Today's Update

IRS Guidance

Proposed Regulations to Eliminate Regulations

Pursuant to the President’s Executive Order asking that agencies get rid of unnecessary or burdensome regulations, the IRS has issued proposed regulations to eliminate certain regulations including those dealing with special rules for owner employee plans, some of the deduction regulations where the rules are covered elsewhere and others. Document Excerpt SUMMARY: Pursuant to the […]

IRS FAQs on Information Reporting by Health Coverage Providers

The IRS releases Frequently Asked Questions on information reporting under Section 6055. Document Excerpt Information reporting under section 6055 is required for health coverage providers. More information is available on the information reporting for providers of minimum essential coverage page. Link https://www.irs.gov/affordable-care-act/questions-and-answers-on-information-reporting-by-health-coverage-providers-section-6055

OK to Amend Interest Rate Look-Back Month for Cash Balance Plan

The IRS rules in a Private Letter Ruling that it is okay to amend the interest rate lookback month for a cash balance plan’s pre-conversion benefit. Document Excerpt The determination of the present value of a participant’s Protected Benefit is a determination of the present value of an optional form of benefit and therefore is […]

FAQs on IRA Recharacterizations

The IRS has released a set of Frequently Asked Questions dealing with the changes to the IRA recharacterization rules under the Tax Cuts and Jobs Act of 2017. Document Excerpt A Roth IRA conversion made in 2017 may be recharacterized as a contribution to a traditional IRA if the recharacterization is made by October 15, […]

Covered Compensation Tables

Revenue Ruling 2018-04 provides covered compensation tables reflecting revisions to the Social Security taxable wage base for 2018 previously announced. Document Excerpt This revenue ruling provides tables of covered compensation under section 401(l)(5)(E) of the Internal Revenue Code and the Income Tax Regulations thereunder, for the 2018 plan year. These tables of covered compensation reflect […]

Changes to User Fees for VCP Submission

Appendix A to Revenue Procedure 2018-4 changes the user fee structure for VCP submissions to one based upon the size of plan assets. Document Excerpt Effective January 2, 2018, the IRS simplified the user fees charged for most submissions made under the Voluntary Correction Program (VCP). The total amount of net plan assets determines the […]

DOL Guidance

Agencies Proposed Regulations On Short-Term, Limited Duration Insurance

The IRS, EBSA, DOL and HHS release a proposed rule to amend the definition of short-term, limited duration insurance for purposes of the exclusion from the definition of individual health insurance coverage. Document Excerpt This rule contains proposals amending the definition of short-term, limited duration insurance for purposes of its exclusion from the definition of […]

DOL Report on Private Plans

EBSA issues its Private Pension Plan Bulletin abstract of 2015 culled from 5500 reports. Document Excerpt Number of Pension Plans and Participants6 􀁸 The total number of pension plans grew again in 2015 to approximately 694,000 plans, a 1.3 percent increase over 2014. The number of DC plans grew by 1.2 percent. Despite the long-term […]

DOL Announces April 1, 2018 Applicability Date for Claims Regulations Amendment

The DOL announced its decision for April 1, 2018 as the applicability date for employee benefit plans to comply with the final rule amendments regarding disability claims. Document Excerpt The U.S. Department of Labor announced today its decision for April 1, 2018, as the applicability date for employee benefit plans to comply with a final […]

DOL Proposed Rules to Allow Employer Groups to Maintain Health Plans

The proposed rule would broaden the definition of employer for purposes of ERISA Section 3(5) to make it easier for employers in the same industry or employers located in the same geographic area to maintain association plans. Document Excerpt This document contains a proposed regulation under Title I of the Employee Retirement Income Security Act […]

DOL 2018 Inflation-Adjusted Penalties

The DOL announces penalty adjustments for 2018 including penalties applicable to employee benefit plans. Document Excerpt The U.S. Department of Labor (Department) is publishing this final rule to adjust for inflation the civil monetary penalties assessed or enforced in its regulations, pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990 as amended by […]

DOL Fall 2017 Regulatory Agenda

The DOL has released its updated 2017 Regulatory Agenda. Document Excerpt Link https://www.reginfo.gov/public/do/eAgendaMain?operation=OPERATION_GET_AGENCY_RULE_LIST&currentPub=true&agencyCode=&showStage=active&agencyCd=1200&Image58.x=36&Image58.y=7&Image58=Submit

