Search Results for keywords:"Employee Benefits Security Administration"

The Department of Labor (DOL) is asking for public comments on an information collection tied to the Affordable Care Act's claims and appeals processes. They have submitted this request to the Office of Management and Budget (OMB) for review according to the Paperwork Reduction Act of 1995. The request specifically relates to regulations that outline procedures for handling benefit claims and appeals in group health plans. Interested parties have until May 30, 2025, to provide their input on this initiative.

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 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 is submitting a request to the Office of Management and Budget for approval to collect information related to the Affordable Care Act's requirements for health insurance plans to provide a summary of benefits and a uniform glossary. This allows plans to explain their coverage and standardized definitions to participants. Public comments on this information collection request are welcome until May 30, 2025. The collection aims to provide practical utility, ensure accuracy, and minimize the burden on respondents, with an estimated annual time burden of 303,970 hours and annual costs of over $7 million.

The Department of Labor has granted an exemption to the Boilermakers Western States Apprenticeship Fund, allowing it to purchase a property in Page, Arizona, from Lodge 4, despite restrictions under the Employee Retirement Income Security Act of 1974 (ERISA). This decision was made to avoid the costs and time of relocating the Plan's training program and because the property is already modified for this purpose. An independent fiduciary will ensure that the property is bought at fair market value, adhering to all necessary conditions. The purchase will help maintain the training program and provide administrative space for the Plan's headquarters.

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 (DOL) is asking for feedback on an information collection related to Prohibited Transaction Class Exemption 2002-12, which involves buying and selling securities between investment funds through passive or model-driven cross-trading programs. This request has been sent to the Office of Management and Budget (OMB) for approval under the Paperwork Reduction Act and comments will be accepted until April 28, 2025. The aim is to evaluate whether the information collection is necessary, accurate, and burdensome, and if there are ways to improve or simplify it. The OMB will determine if the collection can proceed, with approval lasting up to three years.

The Department of Labor (DOL) is seeking approval from the Office of Management and Budget (OMB) for an information collection request related to the definition of "plan assets" involving participant contributions to employee benefit plans. This request is being managed by the Employee Benefits Security Administration (EBSA) and is part of adhering to the Paperwork Reduction Act. The regulation details the timeframes within which contributions must become plan assets and outlines the requirements for employers who need an extension to meet these deadlines. The DOL invites public comments on various aspects of this information collection, including its necessity, utility, and potential burden on businesses.

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 (DOL) is inviting public comments on an information collection request related to the Delinquent Filer Voluntary Compliance Program, which is being reviewed for approval by the Office of Management and Budget (OMB). This program allows plan administrators to pay reduced penalties if they voluntarily comply with annual reporting requirements under the Employee Retirement Income Security Act of 1974 (ERISA). The DOL is seeking authorization for this information collection for three years, targeting businesses and not-for-profit institutions. Comments must be submitted by February 16, 2021.