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Employee Benefits Management News
- Supreme Court grants review of “equitable relief” case involving dissipated funds
- IRS issues special rule to exclude expatriate health plans from annual fee on health insurers
- Majority of employers won’t cut employee hours due to the ACA
- Insurers likely won’t be required to use new SBC templates until 2017
Pension Plan Guide News
- IRS adds easier correction methods for automatic contribution elective deferral plans
- IRS modifies 2013 version of EPCRS to provide improvements and updates
- PBGC issues proposed regs that require electronic filing of certain multiemployer plan notices
- IRS provides guidance on reporting rollovers of airline bankruptcy payments for 2014
Supreme Court grants review of “equitable relief” case involving dissipated funds
The Supreme Court has agreed to review the Eleventh Circuit’s ruling in an unpublished opinion regarding the meaning of “equitable relief” under ERISA Sec. 502(a)(3). The petition for certiorari indicates that there is a 6-2 circuit split on the issue and that the question presented “requires a uniform national answer.” For more information, see ¶2085O.
IRS issues special rule to exclude expatriate health plans from annual fee on health insurers
The IRS has provided a special rule to exclude expatriate health plans from the annual fee imposed on insurers of U.S. health risks for the 2014 and 2015 fee years. For details, see ¶2085P.
Majority of employers won’t cut employee hours due to the ACA
The majority of U.S. organizations (72 percent) have not considered reducing employee hours for part-time workers as a result of the Patient Protection and Affordable Care Act (ACA) mandate that employees working 30 hours a week be offered health care coverage, according to recent research from the Society for Human Resource Management (SHRM). For more information, see ¶2085S.
Insurers likely won’t be required to use new SBC templates until 2017
In December 2014, the Departments of Labor (DOL), Health and Human Services (HHS), and the Treasury (the Departments) proposed new rules regarding the Patient Protection and Affordable Care Act’s (ACA) required Summary of Benefits and Coverage (SBC). In addition, the Departments released new proposed SBC templates and other related documents. According to the recently released FAQs about Affordable Care Act Implementation (Part XXIV), the Departments believe that the new templates and related documents will not be effective until the start of the 2017 plan year. For more information, see ¶2085T.
IRS adds easier correction methods for automatic contribution elective deferral plans
The IRS has modified the EPCRS procedures to include new safe harbor EPCRS correction methods relating to automatic contribution features (including automatic enrollment and automatic escalation of elective deferrals) in plans described in §401(k) and §403(b). Also included are special safe harbor correction methods for plans (including those with automatic contribution features) that have failures that are of limited duration and involve elective deferrals. For more information on Rev. Proc. 2015-28, see ¶17,299U-79.
IRS modifies 2013 version of EPCRS to provide improvements and updates
The IRS issued Rev. Proc. 2015-27 to improve and update EPCRS by making limited modifications and clarifications to Rev. Proc. 2013-12. For more information on Rev. Proc. 2015-27, see ¶17,299U-78.
PBGC issues proposed regs that require electronic filing of certain multiemployer plan notices
The PBGC is proposing to amend its regulations to require electronic filing of certain multiemployer notices. These changes would make the provision of information to PBGC more efficient and effective. For more information, see ¶20,538Y.
IRS provides guidance on reporting rollovers of airline bankruptcy payments for 2014
This announcement explains how taxpayers must report rollovers of airline payment amounts under recently enacted Public Law 113-243 (“P.L. 113-243”), which amended certain provisions of the FAA Modernization and Reform Act of 2012. For more information, see ¶134L.
For more information, visit http://www.wolterskluwerlb.com/rbcs.