Pension & Benefits NetNews – August 15, 2017

 

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Featured This Week

 

Employee Benefits Management News

 

  • Employers are revamping benefits strategies to outmaneuver competitors and become destination employers
  • Exclude health savings accounts from fiduciary rule, ECFC says
  • Religious exemption to contraceptive mandate not extended to nonreligious employers
  • Executive order does not release employers from shared responsibility payments

Pension Plan Guide News

 

  • PBGC seeks input for regulatory planning, review of existing regulations
  • IRS issues 2017 cumulative list of changes in plan qualification requirements
  • PBGC issues second installment of updated pension insurance data tables

 

Employee Benefits Management News

 

Employers are revamping benefits strategies to outmaneuver competitors and become destination employers

As the U.S. unemployment rate drops, the battle to recruit and retain top talent has only intensified. Becoming a destination employer is not only crucial for the competitiveness of individual organizations, it also impacts the economy. For more information, see ¶2108J.

        (Read Intelliconnect) »

Exclude health savings accounts from fiduciary rule, ECFC says

Health savings accounts (HSA) are primarily used to fund health care expenses and should not be subject to the fiduciary rule like individual retirement arrangements (IRA). That’s according to a letter from the Employers Council on Flexible Compensation (ECFC) to the Department of Labor (DOL) in response to a request for information in connection with its examination of the final rule defining who is a “fiduciary” of an employee benefit plan as a result of giving investment advice for a fee or other compensation with respect to assets of a plan or IRA (fiduciary rule). For more information, see ¶2108M.

        (Read Intelliconnect) »

Religious exemption to contraceptive mandate not extended to nonreligious employers

“After careful review, but without any hesitation,” the Third Circuit U.S. Court of Appeals determined that the religious exemption to the Patient Protection and Affordable Care Act’s (ACA) contraceptive mandate does not apply to a secular anti-abortion group with no religious affiliation and affirmed the district court’s grant of summary judgment to the federal government. It also found that an employee’s religious beliefs are not substantially burdened by the mandate. For more information see ¶2108P.

        (Read Intelliconnect) »

Executive order does not release employers from shared responsibility payments

The IRS has issued two information letters in response to inquiries about employer shared responsibility payments (ESRP) under the Patient Protection and Affordable Care Act (ACA). For more information, see ¶2108Q.

        (Read Intelliconnect) »

Pension Plan Guide News

 

PBGC seeks input for regulatory planning, review of existing regulations

The PBGC is seeking information on what regulatory and deregulatory actions it should consider while developing its regulatory planning and review. According to the PBGC, this action supports the Agency’s ongoing regulatory planning and active retrospective review of regulations and responds to President Trump’s executive order on “Enforcing the Regulatory Reform Agenda.” The PBGC is requesting input from the public—including from plan sponsors, participants, practitioners, organizations representing retirees and plan participants, and other parties participating in or affected by the PBGC’s programs—by August 25, 2017. For more information, see ¶152c.

        (Read Intelliconnect) »

IRS issues 2017 cumulative list of changes in plan qualification requirements

The IRS has issued its 2017 Cumulative List of Changes in Plan Qualification Requirements for Pre-Approved Defined Contribution (DC) Plans. The 2017 Cumulative List is to be used by plan sponsors and practitioners submitting opinion letter applications for pre-approved DC plans during the third six-year remedial amendment cycle, which began February 1, 2017 and ends January 31, 2023. DC plans may be submitted for approval during the on-cycle submission period beginning October 1, 2017 and ending October 1, 2018. The 2017 Cumulative List informs plan sponsors of issues the IRS has specifically identified for review in determining whether a DC plan document that has been filed for an opinion letter has been properly updated. For more information, see ¶17161s.

        (Read Intelliconnect) »

PBGC issues second installment of updated pension insurance data tables

PBGC released a second installment of tables for the 2015 Data Book, updating information in the Premium and Covered Plan Information tables. PBGC’s annual data books include statistics for PBGC’s single-employer and multiemployer programs and for the private defined benefit pension system, including state-by-state information. For more information, see ¶151p.

        (Read Intelliconnect) »

 

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