Today's Update

IRS Guidance

Updated EPCRS Guidance

Document Excerpt Link https://www.irs.gov/pub/irs-drop/rp-19-19.pdf

Guidance on Deducting Family Health Insurance Cost by a 2% Subchapter S Shareholder

Document Excerpt An individual who is a 2-percent shareholder of an S corporation pursuant to the attribution of ownership rules under § 318 is entitled to the deduction under § 162(l) for amounts that are paid by the S corporation under a group health plan for all employees and included in the individual’s gross income, […]

Second Quarter Update to Priority Guidance

Document Excerpt We are pleased to announce the release of the second quarter update to the 2018–2019 Priority Guidance Plan. Link https://www.irs.gov/pub/irs-utl/2018-2019_pgp_2nd_quarter_update.pdf

Issue Snapshot–Preventing an S ESOP Nonallocation Year

Document Excerpt ongress enacted IRC Section 409(p) in 2001 (P.L. 107-16 Sec. 656) to prevent S corporation employee stock ownership plans (ESOPs) from continuing to be used as abusive tax shelters. The rules under IRC Section 409(p) are designed to prevent a group of “disqualified persons” (DPs) from collectively owning 50% or more of an […]

Operational Compliance List

Document Excerpt The Operational Compliance List (“OC” List) is provided per Rev. Proc. 2016-37, Section 10, to help plan sponsors and practitioners achieve operational compliance by identifying changes in qualification requirements effective during a calendar year. The OC List: Identifies matters that may involve either mandatory or discretionary plan amendments depending on the particular plan. […]

Updated Mortality Improvement Rates and Static Mortality Tables for 2020

Document Excerpt This notice specifies updated mortality improvement rates and static mortality tables to be used for defined benefit pension plans under § 430(h)(3)(A) of the Internal Revenue Code (Code) and section 303(h)(3)(A) of the Employee Retirement Income Security Act of 1974, Pub. L. No. 93-406, as amended (ERISA). These updated mortality improvement rates and […]

DOL Guidance

CMS Announces HIPAA Compliance Review

Document Excerpt The CMS Division of National Standards, on behalf of HHS, is launching the Compliance Review Program to ensure compliance among covered entities with HIPAA Administrative Simplification rules for electronic health care transactions. In April 2019, HHS will randomly select 9 HIPAA-covered entities—a mix of health plans and clearinghouses—for Compliance Reviews. Any health plan […]

Qs and As on Association Health Plan After Court Ruling

Document Excerpt Association Health Plans (AHPs), under the Department of Labor’s (Department) final rule, are group health plans that employer groups and associations offer to provide health coverage to employees. The Department’s final rule on AHPs was published on June 21, 2018, and established a more flexible test to facilitate the adoption and administration of […]

District Court Strikes Down Administration’s Association Health Plan Regulations

Document Excerpt Eleven states and the District of Columbia have sued the Department of Labor (“DOL”), 1 alleging that its final rule interpreting the definition of “employer” in the Employee Retirement Income Security Act of 1974 (“ERISA”), 88 Stat. 829, 29 U.S.C. § 1001 et seq., is unlawful under the Administrative Procedure Act (“APA”), 5 […]

FAQs for Disaster Victims in Nebraska

Document Excerpt The following FAQs are intended to provide information to participants and beneficiaries in employee benefit plans impacted by the 2019 Nebraska Severe Winter Storm, Straight-line Winds, and Flooding (FEMA-DR- 4420), the 2019 Iowa Severe Storms and Flooding (FEMA-DR-4421) or the 2019 Alabama Severe Storms, Straight-line Winds, and Tornadoes (FEMA-DR-4419) (the “Covered Disasters”). Generally, […]

Adjusting DOL Penalties for Inflation

Document /excerpt EBSA is responsible for administering and enforcing the fiduciary, reporting and disclosure provisions of Title I of the Employee Retirement Income Security Act of 1974 (ERISA). Under Part 5 of Subtitle B of Title I, EBSA has the authority to assess and collect a number of civil monetary penalties. ERISA civil monetary penalties […]

Information on Acting as an Authorized Claims Representative

Document Excerpt This responds to your request on behalf of The Justus Group, L3C (Justus) to clarify its ability to act as an authorized representative for claimants in accordance with the Department of Labor’s claims procedure regulation, which implements section 503 of the Employee Retirement Income Security Act of 1974 (ERISA). Justus acts as a […]

