive more defined benefit plans to consider pension plan de-risking, a benefits attorney said during a webinar and interview.

October 31, 2014

IRS Releases Special Rule to Allow Plans To Include Deferred Annuities in TDFs

The Internal Revenue Service added another piece to the lifetime income puzzle by releasing guidance enabling defined contribution plans to offer target date funds that include deferred annuities among their assets.

October 29, 2014

Employer Stock Plan Fiduciaries Can Take Liability-Shielding Measures, Attorneys Say

Despite killing the fiduciary-friendly presumption of prudence, the U.S. Supreme Court's decision in Fifth Third Bancorp v. Dudenhoeffer, 134 S. Ct. 2459, 58 EBC 1405 (U.S. 2014), erected significant barriers for plaintiffs bringing stock-drop claims, attorneys said in a panel presentation.

October 24, 2014

Employers Will Need to Pull Multiple Levers To Avoid ACA's Excise Tax, Practitioners Say

Fortune 500 companies such as Wal-Mart Stores Inc., Lowe's Cos. and PepsiCo Inc. have moved to bundled pricing to control costs for their health-care plans—one strategy among many that practitioners say employers can use to avoid the Affordable Care Act's impending excise tax on high-cost plans.           

October 22, 2014

Verizon Wins Challenge to Pension Transfer; Investment Guidelines Need Not Be Disclosed

In a win for Verizon Communications Inc., the U.S. Court of Appeals for the Fifth Circuit held that only formal, governing plan documents must be turned over upon request to participants in employee benefit plans (Murphy v. Verizon Commc'ns, Inc., 2014 BL 287183, 5th Cir., No. 13-11117, unpublished 10/14/14).

October 17, 2014

DOL Urged to Deny Credit Suisse Exemption By Members of Congress and Commenters

A proposed individual prohibited transaction exemption that would allow Credit Suisse AG-affiliated qualified professional asset managers to continue to rely on a 1984 PTE despite violation of the conditions of the exemption by the bank has drawn sharp rebuke in a letter from three members of Congress as well as two public comment letters filed with the Department of Labor.

October 15, 2014

ACA's ‘Cadillac' Excise Tax Will Hit Lower Cost Health Plans, Practitioners Say

The Affordable Care Act's excise tax that starts in 2018 should be called the “Camry” tax—not the “Cadillac” tax—because it is going to affect more than just high-cost plans, a practitioner said at a conference on employee benefits.

October 10, 2014

Recent IRS Guidance on Roth Rollovers Lifts Long-Standing Ambiguity, Practitioners Say

Recently released IRS guidance on rollovers of after-tax money to Roth individual retirement accounts cleared up ambiguity that had existed for years, practitioners said.

October 6, 2014

High Court to Address Statute of Limitations For Suits Challenging Retirement Plan Fees

The U.S. Supreme Court announced that it will wade into the world of ERISA plan fee litigation, when it granted review of a case asking whether plan fiduciaries breach their duties by offering higher-cost, retail-class mutual funds when identical lower-cost, institutional-class funds are available (Tibble v. Edison Int'l, U.S., No. 13-550, cert. granted 10/2/14).

October 1, 2014

3rd Cir.: John Hancock Not ERISA Fiduciary In Case Alleging Excessive 401(k) Plan Fees

In a move that will have retirement plan service providers breathing sighs of relief, the U.S. Court of Appeals for the Third Circuit ruled that John Hancock Life Insurance Co. isn't an ERISA fiduciary for purposes of a lawsuit accusing it of charging excessive fees to participants in two Section 401(k) plans (Santomenno v. John Hancock Life Ins. Co., 2014 BL 267210, 3d Cir., No. 13-3467, 9/26/14).

September 26, 2014

Hybrid Plan Rules Offer Certainty, Open Up Options for Employers, Practitioners Say

Recently released and long-awaited final rules on hybrid defined benefit plans will free up the retirement community to embrace more innovative kinds of retirement plans, but this plan design may take a while to catch on, practitioners told Bloomberg BNA.

September 24, 2014

IRS Gives Guidance on Rollovers Of After-Tax Amounts to Roth IRAs

The Internal Revenue Service released proposed rules and accompanying guidance that eases the ability of plan participants to transfer after-tax savings from their retirement plans to Roth IRAs.

September 22, 2014

Long-Awaited Hybrid Plan Rules Issued, Along With Accompanying Transition Relief

The Treasury Department and the IRS issued long-awaited  final regulations (T.D. 9693, RIN 1545-BI16) on hybrid retirement plans, providing guidance regarding certain issues that weren't addressed in the 2010 final rules.

