Benefits Forward

The IRS releases its slide presentation for its phone forum on 403(b) correction issues. Document Excerpt Link http://www.irs.gov/pub/irs-tege/403b_correction_issues_phoneforum_presentation.pdf

Notice 2013-32 provides updated average interest rates, yield curves and permissible ranges for funding purposes. Document Excerpt  This notice provides guidance on the corporate bond monthly yield curve (and the corresponding spot segment rates), and the 24-month average segment rates under § 430(h)(2) of the Internal Revenue Code. In addition, this notice provides guidance as [...]

The IRS has released its slides on its upcoming phone forum on its 401(k) Questionaire final report. Document Excerpt Link http://www.irs.gov/pub/irs-tege/401k_final_report_phoneforum_presentation.pdf

The IRS announces two upcoming phone forums including what you need to know about the IRS’ 401(k) questionaire and correcting 403(b) plans. Document Excerpt The 401(k) Compliance Check Questionnaire Final Report covers plan form and operational issues compiled from data provided by  401(k) plan sponsors. Join Monika Templeman, director Employee Plans Examinations; Joyce Kahn, acting director [...]

The IRS announces inflation adjustments for health savings accounts for 2014. Document Excerpt  This revenue procedure provides the 2014 inflation adjusted amounts for Health Savings Accounts (HSAs) as determined under § 223 of the Internal Revenue Code. Link http://www.irs.gov/pub/irs-drop/rp-13-25.pdf

The IRS has released proposed regulations relating to the health insurance premium tax credit and whether employer provided coverage provides minimum value. Document Excerpt Link https://www.federalregister.gov/articles/2013/05/03/2013-10463/minimum-value-of-eligible-employer-sponsored-plans-and-other-rules-health-insurance-premium-tax

The DOL has released its updated Model COBRA election notice. Document Excerpt   Link                        modelelectionnotice

The DOL releases a model notice available for employers that do not offer health coverage. Document Excerpt  When key parts of the health care law take effect in 2014, there will be a new way to buy health insurance: the Health Insurance Marketplace. To assist you as you evaluate options for you and your family, [...]

In anticipation of 2014, the DOL has released a model notice for employers that offer a health plan for some or all employees that discusses impact of the exchanges. Document Excerpt  When key parts of the health care law take effect in 2014, there will be a new way to buy health insurance: the Health [...]

The DOL has released Technical Release 2013-02 providing guidance on the notice to employees of coverage options under FLSA Section 18B and updated model election notice under COBRA. Document Excerpt This Technical Release provides temporary guidance regarding the notice requirement under FLSA section 18B and announces the availability of the Model Notice to Employees of [...]

The Notice reflects that the DOL is considering proposing guidance that would require benefit statements of defined contribution plans to reflect a stream of payments in addition to being reflected as an account balance. Document Excerpt The Department of Labor (Department) is developing proposed regulations regarding the pension benefit statement requirements under section 105 of [...]

The DOL has made available an online calcuator that participants can use to estimate the stream of payments that could be produced by their account balance. Document Excerpt Showing participants their retirement plan account balance as level monthly payments for their lifetime will help them assess their retirement readiness and plan for their retirement. As [...]

The PBGC releases the interest rates for lump sum payments in June. Document Excerpt This final rule amends the Pension Benefit Guaranty Corporation’s regulation on Benefits Payable in Terminated Single-Employer Plans to prescribe interest assumptions under the regulation for valuation dates in June 2013. The interest assumptions are used for paying benefits under terminating single-employer [...]

The PBGC issues proposed regulations that would amend and govern the requirements regarding reportable events for defined benefit plans. Document Excerpt Under ERISA, pension plans and the companies that sponsor them are required to report to PBGC a range of corporate and plan events. In 2009, PBGC proposed to increase reporting requirements by eliminating most [...]

The PBGC has released the interest rates for lump sums payable in April. Document Except The immediate interest rate for valuing lump sum payments for the month of April 2013 is 1.00%. The deferred interest rate I1 is 4.00%, I2 is 4.00%, and I3 is 4.00%. (The immediate interest rate for March 2013 was 1.00% [...]

The PBGC has provided disaster relief for parts of Mississippi with respect to affected plans due to severe storms, tornadoes and flooding. Document Excerpt Pension Benefit Guaranty Corporation (“PBGC”) is waiving certain penalties and extending certain deadlines in response to the Severe Storms, Tornadoes, and Flooding that took place on February 10, 2013, in Mississippi. Link [...]

The PBGC releases the interest rates for lump sums payable in March. Document Excerpt The immediate interest rate for valuing lump sum payments for the month of March 2013 is 1.00%. The deferred interest rate I1 is 4.00%, I2 is 4.00%, and I3 is 4.00%. (The immediate interest rate for February 2013 was .75% for [...]

The PBGC has issued Technical Update 13-1 which extends for 2013 and later plan years the reportable events guidance provided in Technical Update 11-1. Document Excerpt This Technical Update 13-1 provides Pension Benefit Guaranty Corporation (“PBGC”) guidance for plan years beginning after 2012 on compliance with the reportable events requirements of section 4043 of the [...]

The CMS has released its Frequently Asked Questions on the health insurance marketplace under the Affordable Care Act. Document Excerpt  Q1: What oversight activities does the Centers for Medicare & Medicaid Services (CMS) intend to propose with respect to the state-operated risk adjustment and reinsurance programs, cost-sharing reductions, and advance payments of the premium tax [...]

The CMS provides guidance in the form of questions and answers to essential community providers. Document Excerpt  Q1. What should providers that serve predominantly low-income, medically underserved individuals be aware of as issuers build their qualified health plan (QHP) networks? Link http://cciio.cms.gov/resources/files/ecp-faq-20130513.pdf

CMS releases Frequently Asked Questions on the Affordable Care Act’s SHOP Marketplace. Document Excerpt  Subject:   Small Business Health Options Program (SHOP)-Only Marketplace FAQs   Link http://cciio.cms.gov/resources/regulations/Files/shop-marketplace-5-10-2013.pdf

HHS has released guidance providing instructions for the HHS risk adjustment models for the 2014 benefit year. Document Excerpt  Section 1343 of the Affordable Care Act provides for a permanent risk adjustment program. To protect against potential effects of adverse selection, the risk adjustment program transfers funds from plans with relatively lower-risk enrollees to plans [...]

CMS released a shortened version of the application for health insurance which can be used starting October 1. Document Excerpt The Centers for Medicare & Medicaid Services (CMS) today announced that the application for health coverage has been simplified and significantly shortened. The application for individuals without health insurance has been reduced from twenty-one to [...]

In a 5-4 decision, the Supreme Court holds that a well-drafted reimbursement provision of a plan will prevail against equitable claims. Document Excerpt In a §502(a)(3) action based on an equitable lien by agreement— like this one—the ERISA plan’s terms govern. Neither general unjust enrichment principles nor specific doctrines reflecting those principles—such as the double-recovery [...]