Is Ebsa part of DOL?
Is Ebsa part of DOL?
As an agency of the Department of Labor (DOL), EBSA is charged with enforcing the rules governing the conduct of plan managers, the investment of plan assets, the reporting and disclosure of plan information, the fiduciary provisions of the law, and workers’ benefit rights.
What is a DOL notice?
The DOL model Notice is designed for employers to use in meeting the new Notice requirements under the FLSA. Employers must fill in their own contact information for information on any employer-provided health plan. DOL also has procedures under which an employer may provide certain information electronically.
What is the marketplace exchange notice?
The notice must inform the employee: Of the existence of the marketplace (referred to in the statute as the exchange) including a description of the services provided by the marketplace, and the manner in which the employee may contact the marketplace to request assistance.
What did the Employee retirement Income Security Act ERISA of 1974 do?
The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans.
Who administers and enforces ERISA?
ERISA is administered and enforced by three bodies: the Labor Department’s Employee Benefits Security Administration, the Treasury Department’s Internal Revenue Service, and the Pension Benefit Guaranty Corporation.
Are marketplace notice still required?
Under the Affordable Care Act, employers are required to provide all new hires with a written notice about the ACA’s health insurance exchanges, which are also known as marketplaces. Employers must provide the exchange notice to each employee, regardless of plan enrollment status or of part-time or full-time status.
Is the marketplace notice still required in 2020?
The U.S. Department of Labor’s Employee Benefits Security Administration has extended the effective date of its model health insurance exchange notices through May 31, 2020, including: Model Notice for employers who offer a health plan to some or all employees.
