Information Letter on Application of Fiduciary Provisions to Certain Default Investments

The DOL has issued an Information Letter on the application of ERISA’s fiduciary provisions to default investments with lifetime income features that contain certain liquidity and transferability restrictions. Document Excerpt This responds to your request regarding the application of the Employee Retirement Income Security Act of 1974 (ERISA) to TIAA’s “Income for Life Custom Portfolios” […]

Determination Letter Instructions for Defined Benefit Plans with De-Risking Language

The IRS has updated instructions for defined benefit plans filing for a determination letter with risk transfer language. Document Excerpt Applicants requesting determination letters for defined benefit (DB) plans should identify whether the plan has lump sum risk transfer language in either the cover letter to their application or an attachment. For plans that do, […]

Proposed Regulations: Mortality Tables For determining Present Value

The IRS released proposed regulations setting forth the methodology Treasury and the IRS would use to update the generally applicable mortality tables under Section 430. Document Excerpt SUMMARY: This document contains proposed regulations prescribing mortality tables to be used by most defined benefit pension plans. The tables specify the probability of survival year-by-year for an […]

Qs & As on Employer Shared Responsibility

IRS releases Qs and As on the Affordable Care Act’s employer shared responsibility provisions. Document Excerpt The Affordable Care Act added the employer shared responsibility provisions under section 4980H of the Internal Revenue Code. The following provide answers to frequently asked questions about the employer shared responsibility provisions. More detailed information is available on the […]

Qs & As on reporting Offers of Coverage

The IRS releases Qs and As on reporting offers of coverage under the Affordable Care Act. Document Excerpt Certain employers are required to report to the IRS information about whether they offered health coverage to their employees and if so, information about the coverage offered. This information also must be provided to employees. These FAQs […]

Qs & As about ACA Information Reporting

The IRS releases Qs & As about information reporting under the Affordable Care Act on Form 1094-C and 1095-C. Document Excerpt Employers subject to section 4980H of the Internal Revenue Code (“Code”), generally meaning employers with 50 or more full-time employees (including full-time equivalent employees) in the preceding calendar year, use Form 1094-C, Transmittal of […]

ABA Committee Q & A Session with PBGC

The American Bar Association Joint Committee on Employee Benefits releases its annual Q & A session with the PBGC. Document Excerpt The following questions and answers are based on informal discussions between private-sector representatives of the JCEB and PBGC staff members. The questions were submitted by ABA members in advance to the agency and the […]

Final Regulations On Claims For Disability Benefits

The DOL has issued final regulations governing the claims procedures for ERISA plans that provide for disability benefits. Document Excerpt SUMMARY: This document contains a final regulation revising the claims procedure regulations under the Employee Retirement Income Security Act of 1974 (ERISA) for employee benefit plans providing disability benefits. The final rule revises and strengthens […]

Allocation of Assets; Interest Assumptions for Valuing Benefits

The PBGC releases updated guidance on the applicable interest rate to be used to value benefits in a single employer plan under Section 4044 for the first quarter of 2017. Document Excerpt This final rule amends the Pension Benefit Guaranty Corporation’s regulation on Allocation of Assets in Single-Employer Plans to prescribe interest assumptions under the […]

FAQs about ACA Implementation Part 35

The Departments have released FAQs about ACA Implementation Part 35 which, among other provisions, discusses the integration of the new rules allowing QSEHRAs (qualified small employer health reimbursement accounts) as a result of the enactment of the 21st Century Cures Act allowing stand-alone HRAs by small employers. Document Excerpt Set out below are additional Frequently […]

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