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Employee Benefits & Executive Compensation 2021 Summer Client Advisory | Verrill

Employee Benefits & Executive Compensation 2021 Summer Client Advisory | Verrill
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Employee Benefits Update: Recent Legislation And Regulations Impose New Obligations On Plan Administrators And Plan Sponsors | Roetzel & Andress

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Congress’s passage of the Consolidated Appropriations Act (“CAA”) imposes a series of new recordkeeping and disclosure obligations on plan sponsors, as well as extending and expanding upon COVID-19 related relief. Less than one month into this year, the Department of Labor has also issued regulations and guidance relating to pension plans. Below is a summary of these new requirements.
CHANGES RELATED TO GROUP HEALTH PLANS
Reports on Pharmacy Benefits. The CAA requires group health plans to report certain information related to drug costs for this plan year to the Departments of Health and Human Services, Labor, and the Treasury by December 27, 2021. Subsequent annual reports will be due by June 1st. In addition to general plan information, group health plans must report: a) the 50 most frequently dispensed prescription drugs with the total number of claims for each; b) the 50 most costly prescription dr ....

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Employee Health Benefit Plan Transparency Provisions in Consolidated Appropriations Act

Monday, December 28, 2020
The Consolidated Appropriations Act (CAA), 2021, which was signed into law December 27, 2020, includes provisions designed to increase transparency in employee health benefit plans in four key areas.
Removal of Gag Clauses on Price and Quality Information
Section 201 of the CAA amends the Employee Retirement Income Security Act (ERISA), the Public Health Service Act (PHSA), and the Internal Revenue Code to require employer-sponsored health plans to ensure they have access to certain cost and quality of care information. As a result of the amendment, plans may not agree to restrictions in provider network contracts that would prevent them from accessing cost and quality of care information and providing that information to participants. This information includes provider-specific cost and quality of care data. ....

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President Signs COVID-19, Health and Tax Provisions in End-of-Year Omnibus Bill | Groom Law Group, Chartered

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On December 21, the House and Senate passed a $2.3 trillion omnibus appropriations and COVID-19 relief package, H.R. 133, the Consolidated Appropriations Act, 2021 (the “Act”). President Trump signed the Act into law on December 27 after initially criticizing the amount of direct payments to individuals and other aspects of the Act late last week.
The massive, 5,593 page document includes a $1.4 trillion appropriations package to fund the government through September 30, 2021, a long-debated $900 billion COVID-19 relief and stimulus package, funding for COVID-19 vaccines and testing, expanded food aid programs, emergency education relief, airline and transportation support, relief for farmers, broadband incentives, and extensions on eviction moratoriums. ....

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