September 12, 2014

Attorneys Reflect on 40 Years of ERISA's Biggest Court Rulings

For the special report, ERISA @40, Jacklyn Wille of Bloomberg BNA invited attorneys who represent plan participants, plan sponsors and industry groups to reflect on some of the most significant court decisions decided under ERISA over the past 40 years. Each was asked, “How did this case change the landscape of ERISA litigation, plan design or plan administration?”

September 10, 2014

ERISA's Rich History: A Conversation With Phyllis Borzi

Phyllis C. Borzi, assistant secretary of labor of the Employee Benefits Security Administration, sat down with Kristen Ricaurte Knebel of Bloomberg BNA recently to discuss where ERISA was, how far it has and hasn't come and what might need to be done to bring the law into the future.

September 3, 2014

ACA's Health Insurer Deduction Limit Saved Taxpayers $72M-Plus in 2013, Report Says

The Affordable Care Act's compensation deduction limit for health-care insurance providers generated at least $72 million in additional public revenue from some of the largest providers in 2013, its first full year of applicability, the Institute for Policy Studies said in a report.

August 29, 2014

New Guidance on Contraceptive Coverage Strives to Preserve Access, Practitioners Say

   Recent guidance on contraceptive coverage shows that the federal agencies implementing the nation's health-care law are trying to ensure that women still have access to that coverage even if their employer objects to providing it, practitioners said.           

August 27, 2014

Unsettled ‘Church Plan' Definition Contested; Speakers Debate Merits of Both Positions

The definition of a pension or welfare plan as a “church plan” that is exempt from the Employee Retirement Income Security Act is unsettled and ripe for court interpretation, according to panelists at a webinar.

August 22, 2014

DOL Advocates Using IRA Rollovers To Preserve Funds of Missing Participants

The best method of preserving retirement funds for missing participants is to roll the funds into individual retirement accounts, the Department of Labor said in Field Assistance Bulletin 2014-01.

August 20, 2014

ERISA @ 40

RSVP Today: ERISA@40 -- Complimentary, CLE-eligible live event Sept. 9 at 2:00 p.m. Join us for an afternoon of expert perspectives and an overview of the developing issues in pension and benefits law with Bloomberg BNA's ERISA@40 event.

August 13, 2014

Obstacles Loom for House Legislation On Frozen Retirement Plans, Speaker Says

Recently introduced legislation addressing frozen defined benefit plans could face some obstacles before it has any hope of enactment, an American Benefits Council policy analyst said in a webinar.         

August 8, 2014

Dudenhoeffer Ruling Benefits Both Sides, Attorneys Who Argued Case Agree

The U.S. Supreme Court's recent decision in Fifth Third Bancorp v. Dudenhoeffer accomplished something rare: It gave both employees and employers a reason to smile.         

August 6, 2014

Initiative Gathers Section 409A Data For Compliance Check, IRS Official Says

The Internal Revenue Service's current compliance initiative project was created as a formalized audit program to assess compliance with tax code Section 409A, an IRS official said during a Bloomberg BNA webinar.

July 25, 2014

Overview of U.S. v. Windsor and its Effect on Employee Benefits

The Supreme Court's decision in United States v. Windsor has had a major impact on employee benefits issues affecting same-sex couples.

July 23, 2014

Recent SCOTUS Benefit Decisions Pose New Questions for Litigation, Panelists Say

Recent decisions from the U.S. Supreme Court this past term have provided new questions for practitioners in employee benefits law, according to panelists at a webinar hosted by the American Bar Association's Joint Committee on Employee Benefits on July 15.

July 16, 2014

Church Plan Challengers Win 3rd Victory; Magistrate Agrees With Majority Position

A Catholic health-care corporation's pension plan doesn't qualify as a church plan exempt from federal benefits law, a magistrate judge concluded (Medina v. Catholic Health Initiatives, D. Colo., No. 1:13-cv-01249-REB-KLM, 7/9/14).         

July 9, 2014

Treasury, IRS Modify Tax Code Rules To Expand Access to Retirement Annuities

The federal government helped broaden the choices for those shopping for lifetime income options in retirement by modifying the required minimum distribution rules for various types of plans in newly released final regulations on qualifying longevity annuity contracts.   

July 2, 2014

High Court Kills Presumption of Prudence, Gives Some Hope to ESOP Fiduciaries

In a partial win for employees who invest in company stock, a unanimous U.S. Supreme Court ruled that fiduciaries of employee stock ownership plans aren't entitled to a presumption of prudence protecting them from liability for declining share price.

June 27, 2014

Moench-ing on a Bunch of Presumptions - What's Left After Fifth Third v. Dudenhoeffer?

