Saturday, June 3, 2023
  • About
  • Advertise
  • Careers
  • Contact
Business News from India
  • Home
  • Business
  • Technology
  • Fashion
  • Health
  • Travel
  • Startup Stories
  • Login
No Result
View All Result
Business News from India
Home Health

Ready for a Sale? Part 4: Health and Welfare Plans | Morgan Lewis – ML Benefits

admin by admin
July 26, 2022
in Health
0
Ready for a Sale? Part 4: Health and Welfare Plans | Morgan Lewis – ML Benefits
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter


This is the fourth and final post in a series aimed at preparing your organization’s HR, benefits and executive compensation functions for a potential sale or similar corporate transaction. This post addresses considerations for your organization’s health and wellness plans in a potential sale.

As a note, the phrase “health and wellness plans” is an umbrella term that covers medical and prescription drug, dental, and vision benefits, as well as accident, disability, and death benefits; retiree medical plans; and vacation benefits, but also programs such as day care, scholarships, legal services, transportation, and more.

Preparing for a sale? Reach up to Part 1who gave general instructions and suggestions on how to get organized. Part 2 address change of control documents that may be affected by a potential sale, as well as handling outstanding equity compensation. Part 3 address the impact of a sale on your organization’s pension plans.

Health and wellness plan considerations

A potential buyer will want to know if your health and wellness plans are operating in compliance with applicable laws to assess the legal and financial risks they may face.

We recommend that for your health and wellness plans, you begin compiling final copies of the following:

  • Insurance contracts, policies and certificates of coverage for all plans; if the plan is self-insured, copies of any administrative services agreements, funding agreements, and stop-loss insurance
  • Plan documents, including a “wrapper” plan document (if any)
  • Latest Summary Plan Description (SPD)
  • Any summary of material modifications since the last SPD update
  • Section 125 cafe plan document
  • Forms 5500 and evidence of timely filing
  • Employee handbooks
  • Copy (or, if not available, a written description) of additional benefits and conditions
  • Any non-routine correspondence with a government entity regarding health and welfare plans

Also, for employers with 50 or more full-time employees, compliance with the Affordable Care Act (ACA) is an important issue.

If your plans are subject to the ACA, you must compile final copies of the following:

  • Summary of benefits and coverage
  • Annual non-discrimination testing
  • Forms 1094-C and 1095-C

Finally, there are some common compliance issues that we run into on a regular basis that you should be aware of to avoid any eleventh hour problems. If any of the issues below apply to your organization, it is important to be proactive and speak with your service provider or legal counsel.

  • Do you have a Section 125 cafeteria plan document? (We regularly work on deals where targets don’t have the plan document, it’s unsigned, or it doesn’t cover all eligible benefits.)
  • If you are filing a single Form 5500 for your health and welfare benefits, do you have a wrap plan document?
  • Do you have enough plan participants to be required to file Form 5500 and, if so, are enrollments made on time?
  • If your welfare plan is funded by a voluntary employee benefit association (VEBA) and has more than 100 participants, has the plan undergone an annual audit and has the audit report been filed with the plan’s Form 5500?
  • If you are subject to the ACA, have you performed plan testing to confirm that the plan meets the applicable ACA requirements?
  • Have you confirmed plan eligibility for all plan participants and participating employers (if any)?
  • Do you participate in a Multi-Employer Welfare Agreement (MEWA)?
  • Are the owners of your organization filing K-1 schedules but also participating in your health and welfare benefits on a taxable basis?
  • Are your requirements documented as a written policy and does the policy require documentation of costs and expenses?

[View source.]



Source link

Related posts

Springfield health department offering online vaccine opportunities map

Springfield health department offering online vaccine opportunities map

June 3, 2023
Gov. Abbott signs bill banning transgender health care for minors into law

Gov. Abbott signs bill banning transgender health care for minors into law

June 3, 2023
Previous Post

Packers Training Camp, presented by Bellin Health, features fan activities beginning Wednesday, July 27

Next Post

Lola Tung talks about ‘where I turned into a beautiful winter’, fame and fashion

Next Post
Lola Tung talks about ‘where I turned into a beautiful winter’, fame and fashion

Lola Tung talks about 'where I turned into a beautiful winter', fame and fashion

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

How to transfer Apple Cash to a bank

How to transfer Apple Cash to a bank

9 months ago
Swiatek to donate Ostrava prize money in support of mental health

Swiatek to donate Ostrava prize money in support of mental health

8 months ago
8 Top tips to experience a stress-free vacation

8 Top tips to experience a stress-free vacation

8 months ago
How CX Can Mitigate Customer Dissatisfaction Amid Rising Journey Disruption

How CX Can Mitigate Customer Dissatisfaction Amid Rising Journey Disruption

8 months ago

FOLLOW US

  • 87.2k Followers

BROWSE BY CATEGORIES

  • Business
  • Entertainment
  • Fashion
  • Health
  • News
  • Startup Stories
  • Technology
  • Travel
  • Uncategorized

BROWSE BY TOPICS

2018 League AdmiralRkDowan Balinese Culture Bali United Budget Travel Champions League Chie Design Chief Technology Officer at Theincirlcle Chopper Bike codexshark Cryptocurrency cutting-edge IT solutions CyberSecuritry CyberWarfare Digitalindia Doctor Terawan Dr. Yogesh Vani Drrajeshpant Financial Lab Hetarth Mehta high caliber team Himanshu Mayne india Istana Negara IT professional kailashVijayvergiya khushhalkaushik LtGeneralASLamba Madhuri Market Stories MinistryofDefance Mr. Harrish M Bhatia National Exam NationalSecurity New Delhi RearAdmiralMohitgupta Roshni Patel SamDes skill development techniques SWAN (Skilled Workforce Advancing Nation) Urban Asian Urban Asian App Visit Bali vivek chandel CEO WVC COIN

POPULAR NEWS

  • The coolest coat of Berlin Fashion Week?  Sneaker pool

    The coolest coat of Berlin Fashion Week? Sneaker pool

    0 shares
    Share 0 Tweet 0
  • 2022 Trip Advisor Sales Already Hit All-Time Highs

    0 shares
    Share 0 Tweet 0
  • The individual business owner pleads guilty to tax evasion USAO-WDMO

    0 shares
    Share 0 Tweet 0
  • Do North Coworking announces the inaugural cohort for the Forest Products Accelerator

    0 shares
    Share 0 Tweet 0
  • Acera spends $90M to automate customer service inquiries with AI – TechCrunch

    0 shares
    Share 0 Tweet 0
  • About
  • Advertise
  • Careers
  • Contact
WhatsApp +91 70-6556-6556

© 2022 .BusinessPress - Powered By Business Press.businesspress.IN.

No Result
View All Result
  • Home
  • Travel
  • Business
  • Health
  • Technology
  • Fashion
  • Startup Stories

© 2022 .BusinessPress - Powered By Business Press.businesspress.IN.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In