Pension & Benefits NetNews – July 16, 2019

 

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Featured This Week

 

Employee Benefits Management News

 

  • SHRM’s annual benefits survey reveals uptick in student loan repayment, paternity leave, standing desks and telemedicine
  • California enacts health care mandate with shared responsibility penalty
  • PHI may be shared for case coordination and used to inform individuals about other health plan options
  • Pennsylvania governor signs health insurance reform legislation creating state-based exchange

Pension Plan Guide News

 

  • IRS releases 3rd quarter update to Priority Guidance Plan, 2018-2019 Priority Guidance Plan
  • IRS announces tax relief for Ohio victims of severe storms, straight-line winds, tornadoes, flooding, and landslides
  • Western Pennsylvania Teamsters & Employers Pension Fund receives final authorization to reduce multiemployer plan benefits

 

Employee Benefits Management News

 

SHRM’s annual benefits survey reveals uptick in student loan repayment, paternity leave, standing desks and telemedicine

While the United States’ stable job market and regulatory environment have kept employee benefits offerings steady, some benefits such as student loan repayment, paternity leave, telecommuting, standing desks and telemedicine are gaining notable upward traction, according to SHRM’s latest Employee Benefits Survey. For more information, see ¶2125X.

        (Read Cheetah) »

California enacts health care mandate with shared responsibility penalty

Beginning in 2020, California will impose an individual health care mandate. Residents must obtain health care coverage, unless they qualify for an exemption. Those who fail to obtain coverage may owe a penalty on their California income tax returns. For more information, see ¶2125Y.

        (Read Cheetah) »

PHI may be shared for case coordination and used to inform individuals about other health plan options

Under certain circumstances, a health plan can share protected health information (PHI) about individuals in common with a second health plan for case coordination purposes, pursuant to the Health Insurance Portability and Accountability Act (HIPAA) Privacy Rule. HHS explained the HIPAA rules in a press release and related frequently asked questions (FAQ) document clarifying how and when the Privacy Rule permits PHI to be shared. For more information, see ¶2125Z.

        (Read Cheetah) »

Pennsylvania governor signs health insurance reform legislation creating state-based exchange

Pennsylvania Governor Tom Wolf today signed into law House Bill 3, a historic reform to health insurance that creates an online exchange operated by the state in lieu of the federal government. For more information see ¶2126A.

        (Read Cheetah) »

Pension Plan Guide News

 

IRS releases 3rd quarter update to Priority Guidance Plan, 2018-2019 Priority Guidance Plan

The IRS and the Treasury Department have released the third quarter update to the 2018-2019 Priority Guidance Plan, which includes numerous employee benefit items. The 2018-2019 Priority Guidance Plan contains guidance projects that the IRS hoped to complete during the twelve-month period from July 1, 2018 through June 30, 2019. For more information, see ¶165r.

        (Read Cheetah) »

IRS announces tax relief for Ohio victims of severe storms, straight-line winds, tornadoes, flooding, and landslides

The IRS has announced tax relief for taxpayers who reside or have a business in the federal disaster areas of Auglaize, Darke, Greene, Hocking, Mercer, Miami, Montgomery, Muskingum, Perry, and Pickaway Counties in Ohio, which were affected by severe storms, straight-line winds, tornadoes, flooding, and landslides that took place on May 27, 2019. The relief extends until September 30, 2019 deadlines for filing various returns, including the filing of Form 5500s, and paying taxes otherwise due during the period of May 27, 2019 and before September 30, 2019. For payroll and excise tax deposits due on or after May 27, 2019, the IRS will waive the failure to deposit penalties if such deposits were made by June 11, 2019. For more information, see ¶165u.

        (Read Cheetah) »

Western Pennsylvania Teamsters & Employers Pension Fund receives final authorization to reduce multiemployer plan benefits

The Department of the Treasury has released a letter, dated June 20, 2019, to the Board of Trustees of the Western Pennsylvania Teamsters & Employers Pension Fund that provides final authorization to reduce benefits under the plan pursuant to the Multiemployer Pension Reform Act of 2014 (MPRA). On May 7, 2019, the Treasury Department notified the Western Pennsylvania Teamsters & Employers Pension Fund that its application for benefit reductions satisfied the requirements Code Sec. 432(e)(9)(C), (D), (E), and (F). A vote of eligible participants and beneficiaries to approve or reject the proposed benefit reduction was held from May 23, 2019 through June 13, 2019. Of the eligible voters identified by the Fund who received a ballot, 7,133 voted to reject the benefit reduction, 2,265 voted to approve the benefit reduction, and 11,801 did not return a ballot. The Treasury Department stated that, because a majority of eligible voters did not vote to reject the benefit reduction, the benefit reduction may go into effect. Thus, the Treasury Department, in consultation with the Department of Labor and the Pension Benefit Guaranty Corporation, has issued a final authorization to reduce benefits as described in the application, which is effective August 1, 2019. However, this authorization is subject to certain conditions. For more information, see ¶165x.

        (Read Cheetah) »

 

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