Dudenhoeffer is yet another case in which the Court rejects years of lower-court precedent with nary a shrug.  We saw this happen in CIGNA v. Amara, where the Court both rejected the notion that an SPD could effectively be a binding plan document, and then held, unlike every circuit court to have previously considered the point, that monetary damages could be available under ERISA in the appropriate case.

June 25, 2014

Senate Sets Sight on Retiree Benefit Vesting; ERISA Amendments Create New Presumption

In what some may see as an effort to preempt U.S. Supreme Court review of the topic in next year's term, the Senate is considering amendments to federal benefits and labor laws that would make any retiree group health benefits vest upon retirement or the completion of 20 years of service.         In what some may see as an effort to preempt U.S. Supreme Court review of the topic in next year's term, the Senate is considering amendments to federal benefits and labor laws that would make any retiree group health benefits vest upon retirement or the completion of 20 years of service.   

June 18, 2014

ERISA Accounts Useful for Paying Expenses In Plans, but Have Some Risks, Attorneys Say

ERISA budget accounts are useful tools for managing retirement plan expenses, but they come with advantages and risks and therefore require careful monitoring by plan sponsors and record keepers, benefits attorneys told Bloomberg BNA.        

June 13, 2014

Putting the Shared Responsibility Penalty Puzzle Together

Greta E. Cowart, a shareholder at Winstead P.C., Dallas,  has published the report “Putting the Shared Responsibility Penalty Puzzle Together.”

June 11, 2014

IRAs May Be ‘Hot Button Issue' In DOL's Re-Proposed Fiduciary Rule

The issues to watch when the Department of Labor re-proposes its fiduciary rule involve individual retirement accounts, a practitioner said during an audiocast sponsored by Drinker Biddle & Reath LLP.  

June 4, 2014

Buyer Beware: Sponsors Should Read Details In Fiduciary Warranties to Dodge ‘Gimmicks'

Employer-sponsored retirement plan fiduciaries should be cautious about signing fiduciary warranties, because some provide far less value than fiduciary insurance and can potentially be a “marketing gimmick,” plan advisers and insurers told Bloomberg BNA in a series of interviews. 

May 29, 2014

MassMutual Is Functional Fiduciary; Ability To Remove Funds Doesn't Confer Status

Mass Mutual Life Insurance Co. is a functional fiduciary of two Section 401(k) plans because of its ability to set its own compensation as a service provider, but not because of its authority to substitute funds from the plans' investment lineups, a federal court concluded.

May 21, 2014

Internal Controls, Good Communications Key To Reducing Plan Errors, Consultant Says

Retirement plan sponsors need to have internal controls and good communications between all relevant departments to reduce typical problems that would prompt an investigation from the Internal Revenue Service that could lead to disqualifying their plans, a consultant said at the American Institute of CPAs employee benefits conference.   

May 14, 2014

IRS Will Conduct Section 409A Audits Of Fewer Than 50 Taxpayers, Official Says

Tax code Section 409A audits of selected taxpayers are under way, an Internal Revenue Service official said at a bar association meeting.   

May 7, 2014

DOL Continues Work on Fiduciary Rules, Guide for Fee Disclosures, Official Says

The Department of Labor is still gathering input and information to develop the highly anticipated reproposed rules that define a “fiduciary,” said Phyllis Borzi, assistant secretary for the Department of Labor's Employee Benefits Security Administration.

May 2, 2014

Pamela Baker of Dentons on Parachute Cap Provisions

Pamela Baker, a partner in the Chicago office of Dentons US LLP, discusses golden parachute cap provisions in employment agreements in a Bloomberg BNA video. Pam discusses how cap and no-cap provisions work, and why parachute provisions with no caps that give employees the right to choose which benefits to forfeit to avoid excise taxes may be better for both employer and employee and avoid Section 409A problems.

April 30, 2014

IRS Developing PLRs on Lump-Sum Offers, Practitioner Says in Webinar on De-Risking

The Internal Revenue Service is working on additional private letter rulings that cover lump-sum offers to retirees who are receiving pension benefits, a practitioner said during a webinar on such plan de-risking methods.   

April 25, 2014

Helen H. Morrison of Ernst & Young on new ACA Regulations

Helen H. Morrison, a principal at Ernst & Young LLP, discusses new regulations under the Affordable Care Act in two videos. Part 1 discusses the “pay or play” requirements under Section 4980H.  In Part 2, Helen discusses the new reporting requirements under Sections 6055 and 6066.

