Pension & Benefits NetNews – April 3, 2018

 

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Featured This Week

 

Employee Benefits Management News

 

  • Fifth Circuit vacates DOL fiduciary rule
  • AG coalition opposes DOL’s AHP expansion proposal, but would it increase health care access?
  • Jury to say whether employer had notice of employee’s in loco parentis relationship with grandmother
  • Millennials bring online consumer behaviors to health care interactions

Pension Plan Guide News

 

  • IRS reduces user fee for determination letter request submitted on Form 5310
  • IRS guidance covers issuance of opinion/advisory letters, employer adoption deadline, opening of determination letter program for pre-approved DB plans
  • IRS provides tax tips on early plan withdrawals

 

Employee Benefits Management News

 

Fifth Circuit vacates DOL fiduciary rule

A final rule promulgated by the Department of Labor in April 2016 expanding the definition of “investment advice fiduciary” conflicts with the text of ERISA and the Internal Revenue Code and is unreasonable under Chevron and the APA, the Fifth Circuit has held. For more information, see ¶2114H.

        (Read Intelliconnect) »

AG coalition opposes DOL’s AHP expansion proposal, but would it increase health care access?

A coalition of 17 Attorneys General have registered their opposition to the Department of Labor’s proposed rule that would expand the criteria for forming association health plans (AHPs), in what they see as a move to evade the consumer protections enshrined in the Patient Protection and Affordable Care Act (ACA) and sabotage the health care reform law. For more information, see ¶2114I.

        (Read Intelliconnect) »

Jury to say whether employer had notice of employee’s in loco parentis relationship with grandmother

Despite a confusing sequence of events in which an employee called HR to falsely request bereavement leave related to the death of her grandfather when she actually intended to assist her grandmother, who suffered with dementia, to visit family—and then did not timely return from that leave but instead called back and requested leave “to tend to” her grandmother, a federal district court in Illinois denied cross-motions for summary judgment on the employee’s claims for violations of the FMLA based on her resulting discharge. For more information, see ¶2114M.

        (Read Intelliconnect) »

Millennials bring online consumer behaviors to health care interactions

Millennials interact with their health care providers differently than other generations, according to recent research from the Employee Benefit Research Institute (EBRI). For more information see ¶2114O.

        (Read Intelliconnect) »

Pension Plan Guide News

 

IRS reduces user fee for determination letter request submitted on Form 5310

The IRS has reduced the user fee applicable to a determination letter request submitted on Form 5310 (Application for Determination for Terminating Plan). Appendix A (Schedule of User Fees) of Rev. Proc. 2018-4 has been modified to reflect a reduction of the user fee from $3,000 to $2,300 effective January 2, 2018. In Rev. Proc. 2018-4, the IRS had increased the fee from $2,300 for 2017 to $3,000 for 2018. Applicants who paid the $3,000 user fee listed in Rev. Proc. 2018-4 will receive a refund of $700. For more information, see ¶17299v72.

        (Read Intelliconnect) »

IRS guidance covers issuance of opinion/advisory letters, employer adoption deadline, opening of determination letter program for pre-approved DB plans

The IRS has released guidance on the issuance of opinion and advisory letters for pre-approved defined benefit (DB) plans. Also included are the deadline for employers to adopt these pre-approved plans, and the timing for the opening of the determination letter program for pre-approved DB plan adopters. For more information, see ¶17097u32.

        (Read Intelliconnect) »

IRS provides tax tips on early plan withdrawals

Many taxpayers may need to take out money early from their Individual Retirement Account or retirement plan. Doing so, however, can trigger an additional tax on early withdrawals. They would owe this tax on top of other income tax they may have to pay. The IRS has provided some tax tips on key points that taxpayers should know. For more information, see ¶156p.

        (Read Intelliconnect) »

 

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