Today's Update

IRS Guidance

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 § […]

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

DOL Guidance

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 […]

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 […]

Affordable Care Act FAQs Part XXV

The Agencies release the Affordable Care Act Frequently Asked Questions Part XXV dealing with Wellness Programs.  Document Excerpt On June 3, 2013, the Departments issued final regulations(4) under PHS Act section 2705 and the related provisions of ERISA and the Code that address the requirements for wellness programs provided in connection with group health coverage. […]

Proposed Class Exemption for Principal Transactions in Certain Debt Instruments

The DOL has proposed a Class Exemption from certain prohibited transactions involving certain principal transactions in certain debt securities. Document Excerpt  This document contains a notice of pendency before the U.S. Department of Labor of a proposed exemption from certain prohibited transactions provisions of the Employee Retirement Income Security Act of 1974 (ERISA) and the […]

Proposed Best Interest Class Exemption

In addition to the new proposed regulations defining “fiduciary” and including conflict of interest rules, the DOL also releases a proposed Best Interest Class Exemption that would provide some protection for certain business transactions that regularly take place in the marketplace. Document Excerpt The exemption proposed in this notice (“the Best Interest Contract Exemption”) was […]

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

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 […]

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

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