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Employee Benefits Management News
- IRS sets out additional approaches to excise tax on high cost plans, seeks comments
- Repeal of excise tax would benefit middle- and upper-middle income employees
- No substantial burden in ACA regulations’ opt-out provision for religious nonprofits
- Transparency reporting requirements are coming for non-QHP issuers
Pension Plan Guide News
- PBGC issues proposed regs on annual financial and actuarial reporting to codify MAP-21 and HATFA changes
- IRS issues updated static mortality tables for 2016
- Employee Plans will stop answering technical questions by email
IRS sets out additional approaches to excise tax on high cost plans, seeks comments
The IRS has issued a notice intended to continue the process of developing regulatory guidance regarding the excise tax on high-cost employer-sponsored health coverage under Code Sec. 4980I, which applies to tax years beginning after December 31, 2017. For more information, see ¶2088Y.
Repeal of excise tax would benefit middle- and upper-middle income employees
If the Cadillac tax were repealed, the average tax cut would increase with income, with middle- and upper-middle income taxpayers would receive the largest share of the tax benefit, compared with the shares of after-tax income, according to a report by the Urban Institute and Brookings Institution’s Tax Policy Center. For details, see ¶2089A.
No substantial burden in ACA regulations’ opt-out provision for religious nonprofits
The regulations promulgated under the Patient Protection and Affordable Care Act (ACA) allowing religious nonprofit employers to opt out of providing contraceptive coverage do not substantially burden the employer’s religious exercise under the Religious Freedom Restoration Act (RFRA), 42 U.S.C. §2000bb et seq., ruled the Second Circuit in a challenge to the contraceptive mandate brought by two nonprofit Catholic high schools. For more information, see ¶2089F.
Transparency reporting requirements are coming for non-QHP issuers
The HHS, IRS and the Labor Department have issued a Frequently Asked Question (FAQ) letting issuers of non-qualified health plans (non-QHP issuers) and non-grandfathered group health plans know that it intends to propose transparency reporting requirements for them in the future. For more information, see ¶2089G.
PBGC issues proposed regs on annual financial and actuarial reporting to codify MAP-21 and HATFA changes
The PBGC is proposing to amend its regulation on Annual Financial and Actuarial Information Reporting to codify provisions of the Moving Ahead for Progress in the 21st Century Act and the Highway Transportation and Funding Act of 2014 and related guidance that affect reporting under ERISA section 4010. In addition, PBGC is proposing to limit the reporting waiver under the current regulation tied to aggregate plan underfunding of $15 million or less to smaller plans and to add reporting waivers for plans that must file solely on the basis of either a statutory lien resulting from missed contributions over $1 million or outstanding minimum funding waivers exceeding the same amount (provided the missed contributions or funding waivers were previously reported to PBGC). For more information, see ¶20,539.
IRS issues updated static mortality tables for 2016
The IRS has provided updated static mortality tables to be used for defined benefit pension plans under Code Sec. 430(h)(3)(A) and ERISA Sec. 303(h)(3)(A). These updated tables, which are being issued using the methodology in the existing final regulations under Code Sec. 430(h)(3)(A), apply for purposes of calculating the funding target and other items for valuation dates occurring during calendar year 2016. This notice also includes a modified unisex version of the mortality tables for use in determining minimum present value under Code Sec. 417(e)(3) ERISA Sec. 205(g)(3) for distributions with annuity starting dates that occur during stability periods beginning in the 2016 calendar year. For more information, see ¶17,156Y.
Employee Plans will stop answering technical questions by email
Effective October 1, 2015, Employee Plans (EP) will no longer answer technical questions by email, including questions forwarded from Customer Account Services. This change is due to realignment of legal work and a number of EP employees to the Office of the Associate Chief Counsel in January 2015. EP no longer has the resources to do research and provide answers for legal topics. For more information, see ¶137R.
For more information, visit http://www.wolterskluwerlb.com/rbcs.