BIP Fall 2024

ERISA EVOLVES OVER THE DECADES

Health Insurance Portability and Accountability Act of 1996 (HIPAA): Made coverage more portable, addressed discrimination, and improved privacy and security for employees. It also gave the Department of Labor broad additional responsibilities with respect to private health plans. Patient Protection and Affordable Care Act of 2010 (ACA): Created widespread market reform provisions, including significant changes impacting dependent coverage, lifetime and annual benefit limits, coverage of preventative services, preexisting condition exclusions, disclosures to plan participants, claims procedures and other areas.

Retirement Equity Act of 1984: Reduced the maximum age an employer may require for participation in a retirement plan.

Omnibus Budget Reconciliation Act of 1986: Eliminated the

ability of employers to limit participation in retirement plans for new employees who are close to retirement and the ability to freeze benefits for participants over age 65. Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA): Provided continuation of health care coverage for employees and their beneficiaries (for a limited period) if certain events would otherwise result in a reduction in benefits.

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Fall 2024 bip magazine 33