Pension & Benefits NetNews – February 20, 2018

 

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Featured This Week

 

Employee Benefits Management News

 

  • Creditable coverage disclosure due to CMS by March 1
  • AHIP hears what American workers want from their health plans
  • Provider to pay $3.5M for leaving the door unlocked on ePHI
  • Survey finds organizations mixed about sharing tax benefits with employees

Pension Plan Guide News

 

  • Federal budget agreement includes a number of retirement-related provisions
  • Retirement plan dollar limitations not changed by Tax Cut and Jobs Act of 2017, IRS says
  • PBGC issues disaster relief for California

 

Employee Benefits Management News

 

Creditable coverage disclosure due to CMS by March 1

Group health plan sponsors that provide prescription drug coverage to individuals eligible for Medicare Part D must disclose to the Centers for Medicare and Medicaid Services (CMS) whether the coverage is creditable or non-creditable. The disclosure obligation applies to all plan sponsors that provide prescription drug coverage, even those that do not offer prescription drug coverage to retirees. Calendar year plans must submit this disclosure to the CMS by March 1, 2018. For more information, see ¶2113E.

        (Read Intelliconnect) »

AHIP hears what American workers want from their health plans

American workers want to see businesses and health plans working together to improve health and lower costs, according to results of a survey from America’s Health Insurance Plans (AHIP) of employed U.S. adults with employer-provided health coverage. The top value-added services that survey takers wanted from their employers are wellness discounts and health or flexible savings accounts. For more information, see ¶2113G.

        (Read Intelliconnect) »

Provider to pay $3.5M for leaving the door unlocked on ePHI

Fresenius Medical Care North America (FMCNA) agreed to adopt a corrective action plan (CAP) and pay $3.5 million to settle allegations with the HHS Office of Civil Rights (OCR) of potential violations of HIPAA’s Privacy and Security Rules. For more information, see ¶2113I.

        (Read Intelliconnect) »

Survey finds organizations mixed about sharing tax benefits with employees

Organizations are almost evenly split about whether or not they have or may increase pay and benefits for employees in reaction to the new tax reform law, according to a new survey from executive compensation consultancy Pearl Meyer. More companies are still considering changes compared to those that have already taken action. For more information see ¶2113K.

        (Read Intelliconnect) »

Pension Plan Guide News

 

Federal budget agreement includes a number of retirement-related provisions

President Trump on February 9, 2018 signed the Bipartisan Budget Act (P.L. 115-123) into law after a brief government shutdown occurred overnight. Among the retirement provisions in the new law are items relating to hardship withdrawals, disaster relief, and improper levies on retirement plans. Another provision creates a bipartisan Joint Select Committee to attempt to deal with multiemployer plan solvency issues. Many of the retirement provisions included in the budget deal had previously been included in the Tax Cuts and Jobs Act (P.L. 115-97) enacted late in 2017, but were dropped before final passage of that 2017 legislation. For more information, see ¶155y.

        (Read Intelliconnect) »

Retirement plan dollar limitations not changed by Tax Cut and Jobs Act of 2017, IRS says

The IRS announced that the Tax Cut and Jobs Act of 2017 does not affect the tax year 2018 dollar limitations for retirement plans announced in IR-2017-177. As the recently enacted tax legislation made no changes to the section of the tax law limiting benefits and contributions for retirement plans, the qualified retirement plan limitations for tax year 2018 previously announced in the news release remain unchanged. For more information, see ¶155s.

        (Read Intelliconnect) »

PBGC issues disaster relief for California

The Pension Benefit Guaranty Corporation (PBGC) has announced relief from certain deadlines and penalties in connection with the Form 5500 series for “designated persons” adversely affected by wildfires, flooding, mudflows, and debris flows that began on December 4, 2017 in California. The relief generally extends from December 4, 2017 through April 30, 2018. For more information, see ¶155m.

        (Read Intelliconnect) »

 

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