Laws & Regulations

• New HSA funding opportunities via IRAs

  The health savings account has already proven to be a relatively flexible account-based benefit in its ability to be layered with other products and double as a retirement vehicle. Now the product can add another feather to its hat. Owners of individual retirement accounts who are enrolled in a high-deductible health plan can shift IRA funds into a HSA, without facing a tax penalty.

• DOL and Congress focus on 401(k) fees

  Legislators and federal agencies plan to concentrate their efforts on addressing excessive 401(k) fees, and employers can expect to see new guidance on several retirement-related topics soon.

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• 2009 HSA contribution limits announced

  The Internal Revenue Service recently released the maximum contribution levels for health savings accounts and out-of-pocket spending limits for high deductible health plans connected to HSAs.

• PBM giant reaches settlement on deceptive practices

  Not sure if it qualifies as a kiss and make up, but a Valentine's Day settlement worth $38.5 million was reached between CVS Caremark and 28 states.

• Further clarification on wellness programs

  The Employee Benefits Security Administration recently issued a checklist to help advisers and employers determine whether their wellness and disease management programs comply with the Health Insurance Portability and Accountability Act.

• SPARK speaks out on fee disclosure

  Following up on the Department of Labor's recently proposed amendments to the fee disclosure regulations under Section 408(b)(2) of ERISA, the SPARK Institute, a group representing the interests of the retirement services industry, is recommending changes to the proposal.

• Final DOL regs on QDIA offer some fiduciary protection

  Final rules from the Department of Labor specify how contributions may be directed to qualified default investment alternatives.

• Adviser sheds light on PBM conflicts of interest

  Advisers may realize their work is not done once a pharmacy benefit plan is selected, but they may not be aware of the extent to which this is the case. Fiduciaries could be breaching their responsibilities under ERISA if the revenue streams going to PBMs are not fully understood by the sponsor.

• Final DOL regs on QDIA offer some fiduciary protection

  Final rules from the Department of Labor specify how contributions may be directed to qualified default investment alternatives.

• EEOC ruling allows greater flexibility with retiree benefits

  The Equal Employment Opportunity Commission released a final rule that allows employers to revamp retiree health benefits without violating the Age Discrimination in Employment Act.

• Technology raises new issues for HIPAA privacy compliance

  As health information technology expands, policymakers and employers may have to reevaluate how group health plans and health care providers comply with federal privacy laws.

• New rules clarify acceptable default investments for automatic enrollment

  Automatic 401(k) enrollment just got easier for advisers and employers. Employees are expected to reap the benefits in their retirement savings as well. The Department of Labor released its final rule on default investment options in October, tying up some loose ends from the Pension Protection Act. The ruling is expected to increase retirement savings in defined contribution plans by as much as $134 billion by 2034.

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• Employee dietary habits affect productivity

  Employers striving for a more productive workforce may want to begin their mission in the cafeteria. Employees with balanced diets have 10 times more energy, compared to workers with poor dietary habits, reports ComPsych Corp. in its 2008 Health & Productivity Index.

• Voters split over health care reform solutions

  Republican and Democratic voters have displayed differing views on the nation's health care problems in the primaries, says the New England Journal of Medicine?s report, Health Care in the 2008 Presidential Primaries.

• Talent trumps technology in the HR department

  How can advisers help their clients improve business processes in the HR department? By supporting high-tech solutions that help their people be their best. Human resource executives have consistently ranked technology and systems implementation as their top priority in HR service delivery. In 2008, however, employers report that their talent agenda is taking center stage.

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