PBGC Guidance

Notice of Modified Systems of Records

PBGC releases proposed rules on changes to the system of records notices to: amend a general routine use, rescind a duplicative system, establish a new system of records for collection of data from the agency website and other proposed changes. Document Excerpt Pursuant to the Privacy Act of 1974, the Pension Benefit Guaranty Corporation (PBGC) […]

Missing Participant Program Final Rule

The PBGC has released its final rule governing its expanded Missing Participant program. Document Excerpt SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) administers a program to hold retirement benefits for missing participants and beneficiaries in terminated retirement plans and to help those participants and beneficiaries find and receive the benefits being held for them. The […]

Allocation of Assets in Single-Employer Plans: Valuation of Benefits and Assets

This regulation amends existing PBGC regulations on Allocation of Assets in Single-Employer Plans by substituting a new table for determining expected retirement ages for participants in plans in distress or involuntary termination with valuation dates falling in 2018. Document Excerpt Link https://www.federalregister.gov/documents/2017/12/20/2017-27361/allocation-of-assets-in-single-employer-plans-valuation-of-benefits-and-assets-expected-retirement

PBGC Guarantee Limits for 2018

The PBGC releases the guarantee limit for 2018 for single employer plans. Document Excerpt Link https://www.pbgc.gov/news/press/releases/pr17-08

Pilot Mediation Project Launched

In PBGC Release 17-7, the agency announces the launch of a pilot mediation program to resolve certain termination liability collection and Early Warning Program cases. Document Excerpt WASHINGTON – The Pension Benefit Guaranty Corporation announced a new pilot program to offer mediation in certain Termination Liability Collection and Early Warning Program cases. PBGC’s Pilot Mediation […]

Active Participant Reduction Reportable Event

The PBGC has released a Technical Update providing guidance on the active participant reduction reportable event. Document Excerpt This Technical Update 17-1 provides Pension Benefit Guaranty Corporation (“PBGC”) guidance on compliance with the active participant reduction event requirements of section 4043(c)(3) of the Employee Retirement Income Security Act of 1974 (“ERISA”) and PBGC’s regulation on […]

Articles, White Papers & Other Information

GAO Analyzed Changes in Exchange Benchmark Plans

The GAO has analyzed changes in benchmark plans and premiums from 2015 through 2017. Document Excerpt • In most of the nearly 2,600 counties included in the analysis, the plans identified as benchmark plans, and the premiums for these plans, changed from year to year. For example, in 85 percent of counties, the 2015 benchmark […]

CRS FAQs on the Affordable Care Act

The Congressional Research Service produced this Frequently Asked Questions to assist Congressional staffers in responding to constituents with questions about the Affordable Care Act. Document Excerpt Link https://benefitslink.com/articles/CRS_R43215_12012017.pdf

Executive Order On Health Care

President Trump signs an Executive Order authorizing insurance companies to sell health insurance policies across state lines. The order would require the DOL to issue guidance making it easier to maintain association plans. The order also encourages short-term plans and HRAs. Document Excerpt Link https://www.whitehouse.gov/the-press-office/2017/10/12/presidential-executive-order-promoting-healthcare-choice-and-competition

CBO Estimates of the Cost of Terminating Cost Sharing Subsidies

The Congressional Budget Office released its report on the impact on the budget of terminating the Affordable Care Act’s cost sharing payments. Document Excerpt At the request of the House Democratic Leader and the House Democratic Whip, the Congressional Budget Office and the staff of the Joint Committee on Taxation (JCT) have estimated the effects […]

Supreme Court rules in Favor of Religiously Affiliated Entities

The Supreme Court unanimously ruled in favor of an expanded church plan definition that includes certain plans established by religiously affiliated entitles. Document Excerpt Instead, it added language whose most naturalreading is to enable a plan “maintained” by a principal-purpose organization to substitute for a plan both “established” and “maintained” by a church. And as […]

Small Business will be allowed to Bypass the ACA Marketplace

CMS has announced that small businesses will be allowed to bypass the SHOP, the Affordable Care Act Marketplace designed for small businesses. Document Excerpt CMS will be exploring a more efficient implementation of the Federally-facilitated SHOP Marketplaces in order to promote insurance company and agent/broker participation and make it easier for small employers to offer […]

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