Pension and Benefits NetNews – December 15, 2014

 

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Featured This Week

Employee Benefits Management News

  • IRS issues 2016 inflation-adjusted Code Sec. 36B premium assistance tax credit table
  • IRS issues guidance on transportation fringe benefits
  • Orthodontists who braced for mandate can’t challenge delays
  • IRS releases 2015 standard mileage rates

Pension Plan Guide News

  • IRS issues amended safe harbor explanations for recipients of eligible rollover distributions
  • IRS extends deadline for submitting on-cycle applications for opinion and advisory letters for pre-approved DB plans
  • PBGC final regs clarify treatment of benefits rolled over from DC plan if DB plan is terminated and trusteed by PBGC
  • IRS addresses transfer of certain technical work for issues involving retirement plans, IRAs, and exempt organizations to Office of Chief Counsel

Employee Benefits Management News

IRS issues 2016 inflation-adjusted Code Sec. 36B premium assistance tax credit table

The IRS has adjusted for inflation the applicable percentage table in Code Sec. 36B(b)(3)(A)(i), which is used to calculate an individual’s insurance premium tax credit for tax years beginning in 2016, and also the required contribution percentage in Code Sec. 36B(c)(2)(C)(i)(II), which is used to determine whether an individual is eligible for affordable employer-sponsored minimum essential coverage under Code Sec. 36B for plan years beginning in 2016. For more information, see ¶2082K.

        (Read Intelliconnect) »

IRS issues guidance on transportation fringe benefits

The IRS has provided guidance for employers who wish to provide transit pass benefits to employees through the use of a smartcard (a plastic card with an imbedded memory chip). For details, see ¶2082L.

        (Read Intelliconnect) »

Orthodontists who braced for mandate can’t challenge delays

An employer that expended time and money in 2013 to determine how to comply with the Patient Protection and Affordable Care Act’s (ACA) (P.L. 111-148) employer mandate does not have standing to challenge the Department of the Treasury’s (Treasury) decision to delay the mandate, the Eleventh Circuit Court of Appeals has ruled. For more information, see ¶2082P.

        (Read Intelliconnect) »

IRS releases 2015 standard mileage rates

The IRS has released the 2015 optional standard mileage rates that employees, self-employed individuals, and other taxpayers can use to compute deductible costs of operating automobiles (including vans, pickups, and panel trucks) for business, medical, moving and charitable purposes. For more information, see ¶2082S.

        (Read Intelliconnect) »

Pension Plan Guide News

IRS issues amended safe harbor explanations for recipients of eligible rollover distributions

This notice amends the two safe harbor explanations in Notice 2009-68, that can be used to satisfy the requirement under Code Sec. 402(f) that certain information be provided to recipients of eligible rollover distributions. Amendments to the safe harbor explanations reflected in this notice relate to the allocation of pre-tax and after-tax amounts, distributions in the form of in-plan Roth rollovers, and certain other clarifications to the two safe harbor explanations. For more information, see ¶17,155.

        (Read Intelliconnect) »

IRS extends deadline for submitting on-cycle applications for opinion and advisory letters for pre-approved DB plans

The IRS extends to June 30, 2015 the deadline for submitting on-cycle applications for opinion and advisory letters for pre-approved defined benefit (DB) plans for the plans second six-year remedial amendment cycle. For more information, see ¶17,097T-99.

        (Read Intelliconnect) »

PBGC final regs clarify treatment of benefits rolled over from DC plan if DB plan is terminated and trusteed by PBGC

The PBGC has issued final regulations that would clarify the treatment of benefits rolled over from a defined contribution plan (DC) to a single-employer defined benefit (DB) plan if the DB plan is terminated and trusteed by the PBGC. For more information, see ¶131Y.

        (Read Intelliconnect) »

IRS addresses transfer of certain technical work for issues involving retirement plans, IRAs, and exempt organizations to Office of Chief Counsel

The IRS addresses the transfer of certain technical responsibility for issues involving retirement plans, IRAs, and exempt organizations to the Office of Chief Counsel that will occur with the realignment of the Tax Exempt and Government Entities Division (TE/GE). For more information, see ¶17,097T-94.

        (Read Intelliconnect) »

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