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New EO Targets Prescription Drug Costs – and Drug Manufacturers, Hospitals, and Health Centers

On April 15, 2025, President Trump signed an executive order (EO) aimed at addressing the cost of prescription drugs. This EO, titled “Lowering Drug Prices by Once Again Putting Americans First,” outlines specific directives designed to reduce drug prices and improve access for US patients. Of particular note for sponsors and providers of employer health plans, the EO tasks the US secretary of labor with proposing regulations to improve employer health plan fiduciary transparency into direct and indirect compensation received by pharmacy benefit managers.

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Navigating the Shifting Fiduciary Landscape

Todd Solomon recently appeared on the 401(k) Roundtable™ podcast. Hosted by Rick Unser of Creative Planning Retirement Services, the podcast is designed to help plan sponsors, fiduciaries, and members of retirement plan committees stay up to date on recent developments in the benefits industry.

During the episode, Todd explored the changing fiduciary landscape, trends in Employee Retirement Income Security Act litigation, the influence of the Trump administration on the US Department of Labor, and the evolving expectations surrounding fiduciary duties. He delved into the balance between the duty of loyalty and prudence, the significance of participant demographics in making plan decisions, and the difficulties plan sponsors face when weighing cost against value, particularly when choosing investments like target-date funds. Todd and Rick also stressed the importance of thorough documentation, active committee involvement, and creative approaches to improving participant outcomes in today’s intricate regulatory climate.

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Employee Benefit Plans: Important Considerations for Year-End and 2025

With the 2025 plan year right around the corner, this is the ideal time for plan sponsors to ensure that plan operations comply with evolving legislative and regulatory requirements. This client alert highlights important regulatory changes that will impact retirement plans and health and welfare plans in the coming year.

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Election 2024: Reproductive Rights in the US

With the US election less than one week away, what are the legal implications of a Harris-Walz administration versus a Trump-Vance administration on reproductive rights? In this Q&A, Sarah Raaii explores how the election’s outcome could impact how plan sponsors and employers address reproductive care, including fertility treatments like in vitro fertilization.

Read the Q&A here.




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Webinar Replay: Unpacking the Final Mental Health Parity Regulations

On September 9, 2024, the Biden administration issued much-anticipated final regulations under the Mental Health Parity and Addiction Equity Act (MHPAEA). The rules implement a host of complicated new compliance requirements for sponsors and issuers of health plans, instituting new obligations to collect and evaluate plan data, conduct comparative analyses, and act to address material differences in access to mental health and substance abuse benefits as compared to medical and surgical benefits.

During a recent webinar, Alden BianchiJake Mattinson, and Sarah Raaii provided a comprehensive overview of the new rules, including compliance deadlines and key takeaways for employers, plan sponsors, and issuers of group health plans. The speakers also addressed how the new rules might impact any ongoing US Department of Labor investigations.

Access the recording here.




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IRS Releases Guidance on Matching Contributions for Student Loan Payments

Last month, the Internal Revenue Service (IRS) released long-awaited guidance on matching contributions for qualified student loan payments under § 401(k) of the Internal Revenue Code and other similar retirement plans. This guidance aims to help plan sponsors with setting up these programs for plan years beginning after December 31, 2024, until proposed regulations are issued.

Learn more and see other updates in this Weekly IRS Roundup.




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IRS Announces 2025 Limits for Health Savings Accounts, High-Deductible Health Plans and Excepted Benefit HRAs

The Internal Revenue Service (IRS) recently announced (see Revenue Procedure 2024-25) cost-of-living adjustments to the applicable dollar limits for health savings accounts (HSAs), high-deductible health plans (HDHPs) and excepted benefit health reimbursement arrangements (HRAs) for 2025. All of the dollar limits currently in effect for 2024 will change for 2025, with the exception of one limit. The HSA catch-up contribution for individuals ages 55 and older will not change as it is not subject to cost-of-living adjustments.

See the adjustments here.




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Opportunity Knocks: At Long Last, IRS Determination Letter Program Is Open for 403(b) Plans

The Internal Revenue Service (IRS) recently opened a new determination letter approval program for 403(b) retirement plans—commonly used by nonprofit organizations—which allows sponsors of certain individually designed plans to apply for a favorable determination letter. Long available to 401(k) retirement plan sponsors, determination letters can provide sponsors with advance assurance from the IRS that plans are compliant with the Internal Revenue Code. Plan sponsors of eligible 403(b) programs should take advantage of this new opportunity to submit a determination letter application to the IRS.

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Forfeitures: Changing the Rules of the Game for Retirement Plans

The US Department of the Treasury and the Internal Revenue Service recently issued proposed regulations on the use of forfeitures by tax-qualified retirement plans. The proposed changes provide welcome clarity for plan sponsors but may require revisions to plan administration and legal plan documents.

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Better Than a Snow Day: The PBGC Provides One-Time Section 4010 Reporting Waiver

In an acknowledgment of uncommon market conditions and their corresponding effect on defined benefit pension plan funding, the Pension Benefit Guaranty Corporation (the PBGC) provided a welcome one-time waiver for some underfunded pension plans under Section 4010 of the Employee Retirement Income Security Act (ERISA). However, to qualify for the waiver, pension plan sponsors still need to timely notify the PBGC.

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