Extension of Defined Benefit Mass Submitter Deadline

Announcement 2013-37 extends to January 31, 2014 the deadline to submit on-cycle applications for opinion or advisory letters for defined benefit mass submitter lead plans. Document Excerpt  This announcement extends to January 31, 2014, the deadline to submit on-cycle applications for opinion and advisory letters for sponsors and practitioners maintaining defined benefit mass submitter lead […]

Proposed Regulations on Premiums

The PBGC has issued proposed regulations on premium rates and payments. Document Excerpt The Pension Benefit Corporation (PBGC) proposes to make its premium rules more effective and less burdensome. Based on its regulatory review under Executive Order 13563 (Improving Regulation and Regulatory Review), PBGC proposes to amend its regulations on Premium Rates and Payment of […]

Guidance on Temporary Enforcement of Participant Disclosure

The DOL has issued temporary enforcement guidance regarding the timing of the Comparative Chart required as part of the participant disclosure obligations of Labor Reg. Section § 2550.404a-5. Document Excerpt A plan administrator may furnish the “2013 comparative chart” no later than 18 months after the prior comparative chart was furnished as described below. The […]

Interest Rates for August Lump Sums

The PBGC releases the interest rates applicable for August. Document Excerpt The immediate interest rate for valuing lump sum payments for the month of August 2013 is 1.75%. The deferred interest rate I1 is 4.00%, I2 is 4.00%, and I3 is 4.00%. (The immediate interest rate for July 2013 was 1.25% for lump sum payments; […]

Official Guidance on Delay for Information Reporting and Pay or Play Penalties

Notice 2013-45 provides the official guidance on the transition relief and of the previously announced delay in the employer pay or play penalties and information reporting. Document Excerpt  This notice provides transition relief for 2014 from (1) the information reporting requirements applicable to insurers, self-insuring employers, and certain other providers of minimum essential coverage under § […]

Updated Mortality Table

The IRS releases updated mortality tables for purposes of Section 430(h)(3)(A). Document Excerpt  This notice provides updated static mortality tables to be used under § 430(h)(3)(A) of the Internal Revenue Code (Code) and § 303(h)(3)(A) of the Employee Retirement Income Security Act of 1974 (ERISA), and requests comments regarding the publication of mortality tables for […]

Advisory Opinion on Special Revenue Sharing and Expense Accounts

Advisory Opinion 2013-03A addresses a process adopted by many institutional recordkeepers of depositing revenue sharing into an account separate from plan funds controlled by the recordkeeper and from which the plan may specify that certain expenses are to be paid. Document Excerpt Due to the inherently factual nature of the inquiry, it is possible that […]

Updated Guidance on Weighted Average Interest Rates

Notice 2013-46 provides updated guidance on the weighted average interest rates and permissible range 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 […]

Health Care Tax Credit Newsletter

The IRS publishes its health care tax credit newsletter which discussing the impending sunset of the credit. Document Excerpt  The Health Coverage Tax Credit expires January 1, 2014.   The legislation that authorizes the Health Coverage Tax Credit (HCTC) expires on January 1, 2014 and the tax credit will no longer be available. There is […]

CMS Qs & As on MLR Reporting and Rebate Requirements

The Centers for Medicare & Medicaid Services issues a set of Questions and Answers regarding the Affordble Care Act’s Medical Loss Ratio reporting and rebate requirements. Document Excerpt  The purpose of this Bulletin is to provide guidance on when an issuer may exclude the fees payable under the Affordable Care Act from premium in its […]

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