New Summary of Benefits and Coverage (SBC) regulations to be finalized in the “near future” will apply for plan years beginning on or after January 1, 2016, according to a new FAQ released by the Employee Benefits Security Administration (EBSA). SBCs distributed during fall 2015 open enrollment for 2016 plan years must comply with the new regulations as well.
More time for plan sponsors to prepare for revised SBC format
The revised SBC template and related materials are expected to be finalized early in 2016. These documents will likely be required for plan years starting on or after January 1, 2017.
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