Pension & Benefits NetNews – August 13, 2019

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Featured This Week

Employee Benefits Management News

  • Offering the right mix of benefits is vital to improve retention
  • Bipartisan parental leave plan unveiled
  • Half of Americans would take a job with no paid time off for a higher salary, survey shows
  • Percentage of private-sector companies offering at least one self-insured health plan falls after two decades of growth

Pension Plan Guide News

  • DOL gives certain multiple employer plans transition relief from annual reporting civil penalties
  • PBGC issues interim final regs that exempt new system of records on insider threat detection and data loss prevention
  • IRS final regulations allow truncated social security numbers on Forms W-2 furnished to employees

Employee Benefits Management News

Offering the right mix of benefits is vital to improve retention

In today’s highly competitive job market, employers must go above and beyond to attract and retain employees, according to Clarity Benefit Solutions. It is vital to offer just the right mix of benefits—including health, mandatory, and voluntary—to encourage a high level of employee retention. For more information, see ¶2126N.

        (Read Cheetah) »

Bipartisan parental leave plan unveileds

On July 30, Senators Bill Cassidy, M.D. (R-La.), and Kyrsten Sinema (D-Ariz.) unveiled a paid leave plan, calling it “Congress’ first bipartisan paid leave proposal for American families.” The Cassidy-Sinema plan would give new parents the option to bring forward their recently increased Child Tax Credit (CTC) to receive up to a $5,000 benefit, giving them flexibility to cover costs after having or adopting a child (under age six). For more information, see ¶2126R.

        (Read Cheetah) »

Half of Americans would take a job with no paid time off for a higher salary, survey shows

Half (49 percent) of working Americans would accept a job with no vacation time if they were paid more, according to the 11th annual Vacation Confidence Index released by Allianz Global Assistance. For more information, see ¶2126S.

        (Read Cheetah) »

Percentage of private-sector companies offering at least one self-insured health plan falls after two decades of growth

The percentage of all private-sector establishments offering at least one self-insured health plan has recently fallen, according to a study from the Employee Benefit Research Institute (EBRI). But drilling deeper into the data, EBRI finds mixed results by company size. For more information see ¶2126T.

        (Read Cheetah) »

Pension Plan Guide News

DOL gives certain multiple employer plans transition relief from annual reporting civil penalties

The Department of Labor has issued guidance and temporary penalty relief for multiple employer plans (MEPs) subject to ERISA Title I that have not provided certain information required on their Forms 5500/5500-SF. The Employee Benefits Security Administration (EBSA) has found that a substantial number of MEP filers have not been in full compliance with their reporting obligation under ERISA Sec. 103(g) to provide complete and accurate lists of participating employers with their Forms 5500. The DOL is giving transition relief for MEPs that have failed to file a complete and accurate list of participating employers with their Forms 5500 for the 2017 plan year and before, provided certain conditions are met. The DOL notes that this guidance and relief relates solely to civil penalties for Form 5500 reporting obligations under Title I of ERISA. For more information, see ¶19981z81.

        (Read Cheetah) »

PBGC issues interim final regs that exempt new system of records on insider threat detection and data loss prevention

The Pension Benefit Guaranty Corporation (PBGC) has issued a notice of a new system of records that supports a program of insider threat detection and data loss prevention, and interim final regulations that exempts from disclosure information contained in the new system of records. The PBGC states that the exemption is needed because records in this system include investigatory material compiled for law enforcement purposes. This new system, PBGC-26, PBGC Insider Threat and Data Loss Prevention, covers “PBGC insiders,” who are individuals with access to PBGC resources, including facilities, information, equipment, networks, and systems. This includes Federal employees and contractors. The purpose of the system is to detect anomalous behavior by PBGC insiders and, as necessary, gather information to support an investigation of an incident. The new system of records is effective July 9, 2019, without further notice, unless comments result in a contrary determination and a notice is issued. For more information, see ¶166b.

        (Read Cheetah) »

IRS final regulations allow truncated social security numbers on Forms W-2 furnished to employees

IRS final regulations allow employers to voluntarily truncate employees’ social security numbers (SSNs) on copies of Forms W-2 (Wage and Tax Statement) furnished to employees. The truncated SSNs appear on the forms as IRS truncated taxpayer identification numbers (TTINs). The regulations also clarify and provide an example of how the truncation rules apply to Forms W-2. The final regulations permit employers to truncate employees’ SSNs on copies of Forms W-2 furnished to employees to report, among other things, wages paid, employment taxes withheld, and wages paid in the form of group-term life insurance. The regulations do not apply to any other forms. Also, truncation is not mandatory; the regulations permit truncation but do not require it. For more information, see ¶166a.

        (Read Cheetah) »

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