Benefits Magazine

January 2021

Articles include:

Working in Harmony: Developing an Equitable Approach to Global Benefits

by Jana Bixby, Robb Suchecki and Christine Hoehne, CEBS
Harmonizing employee benefits may help multinational employers improve workforce and organizational well-being while also producing cost-saving synergies.
Infusing Cultural Humility Into Employee Benefit Decisions

by Rikki Gilmore-Byrd, Dr.P.H., and Reyna Gilmore, M.D.
Employers and benefit plan sponsors seeking to meet the needs of a diverse population may want to ensure their leaders have embraced cultural humility when making decisions about employee benefit offerings.
Critical Decisions: Planning for Retirement Income

by Steve Vernon
Preretirees face critical decisions when determining how to generate the most retirement income possible from their financial resources and how to make it last. In this first article of a two-part series, the author reveals the five most important retirement income decisions for preretirees. A second article will look at how defined contribution plan sponsors can help plan participants with those decisions.
Solving the Specialty Drug Puzzle: Employer and Plan Sponsor Strategies

by Susan A. Hayes
Specialty drugs are one of the fastest growing areas of health care costs. In this second article of a twopart series, the author suggests strategies employers and plan sponsors can use to rein in drug costs.
Collecting Withdrawal Liability in the COVID-19 Environment

by Jeffrey S. Swyers and Richard S. Siegel
In the midst of a global pandemic, multiemployer pension funds may need to explore options to identify third parties that may be responsible for withdrawal liability if the withdrawing employer can’t pay. The authors explain theories that can be explored to hold third parties liable for a direct employer’s withdrawal.
Legal & Legislative Reporter
Printable Issue [PDF]

December 2020

Articles include:

Workforce Mental Health and the COVID-19 Pandemic

by Anthony Schaner and Jean McClurken
Experts warn that a historic wave of mental health problems may be approaching as people in the United States struggle with the effects of the COVID-19 pandemic. Employers can play a role in recognizing and addressing mental health issues including depression and substance abuse.
Solving the Specialty Drug Puzzle: Definitions and Pricing Strategies

by Susan A. Hayes
Specialty drugs are one of the fastest growing areas of health care costs. In the first of a two-part series, the author explains how specialty drugs are defined and priced.
Large Taft-Hartley Defined Benefit Plans: Did Diversification and Larger Equity Allocations Pay Off?

by Robert J. Waid
The author compares the asset allocations of large and small Taft-Hartley defined benefit (DB) pension plans and explores why large plans underperformed small plans during the 12-month period ending June 30, 2020.
Staying Connected: Virtual Instruction Strategies for Apprenticeship Programs

by Thomas Fischer and Thomas E. Pfundstein, Ph.D.
COVID-19 forced apprenticeship funds to adapt training methods to meet their members’ educational needs while classrooms were closed. The authors discuss strategies for establishing online instruction and how virtual instruction may be used after the pandemic.
Worth a Closer Look: The Building and Construction Industry Withdrawal Liability Exemption

by Neil J. Gregorio and Brian A. Pepicelli
Multiemployer pension funds in the construction industry should closely analyze whether withdrawing employers qualify for a common withdrawal liability exemption, thereby ensuring that their funds collect what they are owed.
Curbing Fraud, Waste and Abuse With Mobile Benefits Administration

by Laurent Laor and Constance Sjoquist
The convenience, availability, acceptability and security of mobile benefits administration can make it an optimal technology to catch and control improper and wasteful payment practices.
Legal & Legislative Reporter
Printable Issue [PDF]

November 2020

Articles include:

It Is Time to Update Your Disaster Recovery Policy

by Stephen J. O’Sick, CEBS, and Lawrence R. Beebe
The COVID-19 pandemic has made many multiemployer benefit plans acutely aware of the importance of having a disaster recovery policy in place—and keeping it updated.
Charting a New Course: Implications of the Pandemic for Health Plan Sponsors

by Jeff Levin-Scherz, M.D., and Julie Stone
The COVID-19 pandemic will reshape health care delivery and purchasing, although its full impact on future costs is uncertain. The authors suggest nine actions that health plan sponsors should take to maximize the value of care available to their members while maintaining affordability in the future, postpandemic world.
Proceed With Caution: Private Equity for Participant-Directed DC Plans