PBGC Guidance

PBGC Offers Pre-Filing Consultation for ERISA Section 4010 Filers

Document Excerpt PBGC staff is available to help filers, especially first-time filers, understand the filing requirements. During a pre-filing consultation, we will provide an overview of the process, share helpful tips on how to use the e-filing software and how to avoid common errors. To schedule a pre-filing consultation, email ERISA.4010@pbgc.gov or call (202) 326-4000 […]

March Interest Rate Summary

Document Excerpt The purpose of this summary is to provide, in one place, a summary of current interest rates that relate to various calculations required under Title IV of ERISA. PBGC posts this summary each month, as soon as all of the new information is available. Rate‑specific webpages containing additional information about and historical data […]

Proposed Regulations on Computing Withdrawal Liability

Document Excerpt SUMMARY: The Pension Benefit Guaranty Corporation proposes to amend its regulations on Allocating Unfunded Vested Benefits to Withdrawing Employers and Notice, Collection, and Redetermination of Withdrawal Liability. The proposed amendments would implement statutory provisions affecting the determination of a withdrawing employer’s liability under a multiemployer plan and annual withdrawal liability payment amount when […]

PBGC Staffers Update Qs & As with Practitioners

Document Excerpt The PBGC has updated its online responses to frequently asked practitioner questions. Link https://www.pbgc.gov/prac/staff-responses-prac-questions?utm_medium=email&utm_source=govdelivery

Representative Neal Introduces Legislation To Shore Up Failing Multiemployer Plans

Document Excerpt House Ways and Means Committee Chairman Richard Neal introduced legislation designed to shore up failing multiemployer pension plans. The legislation known as the Rehabilitation for Multiemployer Pensions Act would establish a new federal agency known as the Pension Rehabilitation Administration with the authority to issue bonds to provide financing to such plans. Linkhttps://waysandmeans.house.gov/media-center/press-releases/neal-introduces-bipartisan-legislation-address-multiemployer-pension

PBGC Updates Civil Penalties

In accordance with statutory authority, the PBGC announced updates to its maximum civil penalties. https://www.govinfo.gov/content/pkg/FR-2018-12-28/pdf/2018-28177.pdf?utm_medium=email&utm_source=govdelivery

Articles, White Papers & Other Information

CMS Announces HIPAA Compliance Review

Document Excerpt The CMS Division of National Standards, on behalf of HHS, is launching the Compliance Review Program to ensure compliance among covered entities with HIPAA Administrative Simplification rules for electronic health care transactions. In April 2019, HHS will randomly select 9 HIPAA-covered entities—a mix of health plans and clearinghouses—for Compliance Reviews. Any health plan […]

House Ways and Means Advances Retirement Bill

Document Excerpt WASHINGTON, DC – This morning, under the leadership of Chairman Richard Neal (D-MA), the Ways & Means Committee passed H.R. 1994, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, legislation that expands opportunities for Americans to increase their retirement savings and improves the portability of lifetime income options from […]

District Court Strikes Down Administration’s Association Health Plan Regulations

Document Excerpt Eleven states and the District of Columbia have sued the Department of Labor (“DOL”), 1 alleging that its final rule interpreting the definition of “employer” in the Employee Retirement Income Security Act of 1974 (“ERISA”), 88 Stat. 829, 29 U.S.C. § 1001 et seq., is unlawful under the Administrative Procedure Act (“APA”), 5 […]

Request for Comments on Modifying HIPAA

Document Excerpt SUMMARY: The Office for Civil Rights (OCR) is issuing this Request for Information (RFI) to assist OCR in identifying provisions of the Health Insurance Portability and Accountability Act privacy and security regulations that may impede the transformation to value-based health care or that limit or discourage coordinated care among individuals and covered entities […]

Fact Sheet on Proposed Exchange Integrity Regulation

Document Excerpt The Centers for Medicare & Medicaid Services (CMS) released a proposed rule on November 7, 2018 to strengthen program integrity for Exchanges with respect to subsidy payments in the individual market. The proposed rule is intended to advance the Administration’s goals of: •Strengthening CMS’ oversight over State-based Exchanges (SBEs) through monitoring,reporting, and oversight […]

Proposed Regulations on ACA Exchange Integrity

Document Excerpt SUMMARY: This proposed rule would revise standards relating to oversight of Exchanges established by states, periodic data matching frequency and authority, and the length of a consumer’s authorization for the Exchange to obtain updated tax information. This proposed rule would also propose new requirements for certain issuers related to the collection of a […]

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