Pension & Benefits NetNews – April 23, 2019

 

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Featured This Week

 

Employee Benefits Management News

 

  • EBSA FAQs direct participants in AHPs to contact their plan administrator for information
  • Employers want Congress to preserve coverage for preexisting conditions
  • Amicus brief in ACA case urges court to retain preexisting conditions provision
  • Report finds small businesses increased average QSEHRA contributions in 2018

Pension Plan Guide News

 

  • PBGC offers pre-filing consultation for ERISA Sec. 4010 filers
  • IRS issues updated mortality improvement rates and static mortality tables for 2020
  • DOL provides FAQs for participants and beneficiaries in employee benefit plans adversely affected by severe storms in Nebraska, Iowa, and Alabama

 

Employee Benefits Management News

 

EBSA FAQs direct participants in AHPs to contact their plan administrator for information

The Employee Benefits Security Administration (EBSA) has issued frequently asked questions to address issues that may arise in light of the federal district court’s decision invalidating the final rule on association health plans (AHPs). For more information, see ¶2124A

        (Read Cheetah) »

Employers want Congress to preserve coverage for preexisting conditions

The vast majority (95 percent) of employers believe that it is important for Congress to preserve coverage for preexisting conditions should the Patient Protection and Affordable Care Act (ACA) be overturned, according to recent research from Mercer. For more information, see ¶2124B.

        (Read Cheetah) »

Amicus brief in ACA case urges court to retain preexisting conditions provision

Ohio Attorney General Dave Yost has filed an amicus brief with the Fifth Circuit Court of Appeals urging the court to reverse a lower court’s decision that found the Affordable Care Act (ACA) unconstitutional. The state of Montana joined Ohio in its brief. For more information, see ¶2124C.

        (Read Cheetah) »

Report finds small businesses increased average QSEHRA contributions in 2018

Small businesses increased their offerings through the qualified small employer health reimbursement arrangement (QSEHRA) in 2018 by allocating an average $297 a month to single employees and $445 to employees with family coverage. Employees used those allowances to reimburse critical health care items, including health insurance premiums, medical office visits, and prescription drugs. These are key findings from The QSEHRA: Annual Report 2019 from PeopleKeep. For more information see ¶2124E.

        (Read Cheetah) »

Pension Plan Guide News

 

PBGC offers pre-filing consultation for ERISA Sec. 4010 filers

The Pension Benefit Guaranty Corporation (PBGC) has announced that it now offers a pre-filing consultation for ERISA 4010 filers, especially first-time filers, looking for guidance on filing requirements. Contributing sponsors, and each member of a contributing sponsor’s controlled group, that maintain substantially underfunded plans must submit annual financial and actuarial reports to the PBGC under ERISA Sec. 4010. The PBGC states that its staff will provide an overview of the process, share helpful tips on how to use the e-filing software, and provide insights on how to avoid common filing errors. To schedule a pre-filing consultation, send an email to ERISA.4010@pbgc.gov or call (202)-326-4000 ext. 3075. For more information, see ¶164F.

        (Read Cheetah) »

IRS issues updated mortality improvement rates and static mortality tables for 2020

The IRS has provided the updated mortality improvement rates and static mortality tables to be used under Code Sec. 430(h)(3)(A). These rates are used to calculate the funding target and other items for valuation dates occurring during calendar year 2020. Also included are modified “unisex” mortality tables for use in determining minimum present value under Code Sec. 417(e)(3) for distributions with annuity starting dates that occur during stability periods beginning in calendar year 2020. The IRS explains that IRS Reg. §1.430(h)(3)-1 provides the rules for mortality tables used under Code Sec. 430(h)(3)(A) for plan years beginning on or after January 1, 2018. The mortality tables used under Code Sec. 430(h)(3)(A) are based on the tables in the RP-2014 Mortality Tables Report, adjusted for mortality improvement. For more information, see ¶17166Q.

        (Read Cheetah) »

DOL provides FAQs for participants and beneficiaries in employee benefit plans adversely affected by severe storms in Nebraska, Iowa, and Alabama

The Department of Labor (DOL) has issued guidance for parties connected to ERISA-covered employee benefit plans that have been adversely affected by the 2019 severe winter storm, straight-line winds, and flooding in Nebraska, the severe storms and flooding in Iowa, and the severe storms, straight-line winds, and tornadoes in Alabama (covered disasters). The DOL states that it understands that plan fiduciaries, employers, labor organizations, service providers, participants, and beneficiaries may have plan compliance-related problems over the next few months. The relief provided in this guidance applies generally to employee benefit plans, plan sponsors, employers, employees, and plan service providers that were located in one of the counties that have been identified by the Federal Emergency Management Agency (FEMA) as covered disaster areas because of the damage caused by the covered disasters. The DOL notes that the IRS has provided Form 5500 relief for those disasters on the IRS disaster relief website. For more information, see ¶164d.

        (Read Cheetah) »

 

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