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Following recent guidance from the Biden Administration, health insurers in the commercial market are covering the costs of over-the-counter COVID-19 tests. Under the new guidance, private insurers must cover up to eight Food and Drug Administration-authorized rapid tests per member per month. This averages out to be about two rapid tests per week for those eligible, according
Senators Warren, Smith urge EBSA to hold Goldman accountable Print Senators Elizabeth Warren of Massachusetts and Tina Smith of Minnesota Tuesday urged the Department of Labor's Employee Benefits Security Administration to reconsider plans to exempt the Goldman Sachs Group from penalties for its role in Malaysia's 1MDB scandal that would have forfeited the group's rights to manage U.S. workers' retirement assets. Despite Goldman's pending "admission of criminal wrongdoing," due to be finalized in June, for its subsidiary's role in that "massive fraud," the EBSA "has proposed a five-year exem...
Tuesday, March 16, 2021 For many years there has been concern that when pension plans collapse, it may in part be attributable to the failure of employer plan sponsors to conduct the selection and monitoring of actuarial assumptions in a prudent, objective manner. This is because the Employee Retirement Income Security Act of 1974 (ERISA) only requires the use of “reasonable” assumptions and “actuarial equivalents”; and because these terms are not defined in the statute, they could mean different things to different people, particularly to different actuaries. Most recently,...