Pension and Benefits NetNews – December 3, 2013

 

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Featured This Week

Employee Benefits Management News

  • Offering benefits still gives employers a competitive advantage, EBRI survey finds
  • Representatives of applicable large employers meet IRS resistance at hearing on information reporting regulations
  • CMS issues guidance on new notice requirement for health insurance issuers in the small group and individual markets
  • CMS issues proposed regs on premium stabilization programs and adjustments for recent transitional relief

Pension Plan Guide News

  • IRS issues final regs providing guidance on permitted mid-year reductions or suspensions of 401(k) safe harbor nonelective contributions
  • PBGC’s deficit increases to $36 billion
  • IRS issues proposed regs on treatment of amounts paid to member of Indian tribe as compensation for benefit purposes

Employee Benefits Management News

Offering benefits still gives employers a competitive advantage, EBRI survey finds

The vast majority or workers say that the benefits package an employer offers – especially health insurance – is important to their decision to accept or reject a job, but a quarter are not satisfied with them, according to a new survey. For details, see ¶2072K.

(Read Intelliconnect) »

Representatives of applicable large employers meet IRS resistance at hearing on information reporting regulations

Representatives at the November 18 IRS hearing on the proposed regulations under Code Sec. 6056 concerning information reporting requirements for applicable large employers under the Patient Protection and Affordable Care Act (ACA) applauded the one-year delay of the requirements until 2015 before quickly introducing suggestions. For details, see ¶2072M.

(Read Intelliconnect) »

CMS issues guidance on new notice requirement for health insurance issuers in the small group and individual markets

The Centers for Medicare & Medicaid Services (CMS) has issued guidance containing notices health insurance issuers must use to inform policyholders of their option to keep their existing coverage in 2014, in order for their plans to meet the criteria of a transitional policy for certain non-grandfathered health plans in the small group and individual health insurance. For more information, see ¶2072P.

(Read Intelliconnect) »

CMS issues proposed regs on premium stabilization programs and adjustments for recent transitional relief

The Centers for Medicare & Medicaid Services (CMS) has issued proposed regulations that include a number of approaches to mitigate the effects of a recently-announced transitional policy for certain individual and small group health plans that may have been canceled because they did not comply with requirements of the Patient Protection and Affordable Care Act (ACA). The proposed regulations contain an assortment of other provisions, including proposals on FF-SHOPs and dental plans. For more information, see ¶2072R.

(Read Intelliconnect) »

Pension Plan Guide News

IRS issues final regs providing guidance on permitted mid-year reductions or suspensions of 401(k) safe harbor nonelective contributions

The IRS has issued final regulations providing guidance on permitted mid-year reductions or suspensions of 401(k) plan safe harbor nonelective contributions in certain circumstances. For more information, see ¶124Q.

(Read Intelliconnect) »

PBGC’s deficit increases to $36 billion

The Pension Benefit Guaranty Corporation’s deficit increased to about $36 billion in FY 2013, due largely to the declining financial condition of multiemployer plans. PBGC’s annual report also noted the agency’s continued high scores for customer satisfaction. For more information, see ¶124S.

(Read Intelliconnect) »

IRS issues proposed regs on treatment of amounts paid to member of Indian tribe as compensation for benefit purposes

The IRS has issued proposed regulations clarifying that amounts paid to an Indian tribe member as remuneration for services performed in a fishing rights-related activity may be treated as compensation under Code Sec. 415(c). For more information, see ¶20,263T.

(Read Intelliconnect) »