19 May 2021

Do You Have Missing Participants In Your Retirement Plan? If So, You Should Try To Find Them.

The DOL recently published new guidelines regarding a plan sponsor’s fiduciary duty to locate missing participants in its retirement plan. This webinar will discuss the DOL guidelines and practical steps that a plan sponsor should take to comply. It also will discuss how compliance will assist in satisfying certain requirements under the Internal Revenue Code.

This month, Jim Bruinsma will join Tripp VanderWal for the webinar, so you don’t want to miss this session of our monthly Employee Benefits Lunch Break series!

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21 May 2021

$2.67 Billion Blue Cross Blue Shield Association Class Action Settlement and an Employer’s ERISA Fiduciary Duties

You may be aware of a class action lawsuit brought against the Blue Cross Blue Shield Association (BCBSA) and a number of its individual licensees for antitrust violations.

To avoid risks and future costs of litigation, BCBSA has tentatively agreed to settle the lawsuit for $2.67 billion. If this settlement is approved by the court, the following employers may be eligible to submit a claim to the settlement fund:
(1) Employers who purchased an insured group health policy from a BCBSA licensee from February 7, 2008 through October 16, 2020; or
(2) Employers who purchased administrative services for a self-funded group health plan from a BCBSA licensee from September 1, 2015 through October 16, 2020.

Even though employees who participated in group health plans that were insured or administered by a BCBSA licensee during these time periods are eligible to submit individual claims to the settlement fund, it is likely that employers will receive amounts from the settlement fund that are allocable to employees and, as a result, are considered “plan assets” under ERISA.

This webinar will explore an employer’s fiduciary duties under ERISA with respect these plan assets. If your group health plan was either insured or administered by a BCBSA licensee during these time periods, you don’t want to miss this webinar!

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