by Paul O. Catenacci
In June, the Department of Labor issued an information letter on private equity offerings in participant-directed defined contribution plans. Is private equity right for your plan participants?
COVID-19 and the Emerging Employee Caregiving Crisis

by Larry Nisenson
The COVID-19 pandemic may help to bring needed attention to the burden of elder caregiving on U.S. workers. The author discusses the role employers can play in helping workers manage their elder-care responsibilities.
Driving Transformative Workplace Change to Succeed in a Postpandemic Environment

by Andrea Goodkin
Focusing on new learning environments, tailoring employee benefits and adopting new ways of thinking when it comes to evaluating performance may help employers thrive in a postpandemic world.
Legal & Legislative Reporter
Printable Issue [PDF]

October 2020

Articles include:

Extinguishing the Risks and Costs of Vaping

by Olga M. Thall and Diana M. Bardes
As the debate over the health risks of e-cigarettes continues, what are the options for employers and plan sponsors that want to discourage vaping both in and out of the workplace?
Don’t Miss the Boat: Watch for Partial Plan Terminations

by Anusha Rasalingam
Partial retirement plan terminations can be an unintended consequence of workforce reductions or changes in employee benefits. Retirement plan sponsors should monitor this risk as they respond to the economic downturn caused by the COVID-19 pandemic.
The Twists and Turns of Death Benefits: How to Ensure the Right Person Gets Paid

by Daniel R. Brice and Imani M. Shaw
The payment of death benefits can pose unique challenges for administrators of pension and welfare funds. The authors address the factors that play a role in paying death benefits to the correct person and the importance of up-to-date beneficiary designation forms.
Missing Participants and Plan Sponsor Obligations

by Kathleen M. Jackson
Pension plan sponsors have a fiduciary obligation to conduct a diligent search for missing plan participants. The author discusses the steps required by the Department of Labor when searching for participants as well as the role of plan policies.
Outsourcing Defined Contribution Plan Fiduciary Risk

by R.L. “Dick” Billings, CEBS
Single employer plan sponsors may be able to simplify their fiduciary risk by outsourcing many of the fiduciary duties applicable to their 401(k) or ERISA 403(b) plans. The level of responsibility accepted varies by vendor, and plan sponsors should consider factors such as internal expertise and plan complexity when choosing a provider.
Getting Off the Sidelines: Growing Participation in Employee Stock Purchase Plans

by Aaron Shapiro
Employee stock purchase plans (ESPPs) can be an attractive tool for building wealth, but less than one-third of workers who have access to such plans participate. Cost and education are among the reasons workers typically don’t invest.
Legal & Legislative Reporter
Printable Issue [PDF]

September 2020

Articles include:

ACA Reporting in the Time of COVID-19

by Ronald S. Krupa, CEBS, Alan M. Ellenby and Julie A. Gallina
Changes in workhours and new kinds of leave are among the issues employers need to consider when determining whether they are in compliance with the Affordable Care Act (ACA) during the COVID-19 global pandemic.
Crisis Communication: How to Get It Right

by Alyssa Hodder
When a crisis hits, benefit communications take on even greater importance. Preparing now can help your organization hit the ground running when the next emergency occurs.
A Virus Makes Paperless Fund Administration Go Viral

by Jenny Morgan
The COVID-19 global pandemic has added urgency to the case for paperless employee benefit fund administration. The author discusses how digital fund operations affect stakeholders and suggests steps for making the move.
Managing the Midterm Risks of COVID-19: What Public Pension Boards Should Be Thinking About Next

by Catherine Jackson and Amy L. McDuffee, CEBS
By examining the core governance responsibilities of strategy, performance, risk and people, public pension fund boards can fine-tune their approach for the midterm risks presented by the COVID-19 pandemic.
Multiemployer Health Plan Mergers: Assessing When Bigger May Be Better

by Megan Kelly
A plan merger may help multiemployer health plans maintain financial sustainability, but drawbacks can include loss of autonomy and changes in benefits for plan participants. Trustees must focus on their fiduciary responsibilities and regulatory compliance.
Stretch and Strengthen Your Employee Fitness Program

by Jason Von Bank and Jen Zygmunt
Many workplace fitness programs were already in need of a makeover as employees' needs and tastes have changed. The COVID-19 pandemic and the resulting shift to remote work also should be considered when designing a program.
Legal & Legislative Reporter
Printable Issue [PDF]

