Pension and Benefits NetNews – November 19, 2013

 

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Featured This Week

Employee Benefits Management News

  • Seventh Circuit enjoins ACA’s contraceptive coverage mandate for business corporation
  • High Court declines request by special needs trust to review ERISA plan’s right to reimbursement
  • Allow flexibility in ACA reporting requirements business group urges IRS
  • Individuals and small businesses with cancelled health coverage are given transitional relief

Pension Plan Guide News

  • PBGC updates premium rates for 2014
  • PBGC issues 2014 table showing present value of maximum benefit guarantee
  • Investment manager was not disqualified from acting as QPAM because deferred prosecution agreements entered into by investment managers affiliate were not criminal convictions

Employee Benefits Management News

Seventh Circuit enjoins ACA’s contraceptive coverage mandate for business corporation

The contraceptive coverage requirement in the Patient Protection and Affordable Care Act (ACA) violates the rights of both individual business owners and closely held business corporations under the Religious Freedom Restoration Act (RFRA), according to the Seventh Circuit. For details, see ¶2072G.

(Read Intelliconnect) »

High Court declines request by special needs trust to review ERISA plan’s right to reimbursement

The U.S. Supreme Court has denied a petition by a special needs trust asking whether funds paid into the trust by “bona fide purchasers” on behalf of insured tortfeasors for the benefit of a health plan beneficiary pursuant to a settlement extinguished the health plan’s right to recover in equitable subrogation under ERISA. For details, see ¶2072H.

(Read Intelliconnect) »

Allow flexibility in ACA reporting requirements business group urges IRS

Business leaders of leading U.S. companies say the proposed rules for reporting requirements under Obamacare are too complex and costly and are urging the Internal Revenue Service (IRS) to allow employers more flexibility in meeting those requirements. For more information, see ¶2072I.

(Read Intelliconnect) »

Individuals and small businesses with cancelled health coverage are given transitional relief

President Obama announced on Thursday, November 14, that, in order to address situations in which some individuals and small businesses have been notified by their health insurers that their plans are being terminated, (often because they no longer meet the ACA’s requirements to cover basic benefits like prescription drugs or doctors’ visits), the Administration is instituting a transitional policy whereby health insurance issuers may choose to continue coverage that would otherwise be terminated or cancelled, and affected individuals and small businesses may choose to re-enroll in such coverage. For more information, see ¶2072J.

(Read Intelliconnect) »

Pension Plan Guide News

PBGC updates premium rates for 2014

The PBGC has announced that the 2014 per-participant flat-rate premium rates for single-employer plans and for multiemployer plans are $49 and $12, respectively. For more information, see ¶124N.

(Read Intelliconnect) »

PBGC issues 2014 table showing present value of maximum benefit guarantee

The PBGC has issued a table showing the present value of the PBGCs maximum benefit guarantee for 2014. For more information, see ¶19,981z39.

(Read Intelliconnect) »

Investment manager was not disqualified from acting as QPAM because deferred prosecution agreements entered into by investment managers affiliate were not criminal convictions

In an advisory opinion, EBSA has concluded that certain deferred prosecution agreements entered into by an investment manager’s affiliate did not constitute criminal convictions for purposes of Section I(g) of PTE 84-14, which would have disqualified the investment manager from acting as a qualified professional asset manager (QPAM) under PTE 84-14. For more information, see ¶19,993F.

(Read Intelliconnect) »