IRS Rules Plan Not a Church Plan

The IRS ruled in a private letter ruling that the plan of an entity not under the direct control of a church is not a church plan for purposes of Section 414(e). Document Excerpt   Link

Multiemployer Plan Regulations on Valuation and Notice

The PBGC has released its final regulations governing the valuation and notice requirements for multiemployer plans. Document Excerpt This final rule amends the Pension Benefit Guaranty Corporation’s (PBGC) multiemployer regulations to make the provision of information to PBGC and plan participants more efficient and effective and to reduce burden on plans and sponsors. The amendments […]

Handout for Phone Forum on Affiliated and Controlled Groups

The IRS has released its power point hand out for its upcoming telephone forum on controlled and affiliated service groups. Document Excerpt Link

Qs & As on Employer Payment Plans

The IRS releases a few Questions and Answers regarding the consequences of employer payment plans, i.e., arrangements whereby the employer does not establish a health insurance plan for its employees but instead reimburses employees for the cost of premiums for their individual policies. Document Excerpt Q1.  What are the consequences to the employer if the […]

Qs & As on Small Business Health Care Tax Credit

The IRS releases its Questions and Answers on the Affordable Care Act’s Small Business Health Care Tax Credit. Document Excerpt In general, all employees of the eligible small employer are taken into account when determining FTEs and average annual FTE wages, including employees who terminated employment during the tax year, employees covered under a collective […]

Qs & As on Employer Shared Responsibility

The IRS has released Questions and Answers on the Affordable Care Act’s Employer Shared Responsibility requirements. Document Excerpt On Feb. 10, 2014, the IRS and Treasury issued final regulations on the Employer Shared Responsibility provisions under section 4980H of the Internal Revenue Code. The following questions and answers provide helpful information about the guidance:   […]

June Lump Sum Rates

The PBGC releases the June lump sum interest rates. Document Excerpt The immediate interest rate for valuing lump sum payments for the month of June 2014 is 1.25% and the deferred interest rate I1 is 4.00%, I2 is 4.00%, and I3 is 4.00%. (The immediate interest rate for May 2014 was 1.50% for lump sum […]

Mid-Year Windsor Amendments

  Notice 2014-37 provides guidance on Windsor amendments. Document Excerpt   This notice provides guidance on an amendment to reflect the outcome of United States v. Windsor, 570 U.S. ___, 133 S.Ct. 2675 (2013), that is adopted after the beginning of a plan year and is effective during a plan year (“mid-year amendment”) to a […]

Update on Corporate Bond Weighted Average Rates

Notice 2014-34 provides guidance as to the corporate bond weighted average interest rate and permissible range of interest rates. 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 […]

Administrative Relief For Late 5500 Filers

Notice 2014-35 applies administrative relief to late filers of Form 5500 who satisfy the requirements of the Notice and who satisfy the DOL’s delinquent filer program.   Document Excerpt  This notice provides administrative relief from the penalties under §§ 6652(d), 6652(e), and 6692 of the Internal Revenue Code (the “Code”) for a failure to timely […]

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