Pension & Benefits NetNews – April 25, 2017

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Featured This Week

 

Employee Benefits Management News

 

  • IRS spotlights employer shared responsibility payments
  • Employer mandate provisions implemented but need improvement, TIGTA finds
  • HHS finalizes rule to improve marketplace stability
  • Democratic lawmaker condemns Trump threat to withdraw ACA cost-sharing reduction payments

Pension Plan Guide News

 

  • IRS extends deadline to May 1, 2017 for certain employers to adopt DC pre-approved plans and apply for determination letters
  • PBGC issues first installment of updated pension insurance data tables
  • Advisory Committee on Actuarial Examinations to meet April 28, 2017

 

Employee Benefits Management News

 

IRS spotlights employer shared responsibility payments

The IRS has updated its webpage with a fact sheet containing information about the employer shared responsibility provisions of the Patient Protection and Affordable Care Act (ACA). For more information, see ¶2105I.

(Read Intelliconnect) »

Employer mandate provisions implemented but need improvement, TIGTA finds

A newly released Treasury Inspector General for Tax Administration (TIGTA) report found that, although the IRS has implemented processes and procedures in an effort to ensure that employers subject to the Employer Shared Responsibility Provision of the Patient Protection and Affordable Care Act (ACA) could comply with information reporting requirements. For more information, see ¶2105L.

(Read Intelliconnect) »

HHS finalizes rule to improve marketplace stability

To improve the risk pool and otherwise stabilize the individual insurance market, the Department of Health and Human Services (HHS) has published a final rule changing several components of the Patient Protection and Affordable Care Act (ACA) marketplace enrollment process and administration. For more information, see ¶2105N.

(Read Intelliconnect) »

Democratic lawmaker condemns Trump threat to withdraw ACA cost-sharing reduction payments

House Democratic Caucus Chairman Joe Crowley (D-N.Y.) sharply condemned the Trump Administration’s signal that it may withhold critical cost-sharing reduction payments that help millions of Americans afford quality health care. For more information see ¶2105O.

(Read Intelliconnect) »

Pension Plan Guide News

 

IRS extends deadline to May 1, 2017 for certain employers to adopt DC pre-approved plans and apply for determination letters

The IRS has extended the deadline from Sunday, April 30, 2017, to Monday, May 1, 2017, for certain employers to adopt a defined contribution pre-approved plan and apply for a determination letter, if permissible. Notice 2016-3 previously extended the deadline from April 30, 2016, to April 30, 2017, to help employers who wanted to convert their existing individually designed plan into a current defined contribution pre-approved plan based on the 2010 Cumulative List. Employers are eligible for this extension if they adopt a plan after January 1, 2016, other than one that is a modification and restatement of a defined contribution pre-approved plan you maintained before January 1, 2016. The extension allows them until May 1, 2017, to: (1) adopt a current defined contribution pre-approved plan and (2) apply for a determination letter, if permissible. For more information, see ¶149r.

(Read Intelliconnect) »

PBGC issues first installment of updated pension insurance data tables

The Pension Benefit Guaranty Corporation (PBGC) has released the first installment of pension insurance data tables that cover pension plan data for the year beginning in 2015. The data tables generally provide researchers, journalists and others interested in the federal pension insurance program easily accessible, detailed statistics for the single-employer and multiemployer plans that the PBGC insures. The tables include data that quantifies the numbers of people and plans that the PBGC protects, the people receiving or eligible to receive benefits from the PBGC, and the benefits paid to them, claims against the PBGC, the funded status of PBGC-protected plans, breakdowns of populations that the PBGC protects by industry and state, and other vital statistics. This first installment includes updated figures for both the summary and claims tables and an updated multiemployer graphical supplement. For more information, see ¶148s.

(Read Intelliconnect) »

Advisory Committee on Actuarial Examinations to meet April 28, 2017

The Joint Board for the Enrollment of Actuaries gives notice of a closed meeting of the Advisory Committee on Actuarial Examinations. The meeting is set for 8:30 am on April 28, 2017, at at Willis Towers Watson, in Phoenix, AZ. For more information, see ¶149k.

(Read Intelliconnect) »

 

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