Pension & Benefits NetNews – August 21, 2018

 

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Featured This Week

 

Employee Benefits Management News

 

  • Continuing ACA’s pre-existing condition protections important to voters, Kaiser Foundation poll finds
  • Rubio unveils bill that trades Social Security benefits for new parent leave
  • CMS proposes rule to address risk adjustment program for the 2018 benefit year
  • Class claims that Marriott’s COBRA notice was deficient certified

Pension Plan Guide News

 

  • IRS final regs allow 401(k) plan sponsors to use forfeitures to fund QMACs and QNECs
  • PBGC proposed regs amend reporting, disclosure, and valuation rules for multiemployer plans
  • Treasury Department seeks comments on funding regs and notice, qualified automatic contribution arrangement regs

 

Employee Benefits Management News

 

Continuing ACA’s pre-existing condition protections important to voters, Kaiser Foundation poll finds

With less than four months to go until the Congressional midterm general election, a candidate’s position on continuing protections for people with pre-existing health conditions is at the forefront of the many health care issues on voters’ minds, according to the latest Kaiser Family Foundation tracking poll. For details, see ¶2117X.

        (Read Intelliconnect) »

Rubio unveils bill that trades Social Security benefits for new parent leave

Senator Marco Rubio (R-Fla.) and Representative Ann Wagner (R-Mo.) have unveiled proposed legislation that would establish a national paid parental leave program within the Social Security Administration that would provide partial wage replacement for workers who temporarily need to take time off from their jobs to care for and bond with a newborn infant or newly adopted child. For more information, see ¶2117Y.

        (Read Intelliconnect) »

CMS proposes rule to address risk adjustment program for the 2018 benefit year

The Centers for Medicare and Medicaid Services (CMS) has issued a proposed rule that would adopt the risk adjustment methodology that the Department of Health and Human Services (HHS) previously established for the 2018 benefit year which uses the statewide average premium in the payment transfer formula. For more information, see ¶2118B.

        (Read Intelliconnect) »

Class claims that Marriott’s COBRA notice was deficient certified

Claims by a fired Marriott housekeeper that the COBRA notice she received, which Marriott admittedly sent to about 15,000 other terminated employees over a four-year period, was deficient were certified as a Rule 23 class by a federal district court in Florida. For more information see ¶2118F.

        (Read Intelliconnect) »

Pension Plan Guide News

 

IRS final regs allow 401(k) plan sponsors to use forfeitures to fund QMACs and QNECs

The IRS has issued final regulations amending the definitions of qualified matching contributions (QMACs) and qualified nonelective contributions (QNECs) to allow employers with 401(k) plans that permit the use of amounts in plan forfeiture accounts to offset future employer contributions under the plan to use the amounts to fund QMACs and QNECs. The IRS has decided that employer contributions may qualify as QMACs or QNECs if they satisfy the applicable nonforfeitability and distribution requirements at the time they are allocated to participants’ accounts, but need not meet these requirements when they are contributed to the plan. For more information, see ¶159L.

        (Read Intelliconnect) »

PBGC proposed regs amend reporting, disclosure, and valuation rules for multiemployer plans

The Pension Benefit Guaranty Corporation (PBGC) has issued proposed regulations that would make certain reporting and disclosure of plan information by terminated and/or insolvent multiemployer plans to the PBGC and participants and beneficiaries more efficient and less costly. The proposed regulations would reduce reporting and disclosure requirements for multiemployer plans that are terminated by mass withdrawal or in critical status and that are, or are expected to be, insolvent. The proposed rules would remove outdated information included in notices of insolvency and notices of insolvency benefit level, and would eliminate the requirement to provide most annual updates to the notice of insolvency benefit level. Under the proposed regulations, smaller plans terminated by mass withdrawal would be able to perform actuarial valuations of plan assets and liabilities less frequently than the current annual requirement. However, the proposed rules also would add new requirements for plan sponsors of certain terminated plans and insolvent plans to file their actuarial valuations and withdrawal liability information with the PBGC. In addition, the proposed regulations would reflect the repeal of the multiemployer plan reorganization rules. Clarifications and other editorial changes would be made to the regulations. For more information, see ¶20539n.

        (Read Intelliconnect) »

Treasury Department seeks comments on funding regs and notice, qualified automatic contribution arrangement regs

The Treasury Department is seeking public comment on its submission to the Office of Management and Budget for review and clearance of an extension without change of an IRS currently approved collection of information concerning T.D. 9467, regulations providing guidance on the determination of the value of plan assets and benefit liabilities for purposes of the pension funding rules, and IRS Notice 2014-53, guidance on pension funding stabilization under the Highway and Transportation Funding Act of 2014 (HATFA; P.L. 113-159). Comments should be received on or before August 23, 2018. For more information, see ¶159n.

        (Read Intelliconnect) »

 

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