Today's Update

IRS Guidance

Employee Plans News

New issue of the IRS’ Employee Plans News released. Included is a discussion of correcting Section 457(b) failures. Document Excerpt Link http://www.irs.gov/Retirement-Plans/Employee-Plans-News

User Fee and Change of Address Information for Pre-approved 403(b)s

Revenue Procedure 2015-22 provides updated address information and user fees for submission of pre-approved Section 403(b) arrangements. Document Excerpt  This revenue procedure contains a modification to Revenue Procedure 2013-22, 2013-18 I.R.B. 985, as modified by Revenue Procedure 2014-28, 2014-16 I.R.B. 944, and modifications to Revenue Procedure 2015-8, 2015-1 I.R.B. 235. In particular, this revenue procedure […]

Notice of Possible Approaches to dealing with High Cost Health Coverage

Notice 2015-16 discusses possible approaches that the IRS may use in dealing with high cost health insurance for purposes of the excise tax under Section 4980I. Document Excerpt  This notice is intended to initiate and inform the process of developing regulatory guidance regarding the excise tax on high cost employer-sponsored health coverage under § 4980I […]

Update for Weighted Average Interest and Yield Curves

Notice 2015-19 provides updated weighted average interest rates and yield curves to be used for funding purposes. Document Excerpt  This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under § 417(e)(3), and the 24-month average segment rates under § 430(h)(2) of the Internal Revenue Code. In addition, […]

Transition Relief for Small Employers Sponsoring Employer Payment Plans

Notice 2015-17 provides transition relief  from the Section 4980D excise tax for certain small employers maintaining employer pay plans in violation of the market reforms of the Affordable Care Act. Document Excerpt This notice reiterates the conclusion in previous guidance addressing employer payment plans, including Notice 2013-54, 2013-40 I.R.B. 287,1 that employer payment plans are group […]

Affordable Care Act Implementation Part XXIII

The DOL has released its newest Affordable Care Act FAQs, Implementation Part XXIII. This set of questions deals with excepted benefits. Document Excerpt Set out below are additional Frequently Asked Questions (FAQs) regarding implementation of the Affordable Care Act. These FAQs have been prepared jointly by the Departments of Labor (DOL), Health and Human Services […]

DOL Guidance

FAQs on Conflicted Advice

In anticipation of the release of its new fiduciary rules, the DOL has issued guidance discussing conflicts of interest by advisors and the impact on retirement savers. Document Excerpt Link http://www.dol.gov/featured/ProtectYourSavings/faqs.htm

Final Annual Funding Notice Regulations

The DOL has released its final regulations governing the annual funding notice for defined benefit plans. Document Excerpt This document contains a final rule implementing the annual funding notice requirement of section 101(f) of the Employee Retirement Income Security Act of 1974, as amended (ERISA). The final rule requires the administrators of defined benefit plans […]

Guidance on Funding Notice post HATFA

Field Assistance Bulletin 2015-01 provides guidance on the funding notice requirement of ERISA Section 101(f) after the enactment of HATFA. Document Excerpt This memorandum provides guidance to the Employee Benefits Security Administration’s national and regional offices on compliance by plan administrators of single-employer defined benefit plans with the annual funding notice requirements of section 101(f) […]

Proposed SBC Fact Sheet

HHS releases an updated SBC Fact Sheet in conjunction with the release of the proposed changes to the rules governing the Summary of Benefits and Coverage. Document Excerpt  Proposed changes to the regulations regarding the summary of benefits and coverage (SBC) and uniform glossary for group health plans and health insurance coverage in the group […]

Updated SBC Template

In conjunction with the release of proposed changes to the rules governing the Summary of Benefits and Coverage, the Departments also release a revised Template. Document Excerpt Link http://www.dol.gov/ebsa/pdf/sbctemplateproposed.pdf

Proposed Summary Of Benefits and Coverage Regulations

The Departments release proposed regulations reflecting changes to the rules governing the Summary of Benefits and Coverage. Document Excerpt This document contains proposed regulations regarding the summary of benefits and coverage (SBC) and the uniform glossary for group health plans and health insurance coverage in the group and individual markets under the Patient Protection and […]

