Search Results for agency_names:"Employee Benefits Security Administration"

The Department of the Treasury, Department of Labor, and Department of Health and Human Services have decided to withdraw their proposed rules concerning the coverage of preventive services under the Affordable Care Act. Initially published on October 28, 2024, these rules aimed to ensure coverage for recommended preventive services without cost-sharing, focusing significantly on contraceptive items for women. The withdrawal comes as the departments plan to prioritize other issues, although they may revisit preventive services in the future. The agencies emphasize that withdrawing these rules does not prevent them from making new proposals similar to the withdrawn ones.

The Departments of Treasury, Labor, and Health and Human Services have decided to withdraw a proposed rule related to coverage for certain preventive services, including contraceptive services under the Affordable Care Act. This proposed rule aimed to address issues concerning religious objections to contraceptive coverage. They received over 44,000 comments and decided that they need more time to consider these inputs and focus on other priorities before proceeding with any new regulations. The withdrawal does not stop the possibility of proposing similar rules in the future.

The Department of Labor is proposing to extend the effective periods for exemptions involving the Royal Bank of Canada and Northern Trust to prevent a gap in exemptive relief, which would be detrimental to affected clients and their participants. If approved, this extension will last until either September 4, 2025, or until the Department makes a final decision regarding long-term exemptions, whichever occurs first. Both banks' exemptions relate to past convictions for aiding and abetting tax fraud, but they will still be allowed to operate under strict conditions if they meet the required terms. Public comments and requests for a hearing regarding these proposed amendments must be submitted by February 26, 2025.

The Employee Benefits Security Administration of the U.S. Department of Labor has issued an exemption notice for UBS-managed Qualified Professional Asset Managers (UBS QPAMs). This exemption allows UBS QPAMs to rely on Prohibited Transaction Exemption 84-14 (PTE 84-14), despite past criminal convictions within the UBS and Credit Suisse corporate families. The exemption is valid from June 12, 2023, through June 11, 2029, provided UBS QPAMs adhere to specific conditions designed to ensure compliance with fiduciary standards and protect ERISA-covered plans and IRAs. This decision aims to shield plan participants and beneficiaries from potential financial harm while maintaining oversight over UBS QPAMs' activities.

The U.S. Department of Labor has issued an amendment that extends the effective periods of Prohibited Transaction Exemptions (PTEs) for the Royal Bank of Canada and Northern Trust Corporation. These amendments allow certain entities to continue operations without disruption due to legal issues in France related to tax fraud convictions. The extension is until September 4, 2025, or until a final decision is made on their longer-term requests. Both RBC and Northern must adhere to specific conditions to utilize this extended relief.

The Department of Labor has amended Prohibited Transaction Exemption (PTE) 2002-51, linked to the Voluntary Fiduciary Correction (VFC) Program, which aims to help correct breaches in fiduciary duties without facing penalties. These changes include a new self-correction feature allowing certain plan contributions to be fixed without filing a full application, and updates to improve notice procedures to interested parties while providing an appendix with a model notice. The amendment aims to make it easier and less expensive for employers to correct errors and comply with regulations under the VFC Program.

The Department of Labor has updated the Voluntary Fiduciary Correction Program (VFC Program) to simplify the process of correcting fiduciary breaches under the Employee Retirement Income Security Act (ERISA). These updates add a self-correction feature for common plan issues like late participant contributions, streamline procedures for program participation, and incorporate changes from the SECURE 2.0 Act allowing self-correction for certain participant loan failures. The goal is to make the program more user-friendly for employers and other plan fiduciaries, encouraging compliance with the law and avoiding potential civil penalties.

The Department of Labor's Employee Benefits Security Administration (EBSA) is inviting public comments on the continuation and extension of different information collection requests (ICRs) related to employee benefit plans. These ICRs cover various topics, including health plan enrollment notices, multiple employer welfare arrangements, and reporting procedures for top hat plans, among others. The public can submit their comments by March 7, 2025, and these comments will assist the Department in assessing the impact and effectiveness of these information requirements. The ICRs aim to help reduce the public's reporting burden and improve the understanding of the Department's data collection needs.

The U.S. Department of Labor's Employee Benefits Security Administration granted an exemption allowing the Associated General Contractors of America, San Diego Chapter, Inc. to lease its training facility to its Apprenticeship and Training Fund under specific conditions. The agreement ensures the Plan pays fair market rent, verified by an independent fiduciary, and that the lease benefits participants by providing effective training facilities. The fiduciary also monitors compliance with the lease terms and any rent increases must adhere to changes in the Consumer Price Index. This exemption is designed to avoid conflicts with ERISA's prohibited transaction rules.

The Department of Labor has issued a notice regarding a proposed exemption for certain prohibited transaction restrictions relating to Goldman Sachs. This exemption, if granted, would allow certain entities affiliated with Goldman Sachs to continue engaging in activities normally restricted by the Employee Retirement Income Security Act (ERISA), despite Goldman Sachs Malaysia's conviction under the Foreign Corrupt Practices Act. The exemption is proposed to last five years, and public comments are invited until February 10, 2021. The measures aim to protect affected plans and ensure compliance with specific conditions during the exemption period.