Recently the Bell vs. ATH Holding Company, LLC (a subsidiary of Anthem, Inc.) lawsuit settled. This is frequently referred to as the “Anthem Settlement” (the “Settlement”). The Settlement received quite a bit of attention from both the industry and mainstream press for a number of reasons, not the least of which include the size of the 401(k) plan ($5.1 billion), the size of the monetary … Continue reading Anthem Settlement Awards Participants More than $23M
This month’s employee memo gives participants answers to common questions on HSAs. Download the memo from your Fiduciary Briefcase at fiduciarybriefcase.com and distribute to your participants. Please see an excerpt below. Health savings accounts (HSAs) have grown tremendously in popularity over the past few years. You’ve probably heard of them or maybe your employer offers one. This memo will uncover answers to common questions you … Continue reading Participant Corner: What’s an HSA and is it Right for You?
Welcome to Hey Joel! This forum answers plan sponsor questions from all over the country by our in-house former practicing ERISA attorney. Hey Joel, Is it okay to use the same company for my plan’s recordkeeping, 3(38) advisory services, and administration? ~ Consolidating in California Dear Consolidating, It may seem logical to bundle all of your retirement plan’s services with one provider – recordkeeping, 3(38) … Continue reading Hey Joel! – Answers from a recovering former practicing ERISA attorney
As Americans look into the future and towards retirement, many understand that maintaining their health will be an important part of their overall quality of life after they stop working. However, uncertainty around healthcare costs – both now and in retirement – is a major financial worry among Americans preparing for retirement. So how can you help your workers reduce financial anxiety about retirement preparedness … Continue reading Four Reasons to Integrate Health Savings into your Retirement Plan
U.S. equity markets rose 4.1% (Russell 3000) in the second quarter as the Federal Reserve reversed their outlook from multiple rate hikes in 2019 to likely cutting rates. International equities rallied as well, posting a 3.0% gain over the quarter (MSCI ACWI ex U.S.). The U.S. fixed income market was up 3.1% for the quarter (Bloomberg Barclays Aggregate) as interest rates declined. Additionally, the yield … Continue reading Q2 2019 Market Review
Synopsis Anthem plan participants alleged that plan fiduciaries did not perform due diligence on funds being used in the plan Parties reached a settlement that includes more than $23 million awarded to participants in addition to certain plan enhancements including: requirement to provide a participant communication on money market funds; conduct a recordkeeper RFP within 18 months of the settlement; and engage with an independent … Continue reading Anthem Settlement