Pension & Benefits NetNews – August 1, 2017

 

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Featured This Week

Employee Benefits Management News

 

  • Challenges to ACA final rule involving gender identity halted while HHS reconsiders rulemaking
  • Final regs define “controlled group” for branded prescription drug fee purposes
  • IRS finalizes premium tax credit regs
  • Latest attack on Obamacare fails in Senate

Pension Plan Guide News

  • IRS combines M&P and VS pre-approved programs into one program
  • IRS issues revised procedures for multiemployer plans in critical and declining status seeking benefit reductions
  • EBSA issues final regs removing ERISA safe harbor for state payroll deduction IRA programs

Employee Benefits Management News

Challenges to ACA final rule involving gender identity halted while HHS reconsiders rulemaking

The Department of Health and Human Services (HHS) has been granted a stay on proceedings involving a final rule it issued pursuant to the Patient Protection and Affordable Care Act (ACA) that prohibits discrimination on the basis of “gender identity” and “termination of pregnancy.” For more information, see ¶2107W.

        (Read Intelliconnect) »

Final regs define “controlled group” for branded prescription drug fee purposes

The IRS has issued final regulations that define the term “controlled group” for purposes of the branded prescription drug fee. The final regulations affect persons engaged in the business of manufacturing or importing certain branded prescription drugs and supersede and adopt the text of temporary regulations that define the term “controlled group.” For more information, see ¶2108E.

        (Read Intelliconnect) »

IRS finalizes premium tax credit regs

The IRS has finalized regulations under Code Sec. 36B and Code Sec. 162(l) related to the premium tax credit. For more information see ¶2108G.

        (Read Intelliconnect) »

Latest attack on Obamacare fails in Senate

The Senate has rejected the latest plan that would have repealed portions of the Patient Protection and Affordable Care Act (ACA). The bill was voted down (49-51) by the Senate early Friday, July 28th. The three Republican senators who vote against it were Sen. John McCain (AZ), Sen. Susan Collins (ME) and Sen. Lisa Murkowski (AK). Included in the bill were repeals of the ACA’s individual and employer mandates and provisions for defunding Planned Parenthood. For more information, see ¶2108F.

        (Read Intelliconnect) »

Pension Plan Guide News

IRS combines M&P and VS pre-approved programs into one program

The IRS has updated procedures for requesting opinion letters on the form of qualified retirement plans submitted under the pre-approved plan program. The IRS is simplifying the requirements by restructuring the current master and prototype (M&P) and volume submitter (VS) pre-approved programs into a single opinion letter program. The IRS believes this change increases the types of eligible plans and permits greater flexibility in plan design options. The IRS includes two appendices in the revenue procedure. For more information, see ¶17299v49.

        (Read Intelliconnect) »

IRS issues revised procedures for multiemployer plans in critical and declining status seeking benefit reductions

The IRS has issued revised procedures regarding applications for a suspension of benefits for participants and beneficiaries in a multiemployer defined benefit pension plan in critical and declining status under Code Sec. 432(e)(9), which was authorized by the Multiemployer Pension Reform Act of 2014 (MPRA), Division O of the Consolidated and Further Continuing Appropriations Act (P.L. 113-235). The revised procedures must be followed for applications submitted on or after September 1, 2017. For more information, see ¶17299v51.

        (Read Intelliconnect) »

EBSA issues final regs removing ERISA safe harbor for state payroll deduction IRA programs

The Employee Benefits Security Administration (EBSA) has issued final regulations removing regulations that provided an ERISA “safe harbor” that would have permitted states to design and operate payroll deduction savings programs for private-sector employees—including automatic enrollment programs—without causing the states to have established employee pension benefit plans under ERISA. The removal of the regulations follows resolutions of disapproval under the Congressional Review Act passed by Congress and signed by President Trump. For more information, see ¶151L.

        (Read Intelliconnect) »

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