Updated 402(f) Notices

  Notice 2014-74 reflects updated safe harbor rollover notices updated to reflect the new treatment on the allocation of after-tax amounts when a distribution is split between multiple destinations. Document Excerpt This notice amends the two safe harbor explanations in Notice 2009-68, 2009-2 C.B. 423, that can be used to satisfy the requirement under § […]

Final Regulations on Minimum Essential Coverage and other shared responsibility rules for Individuals

The IRS has issued final regulations on the requirement that individuals maintain minimum essential coverage. Document Excerpt This document contains final regulations relating to the requirement to maintain minimum essential coverage enacted by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010, as amended by the TRICARE […]

Final Rule on 401(k) Rollovers to Defined Benefit Plans

The PBGC has issued its final rule on participant rollovers of 401(k) accounts to traditional defined benefit plans. Document Excerpt In April 2014, PBGC proposed to amend its regulations to clarify the treatment of benefits resulting from a rollover distribution from a defined contribution plan to a defined benefit plan, if the defined benefit plan […]

Updated Guidance on the use of Debit, Credits and Smartcards

Revenue Ruling 2014-32 provides updated guidance on the use of smartcards, debit and credit cards to provide qualified transportation fringe benefits to employees. Document Excerpt  (1) Whether, under the facts described in Situations 1 through 5 and Situation 7 below, employer-provided transportation benefits provided through electronic media are excluded from gross income under §§ 132(a)(5) […]

IRS Announces Indexed Applicable Percentages for Calculating Subsidies

Revenue Procedure 2014-62 provides the indexed applicable percentage table in Section 36B(b)(3)(A) used to calculate an individual’s premium tax credit for taxable years beginning after calendar year 2015. Document Excerpt  This revenue procedure provides indexing adjustments for certain provisions under sections 36B and 5000A of the Internal Revenue Code. In particular, it updates the Applicable […]

Guidance on ACA Hardship Exemptions

Notice 2014-76 lists the Affordable Care Act acceptable hardship exemptions that taxpayers may claim on their federal returns without obtaining a hardship exemption from the Marketplace. Document Excerpt This notice identifies the hardship exemptions from the individual shared responsibility payment under § 5000A of the Internal Revenue Code that a taxpayer may claim on a […]

Mental Health Parity Qs and As

The DOL has updated its Mental Health Parity Questions and Answers. Document Excerpt These FAQs provide basic information about the important protections MHPAEA provides with respect to parity in coverage of mental health and substance use disorder benefi ts and medical/surgical benefi ts provided by employment-based group health plans.   Link http://www.dol.gov/ebsa/pdf/cagmhpaea.pdf

Guidance on the Corporate Bond Rate

Notice 2014-73 provides guidance on the corporate bond monthly yield curve. Document Excerpt This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under § 417(e)(3), and the 24-month average segment rates under § 430(h)(2) of the Internal Revenue Code. In addition, this notice provides guidance as to […]

PBGC Lump Sum Rate

The PBGC announces the lump sum rate for December. Document Excerpt The immediate interest rate for valuing lump sum payments for the month of December 2014 is 1.00% and the deferred interest rate I1 is 4.00%, I2 is 4.00%, and I3 is 4.00%. Link http://www.pbgc.gov/prac/interest/monthly.html?cid=COLA01ABNOV15201417&source=govdelivery&utm_medium=email&utm_source=govdelivery

Additional Guidance on the One-Rollover-Per Year Rule

Announcement 2014-32 provides additional guidance on the IRS’ revised interpretation of the one-rollover-per year rule. Document Excerpt This announcement is a follow-up to Announcement 2014-15, 2014-16 I.R.B. 973, addressing the application to Individual Retirement Accounts and Individual Retirement Annuities (collectively, “IRAs”) of the one-rollover-per-year limitation of § 408(d)(3)(B) of the Internal Revenue Code.   Link […]

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