Mercer Short Duration Fixed Income Fund Class Y-3 · NASDAQ:MSDYX
Mercer Short Duration Fixed Income Fund Class Y-3 — pdf mercers september 23 washington briefing
45 slides from Mercer Short Duration Fixed Income Fund Class Y-3's investor presentation, Sep 23, 2021
Slide 1: Washington Update
Washington Update Sept. 23, 2021 Law and Policy Group welcome to brighter
Slide 2: Speakers
Speakers Dorian Z. Smith Geoff Manville Jennifer Wiseman Brian Kearney Amy Knieriem Partner, National Partner, Principal, Mercer’s Principal, Senior Legal Practice Leader for Government Law and Policy Mercer’s Law and Consultant, Mercer’s Law and Relations Leader Group Policy Group Mercer’s Policy G
Slide 3: Agenda
Agenda 1. Congressional update 2. Health benefits 3. Retirement benefits 4. Executive rewards 5. Mercer resources 6. Q&A
Slide 4: Congressional update
Congressional update
Slide 5: Democrats mull healthcare priorities for massive party-line package
Democrats mull healthcare priorities for massive party-line package But leaders must reconcile moderate, progressive goals • House Democrats advance healthcare priorities without GOP support in budget reconciliation bill. − Make permanent the temporary (2021-2022) expansion/increase of ACA marketpla
Slide 6: Democrat priorities in $3.5 trillion budget plan
Democrat priorities in $3.5 trillion budget plan Proposals to expand public programs Other potential employer-focused changes • Add dental, vision and hearing benefits to • Expand/encourage telehealth (make fee-for-service Medicare (in House bill) temporarily relaxed standards permanent) • Not inclu
Slide 7: Paid family and medical leave plan in 'Build Back Better Act'
Paid family and medical leave plan in ‘Build Back Better Act’ • House bill seeks 12 weeks of paid leave, with broad eligibility through three sources: − Public program administered by the Treasury Department − Existing state paid-leave programs − Employer paid-leave program approved by government th
Slide 8: Retirement provisions in 'Build Back Better Act'
Retirement provisions in ‘Build Back Better Act’ Major reforms, revenue-raisers in play • Substantially all employers to have a retirement plan or a payroll-deduction individual retirement account (IRA) with automatic enrollment and auto-escalation. Current plans grandfathered • Saver’s credit would
Slide 9: Bipartisan SECURE 2.0 bill still forms core of legislative agenda
Bipartisan SECURE 2.0 bill still forms core of legislative agenda Broad House, Senate bills contain many changes • Student loan matching payments • Increased catch-up limits at age 60, mandated Roth treatment • Required minimum distribution (RMD) start date increased to age 75 • Expanded IRS self-co
Slide 10: Health benefits
Health benefits
Slide 11: President Biden's COVID-19 action plan
President Biden’s COVID-19 action plan • Mandates that employers with 100+ employees ensure workers are vaccinated or tested at least weekly before coming to the worksite. − No testing option for most healthcare workers, federal government executive branch workers and employees of federal contractor
Slide 12: Transparency FAQs
Transparency FAQs Implementation guidance and enforcement delays Good-faith compliance until guidance is issued • Prohibition on gag clauses Effective Dec. 27, 2020 • Accurate provider directories Plan years beginning on/after Jan. 1, 2022 • Balance-billing disclosure Plan years beginning on/after J
Slide 13: Key transparency deadlines
Key transparency deadlines Dec. 27, 2020 Dec. 27, 2021 2022 plan year 2023 plan year 2024 plan year • Gag clauses ban • Broker disclosures • Surprise billing ban • Online self- • Self-service tool • Rx data reporting • Accurate provider directories service tool for for all covered (enforcement delay
Slide 14: Surprise billing interim final regulations (IFR), Part I
Surprise billing interim final regulations (IFR), Part I Highlights for group health plans • Emergency services. Plans must cover without prior authorization. Cost sharing for out- of-network services is limited to in-network amount and must accumulate toward in- network deductible and out-of-pocket
Slide 15: Surprise billing interim final regulations (IFR), Part I
Surprise billing interim final regulations (IFR), Part I Highlights for group health plans • Calculating the qualifying payment amount (QPA) − The IFR provides details for the calculation, such as which What is the QPA? geographic area should be used, which specialties/services should The QPA is the
Slide 16: Additional transparency/surprise billing guidance
