IRS invites public comments on 2018-2019 Priority Guidance Plan

The IRS has invited the public to submit recommendations for items that should be included on the 2018-2019 Priority Guidance List. The Treasury Department’s Office of Tax Policy and the IRS use the Priority Guidance List each year to identify and prioritize the tax issues that should be addressed through regulations, revenue rulings, revenue procedures, […]

Potential implications of expanding private disability insurance

Social Security Disability Insurance (SSDI), which is administered by the SSA, provides financial and other assistance to qualifying individuals who are unable to work due to their disabilities. SSDI is primarily funded by employee and employer payroll taxes that are placed in the Disability Insurance Trust Fund, which is currently projected not to be able […]

Majority of small business owners worried about cost of health coverage for workers

Nearly 80 percent of small business owners are worried about the cost of health insurance coverage, and 62 percent said that a 15 percent increase in premiums would make their current group health insurance coverage unaffordable, according to recent research from eHealth. However, the study, Small Business Health Insurance: Costs, Trends, and Insights 2017, found […]

IRS highlights WOTC for employers

IRS highlights WOTC for employers The IRS is reminding employers to avail of the Work Opportunity Tax Credit (WOTC). The WOTC is generally based on wages paid to eligible workers. Special calculation rules apply for summer youth, veterans and long-term family assistance recipients. Categories. There are different categories of WOTC-eligible workers. The newest category, qualified […]

Continued plan investment in mutual fund with ownership interest in sponsor’s parent company sufficient to sustain claim for fiduciary breach

Plan participants adequately stated a claim for fiduciary breach against their employer for allowing the continued investment of participant contributions in an underperforming investment fund that was heavily invested in the employer’s parent company, according to the U.S. District Court in Nebraska. Plan mutual fund heavily invested in high risk stock National Indemnity provided participants […]

Financial incentives continue to play key role in success of well-being programs, survey finds

Companies across the country will continue to leverage and expand well-being programs to create healthier and more productive workforces. That’s according to the ninth annual Health and Well-Being Survey from Fidelity Investments and the National Business Group on Health. Financial incentives continue to play a key role in the success of well-being programs: Nearly nine […]

PSCA finds steady increase in 401k automatic features

Plans with an automatic enrollment feature nearly doubled over the past decade, according to the Plan Sponsor Council of America’s (PSCA) 60th Annual Survey of Profit Sharing and 401(k) Plans. PSCA, part of the American Retirement Association, found 59.7 percent of plans had an automatic enrollment feature in 2016 compared to 35.6 percent in 2007. […]

Here’s the status of DOL’s upcoming regulatory agenda plans

The Office of Information and Regulatory Affairs has the U.S. Department of Labor’s upcoming unified regulatory agenda on the Internet. The agenda demonstrates the Administration’s ongoing commitment to fundamental regulatory reform and a reorientation toward reducing unnecessary regulatory burdens on the American people. Defining and delimiting the exemptions for executive, administrative, professional, outside sales and […]

Pension & Benefits NetNews – May 15, 2018

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Industry groups urge Senate to reject new mental health parity penalties

Seven industry groups, including the American Benefits Council, the H.R. Policy Association, the ERISA Industry Committee, and the U.S. Chamber of Commerce, have written a letter to the members of the Senate Health, Education, Labor and Pensions Committee urging them to reject proposals to create a new civil monetary penalty pursuant to the mental health […]