The No Surprises Act: A Cost Saving Opportunity for Employer Plan Sponsors
In a decision about ERISA’s fiduciary duties and transparency, the Sixth Circuit in Tiara Yachts, Inc. v. Blue Cross Blue Shield of Michigan held that Blue Cross Blue Shield of Michigan (BCBSM), a third-party administrator...more
Certain transactions between employee benefit plans and “parties in interest” are prohibited under the Employee Retirement Income Security Act of 1974, as amended (ERISA). ...more
I was very lucky that when I started as an ERISA attorney in 1998, I worked as a staff attorney for a third-party administrator (TPA). It gave me insight and experience that I could never have gotten as an attorney working...more
As I have always said, the most important 401(k) plan provider you can hire is a Third-Party Administrator (TPA). That’s because a TPA does so much work, and their incompetence can lead to you getting penalized or forcing you...more
As a plan fiduciary, I still can’t believe it. A Third Party Administrator (TPA) we terminated was trying to hold us up for valuations and a Form 5500 we paid for, as part of, annual administration. It was $80,000....more
Our “health plan hygiene” series has focused on steps that fiduciaries of employer-sponsored group health plans can take to ensure they meet their fiduciary responsibilities. This issue has been brought to the forefront...more
A health plan’s fiduciaries are responsible for administering the health plan. Because most employers are not in the business of administering health benefits, they outsource the day-to-day health plan administration to a...more
The U.S. Department of Labor (“DOL”) recently entered into a settlement agreement with a New York-based insurer and third-party administrator (“Company”) of employer group health plans governed by the Employee Retirement...more
I always say one of the beauties of retirement plans is not one is alike. They are like snowflakes because every plan sponsor has a different retirement plan need based on the size of their business, profits, and demographics...more
Organization Ideas For 401(k) Plan Sponsors To Limit Liability Organization tools always pop up for sale after New Year’s because a lot of people want to try to keep their resolutions. My local Costco always trots out the...more
The closure of the Studebaker-Packard Corporation car manufacturing plant in 1963 was a major catalyst leading into the enactment of the Employee Retirement Income Savings Act of 1974 (“ERISA.”) ...more
The Problems With Free and Small Retirement Plans - There is no such thing as a free lunch. There is no such thing as free advice. The more years I spend in the retirement plan business; I know that there is no such thing...more
A lot of talk in political circles surround politicians using fighting words. I’m not a politician and I don’t like to use my space for that....more
Big Concepts That 401(k) Plan Providers Forget About. Whether it was working for others or working for charitable organizations, it seems that there is a culture out there that seems to forget why these businesses and...more
I knew Jeff Richie from Vantage Benefits, spoke to him a couple of times ago, and wrote an article for his company regarding fiduciary services. Like with Matt Hutcheson, Jeff Richie was embezzling the money clients entrusted...more
As an ERISA attorney, I always have an open phone policy with plan sponsors, financial advisors, accountants, TPAs, and other attorneys from around the country on questions they may have about their plan or a client’s...more
I always say that you have better chances not getting caught by robbing a bank than you do by stealing money as a plan fiduciary. Yet, people still do it and come up with some amazing ways to get away with it. This new story...more
In one of the first ERISA cases to address claims against fiduciaries for excessive health plan fees, the court entered judgment in favor of the defendants on all counts. The decision addresses health plan fiduciary standards...more
New Year's Resolutions For 401(k) Plan Sponsors. Get off on the right foot for 2019. A New Year's resolution is a tradition in which a person resolves to change and undesired trait or behavior to either improve their...more
In light of the recent settlement between the U.S. Department of Labor (DOL) and a health plan third-party administrator (TPA), plan fiduciaries and TPAs should re-examine, or even re-negotiate, portions of their current TPA...more
The courts have been busy in 2014, addressing a variety of issues in the employee benefits field in decisions that impact everyone from union travelers to ESOP fiduciaries. This advisory summarizes a selection of the 2014...more
A family member once said: “there are a lot of yous (sic) and only one me.” That may not be the nicest and most selfless thing to say, but that’s something retirement plan sponsors should think when it comes to the needs of...more