NEW YORK--(BUSINESS WIRE)--The Segal Group has published 2018 Reporting & Disclosure Calendars for multiemployer and single employer benefit plans. The calendars summarize the annual compliance requirements and disclosure obligations that health and retirement plan sponsors need to know.
The content in these calendars raise issues that may cause plan sponsors to check, change or consider their current approaches. Here are some examples:
- Check — Sponsors of private sector defined benefit and defined contribution plans must satisfy rules requiring that coverage, benefit amounts and the availability of benefits, rights and features do not discriminate in favor of highly compensated employees. “This testing is generally required each year, but can be every third year in certain circumstances,” said Serena Simons, National Retirement Compliance Leader. “Plan sponsors should check the last time they performed this testing.”
- Change — The Affordable Care Act is still law and the 40 percent excise tax on high-cost health plans above a certain threshold is still scheduled to take effect in 2020. “Plan sponsors should take action now to evaluate when and under what circumstances their plans could be expected to reach the excise tax thresholds and by how much,” said Kathy Bakich, National Health Compliance Practice Leader. “With those estimates in hand, plan sponsors can begin the process of deciding whether to consider plan design changes that would help them lower total plan costs.”
- Consider — Congress and the federal agencies that regulate plans covered by ERISA have taken action to help plan sponsors, plans and participants affected by the 2017 hurricanes and wildfires. “Both retirement and health plan sponsors may want to consider offering relief of different types to affected individuals in specified disaster areas,” noted Simons. “They should check the agency websites for more information.”
Both calendars are available online — as interactive webpages and printer-friendly PDFs. To speak with our compliance leaders about the challenges plan sponsors will face in 2018, please contact me.
The Segal Group (www.segalgroup.net) is a private, employee-owned consulting firm headquartered in New York and with more than 1,000 employees throughout the U.S. and Canada. Members of The Segal Group include Segal Consulting, Sibson Consulting, Segal Select Insurance Services, Inc. and Segal Marco Advisors.
