2013 HSA Limits

Revenue Procedure 2012-26 provides the 2013 inflation adjusted deduction limits for health savings accounts (HSA). Document Excerpt  This revenue procedure provides the 2013 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-12-26.pdf

U.S. Chamber’s Report on Path Forward for Private Retirement System

The U.S. Chamber of Commerce provides a White Paper on possible approaches to bolster the private retirement system. Document Excerpt The U.S. Chamber of Commerce Employee Benefits Committee has developed this white paper to offer a path on initiatives and reforms that build on existing institutions and approaches to bolster the voluntary employment-based retirement benefits […]

GAO Study On Defined Contribution Plan Approaches in Other Countries

The GAO was asked to review the approaches taken by other countries with respect to defined contribution plans and has issued this report. Document Excerpt In overseeing DC plans and service providers, regulatory agencies in the countries GAO reviewed use risk-based approaches to target practices deemed most likely to harm participants and to develop preventative […]

Technical Guidance Regarding Medical Loss Ratio

The agencies issue CCIIO Technical Guidance 2012-002: Questions and Answers Regarding the Medical Loss Ratio regulation. Document Excerpt This Bulletin provides MLR guidance on the following topics: • Applicability of the Medical Loss Ratio to Certain Types of Plans • Employer Groups of One • Counting Employees for Determining Market Size • Individual Association Policies […]

May Lump Sum Rates

The PBGC releases the interest rate applicable for lump sums payable in May. Document Excerpt The immediate interest rate for valuing lump sum payments for the month of May 2012 is 1.50%. The deferred interest rate I1 is 4.00%, I2 is 4.00%, and I3 is 4.00%. (The immediate interest rate for April 2012 was 1.25% […]

Applicability of Normal Retirement Age to Governmental Plans

Notice 2012-29 announces that the IRS anticipates issuing guidance relating to the applicability of the normal retirement age rules to governmental plans. Document Excerpt The IRS and the Treasury Department anticipate issuing guidance relating to the applicability of the normal retirement age rules to governmental plans (as defined in §414(d)). This notice describes and invites […]

Administrative Review of Information Penalties

The PBGC publishes a final procedural rule that amends the agency’s administrative review regulations to make assessments of information penalties subject to reconsideration. Document Excerpt On April 16, 2012, PBGC published a final procedural rule that amends PBGC’s administrative review regulation to make assessments of information penalties subject to reconsideration.  This rule is associated with […]

Proposed Rule to Adopt Unique Identifier

HHS has released a proposed rule to adopt a standard for a national unique health plan identifier (HPID). Document Excerpt It proposes the adoption of the standard for a national unique health plan identifier (HPID) and requirements or provisions for the implementation of the HPID. This rule also proposes the adoption of a data element […]

Fact Sheet: HHS Proposes HIPAA Standard for a Unique Health Plan Identifier

 HHS proposes to adopt an “other entity identifier” under HIPAA. Document Excerpt A proposed rule announced today by the Department of Health and Human Services (HHS) would establish a unique health plan identifier (HPID) under Health Insurance Portability and Accountability Act of 1996 (HIPAA) standards for electronic health care transactions.  Further, the rule would adopt […]

Updated Weighted Average Interest Rate

Notice 2012-28 provides the monthly update to the weighted average interest rate. Document Excerpt This notice provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under § 412(b)(5)(B)(ii)(II) of the Internal Revenue Code as in effect for plan years beginning before 2008. It also provides […]

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