Section 933.302 - Benefit plans(a)Retirement and welfare benefit plans.---A client and a PEO shall each be deemed an employer for purposes of sponsoring retirement and welfare benefit plans for its covered employees. (b)Construction.--A fully insured welfare benefit plan offered to the covered employees of a single PEO shall be considered for purposes of Commonwealth law and regulation to be a single employer welfare benefit plan and shall not be considered a multiple employer welfare arrangement. (c)Insurance Company Law.--For purposes of section 621.2 of the act of May 17, 1921 (P.L. 682, No. 284), known as The Insurance Company Law of 1921, a PEO shall be considered the employer of all of its covered employees, and all covered employees of one or more clients participating in a health benefit plan sponsored by a single PEO shall be considered employees of the PEO. (d)Plans not fully insured.--If a PEO offers to its covered employees any health benefit plan which is not fully insured by an insurer, the plan shall: (1)Utilize a third-party administrator licensed to do business in this Commonwealth. (2) Hold all plan assets, including participant contributions, in a trust account. (3)Provide sound reserves as determined by an actuary using generally accepted actuarial standards of practice.(4) Provide written notice to each covered employee participating in the benefit plan that the plan is self-insured or is not fully insured.Added by P.L. 946 2012 No. 102, § 302, eff. 1/1/2013.