Fifth Circuit Strikes Down Fiduciary Rule

Finding that the DOL exceeded its authority, the Fifth Circuit strikes down the DOL’s fiduciary rule. Document Excerpt The district court rejected all of these challenges. Finding merit in several of these objections, we VACATE the Rule. Link

Guidance allowing Pre-approved Cash Balance Plans to Use Plan’s Actual Rate of Return

Revenue Procedure 2018-21 modifies prior guidance governing the procedures for pre-approved defined benefit plan to allow cash balance plans to provide for the actual rate of return on plan assets as the rate used to determine interest credits. Document Excerpt This revenue procedure modifies the procedures of the Internal Revenue Service (IRS) for issuing opinion […]

Reduction in User Fee on Termination

Revenue Procedure 2018-19 provides for a retroactive reduction in the applicable user fee when filing for a determination on termination from $3000 to $2300. Document Excerpt This revenue procedure modifies Rev. Proc. 2018-4, 2018-1 I.R.B.146. Specifically, this revenue procedure changes one user fee set forth in Appendix A of Rev. Proc. 2018-4, Schedule of User […]

Audit Guidelines on Missing Participants and RMDs

The IRS releases audit guidelines on missing participants and required minimum distributions. Document Excerpt This memorandum directs EP examiners not to challenge a 403(b) plan as failing to satisfy the required minimum distribution (RMD) standards under Internal Revenue Code (IRC) § 403(b)(10) in the circumstances set forth below. This memo addresses only the application of […]

IRS Intends to Issue Advisory and Opinion Letters for Pre-approved Defined Benefit Plans

Announcement 2018-5 provides that the IRS intends to issue opinion and advisory letters for master and prototype and volume submitter defined benefit plans restated for Notice 2012-76 on March 30, 2018. Document Excerpt The Internal Revenue Service (IRS) intends to issue opinion and advisory letters for pre-approved master and prototype (M&P) and volume submitter (VS) […]

Transition Relief for Certain HDHPs and HSAs

Notice 2018-12 clarifies that a health plan providing benefits for male sterilization or male contraceptives without a deductible or with a deductible below the minimum deductible for a high deductible health plan is not a high deductible health plan. This notice further provides transition relief for periods before 2020. Document Excerpt This notice clarifies that […]

Proposed Regulations on Changes to Guaranteed Benefits for Owner-Participants

This proposed rule would amend PBGC’s benefit payment regulation by replacing the guaranteed limitations applicable to substantial owners with a new limit applicable to majority owners. In addition, the proposed rule would amend the asset allocation regulation by prioritizing funding of all other benefits in priority category 4 ahead of those benefits that would be […]

Revenue Procedure 2018-18–Inflation Adjusted Amounts Revised After Budget Act

Revenue Procedure 2018-18 sets forth inflation adjusted amounts revised for statutory amendments of the Budget Act of 2018. Document Excerpt This revenue procedure modifies and supersedes certain sections of Rev. Proc. 2017–58, 2017–45 I.R.B. 489, and supersedes Rev. Proc. 2017–37, 2017–21 I.R.B. 1252, to reflect statutory amendments by An Act to Provide for Reconciliation Pursuant […]

House Committee on Education Contacts DOL re: AHPs

The House Committee on Education and Workforce contacted the Secretary of Labor requesting that the DOL consider the House-passed Small Business Health Fairness Act of 2017 in its regulation of Association Health Plans. Document Excerpt Link

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