DOL Releases FAQ Implementation XII

The DOL has now issued its Affordable Care Act Frequently Asked Questions Implementation Part XII. Document Excerpt Set out below are additional Frequently Asked Questions (FAQs) regarding implementation of various provisions of the Affordable Care Act. These FAQs have been prepared jointly by the Departments of Labor, Health and Human Services (HHS), and the Treasury […]

Employee Plans News

The February, 2013 edition of the IRS’ Employee Plans News includes a discussion of the impact of the newly released updated Employee Plans Compliance Resolution System providing some relief for late written plan adopters of Section 403(b) arrangements on current audits of those plans. Document Excerpt Link http://www.irs.gov/Retirement-Plans/Employee-Plans-News

Interest Rates for March Lump Sums

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 […]

2013 Employee Plans Work Plan

IRS releases its 2012 Annual Report along with its 2013 Work Plan for Employee Plans. Document Excerpt  Fiscal year 2012 was a busy and demanding year for Employee Plans. We’re proud to present this 2012 Annual Report and our 2013 Annual Work Plan. Link http://www.irs.gov/pub/irs-tege/ep_wrkpln_fy13.pdf

Fact Sheet on Religious Employer Accommodation Proposal

Along with the release of proposed amendments, HHS also released a Fact Sheet on its changes to attempt to better accommodate religious employers with respect to the requirement to provide contraceptive coverage. Document Excerpt Consistent with the Advance NPRM, the NPRM proposes accommodations for additional non profit religious organizations, while also separately providing enrollees contraceptive […]

Proposed Changes to Contraceptive Coverage

The administration has released proposed changes designed to better accommodate religious organizations with respect to contraceptive coverage under the Affordable Care Act. Document Excerpt This document proposes amendments to rules regarding coverage for certain preventive services under section 2713 of the Public Health Service Act, as added by the Patient Protection and Affordable Care Act, […]

Updated Covered Compensation Tables

The IRS has published updated Covered Compensation tables which can be used by pension plans designed using permitted disparity. Document Excerpt This revenue ruling provides tables of covered compensation under § 401(l)(5)(E) of the Internal Revenue Code (the “Code”) and the Income Tax Regulations thereunder, for the 2013 plan year.   Link http://www.irs.gov/pub/irs-drop/rr-13-02.pdf

Guidance on the 25-Year Average Segment Rates Post MAP-21

Notice 2013-11 provides guidance on the 25-year average segment rates to be applied to adjust the 24-month average segments rates for minimum funding purposes as a result of changes made by the Moving Ahead for Progress in the 21st Century Act. Document Excerpt This notice provides guidance on the 25-year average segment rates that are […]

VCP Submission Kit for 403(b) Plan

The IRS has released a VCP submission kit for 403(b) plans that missed the December 31, 2009 document date. Document Excerpt Link http://www.irs.gov/pub/irs-tege/vcp_submission_kit_403b.pdf

Application of ERISA to Cleared Swap Transactions

Advisory Opinion 2013-01A addresses the application of ERISA to “cleared swap” transactions under Dodd Frank. Document Excerpt Specifically, you asked whether a clearing member (Clearing Member) is a fiduciary under section 3(21)(A)(i) of ERISA when, upon default by a pension plan of its obligations under a cleared swap, the Clearing Member exercises various account liquidation […]

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