Monday, July 13, 2020

News Briefs: Fee Disclosures

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The Department of Labor (DOL) has given employers an extra month to disclose 401(k) fees and expenses to plan participants. While the effective date of the disclosure rules for calendar year plans remains Jan. 1, 2012, plan sponsors will have until May 31, 2012, to communicate those fees to participants.  Previously, the DOL said the information had to be delivered no later than April 30.

The Department of Health and Human Services (HHS) has chosen two vendors to conduct audits of companies and entities covered by HIPAA. Likely, this means HHS is ready to dramatically increase its compliance efforts, as mandated by the Health Information Technology for Economic and Clinical Health (HITECH) Act, according to Adam H. Greene, a partner with Davis Wright Tremaine and a former HHS official.

A new survey finds the average starting salary for the college Class of 2011 increased 4.8 percent over the previous class, according to the National Association of Colleges and Employers. The research shows the overall average salary was $51,018, up from $48,661 in 2010. 

A recent report by Unum notes that current workers and job seekers look beyond their paychecks when evaluating what matters most in a job. The survey found that 74 percent of responses said a solid benefits package is "very important." Specifically, 82 percent said financial protection benefits were more important than base pay or bonuses.

An Associated Press / poll finds that baby boomers are suffering higher obesity rates than other generations. About one-third of baby boomers are obese, based on calculations of body mass index, the survey found. This compares to about a quarter of those in both older and younger generations suffering from obesity. An additional 36 percent of boomers rate as overweight.

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