Pension & Benefits NetNews – April 27, 2015

 

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Featured This Week

 

Employee Benefits Management News

 

  • DOL, HHS, and Treasury answer questions on wellness program
  • RDS amounts and Medicare Part D benefit parameters for 2016 are issued by CMS
  • EEOC issues long-awaited proposed rule on application of ADA to employer wellness programs
  • Senate bill would protect ACA subsidies after court ruling

Pension Plan Guide News

 

  • EBSA issues proposed regs defining who is a fiduciary when giving investment advice to plans or participants
  • EBSA issues proposed best interest contract prohibited transaction class exemption
  • EBSA issues proposed amendments to class PTEs 75-1 , 77-4, 80-83, 83-1 that require plan fiduciaries to satisfy uniform Impartial Conduct Standards to obtain relief offered under exemptions

 

Employee Benefits Management News

 

DOL, HHS, and Treasury answer questions on wellness program design

The Department of (DOL), Health and Human Services (HHS), and the Treasury (the Departments) have jointly issued Frequently Asked Questions (FAQs) addressing issues triggered by the publication of wellness regulations issued in accordance with the Public Health Service Act in June 2013. For more information, see ¶2086A.

        (Read Intelliconnect) »

RDS amounts and Medicare Part D benefit parameters for 2016 are issued by CMS

The office of the Centers for Medicare & Medicaid Services (CMS) has issued the Cost Threshold and Cost Limit amounts for Retiree Drug Subsidy (RDS) plan years ending in 2016, for plan sponsors participating in the RDS program. The Cost Threshold amount is $360 and the Cost Limit amount is $7,400. For details, see ¶2086B.

        (Read Intelliconnect) »

EEOC issues long-awaited proposed rule on application of ADA to employer wellness programs

Emphasizing confidentiality and allowing employer incentives, the EEOC has published a proposed rule describing how the ADA applies to employer wellness programs that are part of group health plans. For more information, see ¶2086C.

        (Read Intelliconnect) »

Senate bill would protect ACA subsidies after court

If the Supreme Court, in deciding King v. S.M. Burwell, rules against health care subsidies paid through exchanges under the Patient Protection and Affordability Care Act (ACA), a group of 30 Senate Republicans are backing a bill, the Preserving Freedom and Choice in Health Care, which would allow participants to keep their health plan and subsidies until August 2017. For more information, see ¶2086G.

        (Read Intelliconnect) »

Pension Plan Guide News

 

EBSA issues proposed regs defining who is a fiduciary when giving investment advice to plans or participants

The Employee Benefits Security Administration (EBSA) has released a proposed regulation defining who is a “fiduciary” of an employee benefit plan under ERISA as a result of giving investment advice to a plan or its participants or beneficiaries. The proposal also applies to the definition of a “fiduciary” of a plan (including an individual retirement account (IRA)) under section 4975 of the Internal Revenue Code of 1986.. If adopted, the proposal would treat persons who provide investment advice or recommendations to an employee benefit plan, plan fiduciary, plan participant or beneficiary, IRA, or IRA owner as fiduciaries under ERISA and the Code in a wider array of advice relationships than the existing ERISA and Code regulations, which would be replaced. The proposed rule, and related exemptions, would increase consumer protection for plan sponsors, fiduciaries, participants, beneficiaries and IRA owners. For more information, see ¶134O.

        (Read Intelliconnect) »

EBSA issues proposed best interest contract prohibited transaction class exemption

The Employee Benefits Security Administration (EBSA) has released a proposed exemption from certain prohibited transactions provisions of ERISA and the Internal Revenue Code. The provisions at issue generally prohibit fiduciaries with respect to employee benefit plans and individual retirement accounts (IRAs) from engaging in self-dealing and receiving compensation from third parties in connection with transactions involving the plans and IRAs. The exemption proposed in this notice would allow entities such as broker-dealers and insurance agents that are fiduciaries by reason of the provision of investment advice to receive such compensation when plan participants and beneficiaries, IRA owners, and certain small plans purchase, hold or sell certain investment products in accordance with the fiduciaries’ advice, under protective conditions to safeguard the interests of the plans, participants and beneficiaries, and IRA owners. The proposed exemption would affect participants and beneficiaries of plans, IRA owners and fiduciaries with respect to such plans and IRAs. For more information, see ¶134P.

        (Read Intelliconnect) »

EBSA issues proposed amendments to class PTEs 75-1 , 77-4, 80-83, 83-1 that require plan fiduciaries to satisfy uniform Impartial Conduct Standards to obtain relief offered under exemptions

The Employee Benefits Security Administration (EBSA) has issued proposed amendments to prohibited transaction exemptions (PTEs) 75-1, 77-4, 80-83 and 83-1. Generally, ERISA and the Internal Revenue Code prohibit fiduciaries with respect to employee benefit plans and individual retirement accounts (IRAs) from engaging in self-dealing, including using their authority, control or responsibility to affect or increase their own compensation. These existing exemptions generally permit fiduciaries to receive compensation or other benefits as a result of the use of their fiduciary authority, control or responsibility in connection with investment transactions involving plans or IRAs. The proposed amendments would require the fiduciaries to satisfy uniform Impartial Conduct Standards in order to obtain the relief available under each exemption. The proposed amendments would affect participants and beneficiaries of plans, IRA owners, and fiduciaries with respect to such plans and IRAs. For more information, see ¶134T.

        (Read Intelliconnect) »

 

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