Enormous changes to health care benefits took effect last December, yet most people—including advisors—are completely unaware.
OneVision’s Jed Cohen writes that the Consolidated Appropriations Act of 2021 expands ERISA fiduciary requirements to health care plans, similar to retirement plans requirements that have resulted in high-profile lawsuits. Advisors would go a long way in reducing a plan sponsor’s litigation exposure and solidify the relationship simply by informing them of the change.
Two men were recently convicted of participating in a nationwide scheme involving fraudulent wireless spectrum investments. The two convinced retirees to invest in or send money to companies they owned and controlled and then immediately took between 20% and 70% of the investments in fees, in part to fund their lavish lifestyles. They face up to 90 years and 200 years, respectively, in prison.
Lastly, and most importantly, managing editor Brian Anderson reports that no money from the world’s largest 401k-like plan, the Thrift Savings Plan, is invested in Russia. Former President Donald Trump barred the investments in 2020 at the urging of Florida Sens. Marco Rubio and Rick Scott.
It’s all happening this week.