April 25, 2014

Plan Administrators Face Beneficiary Hurdles After IRS Windsor Guidance, Attorneys Say

Retirement plan sponsors should check beneficiary designations for participants' same-sex spouses in light of recent Treasury Department and Internal Revenue Service guidance on the applicability of the U.S. Supreme Court's Windsor decision to retirement plans, if they haven't already done so, benefits attorneys told Bloomberg BNA. 

April 16, 2014

IRS Windsor Retroactivity Guidance Leaves Questions on ERISA Claims, Practitioners Say

But what about the retroactive application of Windsor to claims for benefits under the Employee Retirement Income Security Act?

April 9, 2014

Retirement Plans Aren't Required to Apply Windsor Ruling Retroactively, IRS Says

Many plan sponsors and administrators got the news they were looking for on the application of the U.S. Supreme Court's Windsor decision to retirement plans: No retroactive application before the date of the high court ruling itself. 

April 4, 2014

Attorneys Make Predictions on Fee Litigation, Questions of Constitutional Standing

Plan fee litigation, questions of constitutional standing and the fate of the pro-fiduciary presumption of prudence are the big issues currently driving fiduciary litigation under the Employee Retirement Income Security Act, practitioners said during a webcast.

April 4, 2014

A Possible Alternative to the Moench-ies (Part II)

So we've now had the oral argument before the Supreme Court in the potentially critical Dudenhoeffer case (Fifth Third Bancorp v. Dudenhoeffer, U.S., No. 12-751, argued 4/2/14).

April 2, 2014

Battle Over Presumption of Prudence Heats Up Ahead of High Court Arguments

The question of whether a judge-made presumption of prudence should protect fiduciaries of employer stock plans from liability for declining stock prices will be front and center at the U.S. Supreme Court next week, with the court receiving nine amicus briefs in the months leading up to oral arguments. 

March 27, 2014

States, Cities Tackle Pension Liabilities; Watch Illinois, Detroit for Lessons

Throughout his first four years in office, Illinois Gov. Pat Quinn (D) gave a consistent stump speech--a pledge to overhaul the worst-funded public sector retirement system in the country.  

March 19, 2014

Borzi Plays ‘Three Questions' With Critics Of DOL's Expected Fiduciary Rule Re-Proposal

Phyllis C. Borzi, assistant secretary for the Department of Labor's Employee Benefits Security Administration, doesn't have 21 questions for people who doubt whether the agency's expected re-proposed fiduciary regulations are necessary. She has only three.

March 12, 2014

Speakers Say Liability Can Be Minimized When Giving Participants Investment Advice

Pension plan trustees can offer participants much-needed individual investment advice in their participant-directed accounts without undue fear of liability, speakers said during a conference.

March 7, 2014

Obama Budget Includes MyRAs, Auto IRAs, Would Limit Retirement Savings Tax Breaks

President Barack Obama's proposed $3.9 trillion fiscal year 2015 budget includes requirements that employers offer individual retirement accounts and provisions that would reduce tax benefits on certain retirement accounts for high-income earners.

February 26, 2014

Guidance on ACA 90-Day Waiting Periods Issued in Tri-Agency Final, Proposed Rules

Group health plans or health insurance issuers offering group health insurance coverage can't apply a waiting period that exceeds 90 days for individuals to be eligible for benefits coverage under terms of their plans, according to new final regulations under the Affordable Care Act and released jointly by three federal agencies.          

February 19, 2014

Plan Fee Litigation Burned Hot in 2013, But Some Decisions Baffling, Speakers Say

Plan fee litigation had a big year in 2013, with divisive appellate court decisions affecting standards of judicial review, statutes of limitations and functional fiduciary status that may open the door for increased and novel litigation, employee benefits attorneys said during a conference panel presentation.

February 12, 2014

EBSA to Focus on Conflict-of-Interest Rule, Prohibited Persons, Audits, Borzi Says

 The civil enforcement efforts of the Department of Labor's Employee Benefits Security Administration achieved nearly $1.7 billion in monetary results during the 2013 fiscal year, Phyllis C. Borzi, assistant secretary of labor for EBSA, told conference attendees at a Feb. 7 presentation.

February 5, 2014

Lump-Sum Payments Focus of Debate Over De-Risking Strategies, Attorney Says

Plan sponsors' use of lump-sum payments to settle pension obligations for retirees in pay status has emerged as the leading issue in the debate over pension de-risking, an employee benefits attorney said during a recent conference session.

January 30, 2014

Plan Sponsor De-Risking Likely to Continue Even With Higher Funding, Practitioners Say

  The recent upswing in defined benefit plan funding levels might encourage plan sponsors to take some major steps to de-risk their plans.  

