In recent weeks, multiple class action lawsuits have been filed against private, nonprofit universities across the country alleging breaches of fiduciary duty and claiming millions of dollars in damages for retirement plan participants. Each action was filed by the same law firm that previously filed similar class actions against several large private companies and which now appears to be targeting higher educational institutions.
Educational institutions face unique issues when complying with the requirements of the Affordable Care Act (ACA). One such issue relates to the administration of student health insurance plans. On February 5, 2016, three federal agencies—the U.S. Department of Labor (DOL), Department of the Treasury, and Department of Health and Human Services—released Notice 2016-17, which provides temporary transition relief for student health plans with premium reduction arrangements covering employees of the school.
Like all other employers across the country, educational institutions have been awaiting final rules to determine their compliance strategy for the Affordable Care Act’s Employer Shared Responsibility provisions (better known as the employer “pay or play” mandate). Under the employer pay or play mandate, employers with 50 or more full-time employees…..