Changes to the Determination Letter Program

Revenue Procedure 2016-37 sets forth modifications and changes to the IRS’ determination letter program. Document Excerpt This revenue procedure modifies the Internal Revenue Service (IRS) determination letter program for qualified plans to eliminate, as of January 1, 2017, the five-year remedial amendment cycle system for individually designed plans, currently set forth in Rev. Proc. 2007-44, […]

Proposed Regulations Issued Under Section 457

The document contains proposed regulations prescribing rules under section 457 of the Internal Revenue Code for the taxation of compensation deferred under plans established and maintained by State or local governments or other tax exempt organizations. These proposed regulations include rules for determining when amounts deferred under these plans are includible in income, the amounts […]

New Proposed Section 409A Regulations

The IRS has issued new proposed regulations under Section 409A regarding nonqualified deferred compensation arrangements. These regulations can be relied upon. Document Excerpt This document contains proposed regulations that would clarify or modify certain specific provisions of the final regulations under section 409A (TD 9321, 72 FR 19234). This document also withdraws a specific provision […]

FAQs on Affordable Care Act Implementation Part 32

The agencies released Frequently Asked Questions regarding the implementation of the Affordable Care Act Part 32. These questions and answers address issues regarding the interplay between COBRA and the options on the Marketplace. Document Excerpt Set out below is an additional Frequently Asked Question (FAQ) regarding implementation of the Affordable Care Act and the Consolidated […]

Notice 2016-39 does not apply to Non-Qualified Contract

In conjunction with the issuance of Notice 2016-39, the IRS also released Revenue Procedure 2016-36 providing that Notice 2016-39 does not apply to payments received from a retirement plan by an employee during phased retirement from a non-qualified contract. Document Excerpt This revenue procedure provides guidance regarding the application of §§ 1.72-2(b)(2) and 1.72-4(b)(1) of […]

Guidance on Taxation of Payments received during Phased Retirement

Notice 2016-39 provides guidance on how retirement benefits received during a phased retirement are to be taxed and the application of Section 72. Document Excerpt This notice provides guidance in response to inquiries as to whether payments received by an employee from a qualified defined benefit plan1 during phased retirement are amounts received as an […]

Proposed Regulations on Expatriate Health Plans, Issuers, Excepted Benefits

The DOL, IRS and HHS have issued proposed regulations on expatriate health plans, expatriate health plan issuers and qualified expatriates, along with excepted benefits, lifetime annual limits and short-term limited duration insurance. Document Excerpt This document contains proposed regulations on the rules for expatriate health plans, expatriate health plan issuers, and qualified expatriates under the […]

Suit filed Against DOL Fiduciary Regulations

The Chamber of Commerce along with other groups has filed a challenge to various parts of the Department of Labor’s conflict of interest final regulations. Document Excerpt This lawsuit asserts claims under the Administrative Procedure Act (“APA”), 5 U.S.C. § 500 et seq., and the First Amendment to the United States Constitution, challenging a rule […]

DOL Issues Warning Signs Re: Mental Health Parity

The DOL has released examples of warning signs that a plan’s or policy’s non-quantitative treatment limitations may require additional analysis to determine mental health parity compliance. Document Excerpt Stakeholders have asked for examples of plan provisions they might see on the MH/SUD side which should trigger careful analysis of the coverage on the med/surg side […]

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