IRS Releases Mortality Table For 2016

  Notice 2015-53  releases the new mortality table to be used for funding purposes starting in 2016. In addition, the Notice includes a modified version for use for Section 417(e) purposes.   Document Excerpt  This notice provides updated static mortality tables to be used for defined benefit pension plans under § 430(h)(3)(A) of the Internal […]

Additional Notice on Cadillac Tax

Notice 2015-52 provides additional guidance on the possible approach that may be taken to Section 4980I, i.e, the Cadillac tax enacted as part of the Affordable Care Act. Document Excerpt This notice is intended to continue the process of developing regulatory guidance regarding the excise tax on high cost employer-sponsored health coverage under § 4980I […]

Future Changes to Determination Letter Program

Announcement 2015-19 announces long-anticipated future changes to the IRS’ Determination Letter program.  Document Excerpt Effective January 1, 2017, the IRS will eliminate the staggered 5-year remedial amendment cycles for individually designed plans. As of that date, the IRS will no longer accept determination letter applications based on the 5-year remedial amendment cycles. However, sponsors of […]

Procedures for Approval of Pre-Approved Plans

Revenue Procedure 2015-36 updates and restates the procedures for applying for approval of Master and Prototype and Volume Submitter Plans. Document Excerpt This revenue procedure sets forth the procedures of the Internal Revenue Service (IRS) for issuing opinion and advisory letters regarding the acceptability under §§ 401, 403(a), and 4975(e)(7) of the Internal Revenue Code […]

Selecting and Monitoring of Annuity Selections in Defined Contribution Plans

The DOL has released Field Assistance Bulletin 2015-02 providing guidance on the selection and monitoring an annuity under a defined contribution plan under the requirements of Labor Reg. Section 2550.404a-4. Document Excerpt Confusion or lack of clarity regarding the nature and scope of fiduciary responsibilities to act prudently in making, monitoring and reviewing annuity selections […]

District Court’s Decision on Remand in Tussey v. ABB

The District Court has now ruled, on remand from the Eighth Circuit, in the ever evolving case of Tussey v. ABB. Document Excerpt  Having reviewed the trial record and applied the abuse of discretion standard, the Court finds that the Defendants did abuse their discretion. Nonetheless, Plaintiffs have failed to prove damages consistent with the […]

Fact Sheet on Final Preventive Services Rule

HHS has issued its Fact Sheet on the final regulations on coverage of preventive services. Document Excerpt The rules also finalize the preventive services interim final rules from 2010 with few changes, such as standards to ensure that when a recommendation or guideline for a preventive service is downgraded in the middle of a plan […]

Final Rules on Coverage of Preventive Services

The agencies have released jointly issued final rules on coverage of certain preventive services in accordance with the Affordable Care Act. Document Excerpt After consideration of the comments and feedback received from stakeholders, the Departments are publishing these final regulations, which finalize the July 2010 interim final regulations related to coverage of recommended preventive services, […]

Notice of Intent to Amend 401(a)(9) Regulations

Notice 2015-49 informs plans that the IRS intends to amend the required minimum distribution regulations to address the use of lump sum payments to replace annuity payments being paid by a defined benefit plan. Document Excerpt  This notice informs taxpayers that the Treasury Department and the IRS intend to amend the required minimum distribution regulations […]

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