January 23, 2014

Year in Review: 2013 in ERISA Litigation

Several U.S. Supreme Court rulings broke new ground for employee benefits in 2013, and decisions in 2014 are also expected to push these issues into new territory. In addition to its landmark ruling recognizing same-sex marriage under federal law, the U.S. Supreme Court also issued two significant opinions under the Employee Retirement Income Security Act in 2013—one involving contractual limitations periods, and the other involving Section 502(a)(3)'s equitable remedies provision. 

January 15, 2014

Class-Action Complaint Challenges Fidelity Plan's Revenue-Sharing Arrangement

  A recently filed class action complaint alleges that Fidelity Investments committed fiduciary breach and engaged in prohibited transactions with respect to its own profit sharing plan by failing to “recapture” certain revenue-sharing payments made by the plan's mutual fund adviser to the plan's record keeper, both of which are Fidelity entities (Yeaw v. FMR LLC, D. Mass., No. 1:14-cv-10035, complaint filed 1/7/14).

January 10, 2014

D.C. Circuit: No Relief for Participant In Underfunded Cash Balance Plan

An attorney challenging the amount of benefits she received from her former law firm's underfunded cash balance plan failed to convince the U.S. Court of Appeals for the D.C. Circuit that a district court erred in rejecting her claims of fiduciary breach and violations of the tax code (Clark v. Feder Semo &  Bard, P.C., D.C. Cir., No. 12-7092, 1/7/14).       

January 7, 2014

Under Deferential Review, Second Circuit Again Nixes Xerox's Use of Phantom Account

Xerox Corp.'s use of a phantom account in calculating and offsetting its employees' pension benefits was unreasonable under the terms of the plan and violated the notice requirements of the Employee Retirement Income Security Act, the U.S. Court of Appeals for the Second Circuit ruled (Frommert v. Conkright, 2d Cir., No. 12-67-cv, 12/23/13).

December 27, 2013

IRS, DOL, HHS Propose to Expand Types of Excepted Benefits Under ACA

The Departments of Treasury, Labor, and Health and Human Services issued proposed rules (REG-143172-13; RIN 1210-AB60; CMS-9946-P) that would amend the regulations on excepted benefits regarding vision and dental benefits, as well as employee assistance programs.   

December 20, 2013

IRS Issues Guidance on Application Of Windsor Decision on FSAs, HSAs

Cafeteria plans can permit midyear election changes for plan participants who were legally married to same-sex spouses as of June 26, the date of the U.S. Supreme Court's decision in United States v. Windsor, the Internal Revenue Service said in Notice 2014–1, issued Dec. 16.

December 13, 2013

Guidance on Frozen Plans, DOMA Out ‘Imminently,' Treasury Official Says

The retirement plan community can expect guidance imminently on issues related to frozen defined benefit plans, a Treasury Department official said during a webcast.        

December 4, 2013

DOL Lists Fiduciary Re-Proposal, Project On Brokerage Windows on Regulatory Agenda

The Department of Labor's Employee Benefits Security Administration projected that its rule on the redefinition of the term “fiduciary,” also known as its conflict-of-interest rule, will be re-proposed in August 2014, and also indicated its intentions to start on a project related to brokerage windows, according to the DOL's fall 2013 regulatory agenda.          

December 2, 2013

Solicitor General Asks High Court to Strike Pro-Fiduciary Presumption of Prudence

The U.S. Supreme Court should strike down the pro-fiduciary presumption of prudence that some federal courts have used to shield fiduciaries of employer stock plans from liability for declining share value, the U.S. solicitor general said in a brief filed with the high court.

November 21, 2013

Fourth Circuit: No Deferential Review Despite Plan's ‘Satisfactory to Us' Language

Language in a Prudential Insurance Co. of America disability policy requiring claimants to submit proof of disability that is “satisfactory to Prudential” didn't constitute an unambiguous grant of discretionary authority that would entitle Prudential to deferential judicial review of an adverse benefit determination, the U.S. Court of Appeals for the Fourth Circuit ruled.  

November 13, 2013

Treasury Tackling Final Issues Under the ACA, Agency Official Says

  The Treasury Department is hammering out final issues with Affordable Care Act compliance, from employer reporting requirements to health insurer fees, and should have some guidance out soon, Treasury's benefits tax counsel said.

November 8, 2013

IRS Not Out to Trap Employers That Make Plan Adjustments Post-Windsor, Official Says

The Internal Revenue Service and Treasury Department expect to get guidance out to cafeteria plans “very, very soon” on the retroactive application of the Supreme Court's Windsor decision, a Treasury official said.