Department of Labor issues proposed regulations concerning content of summary plan descriptions including information concerning the Newborns' and Mothers' Health Protection Act of 1996

Article Abstract:

Disclosure rules for employee benefit plans have been issued by the US Labor Dept in the form of proposed regulations guiding plan administrators' issuance to employees of descriptive plan information. The regulations were issued in accordance with the Consumer Bill of Rights and Responsibilities, a Clinton Administration Nov 1997 report, which recommended increased health and other plan information disclosure. ERISA and COBRA rights are some of the new information which must be provided. The regulations affect summary plan descriptions under 29 Code of Federal Regulations section 2520-102-3 and -5.

Management, Health insurance

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IRS and Treasury seek comments on regulations to provide employers more flexibility in amending plans to modify or eliminate optional forms of benefit

Article Abstract:

Employers may be allowed more leeway in administration of employee defined contribution plans after regulations are issued regarding optional forms of qualified benefits which employers wish to terminate or alter. The IRS in Notice 98-29 states its intention to issue regulations, after considering public comments, allowing termination or alteration changes to qualified plans to eliminate excess cost or complexity.

Planning, Defined contribution plans

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DOL proposes rules withdrawing SPD filing requirement and implementing new plan document production requirements and related civil penalties

Article Abstract:

This article concerns U.S. Labor Dept. proposed regulations guiding employee benefit plan administrators in complying with ERISA reporting rules enacted in the Taxpayer Relief Act of 1997. The article includes discussion of specific ERISA requirements and civil penalties.

Information returns

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