Chief Counsel Memorandum concludes that PCOR fees (Patient-Centered Outcomes Research Trust fees) are deductible by the issurer as ordinary and necessary business expenses under Section 162. Document Excerpt This memo addresses whether fees paid by issuers of certain health insurance policies and plan sponsors of certain self-insured health plans to fund the Patient-Centered Outcomes Research Trust [...]
Today's Update
IRS Guidance
IRS Chief Counsel Memorandum on Deductibility of PCOR Fees
Weighted Average Rates and Permissible Range
Notice 2013-37 provides updated weighted average interest rates and permissible range information. Document Excerpt This notice provides guidance on the corporate bond monthly yield curve (and the corresponding spot segment rates), and the 24-month average segment rates under § 430(h)(2) of the Internal Revenue Code. In addition, this notice provides guidance as to the interest [...]
403(b) Correction Issues
The IRS releases its slide presentation for its phone forum on 403(b) correction issues. Document Excerpt Link http://www.irs.gov/pub/irs-tege/403b_correction_issues_phoneforum_presentation.pdf
Updated Weighted Average Interest Rates
Notice 2013-32 provides updated average interest rates, yield curves and permissible ranges for funding purposes. Document Excerpt This notice provides guidance on the corporate bond monthly yield curve (and the corresponding spot segment rates), and the 24-month average segment rates under § 430(h)(2) of the Internal Revenue Code. In addition, this notice provides guidance as [...]
Slides for Upcoming Phone Forum
The IRS has released its slides on its upcoming phone forum on its 401(k) Questionaire final report. Document Excerpt Link http://www.irs.gov/pub/irs-tege/401k_final_report_phoneforum_presentation.pdf
Upcoming Phone Forums
The IRS announces two upcoming phone forums including what you need to know about the IRS’ 401(k) questionaire and correcting 403(b) plans. Document Excerpt The 401(k) Compliance Check Questionnaire Final Report covers plan form and operational issues compiled from data provided by 401(k) plan sponsors. Join Monika Templeman, director Employee Plans Examinations; Joyce Kahn, acting director [...]
DOL Guidance
Technical Corrections to HIPAA
HHS releases technical corrections to the HIPAA privacy, enforcement and security rules. Document Excerpt As explained below, with one exception, the errors and omissions are related to the modifications made in the final rule published on January 25, 2013. This final rule contains technical corrections to the HIPAA Rules to revise these errors and omissions, [...]
CMS Draft of Employee Application for SHOP
CMS releases its draft employee application for Small Business Health Options Program coverage. Document Excerpt Use this application to see if you’re eligible to get SHOP health coverage from your employer. It should take about 10 minutes to complete this application. Link http://www.cms.gov/CCIIO/Resources/Forms-Reports-and-Other-Resources/Downloads/shop-employee-application-5-31-2013.pdf
CMS Draft of Employer Application for SHOP Coverage
CMS releases its draft application for Small Business Health Options program health coverage. Document Excerpt The SHOP Health Insurance Marketplace offers a new way for small employers to offer health insurance to employees. The SHOP is open to all small business owners. It should take about 15 minutes to complete this application for eligibility. Link [...]
DOL Encourages Custodians and TPAs to work together on Abandoned Plans
The DOL has announced that it has approved a process pursuant to which JP Morgan and ADP can work together to terminate approximately 180 abandonded defined contribution plans. Document Excerpt The U.S. Department of Labor’s Employee Benefits Security Administration today announced that it has approved a process for JP Morgan Chase Bank NA and ADP [...]
Final Rule on Establishment of Exchanges
The final rule amends the special enrollment period for SHOPs. Document Excerpt This final rule implements provisions of the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 (collectively referred to as the Affordable Care Act) related to the Small Business Health Options Program (SHOP). Specifically, this final [...]
Final Wellness Rules
The agencies have released final rules on the provision of nondiscriminatory Wellness plans. Document Excerpt This document contains final regulations, consistent with the Affordable Care Act, regarding nondiscriminatory wellness programs in group health coverage. Specifically, these final regulations increase the maximum permissible reward under a health-contingent wellness program offered in connection with a group health [...]
