The Department of Labor (DOL)’s Employee Benefits Security Administration (EBSA) has the authority to conduct audits on benefit plans that are governed by the Employee Retirement Income Security Act (ERISA). DOL audits often focus on violations of ERISA’s fiduciary obligations and reporting and disclosure requirements.
The DOL may also investigate whether an employee benefit plan complies with ERISA’s protections for plan participants, such as the special enrollment rules or mental health parity requirements. Recently, the DOL has been using its investigative authority to enforce compliance with the Affordable Care Act (ACA).
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Health Insurer Anthem Hit by Massive Cyber Attack
In what is likely to be the largest data breach of a health care insurer, hackers gained access to as many as 80 million internal files of Anthem Inc., the nation’s second-biggest health insurance carrier.
Anthem revealed on Feb. 4 that the stolen files numbered in the tens of millions and contained the personal information of current and former customers, as well as employees. A statement released by Anthem CEO Joseph Swedish said that the company was hit by a “very sophisticated, external cyber attack.”
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Did You Know?
The IRS recently announced a new annual contribution limit for health Flexible Spending Accounts (FSAs) starting in 2015.
According to this guidance, for taxable years beginning in 2015, the dollar limitation on employee salary reduction contributions to health FSAs will be $2,550, an increase of $50 from the amount for 2014.
To read the rest of the December Newsletter go here.
Did You Know?
Instructions for the forms to be used for health coverage reporting under the Affordable Care Act are now available, along with Q&As on the reporting rules, which are found in Code Section 6055 and 6056.
The Instructions for Forms 1094-B and 1095-B will be useful for entities reporting minimum essential coverage under Section 6055, such as health insurance issuers and self-insured plan sponsors that are not applicable large employers (ALEs). The Instructions for Forms 1094-C and 1095-C will be used by ALEs that are reporting under Section 6056, as well as for combined reporting by ALEs with self-funded plans.
The forms and instructions are draft versions only, and they should not be relied upon or used for filing. Both the forms and instructions will be finalized later this year.
To read the rest the October Newsletter go here.