Pension and Benefits NetNews – November 12, 2013

 

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Featured This Week

Employee Benefits Management News

  • CMS updates FAQs on composite rates in federally-facilitated SHOP
  • IRS issues 2014 adjusted limits for long-term care, MSAs
  • Treasury official says no postponement of individual mandate needed, explains new FSA carryover rule
  • Departments issue final regulations on mental health and substance use disorder parity

Pension Plan Guide News

  • PBGC maximum insurance benefit increases for 2014
  • Social Security announces 1.5 percent benefit increase for 2014
  • California magazine publisher ordered to restore close to $364,000 to pension plan

Employee Benefits Management News

CMS updates FAQs on composite rates in federally-facilitated SHOP

The Centers for Medicare & Medicaid Services (CMS) has updated its frequently asked questions (FAQs) on the federally-facilitated Small Business Health Options Program (FF-SHOP). For details, see ¶2072A.

(Read Intelliconnect) »

IRS issues 2014 adjusted limits for long-term care, MSAs

In Rev. Proc. 2013-35, the Internal Revenue Service provides a variety of inflation-adjusted figures for 2014, including figures for long-term care and medical savings accounts (MSAs). For details, see ¶2072B.

(Read Intelliconnect) »

Treasury official says no postponement of individual mandate needed, explains new FSA carryover rule

In contrast to the need to postpone the employer reporting requirements and employer responsibility payments within the Patient Protection and Affordable Care Act (ACA), a similar case for a postponement of individual responsibility payments (the individual mandate) cannot be made, according to Mark Iwry, senior advisor to the secretary of the Treasury and deputy assistant secretary (Retirement and Heath Policy) on November 5. For more information, see ¶2072C.

(Read Intelliconnect) »

Departments issue final regulations on mental health and substance use disorder parity

The Departments of Labor, Health and Human Services (HHS) and the Treasury (Departments) have jointly issued a final rule increasing parity between mental health/substance use disorder benefits and medical/surgical benefits in group and individual health plans. For more information, see ¶2072F.

(Read Intelliconnect) »

Pension Plan Guide News

PBGC maximum insurance benefit increases for 2014

The PBGC has announced that the maximum insurance benefits for participants in underfunded pension plans terminating in 2014 is $4,943.18 per month or $59,318.16 per year for those who retire at age 65. For more information, see ¶19981z38.

(Read Intelliconnect) »

Social Security announces 1.5 percent benefit increase for 2014

The Social Security Administration has announced a 1.5% cost-of-living adjustment (COLA) for Social Security benefits received by beneficiaries starting in January 2014. For more information, see ¶24,014P.

(Read Intelliconnect) »

California magazine publisher ordered to restore close to $364,000 to pension plan

The Department of Labor has obtained a consent judgment with a California magazine publishing company and its president that requires the president to restore nearly $364,000 to the employee pension plan. For more information, see ¶124I.

(Read Intelliconnect) »