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Woo-Hoo, We Got a Rebate! What Can Employers Do With "Medical Loss Ratio" Rebates?
27 July 2012
Employers that fully insure their employee health care benefits may have received or may soon receive a “medical loss ratio” rebate from their insurance provider. The rebates must be sent by August 1, 2012.
Some or all of the rebate may be “plan assets” subject to the Employee Retirement Income Security Act of 1974 (ERISA). To the extent the rebate is a “plan asset,” the employer or plan administrator has fiduciary responsibilities regarding the use of the rebates, which must be used for the benefit of the employees covered by the policy.
This Client Update provides guidance on an employer’s and plan administrator’s ERISA fiduciary responsibilities regarding the rebates.
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