PBGC Guidance
July Lump Sum Rates
The PBGC releases the interest rate applicable for July lump sum payments. Document Excerpt The immediate interest rate for valuing lump sum payments for the month of July 2013 is 1.25%. The deferred interest rate I1 is 4.00%, I2 is 4.00%, and I3 is 4.00%. (The immediate interest rate for June 2013 was 0.75% for lump [...]
June Lump Sum Rates
The PBGC releases the interest rates for lump sum payments in June. Document Excerpt This final rule amends the Pension Benefit Guaranty Corporation’s regulation on Benefits Payable in Terminated Single-Employer Plans to prescribe interest assumptions under the regulation for valuation dates in June 2013. The interest assumptions are used for paying benefits under terminating single-employer [...]
Proposed Regulations on Reportable Events
The PBGC issues proposed regulations that would amend and govern the requirements regarding reportable events for defined benefit plans. Document Excerpt Under ERISA, pension plans and the companies that sponsor them are required to report to PBGC a range of corporate and plan events. In 2009, PBGC proposed to increase reporting requirements by eliminating most [...]
Interest Rates for Lump Sums
The PBGC has released the interest rates for lump sums payable in April. Document Except The immediate interest rate for valuing lump sum payments for the month of April 2013 is 1.00%. The deferred interest rate I1 is 4.00%, I2 is 4.00%, and I3 is 4.00%. (The immediate interest rate for March 2013 was 1.00% [...]
Disaster Relief for Mississippi
The PBGC has provided disaster relief for parts of Mississippi with respect to affected plans due to severe storms, tornadoes and flooding. Document Excerpt Pension Benefit Guaranty Corporation (“PBGC”) is waiving certain penalties and extending certain deadlines in response to the Severe Storms, Tornadoes, and Flooding that took place on February 10, 2013, in Mississippi. Link [...]
Interest Rates for March Lump Sums
The PBGC releases the interest rates for lump sums payable in March. Document Excerpt The immediate interest rate for valuing lump sum payments for the month of March 2013 is 1.00%. The deferred interest rate I1 is 4.00%, I2 is 4.00%, and I3 is 4.00%. (The immediate interest rate for February 2013 was .75% for [...]
Articles, White Papers & Other Information
Fact Sheet on Exchange Integrity Rules
Along with releasing the financial integrity and oversight proposed rules governing Exchanges, HHS also releases a Fact Sheet. Document Excerpt On June 14, 2013, HHS released a Notice of Proposed Rulemaking – Opens in a new window (NPRM) that proposes a number of policies related to the implementation of the Affordable Care Act, including provisions [...]
Proposed Rule on Exchange Integrity
HHS released proposed rules governing ACA Exchange integrity. Document Excerpt This proposed rule sets forth financial integrity and oversight standards with respect to Affordable Insurance Exchanges; Qualified Health Plan (QHP) issuers in Federallyfacilitated Exchanges (FFEs); and States with regard to the operation of risk adjustment and reinsurance programs. It also proposes additional standards with respect [...]
Technical Corrections to HIPAA
HHS releases technical corrections to the HIPAA privacy, enforcement and security rules. Document Excerpt As explained below, with one exception, the errors and omissions are related to the modifications made in the final rule published on January 25, 2013. This final rule contains technical corrections to the HIPAA Rules to revise these errors and omissions, [...]
CMS Draft of Employee Application for SHOP
CMS releases its draft employee application for Small Business Health Options Program coverage. Document Excerpt Use this application to see if you’re eligible to get SHOP health coverage from your employer. It should take about 10 minutes to complete this application. Link http://www.cms.gov/CCIIO/Resources/Forms-Reports-and-Other-Resources/Downloads/shop-employee-application-5-31-2013.pdf
CMS Draft of Employer Application for SHOP Coverage
CMS releases its draft application for Small Business Health Options program health coverage. Document Excerpt The SHOP Health Insurance Marketplace offers a new way for small employers to offer health insurance to employees. The SHOP is open to all small business owners. It should take about 15 minutes to complete this application for eligibility. Link [...]
CMS FAQs on Health Insurance Markeplace
The CMS has released its Frequently Asked Questions on the health insurance marketplace under the Affordable Care Act. Document Excerpt Q1: What oversight activities does the Centers for Medicare & Medicaid Services (CMS) intend to propose with respect to the state-operated risk adjustment and reinsurance programs, cost-sharing reductions, and advance payments of the premium tax [...]
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