Today's Update

IRS Guidance

Additional Limitations on Suspension of Benefits in Multiemployer Plans

The IRS has proposed a regulation setting forth additional limitations on suspension of benefits in certain multiemployer pension plans. Document Excerpt ACTION: Notice of proposed rulemaking and notice of public hearing. SUMMARY: The Multiemployer Pension Reform Act of 2014 (“MPRA”), which was enacted by Congress as part of the Consolidated and Further Continuing Appropriations Act […]

Application of ACA’s Market Reforms to Student Health Coverage

Notice 2016-17 provides guidance on the application of certain market reform provisions of the Affordable Care Act to student health coverage including some transition relief. Document Excerpt This notice provides guidance on the application of certain provisions of the Affordable Care Act1 to premium reduction arrangements offered in connection with student health plans and provides […]

Deadline for Adoption of Discretionary Amendments

The IRS has released an Internal Memorandum discussing the feasibility of adopting a discretionary amendment after the close of a plan year that increases contributions for the prior year. Document Excerpt This interim guidance provides direction to EP Determinations and Examinations employees reviewing a discretionary plan amendment adopted within the first 2-1/2 months after the […]

Follow Up Announcement on Determination Letter Changes

Notice 2016-3 reflects the IRS prior announcement regarding upcoming changes to its Determination Letter program including which controlled groups can file for a final periodic determination letter in Cycle A. Document Excerpt In anticipation of the elimination, effective January 1, 2017, of the 5-year remedial amendment cycle system for individually designed plans under the Employee […]

IRS Reporting and Disclosure Chart for Retirement Plans

The IRS has released a reporting and disclosure chart. Document Excerpt Link https://www.irs.gov/pub/irs-tege/irs_reporting_disclosure_guide.pdf

Nondiscrimination Relief for Closed Defined Benefit Plans

The IRS has released proposed regulations providing relief for nondiscrimination purposes for certain closed defined benefit plans. Document Excerpt This document contains proposed regulations that modify the nondiscrimination requirements applicable to certain retirement plans that provide additional benefits to a grandfathered group of employees following certain changes in the coverage of a defined benefit plan […]

DOL Guidance

Application of Market Reforms to Student Health Coverage

Technical Release 2016-01 provides guidance on the application of the Affordable Care Act’s market reforms and other provisions to student health coverage. Document Excerpt This Technical Release provides guidance on the application of certain provisions of the Affordable Care Act(1) to premium reduction arrangements offered in connection with student health plans and provides temporary transition […]

Senator Grassley’s Letter to DOL re: Central States

In light of its current funding standing, Senator Chuck Grassley has sent a letter to the DOL inquiring as to the DOL’s previously granted oversight over Central States Pension. Document Excerpt Link http://www.grassley.senate.gov/sites/default/files/news/upload/request%20to%20GAO%20on%20Central%20States.pdf

Instructions for 2015 Form 5500

Instructions for the 2015 Form 5500 are released. Document Excerpt The Form 5500, Annual Return/Report of Employee Benefit Plan, including all required schedules and attachments (Form 5500 return/report), is used to report information concerning employee benefit plans and Direct Filing Entities (DFEs). Any administrator or sponsor of an employee benefit plan subject to ERISA must […]

Interpretive Bulletin on State Plans Exempt from ERISA

Along with a proposed rule, the DOL has also released an Interpretive Bulletin 2015-02 on the exemption of state-based plans from ERISA allowing private participation. Document Excerpt This document sets forth the views of the Department of Labor (Department) concerning the application of the Employee Retirement Income Security Act of 1974 (ERISA) to certain state […]

Proposed Safe Harbor For States

The DOL announced a proposed safe harbor amendment that would allow states to legislate the establishment of retirement plans, perhaps mandatorily or voluntarily, for generally small businesses. Document Excerpt This document contains a proposed regulation under the Employee Retirement Income Security Act of 1974 (ERISA) setting forth a safe harbor describing circumstances in which a […]

Proposed Regulations on Claims under Plans providing Disability Benefits

The DOL has issued proposed amendments to the claims regulations governing plans providing disability benefits. Document Excerpt This document contains proposed amendments to claims procedure regulations for plans providing disability benefits under the Employee Retirement Income Security Act of 1974 (ERISA). The amendments would revise and strengthen the current rules primarily by adopting certain of […]

PBGC Guidance

Electronic Premium Filing Ready for 2016

The PBGC announces that it is now ready to accept online electronic premium filings for 2016. Document Excerpt 2016 Premium Filings: My PAA is now ready to accept electronic premium filings for plan years beginning in 2016. For additional information, see the following pages: Premium Payment Instructions & Addresses, What’s New in My PAA, Online […]

