For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.
Compliance July 30, 2010
DoL Wants a Post-PPACA Look at Welfare Regs
July 30, 2010 (PLANSPONSOR.com) – With the passage of health care reform, the Labor Department wants to take another look at proposed regulations on welfare benefit plans.
Reported by Nevin E. Adams
The U.S. Department of Labor’s Employee Benefits Security Administration has announced its intention to withdraw the proposed regulation on the definition of a welfare benefit plan under the Employee Retirement Income Security Act from review by the Office of Management and Budget (OMB).
The Labor Department noted that the regulation was submitted to the OMB for review before the enactment of the Patient Protection and Affordable Care Act, and that the proposed regulation was intended to address issues relating to state health care efforts and their effect on the maintenance of ERISA-covered welfare plans.
However, with the enactment of the Patient Protection and Affordable Care Act, the DoL says it has “decided to review whether and to what extent further regulation in this area is necessary or appropriate in light of a national health care reform program”.
The Labor Department says it will be requesting that OMB return the proposed regulation to the department for further review and consideration.
« CFOs More Cautious Due to Financial and Health Care Reform