On Board Express Archive || E-Newsletters || Wespath Benefits and Investments Website

Vol. XX, Issue 23

April 29, 2021

Enhancements to Benefits Access for Plan Sponsors (BAP) and Contribution Management (CM)

Beginning May 1, 2021, enhancements to Benefits Access for Plan Sponsors (BAP) and Contribution Management (CM) will take effect. In summary, these enhancements include:

Click here to view enhancement details.

These enhancements are being implemented in anticipation of the proposed Compass plan’s contribution remittance requirements. To help prepare for the future implementation of the proposed Compass plan, Wespath is offering conferences an opportunity to be a part of a Pilot. If you have any questions or would like to participate in the Pilot, please contact your Client Relationship Manager or Client Service Manager.

For more information about the new contribution remittance model and these enhancements, please view our FAQ.

Systems Unavailable Saturday, May 1

Due to the enhancements mentioned above, Wespath Portal, Benefits Access Plan Sponsor Portal, Contribution Management, Institutional Investor Portal and the Comprehensive Benefit Funding Plan (CBFP) will be unavailable starting Saturday, May 1 at 7:00 a.m., Central time through Saturday afternoon to allow for system maintenance and updates. We apologize for any inconvenience this outage may cause.

Contribution Remittance Enhancement Webinar Sessions
Wespath will offer two walk-through sessions to review and answer questions related to the enhancements listed above. Please join the session that best fits your schedule.

Wednesday, May 5, from 11:00 to 12:00 p.m. (CST)

Please join the meeting from your computer, tablet or smartphone.

https://global.gotomeeting.com/join/400877269

You can also dial in using your phone.

United States (Toll Free): 1-866-899-4679
Access Code: 400-877-269

OR

Thursday, May 6, 2021 2:00 PM - 3:00 PM (CST)

Please join the meeting from your computer, tablet or smartphone.

https://global.gotomeeting.com/join/481309853

You can also dial in using your phone.

United States (Toll Free): 1-866-899-4679
Access Code: 481309853

2021 Annual Conference Toolkit

Last week, Wespath released our 2021 Annual Conference toolkit to Conference Benefits Officers. The toolkit provides educational materials and videos focusing on retirement, investments and well-being. This year’s toolkit is designed to accommodate in-person, virtual or hybrid sessions this Annual Conference season. Additionally, we are offering the opportunity for Annual Conference members to participate in a 30-minute virtual one-on-one consultation with our Benefit Education team.

Blue Cross Blue Shield Association Lawsuit—Information for Non-HealthFlex Plan Sponsors

The Blue Cross Blue Shield Association (BCBSA), which is the national association of 35 independent, locally operated Blue Cross Blue Shield companies, recently agreed to settle a class-action lawsuit alleging antitrust law violations. The lawsuit alleges that, from 2008 through 2020, BCBSA companies entered into agreements that divided up the health care insurance and administration market among themselves to avoid competing with each other—resulting in higher prices for individuals and employers. The proposed settlement agreement includes a $2.67 billion settlement fund (or approximately $1.9 billion after deduction of attorneys’ fees, administration expenses and other costs) and requires BCBSA companies to stop certain practices that were alleged to be anticompetitive.

Group health plans insured or administered by a BCBSA company, employees enrolled in such plans, and individuals covered by an individual insurance policy from a BCBSA company may be eligible to submit a claim to share in the settlement proceeds. If your conference, or a local church in your conference, sponsors a group health plan that is insured or administered by a BCBSA company, you should consider submitting a claim on behalf of your plan and informing your plan’s participants of their right to do so as well. If your conference doesn’t maintain a group health plan, but some of your clergy and employees purchase individual coverage from a BCBSA company (through a Marketplace or private plan), you may wish to bring the settlement to their attention. Based on publicly available court filings, it appears that payments made to a group health plan will be reduced by any payments that participants in that plan receive. More information about the settlement, FAQs and a claims submission portal is available at: https://www.BCBSsettlement.com.

Some individuals recently received a postcard or e-mail communication regarding the proposed settlement from JND Legal Administration, the lawsuit’s third-party notice and claims administrator. The postcards and e-mails are not spam. However, it appears that the communications have not been precisely targeted at individuals eligible to share in the settlement proceeds. Wespath has learned that some individuals who are not eligible to share in the settlement proceeds received a postcard or e-mail, while some individuals who are eligible to share in the settlement proceeds have not received a postcard or e-mail.

The proposed settlement must be approved by the federal district court handling the lawsuit. The court is scheduled to hold a hearing on the fairness of the proposed settlement in October. Claims for settlement proceeds must be submitted by November 5, 2021.

For HealthFlex plan sponsors, please see the April 28, 2021 edition of HealthFlex Express for information about this lawsuit specific to HealthFlex.

Wespath Market Update

Read our latest Wespath Market Update, a weekly investment summary that succinctly recaps economic and financial market activity for the prior week. If you, or others, wish to receive this email update, please send your contact information (name, email and organization) to InvestmentInfo@wespath.org.

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