Today's Update

IRS Guidance

Treasury Agenda Released

Treasury has released its spring, 2015 agency Agenda. Document Excerpt Link http://www.reginfo.gov/public/do/eAgendaMain?operation=OPERATION_GET_AGENCY_RULE_LIST&currentPub=true&agencyCode=&showStage=active&agencyCd=1500&Image58.x=36&Image58.y=16

IRS Post Changes To Determination Letter Program

The IRS has posted to its website recent changes to the processing of determination letter request reflected in Revenue Procedure 2015-6 including FAQs. Document Excerpt Employee Plans is changing the determination letter program for retirement plans (Revenue Procedure 2015-6, section 6.13). Revised processing procedures will apply to all Form 5300 series determination letter applications. The […]

Chief Counsel Memorandum on Correcting Section 409A Failures

Chief Counsel Memorandum 201518013 states that correcting a failure applicable only to compensation subject to a substantial risk of forfeiture made before the compensation vests but during the service provider’s taxable year in which it vests does not avoid income inclusion. Document Excerpt The correction of a failure to comply with section 409A(a) during a […]

Inflation Adjusted HSA Amounts for 2016

Revenue Procedure 2015-30 provides inflation adjusted amounts for HSAs for 2016. Document Excerpt  This revenue procedure provides the 2016 inflation adjusted amounts for Health Savings Accounts (HSAs) as determined under § 223 of the Internal Revenue Code. Link http://www.irs.gov/pub/irs-drop/rp-15-30.pdf

Eligibility for Minimum Essential Coverage in the case of CHIP “Buy-In”

Notice 2015-37 provides guidance on eligibility for minimum essential coverage under Section 36B for individuals who enroll under the Children’s Health Insurance “buy-in” program. Document Excerpt  This notice provides guidance on eligibility for minimum essential coverage under § 36B of the Internal Revenue Code for individuals who may enroll in coverage under Children’s Health Insurance […]

Additional Modifications to EPCRS

Revenue Procedure 2013-28 adds safe harbor corrections for automatic enrollment failures. Document Except  The following modifications to Rev. Proc. 2013-12 are reflected in this revenue procedure: • New safe harbor EPCRS correction methods relating to automatic contribution features (including automatic enrollment and automatic escalation of elective deferrals) in plans described in § 401(k) and § […]

DOL Guidance

DOL Regulatory Agenda

The DOL has released its Spring, 2015 Regulatory Agenda. Document Excerpt Link http://www.reginfo.gov/public/do/eAgendaMain?operation=OPERATION_GET_AGENCY_RULE_LIST&currentPub=true&agencyCode=&showStage=active&agencyCd=1200

Affordable Care Act Implementation Part XXVII

The Departments release the Affordable Care Act Implementation Part XXVII. Document Excerpt In the final HHS Notice of Benefit and Payment Parameters for 2016 (2016 Payment Notice) (80 FR 10750), HHS clarified that under section 1302(c)(1) of the Affordable Care Act, the self-only maximum annual limitation on cost sharing applies to each individual, regardless of […]

Tibble v. Edison International

The Supreme Court decides Tibble v. Edison International. Document Excerpt   Held: The Ninth Circuit erred by applying §1113’s statutory bar to abreach of fiduciary duty claim based on the initial selection of the investments without considering the contours of the alleged breach offiduciary duty. ERISA’s fiduciary duty is “derived from the common 2 TIBBLE […]

Affordable Care Act Implementation Part XXVI

The agencies have jointly released the Affordable Care Act Implementation Part XXVI dealing with coverage of various preventative services. 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 (HHS), and […]

Advisory Council Request Input on Model Disclosure on Pension De-Risking

The 2015 Advisory Council on Employee Welfare and Pension Benefit Plans is interested in providing a Model Notice and Disclosure for Pension Risk Transfers and request comments and input as to what should be included. Document Excerpt The 2015 Council will supplement the work of the 2013 Council by focusing specifically on the information that participants […]

EEOC FAQs on Wellness Proposed Regulations

In conjunction with the release of its proposed regulations, the EEOC also released its Frequently Asked Questions on the topic. Document Excerpt On April 20, 2015, the Equal Employment Opportunity Commission (EEOC or the Commission) will issue a notice of proposed rulemaking (NPRM) on how Title I of the Americans with Disabilities Act (ADA) applies […]

PBGC Guidance

PBGC Regulatory Agenda

The PBGC releases its Spring 2015 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&Image58.x=28&Image58.y=10  

Lump Sum Rate for June

The PBGC releases the rate for calculating June lump sum payments. Document Excerpt The June 2015 interest assumptions under the benefit payments regulation will be 0.75 percent for the period during which a benefit is in pay status and 4.00 percent during any years preceding the benefit’s placement in pay status. In comparison with the […]

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 […]

Articles, White Papers & Other Information

Tibble v. Edison International

The Supreme Court decides Tibble v. Edison International. Document Excerpt   Held: The Ninth Circuit erred by applying §1113’s statutory bar to abreach of fiduciary duty claim based on the initial selection of the investments without considering the contours of the alleged breach offiduciary duty. ERISA’s fiduciary duty is “derived from the common 2 TIBBLE […]

EEOC FAQs on Wellness Proposed Regulations

In conjunction with the release of its proposed regulations, the EEOC also released its Frequently Asked Questions on the topic. Document Excerpt On April 20, 2015, the Equal Employment Opportunity Commission (EEOC or the Commission) will issue a notice of proposed rulemaking (NPRM) on how Title I of the Americans with Disabilities Act (ADA) applies […]

EEOC Proposed Wellness Regulations

The EEOC has released its proposed Wellness regulations. Document Excerpt SUMMARY: The Equal Employment Opportunity Commission (‘‘EEOC’’ or ‘‘Commission’’) is issuing a proposed rule that would amend the regulations and interpretive guidance implementing Title I of the Americans with Disabilities Act (ADA) as they relate to employer wellness programs. The proposed rule amends the ADA regulations […]

Transcript of Oral Arguments in King v. Burwell

King v. Burwell is the case that will decide whether ACA allows for subsidies for those who purchase insurance through the Federal Exchange.   Document Excerpt Link http://www.supremecourt.gov/oral_arguments/argument_transcripts/14-114_lkhn.pdf

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 […]

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