The Department of Labor has issued a new final rule (the “Rule”) that will apply to certain disability claims filed on and after April 2, 2018. The Rule covers all employee benefit plans that are subject to the Employee Retirement Income Security Act of 1974, and provide a benefit upon a determination of disability. The types of plans affected include health and welfare plans, pension plans, tax-qualified retirement plans, “top hat” plans and nonqualified deferred compensation plans. We have attached to this e-mail a brief notice on the topic, an addendum to your plan(s) disability policies, a draft of a board resolution that could be used to adopt the addendum and a sample letter to notify your employees of this change.
Please reach out to any of the attorneys listed on the notice if you have any questions.