Empowering HR leaders with insightful content.
Many plan sponsors have read about the lawsuit filed against Johnson & Johnson alleging that it breached its fiduciary duties with regard to the prescription drug component of its group health plan, causing participants to “overpay” for their prescriptions. Lewandowski v. Johnson & Johnson (Case No. 1:2024cv00671), filed February 5, 2024, in the federal district …
Continue reading “Why Establish a Fiduciary Committee for Welfare Benefit Plans?”
Anyone responsible for the administration of a 401(k) retirement plan probably has a “to-do” list that never ends. For example, as soon as a plan administrator files the Annual Report Form 5500 for the prior year, it is time to start planning to distribute the Summary Annual Reports and annual fee and QDIA notices to …
We are just past the “official” start of summer, which means it is time for sponsors of retirement plans and many health and welfare plans to think about preparing and submitting Form 5500. In this post on the All Things HR Blog, I examine the most common mistakes I encounter when assisting plan sponsors in …
Continue reading “It’s Form 5500 Season: Five Common Mistakes that Plan Sponsors Should Avoid”
ERISA generally governs all pension and welfare benefit plans. In regulations, the Department of Labor (“DOL”) has exempted certain types of plans or practices from the definition of a welfare benefit plan under Title I of ERISA. One commonly used exemption is the “payroll practice” exemption. Exempt payroll practices include “payment of an employee’s normal …
Continue reading “Is a Self-Funded STD Plan an ERISA Plan or an Exempt Payroll Practice?”
Individuals responsible for the administration of a 401(k) retirement plan know that details, such as a participant’s date of hire or the number of hours worked, are important when determining an employee’s plan entry date. A lawsuit recently filed by the Department of Labor is a reminder that plan fiduciaries should also be paying attention …