Additional transparency/surprise billing guidance • Proposed rules on air • Clarifications on IFR ambulance reporting — insurer/group health • More surprise billing plan must report guidance expected to required information on address plan/provider • ID cards March 31, 2023 and Independent Dispute •
Slide 17: Grandfathered plans
Grandfathered plans What transparency/surprise billing provisions apply? Applicable Not applicable Unclear • Most surprise medical billing • Transparency-in-coverage rules • Continuity of care requirement provisions under ACA • CAA price comparison tool • Air ambulance reporting − No MRFs • Provider
Slide 18: Mental Health Parity and Addiction Equity Act
Mental Health Parity and Addiction Equity Act Department of Labor (DOL) enforcement intensifies • DOL is asking plans for the written comparative analysis of the design and application of nonquantitative treatment limitations. • Timeframe to produce report may be tight. – Plans found noncompliant mu
Slide 19: Proposed Form 5500 revisions for 2022 plan year
Proposed Form 5500 revisions for 2022 plan year Changes for welfare plans • Reporting changes for some multiple employer welfare arrangements (MEWAs) – MEWAs (both plan and non-plan MEWAs) offering medical benefits will report participating employer information on Form M-1 (not Form 5500). – MEWAs t
Slide 20: Affordable Care Act developments
Affordable Care Act developments 9.61% $103.15 45 Employer-shared Maximum 2022 Age at which nongrandfathered responsibility monthly employee group health plans must cover affordability contribution for lowest- colorectal cancer screening as percentage cost, self-only option an ACA preventive service
Slide 21: Retirement benefits
Retirement benefits
Slide 22: Recent DOL guidance: Proposed changes to Form 5500
Recent DOL guidance Proposed changes to Form 5500 • Changes to implement provisions of the Setting Every Community Up for Retirement Enhancement (SECURE) Act: − New Schedule MEP for multiple-employer plan employer information − New group filing option for similar single-employer DC plans • Additiona
Slide 23: Recent DOL guidance: Proposed changes to Form 5500
Recent DOL guidance Proposed changes to Form 5500 • Group filing option for similar DC plans: SECURE Act requires same trustee, plan administrator, named fiduciary, plan year and investment options. • Additional requirements in proposal: Single trust structure — sub-trusts permitted for each plan Li
Slide 24: Recent DOL guidance: Proposed changes to Form 5500
Recent DOL guidance Proposed changes to Form 5500 • Additional changes for DC and DB plans: Changes to Schedule H Standardize information reported on attachments Require DC plans to report expense ratios for designated investment alternatives Changes to schedules filed by DB plans with focus on liab
Slide 25: Recent DOL guidance: Q&As on lifetime income disclosures
Recent DOL guidance Q&As on lifetime income disclosures • Q&As on lifetime income disclosures: IFR took effect on Sept. 18, 2021. • When must plans start giving disclosures? Participant-directed plans: No later than quarterly benefit statement for Q2 2022 Other DC plans: In first annual statement af
Slide 26: Pending DOL guidance: Upcoming regulations
Pending DOL guidance Upcoming regulations • Proposed regulations on selecting plan investments and proxy voting: Executive order urged new proposed rules by September 2021 Expected to be more accommodating of ESG factors • Proposed regulation amending definition of “fiduciary”: Focus is on individua
Slide 27: Recent IRS guidance: ARPA funding relief
Recent IRS guidance ARPA funding relief • ARPA provides two-pronged relief: Expansion and extension of interest rate stabilization Permanent extension of funding shortfall amortization (from seven 15 years) • Plan years subject to relief: Stabilization: 2020, but sponsors can elect to disregard fo
Slide 28: Recent IRS guidance: ARPA funding relief
Recent IRS guidance ARPA funding relief • IRS notice gives two ways to make elections: Written: Notice to enrolled actuary and plan administrator by end of 2021 plan year (or 12/31/2021, if later) Deemed: File Schedule SB (not available for 2021 interest rate elections) • IRS notice gives sponsors e
Slide 29: Recent IRS guidance: Updated EPCRS (Rev. Proc. 2021-30)
Recent IRS guidance Updated EPCRS (Rev. Proc. 2021-30) • Relaxed overpayment rules for well-funded DB plans: New options allow forgoing recoupment of all/part of some overpayments. Sponsor relieved from requirement to make plan whole in some cases. • Less significant changes to overpayment rules for
Slide 30: Recent IRS guidance: Snapshots! Snapshots! Snapshots!
