Pension & Benefits NetNews – July 16, 2013

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Featured This Week

Employee Benefits Management News

  • White House defends delaying health care mandate
  • Agency issues guidance on changes to federal worker benefits as a result of DOMA ruling
  • Final IRS, EBSA, HHS regs contain exemption for contraceptive coverage for religious employers
  • IRS provides transition relief for 2014 information reporting requirements and employer shared responsibility provisions

Pension Plan Guide News

  • House passes bill to rename spousal IRAs after former Sen. Hutchinson
  • Revenue sharing payments in which plan has beneficial interest could constitute plan assets, EBSA opines
  • EBSA provides FAQs for participants and beneficiaries following Oklahoma tornado

Employee Benefits Management News

White House defends delaying health care mandate

The Obama Administration justified postponing until 2015 the Patient Protection and Affordable Care Act’s (ACA) mandatory employer and insurer reporting requirements, claiming it was done in response to business leaders who said they need more time in order to fully comply with the new reporting requirements. Republican leaders, however, called the delay an admission that the law is a failure. For details, see ¶2068R.

(Read Intelliconnect) »

Agency issues guidance on changes to federal worker benefits as a result of DOMA ruling

In a June 28 memorandum to federal executive departments and agency heads, Office of Personnel Management Acting Director Elaine Kaplan provided guidance on the changes that will take place for federal employees in the wake of the Supreme Court’s decision finding Sec. 3 of the Defense of Marriage Act (DOMA) unconstitutional. For details, see ¶2068S.

(Read Intelliconnect) »

Final IRS, EBSA, HHS regs contain exemption for contraceptive coverage for religious employers

The IRS, the Employee Benefits Security Administration (EBSA), and the HHS (the Departments) have jointly issued regulations that simplify and clarify the exemption for group health plans established or maintained by certain religious employers (and group health insurance provided in connection with such plans) from the requirement under the Public Health Service Act (PHS Act) that various preventive services for women, including contraceptive services, be covered without cost-sharing. For more information, see ¶2068U.

(Read Intelliconnect) »

IRS provides transition relief for 2014 information reporting requirements and employer shared responsibility provisions

The IRS has provided transition relief for 2014 from: (1) the information reporting requirements applicable to insurers, self-insuring employers, and certain other providers of minimum essential coverage under Code Sec. 6055; (2) the information reporting requirements applicable to large employers under Code Sec. 6056; and (3) the employer shared responsibility provisions under Code Sec. 4980H. For more information, see ¶2068V.

(Read Intelliconnect) »

Pension Plan Guide News

House passes bill to rename spousal IRAs after former Sen. Hutchinson

House lawmakers voted unanimously to name a provision in the tax code that allows nonworking spouses to make equal contributions to their IRAs after former Sen. Kay Bailey Hutchinson (R-TX). For more information, see ¶121V.

(Read Intelliconnect) »

Revenue sharing payments in which plan has beneficial interest could constitute plan assets, EBSA opines

Revenue sharing payments received by a life insurance company in connection with an investment option offered to a plan may constitute plan assets if the plan has a contractual right to receive the funds, according to an EBSA advisory opinion. For more information, see ¶19,993D.

(Read Intelliconnect) »

EBSA provides FAQs for participants and beneficiaries following Oklahoma tornado

The Employee Benefits Security Administration (EBSA) has released frequently asked questions to help participants and beneficiaries who may have been adversely affected by the Oklahoma tornado. For more information, see ¶121Z.

(Read Intelliconnect) »