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Thoughts on Law Firm Engagement Letters

… that up front. Of course, before relying on any form of conflicts waiver, the lawyer should be satisfied that the conflict is one that can be waived and that the likelihood of the lawyer having to withdraw mid-matter to the detriment of one or more clients is not unduly high. Matter/File Closings and Obligations  Many if not most lawyers employ language that specifies the number of years after which the firm will or may destroy documents unless the client makes different arrangements in writing. File storage costs being what they are, this saves time and confusion at a

https://www.epicbrokers.com/insights/law-firm-engagement-letters/

Employee Benefits Broker Compensation Disclosure Requirements Are Coming Soon

As part of the Consolidated Appropriations Act (CAA) signed into law by President Trump in December 2020, contracts or arrangements for services between a “covered plan” and a “covered service provider” (CSP) entered into, extended, or renewed on or after December 27, 2021, must include specific disclosures for broker and consultant compensation. Covered service providers and plan fiduciaries should take a good faith reasonable interpretation of the statue in order to comply, beginning December 27, 2021. On December 30, 2021, the Department of Labor (DOL) released a Field Assistance Bulletin providing some clarifying guidance on the new requirements. We expect …

https://www.epicbrokers.com/insights/employee-benefits-broker-compensation-disclosure-requirements-coming-soon/

No Surprises Act Part II Interim Final Rule: The Independent Dispute Resolution Process

… created Surprise Billing webpages that provide information on the NSA. HHS created the IDR Entity Certification Application Web Form Quick Reference Guide that explains the process for an arbitration organization to become a certified IDR entity. To be certified, an IDR entity must possess (directly or through contracts or other arrangements) and demonstrate sufficient expertise to conduct dispute resolution. Once certified the entity can act as a third-party responsible for settling NSA payment disputes between payers and providers. The NSA requires the Departments to publish certain information regarding the surprise billing IDR process on a public website every calendar …

https://www.epicbrokers.com/insights/no-surprises-act-part-ii-independent-dispute-resolution/

Why Now Is the Time to Leverage Your Benefits Strategy to Recruit & Retain Talent

… compliance and to have a positive impact on employees. Consider using “golden handcuffs” – plans that reward employees while tying them to the company long-term can be very helpful with retention and aligning employees’ goals with yours. Reward key employees for their efforts in building company profitability through deferred compensation arrangements that lower their taxable income. Consider arrangements that have a vesting schedule or are lost if your employee goes to a competitor. Deferred compensation plans can be designed to have no long-term cost to the organization. Cash may be king, but tax-free (or tax-advantaged) usually wins …

https://www.epicbrokers.com/insights/leverage-benefits-strategy-recruit-retain-talent/

IRS Releases Additional COBRA Subsidy Guidance

… A section is divided into subsections addressing specific topics, including eligibility for the subsidy, reduction in hours, involuntary termination of employment, coverage that is eligible for the subsidy, details regarding the beginning and end of the subsidy period, how to treat extended election periods, coordination of coverage with emergency extension rules, state continuation issues, and significant clarification and guidance on employer payroll tax credits. Significant Guidance Included in Notice 2021-31 Much of the guidance confirms what was already clear from the statute or had been addressed in the 2009 American Recovery and Reinvestment Act (ARRA) COBRA subsidy guidance, but

https://www.epicbrokers.com/insights/irs-releases-additional-cobra-subsidy-guidance/

Q2 2021 Winery Report

… risk management expenses, against sales. This ratio can be charted over time to illustrate the success of the organizations’ risk management program, and the value EPIC has effectively delivered to our clients’ bottom line. To eliminate the inference of bias towards insurance products, EPIC may offer a ‘performance based’ compensation arrangement around the TCOR concept, removing commissions from the equation entirely. The Result: You take pricing and turn it into a true ROI. While no one knows how the insurance market will ultimately respond to the situation we are facing here in California, what we do know is that things …

https://www.epicbrokers.com/insights/q2-2021-winery-report/

Special Compliance Alert: IRS Releases 2022 HSA & HDHP Limits

Quick Facts The IRS updates HSA and HDHP limits annually for inflation. On May 10, 2021, the IRS released Revenue Procedure 2021-25 updating maximum HSA contribution limits, cost-sharing limits for HDHPs and the maximum amount that may be made available for an excepted benefit HRA in 2022. Overview The Internal Revenue Service (IRS) recently released Revenue Procedure 2021-25, which includes the 2022 inflation-adjusted amounts for health savings accounts (HSAs), high-deductible health plans (HDHPs) and excepted benefit health reimbursement arrangements (HRAs). These limits include the maximum HSA contribution limit, the minimum deductible amount for HDHPs, the …

https://www.epicbrokers.com/insights/special-compliance-alert-irs-releases-2022-hsa-hdhp-limits/

Blue Cross Blue Shield (BCBS) Antitrust Settlement Update

… changes employers will see (and perhaps benefit from) will be the changes to the Blue Cross members’ practices, which should result in increased market competition and lower payments for employers and employees alike. [1] Insured Groups include both employers and other groups (e.g., Taft-Hartley plans, multi-employer welfare arrangements, association health plans, retiree groups, and other non-employer groups). [2] Self-Funded Accounts include both employers and other groups (e.g., Taft-Hartley plans, multi-employer welfare arrangements, association health plans, retiree groups, and other non-employer groups). EPIC Employee Benefits Compliance Services For further information on this …

https://www.epicbrokers.com/insights/blue-cross-blue-shield-bcbs-antitrust-settlement-update/