Recent IRS guidance Snapshots! Snapshots! Snapshots! • What are issue snapshots? Generally, provide no new guidance, but … Provide insight into issues IRS checks during plan audits • Recent topics: Terminating underfunded DB plans 403(b) plan universal availability requirement and 415 limits Hardshi
Slide 31: Pending IRS guidance: Upcoming topics
Pending IRS guidance Upcoming topics • SECURE Act: Pooled employer plans, including model plan document Nondiscrimination testing relief for closed DB plans New required minimum distribution rules Changes for safe harbor 401(k) plans Participation by long-time, part-time workers Distributions for bi
Slide 32: Pension Benefit Guaranty Corp.
Pension Benefit Guaranty Corp. • 2021 has been a quiet year for single-employer plans due to focus on multiemployer plans. • No major guidance is in the pipeline for single-employer plans. Copyright © 2021 Mercer LLC. All rights reserved. 32
Slide 33: Executive rewards
Executive rewards
Slide 34: Executive rewards: SEC regulatory agenda
Executive rewards SEC regulatory agenda Robust Securities and Exchange Commission (SEC) regulatory agenda shows priorities and tentative timing for several executive pay and governance initiatives: Fall 2021 April 2022 SEC may propose rules covering: SEC may address: Enhanced disclosures (October) P
Slide 35: Executive rewards: Rule 10b5-1 prearranged trading plans
Executive rewards Rule 10b5-1 prearranged trading plans • SEC is likely to refresh Rule 10b5-1, possibly by October 2021, to limit plan manipulation. • Bipartisan Senate bill (Promoting Transparent Standards for Corporate Insiders Act) would require SEC action. • Many companies have adopted best pra
Slide 36: Executive rewards: Nasdaq board diversity rule
Executive rewards Nasdaq board diversity rule SEC approved a Nasdaq rule on Aug. 6, 2021, that requires Nasdaq-listed companies to have at least two diverse board members — or explain why they don’t — and disclose a board diversity matrix. At least two diverse members Diversity matrix disclosure Mus
Slide 37: Executive rewards: HCM disclosure and oversight
Executive rewards HCM disclosure and oversight • 2020 SEC rule requires HCM disclosures in annual reports on Form 10-K and registration statements. • HCM disclosure and oversight are becoming the purview of the Compensation Committee. Disclosure Evolving compensation committee role • Few companies d
Slide 38: Executive rewards: Tax Code Section 162(m) changes
Executive rewards Tax Code Section 162(m) changes House Ways and Means Committee bill would accelerate the effective date of an ARPA provision that extends coverage of Section 162(m)’s $1 million cap on pay deductibility to include five additional employees from tax years beginning Jan. 1, 2027, to
Slide 39: Mercer resources
Mercer resources
Slide 40: Law & Policy Group/Executive Law & Regulatory Group
Law & Policy Group/Executive Law & Regulatory Group www.mercer.com/LawandPolicy Providing timely analysis of relevant legislative, regulatory, judicial and policy developments. Health, Wealth and Global news, views and analysis, written by Mercer legislative, regulatory and policy pros with practica
Slide 41: Stay informed on coronavirus
Stay informed on coronavirus www.mercer.us/our-thinking/managing-novel-coronavirus.html Copyright © 2021 Mercer LLC. All rights reserved. 41
Slide 42: Get timely insights and commentary on US Health News
Get timely insights and commentary on US Health News Every week on US Health News, Mercer publishes our observations, research and best thinking on the most pressing healthcare issues and the transforming healthcare environment. Sign up for our weekly subscriber email: www.ushealthnews.mercer.com Co
Slide 43: Legal disclaimer
Legal disclaimer Mercer is not engaged in the practice of law, accounting, auditing or medicine. Any commentary in this report does not constitute and is not a substitute for legal, tax, auditing or medical advice or services. Mercer recommends that employers secure the advice of competent legal, ta
Slide 44: welcome to brighter
Slide 45: Mercer