The devil is in the details they say, so here is a detail that should draw the attention of large employers. This is from a section of the Managers Amendments recently issued by the Senate. On its surface it appears rather bland because all it requires is for the Secretary of HHS to cull data from existing Form 5550 filed by self-funded employer plans.
‘‘SEC. 1253. ANNUAL REPORT ON SELF-INSURED PLANS.
‘‘Not later than 1 year after the date of enactment of this Act, and annually thereafter, the Secretary of Labor shall prepare an aggregate annual report, using data collected from the Annual Return/Report of Employee Benefit Plan (Department of Labor Form 5500), that shall include general information on self-insured group health plans (including plan type, number of participants, benefits offered, funding arrangements, and benefit arrangements) as well as data from the financial filings of self-insured employers (including information on assets, liabilities, contributions, investments, and expenses). The Secretary shall submit such reports to the appropriate committees of Congress.
The question is why and why such reports will go to committees of Congress?
Okay, so we all know why and that is because Congress will be looking for more changes to make in health care benefits. Two words jump out at me, “funding arrangements.” Many employers do not have funding arrangements, especially for a non-union workforce. It is pay as you go.
Will Congress be looking to tighten up on this, to avoid any risk for plan participants, it is actually a problem? Who knows, but you can be certain that some member of Congress will find a way to get into your knickers sooner or later because you all know where the devil lies.
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