SevenHills Benefit Partners News
Completing forms properly and timely is important to good benefit management. We are here to partner with you to maximize this service for your employees. Below are three reminders:
• COBRA/MN Continuation must be sent on the Termination Notification form to SevenHills. This is a WORD document that includes all personal information, plus spouse info (if enrolled in COBRA-able plans), and premiums for all applicable lines of coverage found on the carrier billing invoices.
• The COBRA/MN Continuation “qualifying event date” is the last day worked for an employee.
• Be sure to contact our formsprocessing team with questions.
Browse our new website
Our team has been working on a new website to enhance our services for you. We launched it on September 1, and invite you to take a tour. In future editions of this newsletter we will highlight various aspects of the new website. And we will be adding features as we move ahead.
Let us know what you think about the new website. We invite you to share it with other employers and friends. And watch for future announcements about new features.
State and Local Regulatory Updates
Allina lawsuit raises concerns about fiduciary responsibilities
In this article, attorney Nevin Adams describes a recent lawsuit filed against Allina Health Systems regarding their stewardship of 401(k) and 403(b) plans. The lawsuit “claims that the fiduciary-defendants ‘did not try to reduce the Plans’ expenses or exercise appropriate judgment to scrutinize each investment option that was offered in the Plans to ensure it was prudent.'”
The complicated lawsuit alleges that Allina, as the plan manager, failed to have appropriate administrative procedures in place. Furthermore, the suit alleges that the Plan invested far too much money in mutual funds affiliated with Fidelity that carried high fees, and allegedly resulted in lower returns to participants.
No doubt this lawsuit will take a long time to work itself through the courts and it may or may not be successful. We can all, however, learn a great deal from it.
At SevenHills Benefit Partners, we work with our clients to structure their retirement plans in a way that may help to mitigate the risks highlighted by this lawsuit. We would be happy to analyze your plan and discuss if there are any fiduciary concerns of which you should be aware.
Contact Tony Black for more information.
SevenHills Resources and Tools for Compliance
• HR 360 is an online tool that allows SevenHills employer clients the ability to research a wide range of HR topics. The site is well organized and full of helpful ideas, templates and information. SevenHills provides this subscription to its full service customers at no cost. Please contact your SevenHills Account Manager for more information.
Compliance “WRAP” Document:
• A WRAP document can help employers have more confidence that their health and welfare plans are in compliance with ERISA disclosure notices. SevenHills clients are offered this service at a discounted cost. Please contact your SevenHills Account Manager for more information.
• Compliance Dashboard helps employers prepare for a future audit with prompts to complete required tasks, as well as helpful education topics. As you check your ERISA requirements off your list, you log them into Compliance Dashboard so your audit materials are all in one location.
• Our partnership with UBA enables us to offer Compliance Dashboard at a discounted annual rate. Please contact your SevenHills Account Manager for more information.
Chris Schneeman | SevenHills Benefit Partners | 651.209.9810 | firstname.lastname@example.org
Pensionmark® Financial Group, LLC (“Pensionmark”) is an investment adviser registered under the Investment Advisers Act of 1940. Pensionmark is affiliated through common ownership with CapFinancial Securities, LLC (member SIPC).