Today's Update

IRS Guidance

Guidance under Section 409A for Pre-2009 Section 457A Deferrals

Notice 2017-75 provides guidance under Section 409A for pre-2009 Section 457A deferrals, Document Excerpt This notice provides guidance on the application of Internal Revenue Code (Code) section 409A with respect to amounts that are includible in income pursuant to section 801(d)(2) of the Tax Extenders and Alternative Minimum Tax Relief Act of 2008, Div. C […]

Revised VCP Application Form 8950

The IRS has released a revised version of Form 8950 used to make a submission for correction under the IRS’ Voluntary Correction Program. Document Excerpt The IRS has updated Form 8950, Application for Voluntary Correction Program (VCP) Submission under the Employee Plans Compliance Resolution System (EPCRS), and its instructions. Employers who have adopted a tax-favored […]

Revised Form 5300

The IRS has significantly revised Form 5300, Application for Determination Letter. Document Excerpt Application for Determination for Employee Benefit Plan has undergone major revisions reducing it by seven pages. Plan sponsors submit Form 5300 to request a determination letter from the IRS on the qualification of their defined benefit or defined contribution plan and the […]

Notice 2017-74 providing Guidance under Section 5000A for those without Bronze-Level Plan

Notice 2017-74 provides guidance on computing the affordability exemption under Section 5000A(e)(1) for individuals with a family member who (1) is not eligible for coverage under an eligible employer plan and (2) resides in an area in which the Marketplace does not offer a bronze-level qualified health plan. Document Excerpt This notice provides guidance on […]

List of Required Amendments

Notice 2017-72 sets for the 2017 Required Amendments List. Document Excerpt This notice contains the Required Amendments List for 2017 (2017 RA List). Section 5 of Rev. Proc. 2016-37, 2016-29 I.R.B. 136, provides that, in the case of an individually designed plan, the remedial amendment period for a disqualifying provision arising as a result of […]

Provisions to Prevent ESOP Nonallocation Year Violate IRS Rules

The Office of Chief Counsel addresses various methods designed to prevent a nonallocation year in an S ESOP. Document Excerpt Link

DOL Guidance

EBSA Extension of Transition Period and Delay of Applicability Dates for BICE and other PTEs

The DOL issues guidance extending the special transition period under Sections II and IX of the BICE and Section VII of the Class Exemption for Principal Transactions in Certain Assets. Document Excerpt SUMMARY: This document extends the special transition period under sections II and IX of the Best Interest Contract Exemption and section VII of […]

DOL Extends Transition Period for Fiduciary Rule Exemptions

DOL provides guidance on extended transition period. Document Excerpt WASHINGTON, DC – The U.S. Department of Labor has announced an 18-month extension from Jan. 1, 2018, to July 1, 2019, of the special Transition Period for the Fiduciary Rule’s Best Interest Contract Exemption and the Principal Transactions Exemption, and of the applicability of certain amendments […]

Final Regs Delaying Applicability Date of Disability Claims Procedure

The DOL releases final regulations delaying for 90 days–through April 1, 2018, the applicability of the final regulations amending the rules governing disability claims. Document Excerpt SUMMARY: This document delays for ninety (90) days – through April 1, 2018 – the applicability of a final rule amending the claims procedure requirements applicable to ERISA covered […]

Extension of Time Frames for Benefit Plans and Participants Affected by Maria

The IRS and the DOL have provided extensions for satisfaction of various disclosure and reporting requirements for employee benefit plans, participants and beneficiaries affected by Hurricane Maria. Document Excerpt This document announces the extension of certain time frames under the Employee Retirement Income Security Act and the Internal Revenue Code for group health plans, disability […]

Additional Relief for Plans and Participants Impacted by Maria

The DOL releases additional relief for employee plans, participants and beneficiaries impacted by Hurricane Maria. Document Excerpt WASHINGTON, DC – The U.S. Department of Labor announced employee benefit plan compliance guidance and relief for victims of Hurricane Maria and the October 2017 California Wildfires. The Department understands that plan fiduciaries, employers, labor organizations, service providers, […]

FAQs following Hurricane Maria

The DOL releases a set of Frequently Asked Questions for participants and beneficiaries following Hurricane Maria. Document Excerpt The Department is issuing these FAQs to assist employee benefit plans, plan sponsors, employers and employees who were impacted by the devastation caused by Hurricane Maria to better understand their rights and responsibilities under ERISA with respect […]

PBGC Guidance

PBGC Guarantee Limits for 2018

The PBGC releases the guarantee limit for 2018 for single employer plans. Document Excerpt Link

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 […]

PBGC Disaster Relief Announcement in the wake of Harvey

PBGC releases Disaster Relief Announcement 17-09 in the wake of hurricane Harvey and its flooding. Document Excerpt Pension Benefit Guaranty Corporation (“PBGC”) is waiving certain penalties and extending certain deadlines in response to severe storms and flooding from Hurricane Harvey that began on August 23, 2017, in Texas. Link

PBGC Projections Report

The PBGC’s report on projected solvency is released. It projects that the PBGC’s multiemployer pension plan program will likely run out of money by the end of 2025 while the financial picture for single-employer plans will likely continue to improve. Document Excerpt This year’s projections for PBGC’s multiemployer program show less uncertainty regarding the year […]

Qs and As on Risk Mitigation and Early Warning Program

The PBGC releases a series of Questions and Answers on its Risk Mitigation and Early Warning Program. Document Excerpt As part of posting our updated Risk Migration & Early Warning Program information, we asked stakeholders for feedback. Below are some Questions and Answers for the most common questions and comments we received. Link

Articles, White Papers & Other Information

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

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

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 […]

Fourth Circuit’s Decision on Removal of Reynolds Stock

The Fourth Circuit affirms the district court’s decision concluding that the fiduciaries’ decision to remove Reynolds stock did not cause the losses because a prudent fiduciary would have made the same divestment decision at the same time. Document Excerpt The “would have” standard does not demand such an impossible feat. Having a standard in which […]

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