PBGC Guidance

PBGC Website Updated To Reflect Increased Premiums

The increased premiums reflect changes made by the Multiemployer Pension Reform Act of 2014. Document Excerpt The per-participant flat premium rate for plan years beginning in 2015 is $57 for single-employer plans (up from a 2014 rate of $49) and $26 for multiemployer plans (up from a 2014 rate of $12). For information about future […]

Final Asset Allocation Rules

The PBGC releases its final asset allocation rules regarding the termination of a single employer plan. Document Excerpt This final rule amends the Pension Benefit Guaranty Corporation’s regulations on Benefits Payable in Terminated Single-Employer Plans and Allocation of Assets in Single-Employer Plans to prescribe interest assumptions under the benefit payments regulation for valuation dates in […]

PBGC Fall Regulatory Agenda

The PBGC releases is fall 2014 regulatory agenda. Document Excerpt Link http://www.reginfo.gov/public/do/eAgendaMain?operation=OPERATION_GET_AGENCY_RULE_LIST&currentPub=true&agencyCode=&showStage=active&agencyCd=1212

Amendments to Asset Allocation Regulations

The PBGC has issued amendments to its asset allocation regulations substituting a new table for determining expected retirement ages for participants in certain plans undergoing distress or involuntary terminations. Document Excerpt This rule amends the Pension Benefit Guaranty Corporation’s regulation on Allocation of Assets in Single-Employer Plans by substituting a new table for determining expected […]

Final Rule on 401(k) Rollovers to Defined Benefit Plans

The PBGC has issued its final rule on participant rollovers of 401(k) accounts to traditional defined benefit plans. Document Excerpt In April 2014, PBGC proposed to amend its regulations to clarify the treatment of benefits resulting from a rollover distribution from a defined contribution plan to a defined benefit plan, if the defined benefit plan […]

PBGC Lump Sum Rate

The PBGC announces the lump sum rate for December. Document Excerpt The immediate interest rate for valuing lump sum payments for the month of December 2014 is 1.00% and the deferred interest rate I1 is 4.00%, I2 is 4.00%, and I3 is 4.00%. Link http://www.pbgc.gov/prac/interest/monthly.html?cid=COLA01ABNOV15201417&source=govdelivery&utm_medium=email&utm_source=govdelivery

Articles, White Papers & Other Information

No Presumption of Vesting in Retiree Health Benefits

The Supreme Court held that ordinary contract principles apply in determining whether retiree health benefits are vested. Document Excerpt’ In this case, the Court of Appeals applied the Yard-Man inferences to conclude that, in the absence of extrinsic evidence to the contrary, the provisions of the contractindicated an intent to vest retirees with lifetime benefits. […]

Proposed SBC Fact Sheet

HHS releases an updated SBC Fact Sheet in conjunction with the release of the proposed changes to the rules governing the Summary of Benefits and Coverage. Document Excerpt  Proposed changes to the regulations regarding the summary of benefits and coverage (SBC) and uniform glossary for group health plans and health insurance coverage in the group […]

Proposed Multiemployer Plan Legislation

The proposed legislation would, among other things, allow trustees of severely underfunded pension plans to adjust vested benefits. Document Excerpt Link http://amendments-rules.house.gov/amendments/KLINE129141934463446.pdf

Supreme Court to Hear Healthcare Subsidy Case

The U.S. Supreme Court has agreed to hear King v. Burwell, a case questioning the legitimacy of providing subsidies to individuals who purchase health coverage through the Federal, rather than through a State, Exchange. Document Excerpt QUESTION PRESENTED: Section 36B of the Internal Revenue Code, which was enacted as part of the Patient Protection and […]

Health Plan Identifier Delayed

The Office of e-Health Standards and Services announces a delay in enforcement of compliance with the Health Plan Identifier regulations. Document Excerpt The Health Plan Identifier (HPID) is a standard, unique health plan identifier required by the Health Insurance Portability & Accountability Act of 1996 (HIPAA).  On September 5, 2012 the Department of Health and […]

FAQs on HPID

CMS releases frequently asked questions on the Affordable Care Act’s health plan identifiers requirement. Document Excerpt Link https://questions.cms.gov/faq.php?isDept=0&search=HPID&searchType=keyword&submitSearch=1&id=5005

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