Pension and Benefits NetNews – September 30, 2014

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Featured This Week

Employee Benefits Management News

  • Cafeteria plans may allow revocations of health plan elections to purchase Exchange coverage
  • IRS proposes approach for applying look-back method to determine full-time employees for ACA mandate
  • IRS issues final regulations on deduction limitation for remuneration paid by health insurance providers
  • Private exchanges are a viable option for employees in 2016, say nearly a quarter of employers

Pension Plan Guide News

  • PBGC proposes to revise its system of records
  • ERISA Advisory Council to hold teleconference on September 29, 2014
  • Fiduciary ordered to restore losses to SIMPLE IRA plan

Employee Benefits Management News

Cafeteria plans may allow revocations of health plan elections to purchase Exchange coverage

Effective September 18, 2014, the IRS is allowing employers to expand the application of the permitted change rules for health coverage to accommodate certain situations arising from the Patient Protection and Affordable Care Act. For more information, see ¶2080O.

(Read Intelliconnect) »

IRS proposes approach for applying look-back method to determine full-time employees for ACA mandate

The IRS has proposed an approach to applying the look-back measurement method to determine if an employee is a full-time employee for purposes of the Code Sec. 4980H employer health insurance mandate, also known as the shared responsibility payment. For details, see ¶2080P.

(Read Intelliconnect) »

IRS issues final regulations on deduction limitation for remuneration paid by health insurance providers

The IRS has released final regulations on the application of the $500,000 deduction limitation for remuneration provided by certain health insurance providers under Code Sec. 162(m)(6), which was added by the Patient Protection and Affordable Care Act (ACA). For more information, see ¶2080Q.

(Read Intelliconnect) »

Private exchanges are a viable option for employees in 2016, say nearly a quarter of employers

Apparently driven by a desire to save money and encourage consumerism, 28% of midsize to large employers responding to a July 2014 survey by global professional services company Towers Watson said they had already extensively evaluated the viability of private exchanges and 24% said private exchanges could provide a viable alternative for their active full-time employees as soon as 2016. For more information, see ¶2080R.

(Read Intelliconnect) »

Pension Plan Guide News

IRS issues final regs on hybrid defined benefit plans

The IRS has issued final regulations providing guidance on hybrid defined benefits, such as cash balance plans, reflecting changes made by the Pension Protection Act of 2006, as amended by the Worker, Retiree, and Employer Recovery Act of 2008. For more information, see ¶130Q.

(Read Intelliconnect) »

IRS issues proposed regs on transitional amendments to hybrid plans

The IRS has issued proposed regulations providing guidance on transitional plan amendments that may be adopted to satisfy the market rate of return rules for hybrid plans. For more information, see ¶20,263Y.

(Read Intelliconnect) »

Proposed IRS regs would remove allocation rule governing Roth accounts

The IRS has proposed amending regulations that require that amounts from a designated Roth account that are paid in a direct rollover be treated as a separate distribution from any amount paid directly to the taxpayer. For more information, see ¶20,263Z.

(Read Intelliconnect) »

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