Today's Update

IRS Guidance

Update on Corporate Bond Yield Curve and Segment Rates

Notice 2015-55 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates under Section 416(e)(3) and the 24-month average segment rates under Section 430(h)(2). 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 […]

IRS Releases Mortality Table For 2016

  Notice 2015-53  releases the new mortality table to be used for funding purposes starting in 2016. In addition, the Notice includes a modified version for use for Section 417(e) purposes.   Document Excerpt  This notice provides updated static mortality tables to be used for defined benefit pension plans under § 430(h)(3)(A) of the Internal […]

Additional Notice on Cadillac Tax

Notice 2015-52 provides additional guidance on the possible approach that may be taken to Section 4980I, i.e, the Cadillac tax enacted as part of the Affordable Care Act. Document Excerpt This notice is intended to continue the process of developing regulatory guidance regarding the excise tax on high cost employer-sponsored health coverage under § 4980I […]

Future Changes to Determination Letter Program

Announcement 2015-19 announces long-anticipated future changes to the IRS’ Determination Letter program.  Document Excerpt Effective January 1, 2017, the IRS will eliminate the staggered 5-year remedial amendment cycles for individually designed plans. As of that date, the IRS will no longer accept determination letter applications based on the 5-year remedial amendment cycles. However, sponsors of […]

Procedures for Approval of Pre-Approved Plans

Revenue Procedure 2015-36 updates and restates the procedures for applying for approval of Master and Prototype and Volume Submitter Plans. Document Excerpt This revenue procedure sets forth the procedures of the Internal Revenue Service (IRS) for issuing opinion and advisory letters regarding the acceptability under §§ 401, 403(a), and 4975(e)(7) of the Internal Revenue Code […]

Notice of Intent to Amend 401(a)(9) Regulations

Notice 2015-49 informs plans that the IRS intends to amend the required minimum distribution regulations to address the use of lump sum payments to replace annuity payments being paid by a defined benefit plan. Document Excerpt  This notice informs taxpayers that the Treasury Department and the IRS intend to amend the required minimum distribution regulations […]

DOL Guidance

Affordable Care Act Implementation Part XXVIII

The governing agencies responsible for implementation of the Affordable Care Act have issued FAQs regarding Implementation Part XXVIII. Document Excerpt Link http://www.dol.gov/ebsa/faqs/faq-aca28.html

Selecting and Monitoring of Annuity Selections in Defined Contribution Plans

The DOL has released Field Assistance Bulletin 2015-02 providing guidance on the selection and monitoring an annuity under a defined contribution plan under the requirements of Labor Reg. Section 2550.404a-4. Document Excerpt Confusion or lack of clarity regarding the nature and scope of fiduciary responsibilities to act prudently in making, monitoring and reviewing annuity selections […]

Fact Sheet on Final Preventive Services Rule

HHS has issued its Fact Sheet on the final regulations on coverage of preventive services. Document Excerpt The rules also finalize the preventive services interim final rules from 2010 with few changes, such as standards to ensure that when a recommendation or guideline for a preventive service is downgraded in the middle of a plan […]

Final Rules on Coverage of Preventive Services

The agencies have released jointly issued final rules on coverage of certain preventive services in accordance with the Affordable Care Act. Document Excerpt After consideration of the comments and feedback received from stakeholders, the Departments are publishing these final regulations, which finalize the July 2010 interim final regulations related to coverage of recommended preventive services, […]

Guidance on the Application of the Affordable Care Act to certain Expatriate Health Plans

Notice 2015-43 provides interim guidance on the application of the Affordable Care Act to certain expatriate plans and issuers based in part on the definition of expatriate health plans set forth in the temporary relief under the Affordable Care Act Implementation Frequently Ask Questions Part XIII. Document Excerpt This notice provides interim guidance on the […]

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 […]

PBGC Guidance

Interim Final Regulations on Applications for Partitions of Multiemployer Plans

In addition to the proposed and the temporary regulations issued by the IRS, the PBGC  releases interim final regulations on the application process for partitions of eligible title IV multiemployer plans. Document Excerpt This document contains an interim final rule prescribing the application process and notice requirements for partitions of eligible multiemployer plans under title IV of […]

Disaster Relief for Parts of Oklahoma

The PBGC announces disaster relief due to flooding in parts of Oklahoma. Document Excerpt Pension Benefit Guaranty Corporation (“PBGC”) is waiving certain penalties and extending certain deadlines in response to the Severe Storms, Tornadoes, Straight-Line Winds and Flooding that began on May 5, 2015, in Oklahoma. Link http://www.pbgc.gov/prac/other-guidance/dr/dr15-02.html

PBGC Regulatory Agenda

The PBGC releases its Spring 2015 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&Image58.x=28&Image58.y=10  

Lump Sum Rate for June

The PBGC releases the rate for calculating June lump sum payments. Document Excerpt The June 2015 interest assumptions under the benefit payments regulation will be 0.75 percent for the period during which a benefit is in pay status and 4.00 percent during any years preceding the benefit’s placement in pay status. In comparison with the […]

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 […]

Articles, White Papers & Other Information

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 […]

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 […]

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