Penion & Benefits Netnews – September 29, 2015

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Featured This Week

 

Employee Benefits Management News

 

  • CMS publishes limited relief for health insurance issuers having problems posting policies
  • Accommodation process substantially burdens religious exercise, says 8th Circuit
  • IRS intends to propose reporting rules for certain types of health care coverage
  • Workers continue to give low marks to overall health care system, but rate their own health plans favorably

Pension Plan Guide News

 

  • PBGC final regs exempt most plans and sponsors from many reportable events rules
  • IRS issues final regs on minimum required contributions for single-employer DB
  • IRS issues temporary regs on administration of participant voting on multiemployer plan benefit suspensions
  • IRS issues transition guidance for cooperative and small employer charity plans

 

Employee Benefits Management News

 

CMS publishes limited relief for health insurance issuers having problems posting policies

For issuers encountering difficulties posting individual coverage policies and group certificates of coverage to websites, as is generally required for this fall, the Centers for Medicare & Medicaid Services (CMS) has stated that it will not take enforcement action as long as the necessary documents are posted by November 1, 2015. For more information, see ¶2090A.

(Read Intelliconnect) »

Accommodation process substantially burdens religious exercise, says 8th Circuit

The accommodation offered by CMS under the Patient Protection and Affordable Care Act (ACA) (P.L. 111-148) contraceptive mandate substantially burdens the exercise of religion by a nonprofit religious educational institution and is likely not the least restrictive means of furthering the government’s compelling interest in safeguarding public health and ensuring equal access to health care for women, the Eighth Circuit ruled. For more information, see ¶2090F.

(Read Intelliconnect) »

IRS intends to propose reporting rules for certain types of health care coverage

The Treasury Department and the IRS intend to propose regulations under Code Sec. 6055: (1) providing that health insurance issuers must report coverage in catastrophic health insurance plans; (2) allowing electronic delivery of statements reporting coverage under expatriate health plans unless the recipient explicitly refuses consent or requests a paper statement; (3) allowing filers reporting on insured group health plans to use a truncated taxpayer identification number (TTIN) to identify the employer on the statement furnished to a taxpayer; and (4) specifying when a provider of minimum essential coverage is not required to report coverage of an individual who has other minimum essential coverage. For more information, see ¶2090G.

(Read Intelliconnect) »

Workers continue to give low marks to overall health care system, but rate their own health plans favorably

When asked to rate the U.S. health care system, many workers rate it as poor (25 percent) or fair (30 percent), according to recent research from the Employee Benefit Research Institute (EBRI). For more information, see ¶2090I.

(Read Intelliconnect) »

Pension Plan Guide News

 

PBGC final regs exempt most plans and sponsors from many reportable events rules

The PBGC has published a final rule to make the requirements of the sponsor risk-based safe harbor more flexible, make the funding level for satisfying the well-funded plan safe harbor lower and tied to the variable-rate premium, and add public company waivers for five events. The waiver structure under the final rule will further reduce unnecessary reporting requirements, while at the same time better targeting PBGC’s resources to plans that pose the greatest risks to the pension insurance system. PBGC anticipates the final rule will exempt about 94 percent of plans and sponsors from many reporting requirements and result in a net reduction in reporting to PBGC. For more information, see ¶138G.

(Read Intelliconnect) »

IRS issues final regs on minimum required contributions for single-employer DB plans

The IRS has released final regulations providing guidance on the determination of minimum required contributions for single-employer defined benefit pension plans. In addition, these final regulations address the excise tax for failure to satisfy the minimum funding requirements for defined benefit pension plans. For more information, see ¶138F.

(Read Intelliconnect) »

IRS issues temporary regs on administration of participant voting on multiemployer plan benefit suspensions

The Multiemployer Pension Reform Act of 2014 (MPRA) pertains to multiemployer plans that are projected to have insufficient funds, at some point in the future, to pay the full plan benefits to which individuals will be entitled (referred to as plans in “critical and declining status”). The sponsor of such a plan is permitted to reduce the pension benefits payable to plan participants and beneficiaries if certain conditions are satisfied (referred to as a “suspension of benefits”). A suspension of benefits is not permitted to take effect prior to a vote of the participants of the plan with respect to the suspension. IRS temporary regulations provide guidance relating to the administration of that vote. For more information, see ¶138D.

(Read Intelliconnect) »

IRS issues transition guidance for cooperative and small employer charity plans

The IRS has issued a notice that provides guidance on certain issues relating to the application of the Cooperative and Small Employer Charity Pension Flexibility Act, (P.L.113-97; CSEC Act). The CSEC Act, which was enacted on April 7, 2014, specifies minimum funding requirements and related rules that apply with respect to certain defined benefit pension plans maintained by groups of cooperatives and related entities and groups of charities.
For more information, see ¶17,157C.

(Read Intelliconnect) »

 

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