Category Archives: Uncategorized

Small Businesses overpay for 401k plans

This article was published in MarketsInsider on 12/13/17.  Click Here for the full article.

America’s Best 401k took a closer look at the asset-based fees paid by small business owners and their employees and found that many overpay for their 401(k) plans… The industry has reported (on page 50 at the link here) a median cost for plans with 100 participants or more, and $1 million or more in assets, of just 0.93% of plan assets per year, with the rate dropping sharply as assets exceed $10 million and more to as low as 0.27% of plan assets per year. It’s a different story for small plans, according to America’s Best 401k’s new white paper: fees are considerably higher, nearing 2% of plan assets per year in the case of one provider.”

You are required to Benchmark your fees annually.  Are you aware of how much you plan really costs?


Is your Multiemployer retirement plan safe?

The U.S. District Court for the Northern District of Alabama has sentenced a former multiemployer plan fund manager to make restitution in the amount of $45,896 and serve five years of probation, including six months of home confinement, for violating the Employee Retirement Income Security Act (ERISA).

The action follows a U.S. Department of Labor (DOL) Employee Benefits Security Administration (EBSA) investigation that determined Brandi Box Stephens, as fund manager for the Iron Workers Local Union No. 92 Welfare Plan and the Iron Workers Local Union No. 92 Pension Plan, altered her own paychecks by increasing the amount she was due, as well as issuing additional payroll checks to herself by securing signatures of plan trustees and changing the name of the payee on the check to match her name.

In addition, Stephens entered false information on the paper stubs attached to the physical checks, and made fraudulent entries into the plans’ accounting records.

She has been barred from acting as a fiduciary for five years.

“Theft from retirement plans and pensions has significant adverse effects on the livelihood and peace of mind of workers,” says EBSA Regional Director Isabel Colon. “Our Department takes these actions seriously and will continue to investigate any action that threatens retirement benefits workers have earned.”

Oxford no longer pays for followup care in the ER

Emergency Room Follow-Up Care Will No Longer 
Be Reimbursed as a Covered Expense

Letter to Oxford Members

We are mailing a letter to Oxford members who have recently gone to the emergency room for follow-up care. The letter will let members know where follow-up care is covered and that where they go for medical care affects how much they have to pay out-of-pocket.

Oxford medical plans do not cover follow-up care services received in an emergency room.* If an Oxford member chooses to get follow-up care in an emergency room, the claim will be denied and the member will be responsible for the total cost of the visit.

Action required of producers.
Please be familiar with this letter, should your clients have questions. Members are encouraged to get their follow-up care after an emergency room visit (like stitch removal or a bandage change) from their primary care physician (PCP) or the appropriate specialist based on their care needs. Members with urgent needs also can get follow-up care at an urgent care center that participates with their Oxford network.**

More information.
Oxford members who have questions about their options for receiving covered medical care, including care following an emergency room visit, should call the toll-free phone number on their health plan ID card. For help with choosing a PCP or locating a participating (in-network) urgent care facility, members can also call us at this number or use the online provider search tool on their member website.

NY Essential Health Plan Future threatened?

From HealthAffairs 12/8/17.  For the full article, click here.

“The Basic Health Program (BHP) is an alternative that the Affordable Care Act offers states to provide health care coverage to their low-income uninsured population. States that choose to participate in the BHP offer “standard plans” to their residents with incomes between the Medicaid expansion level and 200 percent of the federal poverty level who are not eligible for employer coverage or other government programs. BHP coverage may be more affordable for enrollees than exchange coverage and can smooth transitions between Medicaid coverage and the private market.

To fund BHPs, the ACA requires the federal government to transfer to states funding “equal to 95 percent of the premium tax credits under section 36B of the Internal Revenue Code of 1986, and the cost-sharing reductions under section 1402, that would have been provided for the fiscal year to eligible individuals enrolled in standard health plans in the State if such eligible individuals were allowed to enroll in qualified health plans.” New York and Minnesota are the only states that have to date created BHP programs.”

So if the federal government doesn’t fund the “cost-sharing reduction payments” (based on President Trumps executive order not to make those payments) by the end of the year, NY will lose what is claimed to be $1 billion in funding.

New York releases Paid Family Leave Claim Forms

New York State has released generic claim forms for the Paid Family Leave Act.  There are different claim forms for bonding, care-giving, and military.  Call your DBL carrier or our office with any questions.


Download Generic PFL claim forms from the State of New York here:

PFL Claim Form  – Bonding

PFL Claim Form – Providing Care

PFL Claim Form – Military Exigencies

December 2017
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Reeve Conover is a Registered Representative. Securities offered through Cambridge Investment Research, Inc., a Broker/dealer member FINRA/SPIC. Cambridge and Conover Consulting are not affiliated. Licensed in SC, NC, NY, CT, NJ, and CA. - SIPC - Brokercheck