Pension and Benefits Netnews – October 8, 2013

 

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Featured This Week

Employee Benefits Management News

  • Universal simplification of ACA employer reporting unlikely
  • Start of exchange enrollment gives employers opportunity to highlight health plans
  • IRS issues 2014 per diem rates for travel expense reimbursements
  • Employers are expected to hold the line on employees’ health benefit costs in 2014, says Mercer

Pension Plan Guide News

  • PBGC will stay open during government shutdown
  • IRS provides refund and adjustment procedures for overwithheld employment taxes on benefits and wages of same-sex spouses
  • PBGC releases late premium, under- and overpayment rates and quarterly rates for overdue withdrawal liability

Employee Benefits Management News

Universal simplification of ACA employer reporting unlikely

The IRS is exploring ways to simplify Code Sec. 6056 reporting by employers but a one-size-fits-all approach is not the likely outcome, a Service official predicted recently. For details, see ¶2070Z.

(Read Intelliconnect) »

Start of exchange enrollment gives employers opportunity to highlight health plans

Open enrollment in the Affordable Care Act’s Health Insurance Exchanges (also known as marketplaces) began on October 1. Employees with employer-provided coverage might be curious about how their plans compare to those offered on the exchanges. So this gives employers an opportunity to demonstrate the richness of the benefits plans they provide their employees and families, according to Jennifer Benz, the founder and CEO of Benz Communications. For details, see ¶2071A.

(Read Intelliconnect) »

IRS issues 2014 per diem rates for travel expense reimbursements

The IRS has updated the rules for determining the amount of an employee’s ordinary and necessary business expenses for lodging, meals, and incidental expenses while traveling away from home that are deemed substantiated under Reg. Sec. 1.274-5. For more information, see ¶2071B.

(Read Intelliconnect) »

Employers are expected to hold the line on employees’ health benefit costs in 2014, says Mercer

Based on early responses from a major survey conducted annually by Mercer, employers expect health benefit cost per employee will rise by 4.8% on average in 2014. Cost growth slowed to 4.1% in 2012, a 15-year low. For more information, see ¶2071C.

(Read Intelliconnect) »

Pension Plan Guide News

PBGC will stay open during government shutdown

During the current government shutdown, the PBGC will stay open for business. The PBGC also stayed open throughout the government shutdowns in 1995-96. Unlike most government agencies, the PBGC’s funds are paid for by insurance premiums and plan assets, not taxpayer dollars. For more information, see ¶123P.

(Read Intelliconnect) »

IRS provides refund and adjustment procedures for overwithheld employment taxes on benefits and wages of same-sex spouses

The IRS has provided guidance to employers to make claims for refund or adjustments of overpayments of FICA taxes and employment taxes that arose from the Supreme Court’s decision in U.S. v. Windsor and Rev. Rul. 2013-17. For more information, see ¶123M.

(Read Intelliconnect) »

PBGC releases late premium, under- and overpayment rates and quarterly rates for overdue withdrawal liability

The PBGC interest rate for late premium payments and employer liability underpayments and overpayments and the quarterly rate for overdue withdrawal liability for the period from October 1, 2013 to December 31, 2013. For more information, see ¶123R.

(Read Intelliconnect) »