August 2020

Articles include:

Communicate Your Way to a Successful Annual Enrollment

by Jennifer Benz
This year’s annual benefits enrollment process presents new challenges for benefits professionals. Planning, frequent communication—and empathy—can go a long way toward making open enrollment a good experience for employees.
Unpaid Health Care Benefits: A Lifeline for COVID-19 Displaced Workers

by Howard M. Gerver
By offering access to unpaid health benefits such as telemedicine or prescription drug discount cards, employers can help fill some health care needs faced by laid-off or furloughed workers.
The Quest for Transparency in Health Care Prices

by Elizabeth O’Leary
Proposed federal regulations would make it easier for patients to comparison shop for health care services, but some argue that the new rules could create heavy administrative burdens on health plans.
The Preventive Approach: Reducing the Risk of COVID-19 Complications in the Workforce

by Steven L. Halterman, CEBS
The COVID-19 pandemic has brought greater attention to the importance of addressing chronic conditions and unhealthy lifestyle choices. The author contends that the workplace is an ideal place to address these risks.
The Outsourcing Decision

by Asad Ali and Kenny Kelley
Outsourced chief investment officers (OCIOs) take on investment decision making for benefit plans while also assuming fiduciary responsibility. Key considerations when choosing an OCIO include the type of firm, amount of authority to delegate and investment model.
The Modern Fund Office in the COVID-19 Era

by Susan Loconto Penta
The potential for a second wave of COVID-19 and the evolving nature of work may mean that multiemployer benefit fund offices will need to continue working remotely. Having a successful remote work environment requires clear remote work policies, relevant training and modern attitudes.
Legal & Legislative Reporter
Printable Issue [PDF]

July 2020

Articles include:

Primary Care at Risk: What Employers and Plan Sponsors Can Do

by Sara Hames, CEBS
Employers and health plan sponsors have an opportunity to improve the health of their plan participants and reduce costs by expanding participant access to primary care. Options range from on-site clinics to telemedicine.
Workplace Emergency Savings Programs: Helping Employees Save for a Rainy Day

by Kevin Boyles
By offering workplace emergency savings programs, employers can help workers better prepare for unexpected expenses or financial shocks.
Virtual Trustee Meetings: Tips and Guidelines

by Paul Stoehr
Virtual meetings became a necessity for many multiemployer benefit plan boards of trustees during the COVID-19 global pandemic, but they may become standard practice in the future. Trustees can ensure that these meetings run smoothly by following this step-by-step guide.
Sun Capital Partners: Lessons for Multiemployer Plans

by Mark E. Belland and J. Stewart Borrow
A 2019 court of appeals ruling in Sun Capital Partners III, LP v. New England Teamsters & Trucking Industry Pension Fund offers some insight for multiemployer plans on the issue of collecting withdrawal liability from private investment firms.
Investing in Response to the COVID-19 Response

by Brian A. Schroeder
The author compares the fiscal and monetary policy responses of the federal government and the Federal Reserve during the COVID-19 pandemic with their responses during past economic crises to provide a backdrop for future investment decisions.
COVID-19 Crisis: Challenges for Multiemployer Pension Plans

by Neal S. Schelberg, Mary Ann Dunleavy and David Pazamickas
The economic dislocation caused by the COVID-19 pandemic will likely worsen the already challenging environment for multiemployer pension plans. The authors discuss past multiemployer pension reform efforts and how they might apply in the future.
Legal & Legislative Reporter
Printable Issue [PDF]

June 2020

Articles include:

The CARES Act and Its Impact on Multiemployer Employee Benefit Plans

by Lisa M. Gomez
The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains several provisions applicable to employee benefit plans. In addition to reviewing these provisions, the author discusses special considerations for multiemployer employee benefit plans.
Take Control of Prescription Drug Coverage: Reducing Costs in Challenging Times

by Linda Cahn
Strategies such as customizing drug formularies and programs such as prior authorizations, step therapy and quantity limits can help health plan sponsors cut prescription drug costs.
The SECURE Act: Seven Things Plan Sponsors Need to Know in 2020 (and Beyond)

by Robert M. Projansky and Jennifer Rigterink
What do retirement plan sponsors need to do this year to comply with the SECURE Act? The authors provide a list of changes that should be reviewed in 2020, as well as items to keep tabs on in future years.
HIPAA: Mind Your Compliance Gaps

