SOA Releases Mortality Improvement Scale MP-2020

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When the Society of Actuaries (SOA) released the RP-2014 mortality table in 2014, they included mortality improvement scale MP-2014.  The purpose of this scale is to reflect mortality improvement into the future, since one would expect future mortality rates to be lower with further advances in health and medicine. A practice was then started to update this improvement scale annually … Read More

PBGC Guidance on CARES Act – UPDATE

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The CARES Act, signed into law in March 2020, provided contribution relief to employers by allowing contributions to be delayed until the end of 2020.  Initial guidance from the PBGC clarified that payment / filing deadlines would not be extended, rendering delayed contributions useless for 2020 premium purpose (see our summary of prior guidance here). Updated PBGC guidance released this … Read More

Integral, a Foster & Foster Podcast, Episode 1: COVID-19

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Join host Travis Smith and special guest Matt Plachta as they discuss the COVID-19 pandemic, implications on health plans, and concepts to consider as we move toward 2021. Reach out to Travis Smith and Matt Plachta directly: Travis Smith:Phone: (630) 620-0200Email: Travis.Smith@Foster-Foster.com Matt Plachta:Phone: (630) 620-0200Email: Matt.Plachta@Foster-Foster.com

PBGC / IRS Guidance on CARES Act

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The CARES Act, signed into law in March 2020, provided contribution relief to employers by allowing contributions to be delayed until the end of 2020. What became uncertain was the impact this relief would have on PBGC and IRS requirements that make use of the delayed contributions. Recent guidance has provided some clarity on these matters. PBGC The PBGC released … Read More

DOL Announces New Electronic Disclosure Rule for Retirement Plans

AdminBlog, Retirement

On May 21, 2020, the Department of Labor (DOL) announced its final rule on electronic disclosures for retirement plans. The final rule is an alternative method of furnishing electronic disclosures and does not replace the 2002 Safe Harbor Rules, nor does it apply to health plan disclosures. Under the new rule, plan sponsors may send electronic disclosures to plan participants, … Read More

Patient-Centered Outcomes Research Institute (PCORI) Fees Due July 31, 2020

AdminBlog, Health & Welfare, Private Self-Funded Health Plan

On June 8, 2020, the Internal Revenue Service (IRS) issued Notice 2020-44 announcing the PCORI fee for plan years ending on or after October 1, 2019 and before October 1, 2020 will be $2.54 per covered life and is due July 31, 2020. The Further Consolidated Appropriations Act of 2020 included a 10 year extension of the PCORI fees originally … Read More

IRS Issues COVID-19 Guidance for Cafeteria Plans

AdminBlog, Health & Welfare, Private Self-Funded Health Plan

Due to the COVID-19 crisis, the IRS has issued Notice 2020-29 to announce the opportunity for employers to allow mid-year changes to employer-sponsored health coverage and dependent care assistance program elections (listed below). The notice also allows employers the option to extend health and dependent care FSA grace periods that would have ended earlier in 2020, in order to make … Read More

2021 HSA Limits and ACA Out-Of-Pocket Maximums

AdminBlog, Health & Welfare, Private Self-Funded Health Plan

The IRS has issued Revenue Procedure 2020-32 to announce the 2021 contribution limits and high deductible health plan (HDHP) design requirements. The new Health Savings Account (HSA) contribution limits will become effective January 1, 2021, and the new HDHP design requirements will go into effect on the first day of plan years beginning on or after January 1, 2021.   … Read More

Coronavirus Aid, Relief, and Economic Security Act (CARES Act)

AdminBlog

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) enacted March 27, 2020 is an economic stimulus measure for individuals, businesses, and hospitals in response to the economic distress caused by the coronavirus (COVID-19) pandemic.  It also contained the following provisions that could affect your health plans: COVID-19 testing coverage must include out-of-network services.  The allowable expense can be … Read More