International Foundation Compiles Report on 2011 U.S. and Canadian Legislative and Regulatory Developments for Health and Retirement Plans
The International Foundation has compiled a summary report of major legislative and regulatory developments affecting health and retirement plans in the United States and Canada during 2011.
Much of the activity related to health care in the U.S. was focused on the implementation of the Patient Protection and Affordable Care Act of 2010 (ACA). The agencies offered guidance and clarification on various provisions of the law including claims appeals, the Summary of Benefits and Coverage, exchanges, reporting the value of coverage on W-2 forms, and women’s preventive services. Several bills were introduced to repeal all or parts of ACA.
Retirement security garnered attention with U.S. Congressional hearings, governmental reports and initiatives geared to the consumer. Technical guidance was released on defined benefit (DB) plan funding. The Financial Accounting Standards Board (FASB) looked closely at multiemployer DB plans, while the Governmental Accounting Standards Board (GASB) discussed accounting and financial reporting changes for public employee pensions. In the defined contribution plan arena, the agencies released guidance on fee disclosure, investment advice, target-date fund disclosure and 403(b) plans.
In Canada, pension initiatives for plan and participant security were developed at both the federal and provincial levels. The long-term stability of pension plans was a goal, as legislators and agencies centered on good governance, prudent investing, DB plan solvency and risk management. The need for participants to have an adequate retirement income was also a focus; changes were made to facilitate increased savings and better access to pension benefits.
Read the details in the 2011 executive report, Current Legislative and Regulatory Initiatives for Health and Retirement Plans in the United States and Canada.