Employee Plans News

IRS issues November issue of Employee Plans News with discussions about the extension to comply with Section 436, amendments for governmental plans participating in group trust, ability of governmental plans to use Cycle E for second round and other issues. Document Excerpt Link http://www.irs.gov/pub/irs-tege/epn_2012_4.pdf

Oral Arguments in McCutchen

The transacript of the oral arguments before the Supreme Court in US Airways v. McCutchen is released. Document Excerpt ERISA permits plan fiduciaries to seek appropriate equitable relief to enforce the terms of the plan. Six years ago, this Court, in Sereboff, concluded that reimbursement actions by ERISA plans, such as the one at issue […]

HHS Guidance On De-Identification of PHI

HHS released guidance on methods of de-identification of prohibited health information. Document Excerpt This document provides guidance about methods and approaches to achieve de-identification in accordance with the Health Insurance Portability and Accountability Act of 1996 (HIPAA) Privacy Rule. The guidance explains and answers questions regarding the two methods that can be used to satisfy […]

Maximum Monthly Guaranteeable Benefit

The PBGC announces that the maximum monthly guaranteeable benefit for 2013 will be $4,789.77 (as compared to $4,653.41 for 2012). Document Excerpt Link http://www.pbgc.gov/prac/whatsnew.html?cid=CPAD01AENOV2720123

Supreme Court Revitalizes Liberty University’s Religious Challenge to ACA

The Supreme Court ordered the Fourth Circuit to consider the challenges raised by Liberty University in its claims that the contraceptive coverage requirement of the Affordable Care Act violates its religious freedom. Document Excerpt Link http://www.supremecourt.gov/orders/courtorders/112612zor_f204.pdf

DOL Relief For Sandy Victims

The DOL, in a News Release, provides relief for Hurricane Sandy affected plans and participants with respect to loans, hardship distributions, timing of contributions and other areas. Document Excerpt Link http://www.dol.gov/ebsa/newsroom/2012/EBSA112012.html#.UKzxY-Ri4bI

Option for Governmental Plans to Change to Cycle E for Second Round

Individually designed governmental plans are given the option to switch from Cycle C to Cycle E for the second remedial amendment cycle. Document Excerpt This revenue procedure modifies Rev. Proc. 2007-44, 2007-2 C.B. 54, to provide that the sponsor of an individually designed governmental plan within the meaning of § 414(d) (“governmental plan”) may elect […]

Extension to Adopt Section 436 Amendments

Notice 2012-70 provides an extension until 2013 to adopt an amendment to comply with Section 436. Document Excerpt  This notice extends the deadline, as set forth in Notice 2011-96, 2011-52 I.R.B. 915, to amend a defined benefit plan to satisfy the requirements of § 436 of the Internal Revenue Code and provides associated relief from […]

Compliance Guidance For Sandy Victims

The DOL has issued compliance guidance for those affected by hurricane Sandy. Document Excerpt The U.S. Department of Labor understands that, as the practical and personal implications of the Hurricane Sandy natural disaster unfolds, plan fiduciaries, employers, labor organizations, service providers, as well as participants and beneficiaries, may encounter compliance-related issues over the next few […]

Hardship Distributions For Sandy

The IRS has issued a summary of the streamlined procedures for allowing hardship distributions for those affected by Sandy. Document Excerpt As part of the administration’s efforts to bring all available resources to bear to support state and local partners impacted by Hurricane Sandy, the Internal Revenue Service today announced that 401(k)s and similar employer-sponsored […]

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