Executive Order on Strengthening Retirement Security

Document Excerpt •The Departments will consider changes to make it easier for businesses to join together to offer Association Retirement Plans (ARPs), also known as Multiple Employer Plans. Link https://www.whitehouse.gov/briefings-statements/president-donald-j-trump-strengthening-retirement-security-american-workers/

State May Escheat IRA under Unclaimed Property Law

Document Excerpt (1) Under the facts presented, the payment by Trustee Y of Individual C’s interest in IRA O to the State J unclaimed property fund, as required by State J law, is subject to federal income tax withholding under § 3405. (2) The payment by Trustee Y is subject to reporting under § 408(i). […]

IRS Again Extends Temporary Nondiscrimination Relief for Certain Closed Defined Benefit Plans

Document Excerpt This notice extends the temporary nondiscrimination relief for closed defined benefit plans that is provided in Notice 2014-5, 2014-2 I.R.B. 276, by making that relief available for plan years beginning before 2020 if the conditions of Notice 2014-5 are satisfied. Link https://www.irs.gov/pub/irs-drop/n-18-69.pdf

Update on Section 162(m) as amended by the Tax Cuts and Jobs Act

Document Excerpt This notice provides initial guidance on the application of section 162(m) of the Internal Revenue Code (Code), as amended by section 13601 of “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018,” Public Law 115-97 (2017) (the Act). Section […]

IRS Updated Qs and As on Employer Shared Responsibility Provisions of the Affordable Care Act

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 Employer Shared Responsibility page and in final regulations under section 4980H. Link https://www.irs.gov/affordable-care-act/employers/questions-and-answers-on-employer-shared-responsibility-provisions-under-the-affordable-care-act

DOL Compliance Assistance on Association Health Plans

Document Excerpt A new Department of Labor rule expands the ability of employers, including sole proprietors and self-employed workers, to participate in Association Health Plans. For many employers, employees, and their families, these employee benefit plans will offer greater flexibility and more affordable benefits. Like other workplace health plans, these plans are subject to important […]

Private Letter Ruling Allowing Nonelective Contributions conditioned on Student Loan Repayments

Document Excerpt In the present case, SLR nonelective contributions under the program are conditioned on whether an employee makes a student loan repayment during a pay period and are not conditioned (directly or indirectly) on the employee making elective contributions under a cash or deferred arrangement. Furthermore, because an employee who makes student loan repayments […]

Monthly National Average Premium For Bronze Level Coverage

Document Excerpt This revenue procedure provides the monthly national average premium for qualified health plans that have a bronze level of coverage and are offered through Exchanges for taxpayers to use in determining their maximum individual shared responsibility payment under § 5000A(c)(1)(B) of the Internal Revenue Code and § 1.5000A-4 of the Income Tax Regulations. […]

Extension of Period to Submit Opinion Letter Application for Pre-Approved Defined Contribution Plan

Document Excerpt This revenue procedure modifies Rev. Proc. 2017-41, 2017-29 I.R.B. 92, to extend the deadline for submitting on-cycle applications for opinion letters for pre-approved defined contribution plans for the third six-year remedial amendment cycle to December 31, 2018. Under Rev. Proc. 2017-41, this submission period is scheduled to expire on October 1, 2018. Link […]

Proposed Regulations Adopting Methodology for Risk Adjustment Program for the 2018 Benefit Year

Document Excerpt This rule proposes to adopt the risk adjustment methodology that HHS previously established for the 2018 benefit year. In February 2018, a district court vacated the use of statewide average premium in the HHS-operated risk adjustment methodology for the 2014 through 2018 benefit years. HHS is proposing to adopt the HHS-operated risk adjustment […]

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