Preview Questions Employee Benefits Lawyer | Role Specific Skill

Question 1: What are the key elements of the "preventive services" mandate under the ACA, and how should an Employee Benefits Lawyer ensure that an employer's health plan complies?

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Preventive services are only required for plans offering maternity coverage

Preventive services are only required in large group health plans

The ACA mandates that plans cover certain preventive services at no cost to participants; the lawyer must ensure the plan includes services like cancer screenings and immunizations

Preventive services can be charged to participants as part of their deductibles

Question 2: How do "pension plan rollovers" work, and what are the tax implications for employees who move their funds from one retirement account to another?

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Rollovers are only allowed when the employee switches employers

Rollovers are prohibited if the employee is under 59? years of age

Rollovers are always taxable upon transfer

Pension plan rollovers allow employees to move funds from one qualified plan to another without triggering tax penalties, provided certain conditions are met

Question 3: What is the "required minimum distribution" (RMD) rule, and how does it apply to retirement plans?

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The RMD rule allows individuals to delay withdrawals from retirement plans until age 80

The RMD rule applies only to pension plans, not to 401(k) accounts

The RMD rule requires employers to distribute a lump sum to retirees upon leaving employment

The RMD rule mandates that individuals must begin taking distributions from their retirement accounts at age 72

Question 4: What is the tax treatment of "qualified long-term care insurance" benefits under the IRC for employees?

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Both premiums and benefits are fully taxable

Premiums paid by the employer are deductible and benefits received are tax-free

Premiums are non-deductible, but benefits are tax-free

Premiums paid by the employer are tax-free, but benefits received are taxable

Question 5: What is the "grandfathered status" for healthcare plans under the ACA, and how does it affect compliance requirements?

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Grandfathered status allows plans that were in existence before the ACA to avoid certain requirements, such as covering preventive care

Grandfathered status allows plans to charge higher premiums to employees without penalty

Grandfathered status applies only to plans offering dental and vision care

Grandfathered status exempts plans from all reporting and disclosure requirements under the ACA

Question 6: How should an Employee Benefits Lawyer handle "pension plan mergers," particularly in advising clients on regulatory and participant communication requirements?

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Pension plan mergers are not subject to ERISA

Merged plans can automatically transfer participants' assets without their consent

Pension plan mergers must comply with ERISA, including providing participants with notices and ensuring that the combined plan meets all regulatory requirements

Mergers are subject only to state law, not federal regulation