PBGC Request OMB Approve Information Collection to Locate Missing Participants

The PBGC is requesting that the Office of Management and Budget approve changes to an information collection needed to locate missing participants under a terminated defined benefit plan. Document Excerpt The Pension Benefit Guaranty Corporation (PBGC) is modifying its collection of information on Locating and Paying Participants (OMB control number 1212-0055; expires December 31, 2015) […]

Comments on Proposed Information Collection to Pay Participants

The PBGC request comments on its proposal to modify information collected in order to pay participants. Document Excerpt The Pension Benefit Guaranty Corporation (“PBGC”) intends to request that the Office of Management and Budget (“OMB”) approve modifications to a collection of information under the Paperwork Reduction Act. The purpose of the information collection is to enable […]

PBGC Disaster Relief For Parts of South Carolina

The PBGC announces disaster relief from its deadlines for parts of South Carolina hit by severe storms and flooding. Document Excerpt Pension Benefit Guaranty Corporation (“PBGC”) is waiving certain penalties and extending certain deadlines in response to the Severe Storms and Flooding that began on October 1, 2015, in South Carolina. Link http://www.pbgc.gov/prac/other-guidance/dr/dr15-10.html

PBGC Disaster Relief for Parts of California

The PBGC announces relief from its deadlines for parts of California due to fires. Document Excerpt Pension Benefit Guaranty Corporation (“PBGC”) is waiving certain penalties and extending certain deadlines in response to the Valley and Butte Fires that began on September 12, 2015, in California. Link http://www.pbgc.gov/prac/other-guidance/dr/dr15-09.html

Reportable Events Final Regulations

The PBGC releases its reportable events and other notifications regulations. Document Excerpt In 2013, PBGC proposed to establish risk-based safe harbors that would exempt most companies and plans from many of its reportable events requirements and target reporting toward the minority of plan sponsors and plans presenting the most substantial risk of involuntary or distress […]

Articles, White Papers & Other Information

Plan Cannot Recover Overpayments from Participant’s General Assets

The Supreme Court held that a plan cannot recover plan overpayments from a participant’s general assets where the proceeds from a settlement had been dissipated on nontraceable items. Document Excerpt We hold that, when a participant dissipates the whole settlement on nontraceable items, the fiduciary cannot bring a suit to attach the participant’s general assets […]

Women’s Pension Protection Act of 2015

The bill, if enacted, would extend spousal consent requirements to all individual account plans except where the distribution is being rolled over to another tax-deferred vehicle and would require coverage under retirement plans for certain part time employees. Document Excerpt Link https://www.congress.gov/bill/114th-congress/senate-bill/2110/text

Supreme Court Upholds Subsidies in Federally Maintained Exchanges

In a 6-3 decision, the Supreme Court upholds subsidies in federally maintained exchanges in King v. Burwell. Document Excerpt Held: Section 36B’s tax credits are available to individuals in States that have a Federal Exchange. Pp. 7–21. Link http://www.supremecourt.gov/opinions/14pdf/14-114_qol1.pdf

Summary of Benefits and Coverage Fact Sheet

HHS releases it Summary of Benefits and Coverage Fact Sheet in conjunction with the release of final regulations. Document Excerpt  Today’s final regulations amend the final regulations published on February 14, 2012 (2012 final regulations). The amendments to the 2012 final regulations are finalized based on public comments received on the proposed rules published on […]

Summary of Benefits and Coverage

The final Summary of Benefits and Coverage and Uniform Glossary rules are released. Document Excerpt SUMMARY: This document contains final regulations regarding the summary of benefits and coverage (SBC) and the uniform glossary for group health plans and health insurance coverage in the group and individual markets under the Patient Protection and Affordable Care Act. […]

Tibble v. Edison International

The Supreme Court decides Tibble v. Edison International. Document Excerpt   Held: The Ninth Circuit erred by applying §1113’s statutory bar to abreach of fiduciary duty claim based on the initial selection of the investments without considering the contours of the alleged breach offiduciary duty. ERISA’s fiduciary duty is “derived from the common 2 TIBBLE […]

About Us

Benefits Forward is a news site for professionals in the field of employment benefits. Our goal is to provide the latest information about the benefits field and to host a community discussion regarding related issues.

Seminars, Conferences & Other Events

  • Sorry, there are no articles in this category.

Sign Up

Enjoy the information on our site? Join the community and become a contributor - it's easy and free. Register today!

How To Post

Already a member but need help posting? Click here for instructions.