PBGC increases maximum monthly benefit guarantee for 2018.

The Pension Benefit Guaranty Corporation (PBGC) has announced that the maximum monthly insurance benefit for participants in underfunded pension plans terminating in 2018 is $5,420.45 per month or $65,045 per year for those who retire at age 65. On its website, the PBGC has provided a chart that shows the 2018 monthly maximum benefit guarantees […]

Spencer’s Benefits NetNews – November 10, 2017

  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 hr.cch.com Resources Online Store […]

Chronic back condition, disputed notice issues leave FMLA claims standing

FMLA interference and retaliation claims of a terminated manufacturing employee would survive summary judgment, ruled a federal district court in Kentucky. The employee’s spinal arthritis, lumbago, and muscle spasms qualified as a chronic serious health condition for which he had twice visited his physician and was receiving medication. Given that the employee called in every […]

House GOP unveils sweeping tax reform bill with retirement provisions

House Republicans on November 2, 2017 unveiled their much-anticipated tax reform legislation, the Tax Cuts and Jobs Act (HR 1). The 429-page bill, which represents the House Ways and Means Committee’s first legislative offer to significantly overhaul the U.S. Tax Code, includes a number of pension-related provisions but does not include, at least initially, the […]

State university hospital immune from FMLA suit, but claims against individual supervisors survive

A discharged University of New Mexico hospital employee could not proceed with his FMLA claims against the state entity, but he could move forward with his FMLA claims against his supervisors, a federal district court in New Mexico ruled. The court partially granted the employers’ motion to dismiss, finding that the hospital had sovereign immunity […]

Participant’s missed plan loan installment payments did not violate level amortization requirement because they were properly cured

A participant’s missed installment payments for a Code Sec. 401(k) plan loan did not violate the level amortization requirement under Code Sec. 72(p)(2)(C) because these payments were cured within the applicable cure period by payment of the amount due or by the refinancing of the loan, according to an IRS Chief Counsel advice memorandum. The […]

Five tips for improving employee benefits programs

Most employers are either totally frustrated at their employee benefits program or are frozen in place waiting to hear about the next round of Congressional votes, according to Rob Pariseau, executive vice president of Lykes Insurance, a Florida-based commercial insurance firm. “This is actually a good time for employers to take a step back and […]

Prohibition on loans from 403(b) plan participant’s account to church-related employer applies to indirect loans

The rule prohibiting loans from a Code Sec. 403(b)(9) retirement account of a participant to the participant’s employer, a church-related organization, under the exclusive benefit requirement of IRS Reg. Sec. 1.403(b)-9(2)(i)(C), applies not only to loans made directly to the employer, but also to indirect loans made to the employer, according to an IRS Chief […]

Pension & Benefits NetNews – November 7, 2017

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Employer premiums rise nearly 7% in 2017 as employees absorb more of health insurance cost

Premium renewal rates (the comparison of similar plan rates year over year) for employer sponsored health insurance rose an average of 6.6%-a significant increase from the five-year average increase of 5.6%, according to the 2017 United Benefit Advisors (UBA) Health Plan Survey, released October 26. Two states saw record premium increases: Connecticut saw a 24% […]