Pension and Benefits NetNews – February 4, 2014

 

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Featured This Week

Employee Benefits Management News

  • Supreme Court Justice Sonia Sotomayor puts contraceptive coverage requirement on hold
  • IRS proposes regulations governing penalties for failure to maintain a minimum level of health insurance
  • EBRI warns of unexpected cost consequences from spousal coverage shifts
  • Amicus brief on government’s RFRA position in Hobby Lobby is filed by 18 Senate Democrats

Pension Plan Guide News

  • IRS extends deadline for submissions of on-cycle applications for opinion and advisory letters for pre-approved DB plans
  • PBGC Proposed regs would streamline certain multiemployer plan reporting rules
  • DOL announces settlement agreement under which fiduciaries would pay over $9 million to ESOP plus civil penalties

Employee Benefits Management News

Supreme Court Justice Sonia Sotomayor puts contraceptive coverage requirement on hold

The Supreme Court provided an order of nuns some reprieve against the enforcement of a part of the Patient Protection and Affordable Care Act (ACA) (P.L. 111-148). At the referral of Supreme Court Justice Sonia Sotomayor, the Little Sisters of the Poor Home for the Aged in Denver, Colorado and the Little Sisters of the Poor in Baltimore, Maryland will no longer have to file a government form in order to be exempt from the ACA’s “contraception mandate.” For details, see ¶2074E.

(Read Intelliconnect) »

IRS proposes regulations governing penalties for failure to maintain a minimum level of health insurance

The IRS has issued a proposed rule and notice of public meeting regarding the shared responsibility payment that individual taxpayers may have to pay if they fail to maintain minimum essential coverage as required by the Patient Protection and Affordable Care Act (PPACA). For details, see ¶2074F

(Read Intelliconnect) »

EBRI warns of unexpected cost consequences from spousal coverage shifts

Companies looking to save health costs by requiring working spouses to get health insurance through their own employer find the move has some unexpected consequences, according to a new study by the nonpartisan Employee Benefit Research Institute (EBRI). For more information, see ¶2074H.

(Read Intelliconnect) »

Amicus brief on government’s RFRA position in Hobby Lobby is filed by 18 Senate Democrats

An assortment of senators who were all members of Congress during the passage of both the Religious Freedom Restoration Act of 1993 (RFRA) (P.L. 103-141) and the Patient Protection and Affordable Care Act (ACA) (P.L. 111-148), have filed an amicus curiae brief detailing the legislative and judicial history leading to the passage of both laws in their support of the U.S. government’s position in Sebelius v. Hobby Lobby Stores, Inc., which is now under consideration before the U.S. Supreme Court. For more information, see ¶2074I.

(Read Intelliconnect) »

Pension Plan Guide News

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

The IRS has announced that the deadline to submit on-cycle applications for opinion and advisory letters for pre-approved defined benefit plans for their second six-year remedial amendment cycle has been extended to February 2, 2015. For more information, see ¶17,097T83.

(Read Intelliconnect) »

PBGC Proposed regs would streamline certain multiemployer plan reporting rules

The PBGC is proposing to amend its multiemployer regulations to make the provision of information to PBGC and plan participants more efficient and effective and to reduce burden on plans and sponsors. The amendments would reduce the number of actuarial valuations required for certain small terminated but not insolvent plans, shorten the advance notice filing requirements for mergers in situations that do not involve a compliance determination, and remove certain insolvency notice and update requirements. For more information, see ¶205380.

(Read Intelliconnect) »

DOL announces settlement agreement under which fiduciaries would pay over $9 million to ESOP plus civil penalties

The Department of Labor has announced a settlement agreement with People Care Holdings Inc. and former owners Bruce Jacobson and Jerry Lewkowitz under which the former owners will pay $9,090,910 to the companys ESOP and a civil penalty of $909,090. For more information, see ¶125Q.

(Read Intelliconnect) »