Pension & Benefits NetNews – August 7, 2018

 

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Featured This Week

 

Employee Benefits Management News

 

  • CMS reissues, with additional analysis, the methodology for the ACA risk adjustment program
  • IRS offers guidance on recent 529 education savings plan changes
  • Purpose of association health plan rule is to thwart ACA’s consumer protections, lawsuit alleges
  • Survey shows salary, benefits most important for workers and job seekers looking at job ads

Pension Plan Guide News

 

  • PBGC overhauls its system for announcing disaster relief
  • IRS seeks comments on Forms 5310 and 6088
  • IRS seeks comments on small employer pension startup costs credit form

 

Employee Benefits Management News

 

CMS reissues, with additional analysis, the methodology for the ACA risk adjustment program

CMS has posted a Final rule reestablishing, with a fuller explanation, the risk adjustment program methodology previously established for transfers of amounts collected from insurers of low-risk populations to insurers of relatively high-risk populations for the 2017 benefit year. For more information, see ¶2117T.

        (Read Intelliconnect) »

IRS offers guidance on recent 529 education savings plan changes

The Internal Revenue Service and Department of the Treasury has announced their intent to issue regulations on three recent tax law changes affecting popular 529 education savings plans. For more information see ¶2117U.

        (Read Intelliconnect) »

Purpose of association health plan rule is to thwart ACA’s consumer protections, lawsuit alleges

Twelve Attorneys General have filed a lawsuit challenging the Department of Labor’s association health plan (AHP) rule, alleging it “upends a decades-old understanding of a foundational employee benefits law for the purpose of exempting a significant portion of the health insurance market from the Affordable Care Act’s consumer protections.” For more information see ¶2117V.

        (Read Intelliconnect) »

Survey shows salary, benefits most important for workers and job seekers looking at job ads

A recent survey from Glassdoor reveals that the key pieces of information that job seekers and workers in the U.S. hone in on when researching job ads are salaries (67 percent) and benefits (63 percent). Nearly six in ten (59 percent) U.S. workers/job seekers say that location is one of their top considerations, while 43 percent look for commute time and just under one in three (32 percent) look for employee reviews in job ads. For more information, see ¶2117W.

        (Read Intelliconnect) »

Pension Plan Guide News

 

PBGC overhauls its system for announcing disaster relief

The Pension Benefit Guaranty Corporation (PBGC) is changing how it announces relief from filing deadlines and penalties when a disaster occurs. Rather than issuing standalone announcements each time the IRS grants disaster relief, the PBGC is streamlining the process by issuing a one-time announcement regarding the PBGC disaster relief that comes into play each time the IRS grants relief in response to a particular disaster. The one-time PBGC announcement explains which types of filings and notices are covered, what the relief entails, how and when to notify the PBGC that a plan qualifies for the relief, and other information. For premium filings, the PBGC is changing its rules so that, in addition to not imposing late payment penalty charges, it will also not assess late payment interest charges. The disaster relief described in the PBGC announcement is applicable for disasters covered by an IRS disaster relief news release issued on or after July 2, 2018.. For more information, see ¶19981z74.

        (Read Intelliconnect) »

IRS seeks comments on Forms 5310 and 6088

The IRS is seeking public comment on the request for extension, without change, of the information collections concerning Form 5310 (Application for Determination for Terminating Plan) and Form 6088 (Distributable Benefits from Employee Pension Benefit Plans). Written comments, which should be received on or before August 27, 2018, should be directed to: Laurie Brimmer, Internal Revenue Service, Room 6526, 1111 Constitution Avenue, NW., Washington, DC 20224. For more information, see ¶159f.

        (Read Intelliconnect) »

IRS seeks comments on small employer pension startup costs credit form

The IRS is soliciting comments concerning an extension of a currently approved information collection concerning Form 8881 (Credit for Small Employer Pension Plan Startup Costs). Qualified small employers use Form 8881 to request a credit based on costs incurred by an employer in establishing or administering an eligible employer plan, or for the retirement-related education of employees with respect to the plan. There are no changes being made to the form at this time. Written comments should be received on or before August 20, 2018, and directed to Laurie Brimmer, Internal Revenue Service, Room 6526, 1111 Constitution Avenue, NW., Washington, DC 20224. For more information, see ¶158w.

        (Read Intelliconnect) »

 

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