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Employee Benefits Management News
- Final rules provided on minimum value of eligible employer-sponsored plans and health insurance premium tax credit
- Changes to ACA requirements, cybersecurity, and more in Appropriations Act
- Health coverage information reporting deadlines for employers and other providers extended
- IRS explains how to claim health care tax credit and interaction with premium tax credit
Pension Plan Guide News
- President signs tax extenders, spending bill that makes two employee benefits provisions permanent
- IRS provides guidance on application of Supreme Court Obergefell decision to qualified retirement plans, and health and welfare plans
- PBGC launches new plan funding e-filing portal
Final rules provided on minimum value of eligible employer-sponsored plans and health insurance premium tax credit
Final regulations on the health insurance premium tax credit under the Patient Protection and Affordable Care Act (ACA) were issued by the IRS. The regulations amend the income tax regulations to clarify or make changes to the relationship between premium tax credits and (1) the definition of modified adjusted gross income (MAGI); (2) tobacco-related wellness program incentives; (3) employer contributions to health reimbursement arrangements (HRAs); (4) employer contributions to cafeteria plans; (5) post-employment coverage; (6) newborns and others enrolled in plans midmonth; and (7) partial months of coverage. For more information, see ¶2092R.
Changes to ACA requirements, cybersecurity, and more in Appropriations Act
In addition to funding the federal government for fiscal year (FY) 2016, the Consolidated Appropriations Act, 2016 delays three major Patient Protection and Affordable Care Act (ACA) taxes, and includes the controversial Cybersecurity Information Sharing Act (CISA), which contains provisions to enhance cybersecurity in the health care industry. For more information, see ¶2092S.
Health coverage information reporting deadlines for employers and other providers extended
The IRS has provided transitional relief from the information reporting requirements applicable to insurers, self-insuring employers and certain other providers of minimum essential coverage under Code Sec. 6055 and to applicable large employers under Code Sec. 6056, and has provided guidance to individual taxpayers who may be affected by the extended deadlines provided to coverage providers and applicable large employers. For more information, see ¶2092V.
IRS explains how to claim health care tax credit and interaction with premium tax credit
The IRS has issued guidance on the health coverage tax credit (HCTC), including the amount, relevant procedures, and who may claim it. For more information, see ¶2092W.
President signs tax extenders, spending bill that makes two employee benefits provisions permanent
President Obama on December 18, 2015 signed a combined tax-extender package, the Protecting Americans from Tax Hikes (PATH) Act of 2015, totaling over $600 billion, and a $1.1-trillion omnibus spending bill. Both bills were merged in the Senate and the bill is referred to as the Consolidated Appropriations Act (H.R. 2029). The extenders package revives over 50 tax provisions: some permanently, others for five years, and over 25 other provisions through 2016. The bill also includes over 60 other provisions on a variety of topics, including employee benefit plans. Overall, the PATH Bill makes permanent over 20 tax-extender benefits, split 50-50 between business and individuals. Among the employee-benefit related extenders that the package makes permanent are: parity for exclusion of employer-provided mass transit and parking benefits; and tax-free distributions of up to $100,000 from IRAs for charitable purposes for individuals who at least age 70 1/2. For more information, see ¶140K.
IRS provides guidance on application of Supreme Court Obergefell decision to qualified retirement plans, and health and welfare plans
This IRS has provided guidance on the application of the U.S. Supreme Court’s 2015 decision in
Obergefell v. Hodges, to retirement plans qualified under Code Sec. 401(a) and to health and welfare plans, including cafeteria plans under Code Sec. 125. This guidance relates solely to the application of federal tax law with respect to same-sex spouses. For more information, see ¶17,157U.
PBGC launches new plan funding e-filing portal
The PBGC has upgraded its e-4010 application and re-named it the PBGC e-filing portal. In addition to preparing and submitting 4010 filings via the e-filing portal, practitioners will have the option of filing information required under PBGC’s new ERISA 4043 regulation via the portal. The new e-filing portal also has a multiemployer plan module from which various applications and notices and may (or in some cases, must) be submitted to PBGC (e.g., applications for financial assistance, annual funding notices, critical and endangered notices). The new e-filing portal has no impact on My PAA. For more information, see ¶139Y.
For more information, visit http://www.wolterskluwerlb.com/rbcs.