Retirement, Pension & Benefits

Pension & Benefits NetNews – September 18, 2018

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Percentage of private firms offering health coverage increases for the first time since 2008

In 2017, the overall percentage of private-sector employers offering health benefits increased for the first time since 2008, according to research from the Employee Benefit Research Institute (EBRI). Between 2008 and 2016, the percentage of private-sector employers offering health benefits declined 11.1 percentage points, from 56.4 percent to 45.3 percent. However, it then increased to […]

IRS extends temporary nondiscrimination relief for closed DB plans through 2019

The IRS has extended for an additional year the temporary relief provided in IRS Notice 2014-5 for certain closed defined benefit (DB) pension plans (i.e., plans that are closed to new entrants as of a specified date, but continue to provide ongoing accruals for existing participants). Thus, the temporary relief is available for plan years […]

Spencer’s Benefits NetNews – September 7, 2018

About this Newsletter The Spencer’s Benefits Reports is a summary of the week’s news items posted in the WHAT’S NEW pages of Spencer’s Benefits Reports Online. For questions regarding this email service, contact Customer Service at (800)449-9525. NetNews Subscription Want to receive these Newsletters via E-mail? Sign Up / Unsubscribe Resources Online Store Customer […]

Retaliation claim supported by timing of audit that led to manager’s firing, prior veiled threats about leave

Evidence that a collection manager’s superiors began auditing his paperwork right after he announced his need for leave to undergo back surgery, fired him five weeks later, and made veiled threats against him when he had previously attempted to take intermittent leave for medical reasons bolstered his FMLA retaliation claim, a federal court in Ohio […]

Fiduciary breach claims brought by employees on behalf of plans fell outside arbitration agreements in individual employment contracts

Plan participants were not required by arbitration agreements signed as part of their individual employment contracts to submit claims for breach of fiduciary duty to arbitration, according to the U.S. Court of Appeals in San Francisco (CA-9). In affirming a decision of the trial court, the Appeals Court explained that the scope of the arbitration […]

HSA assets exceed $50 billion

Health savings account (HSA) assets have accumulated $51.4 billion in their HSA accounts at the end of June, a year over year increase of 20.4 percent, according to the 2018 Midyear Devenir HSA Market Survey. Devenir expects this number to grow to $54 billion by the end of 2018. The survey also found the following: […]

IRS extends deadline for pre-approved DC plan six-year cycle opinion letter procedures

The IRS has extended the deadline for submitting on-cycle opinion letter applications for pre-approved defined contribution plans for the third six-year remedial amendment cycle to December 31, 2018. This revenue procedure is effective as of August 15, 2018. Under Rev. Proc. 2017-41, this submission period was scheduled to begin on October 2, 2017 and to […]

Tips for preparing employees for upcoming open enrollment include using mix of communication methods

The Summer season is coming to end, which means open enrollment is looming. Productive employees who are engaged with their careers may not have the time to focus on their benefit offerings or may be overwhelmed with amount of choices that are available to them, especially during open enrollment season. Clarity Benefit Solutions says brokers […]

PBGC seeks comments on regs concerning reportable events and notice of failure to make required contributions

The Pension Benefit Guaranty Corporation (PBGC) is seeking comments on an extension, with modifications, of two currently approved collections of information under its regulations on reportable events and certain other notification requirements. The PBGC has issued Forms 10 and 10-Advance and instructions under regulations concerning reportable events, and Form 200 and instructions under regulations relating […]