Today's Update

IRS Guidance

Modifications to EPCRS

Rev. Proc. 2015-27 announces some modifications to the EPCRS including a reduction to the user fee under VCP for correction of certain loan failures and the ability to correct certain overpayments using other than the standard correction methods. Document Excerpt  The modifications to Rev. Proc. 2013-12 reflected in this revenue procedure include miscellaneous changes made […]

Extension of Relief For Closed Plans

Notice 2015-28 provides an extension of the protection previously provided in Notice 2014-5 from certain discrimination requirements for certain closed defined benefit plans. Document Excerpt This notice extends the temporary nondiscrimination relief provided in Notice 2014-5 for an additional year by applying that relief to plan years beginning before 2017 if the conditions of Notice 2014-5 […]

Updated Weighted Average Rates

Notice 2015-24 updates the weighted average rates and yield curve 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, this notice provides 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 […]

DOL Guidance

Affordable Care Act Implementation Part XXIV

The agencies release FAQ Affordable Care Act Implementation Part XXIV addressing changes the finalization of changes to the SBC. Document Excerpt Link http://www.dol.gov/ebsa/faqs/faq-aca24.html

Fact Sheet on Timing of Annual Participant-Level Disclosure Change

Along with issuing the change in timing in proposed and final form, the DOL also issued a Fact Sheet on the change. Document Excerpt The direct final rule provides a two-month grace period for furnishing the annual disclosures to participants and beneficiaries. The term “at least annually thereafter” is now defined as “at least once […]

Change to Timing of Annual Disclosure Under Participant-Level Disclosure Regulations

At the same time that it is issuing the proposed change, the DOL is also issuing a change to the final regulations that will become effective in the absence of significant adverse comments to proposed change. Document Excerpt This direct final rule amends the Department of Labor’s “participant-level fee disclosure” regulation. The amendment makes a […]

Proposed change to Timing of Annual Disclosure Under Participant-Level Disclosure Rules

At the same time, the DOL is also releasing a final change that will go into effect provided no significant adverse comments to the proposed changes are received. Document Excerpt This document proposes to amend the Department of Labor’s “participant-level fee disclosure” regulation by making a technical adjustment to an annual timing requirement. In the […]

Final Regulations on Wraparound Coverage and Excepted Benefits

The Departments have released final regulations on excepted benefits under the Affordable Care Act. Document Excerpt This document contains final regulations that amend the regulations regarding excepted benefits under the Employee Retirement Income Security Act of 1974, the Internal Revenue Code, and the Public Health Service Act to specify requirements for limited wraparound coverage to […]

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

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

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 […]

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 […]

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