by Laurie S. DuChateau
A breach of protected health information (PHI) could place group health plan sponsors at risk for fines for failing to comply with the Health Insurance Portability and Accountability Act (HIPAA). Risk analysis and workforce training are among the areas health plans commonly struggle with in their HIPAA compliance efforts.
Packing a Punch: Proven Well-Being Strategies

by Jessica Grossmeier, Ph.D.
What’s the best way to ensure strong participation as well as positive outcomes for your workplace wellbeing programs? These ten best practices—based on new research—boost the likelihood of success.
Project Labor Agreements: Multiemployer Plan Benefits Issues to Consider

by Martha M. Henrickson, CEBS
Project labor agreements (PLAs), which establish the terms and conditions for employment, are often used for major construction projects. What are the benefits issues that multiemployer benefit plan trustees should be aware of?
Legal & Legislative Reporter
Printable Issue [PDF]

May 2020

Articles include:

The Families First Coronavirus Response Act: Impact on Employers and Plan Sponsors

by Stacie M. Kalmer and Katherine R. Kratcha
The Families First Coronavirus Response Act was passed in response to the spread of COVID-19 and remains in effect until December 31, 2020. This article reviews the key provisions affecting employers and plan sponsors.
COVID-19: Emerging Collection Issues for Multiemployer Plans

by Kathy Bergstrom, CEBS
This article is based on an April 1, 2020 webcast presentation by Travis Ketterman, GBA, attorney with McGann, Ketterman & Rioux in Chicago, Illinois.
Structuring Student Loan Repayment Benefit Programs

by Daniel R. Salemi, Michael Gorman and Gena Yoo
Student loan debt is a major strain on the financial health of many Americans and may prevent some from saving adequately for retirement. Employers are finding creative ways to help ease the burden through student loan repayment benefits.
Amplifying Benefit Communications With Data Analytics

by Jillian R. Otten
Data from website traffic and social media interactions offers valuable information that benefits organizations can use to increase the effectiveness of their communication efforts.
Culture and Gender Issues in Retirement Savings

by Brenton Harrison
Women and minorities often face unique obstacles in saving for retirement, including individual and systemic challenges. By providing voluntary benefits and targeted education, employers can take steps to help workers overcome these barriers.
Using Benefits Automation to Improve the Employee Experience

by Colleen Davenport, CEBS
Automating the benefits enrollment process and other human resources functions has the potential to improve employee engagement while increasing administrative efficiencies and streamlining compliance.
Legal & Legislative Reporter
Printable Issue [PDF]

April 2020

Articles include:

Finding the Right Tool for the Job: Helping Employees With Retirement Planning

by Mark Dennis and Anna M. Rappaport
Retirement planning tools, such as calculators, can help workers determine whether their savings and investments are keeping them on track for a successful retirement. What factors should employers consider when choosing a tool for their employees?
Managing DC Plan Loans

by Paul O. Catenacci and Greg Jenkins
Plan loans are an optional means of early access to defined contribution (DC) account balances, but they come with risks to both plan sponsors and plan participants.
Roth Trends Revisited: Divergence Between Sponsors and Participants

by Daniel Schwallie, Ph.D.
The percentage of defined contribution plan sponsors offering Roth contributions continues its upward trend. Will employee participation rates follow?
Infrastructure Ten Years On: What Have We Learned?

by Monte E. Tarbox, CEBS
Infrastructure remains an attractive investment for investors seeking returns similar to those of private equity as well as dependable cash flows. The author offers lessons learned over the last ten years as considerations for institutional investors evaluating their allocations to this asset class.
The Resurgence of Health Care Coalitions

by Josh Bindl, Fred G. Brown and Kristina D. Gaughan
Amid continuing consolidation in the health care industry, plan sponsors and employers may look to health care coalitions to help them gain a better footing in negotiations with insurers and health care providers.
Transforming the Employee Benefits Landscape With Digital Health

by Louise Short, M.D.
The digital health umbrella covers a wide scope, from patient diagnostics to administrative tasks. Employers that want to implement digital health tools should have an understanding of their potential opportunities and complexities before investing in these rapidly developing applications.
Legal & Legislative Reporter
Printable Issue [PDF]

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