New Number to Check VCP Status

As part of its changes to EPCRS, the IRS has issued a new telephone number that can be used to check the status of VCP submissions. The call is not toll free. Document Excerpt Link http://www.irs.gov/Retirement-Plans/New-Phone-Number-to-Check-the-Status-of-VCP-Submissions

TIPs for Fiduciaries Using Target Date Funds

The DOL issues informal guidance providing tips to fiduciaries of plans that use target date funds. Document Excerpt Target date retirement funds (also called target date funds or TDFs) have become an increasingly popular investment option in 401(k) plans and similar employee-directed retirement plans. The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) prepared […]

Proposed Regulations on 90 day Waiting Period

The IRS releases proposed regulations on the Affordable Care Act’s 90-day waiting period limitation along with conforming amendments to pre-existing condition and other regulations. Document Excerpt These proposed rules implement the 90-day waiting period limitation undersection 2708 of the Public Health Service Act, as added by the Patient Protection and Affordable Care Act (Affordable Care […]

Interest Rates for Lump Sums

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% […]

Extension of Transition Period for Temporary NAIC

The DOL has updated its website to reflect an extension of the transition period for the temporary NAIC-similar state external review process under the Affordable Care Act. Document Excerpt The Departments of Labor, Health and Human Services (HHS), and the Treasury (the Departments) have been issuing regulations in several phases to implement the revised Public […]

Final Rule on Notice of Benefit and Payment Parameters for 2014

HHS issues a final rule on Notice of Benefit and Payment Parameters for 2014. Document Excerpt This final rule provides detail and parameters related to: the risk adjustment, reinsurance, and risk corridors programs; cost-sharing reductions; user fees for Federally-facilitated Exchanges; advance payments of the premium tax credit; the Federally-facilitated Small Business Health Option Program; and […]

Amendments to the HHS Notice of Benefit and Payment Parameters for 2014

HHS releases an interim final rule which, among other things, will align the calculations with the single risk pool provision. Document Excerpt This interim final rule with comment builds upon standards set forth in the HHS Notice of Benefit and Payment Parameters for 2014, published elsewhere in this issue of the Federal Register. This document […]

Affordable Care Act FAQs Implementation Part XIII

The DOL releases its Affordable Care Act Frequently Asked Questions Implementation Part XIII addressing expatriate health plans. Document Excerpt The Departments recognize that expatriate health plans may face special challenges in complying with certain provisions of the Affordable Care Act.  In particular, challenges in reconciling and coordinating the multiple regulatory regimes that apply to expatriate […]

Corporate Bond Weighted Average

Notice 2013-23 provides guidance on the corporate bond weighted average interest rate and the permissible range for plan years beginning before 2008. 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. […]

Updated Funding Notice Requirement

The DOL has issued Field Assistance Bulletin 2013-1 on the annual funding notice following MAP-21. Document Excerpt This memorandum provides guidance to the Employee Benefits Security Administration’s national and regional offices on compliance by plan administrators of single-employer defined benefit pension plans with section 40211(b)(2) of the Moving Ahead for Progress in the 21st Century […]

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