Tag: ERISA
Compliance Recap | Sept. 2024
SUMMARY ANNUAL REPORT DUE The Summary Annual Report (SAR) is a disclosure requirement under ERISA. The SAR acts as a narrative of the Form 5500 for employee benefit plans. It includes financial statements, funding requirements, and participants’ rights. The SAR must be provided to participants and enrolled beneficiaries within nine months after the end of the plan…
Benefits Check-up: 6 Compliance Issues Affecting Your Clients’ Health
A health plan is more than a product or service; it’s a relationship. All productive and healthy relationships—especially in the benefits space—rely on trust. When an employer extends trust in a broker or insurance carrier to purchase something as critical as healthcare—for people as critical as their workers and families—we’re obligated to raise all factors…
Compliance Recap February 2024
In early February, a federal class action lawsuit was filed against Johnson & Johnson (JNJ) and its plan fiduciaries, alleging overpayment for prescription drugs within its prescription drug plan. The complaint alleges that under the Employee Retirement Income Security Act of 1974 (ERISA), JNJ’s plan fiduciaries are obligated to diligently compare service providers, seek cost-effective options, and…