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Employee Benefits Management News
- SHRM annual survey finds employers shifting resources toward wellness
- President-signed trade bill increases ACA information return penalties after 2015
- “Closely held” corporations provided with contraceptive coverage accommodation in final regulations
- Practitioners urge employers to attend to ACA requirements after Supreme Court ruling
Pension Plan Guide News
- IRS intends to amend RMD regs to disallow DB plans from replacing current annuity payments with lump-sum payments
- PBGC issues RFPs under pilot program for smaller asset managers
- PBGC appoints Robert Westbrooks Inspector General
SHRM annual survey finds employers shifting resources toward wellness
With health care costs rising, employers are turning toward wellness programs to counter some of the financial strain, according to the 2015 SHRM Employee Benefits Survey. For more information, see ¶2088F.
President-signed trade bill increases ACA information return penalties after 2015
The President on June 29 signed legislation, the Trade Preferences Extension Act (P.L. 114-27), which contains several revenue offsets, including future increases in the Patient Protection and Affordable Care Act (ACA) (P.L. 111-148) information return and payee statement (Forms 1094 and 1095) penalties. For details, see ¶2088J.
“Closely held” corporations provided with contraceptive coverage accommodation in final regulations
The Internal Revenue Service, the Employee Benefits Security Administration, and the Department of Health and Human Services (the Departments) have jointly issued final regulations regarding coverage of certain preventive care services under the Patient Protection and Affordable Care Act (ACA) (P.L. 111-148).For more information, see ¶2088K.
Practitioners urge employers to attend to ACA requirements after Supreme Court ruling
After the Supreme Court upheld the health insurance Premium Tax Credit (and, in effect, the employer mandate), practitioners at Ernst & Young LLP (E&Y) are urging employers to attend to information reporting rules and other requirements imposed by the Patient Protection and Affordable Care Act (ACA). For more information, see ¶2088M.
IRS intends to amend RMD regs to disallow DB plans from replacing current annuity payments with lump-sum payments
The IRS intends to amend the required minimum distribution regulations under Code Sec. 401(a)(9) to address the use of lump sum payments to replace annuity payments being paid by a qualified defined benefit pension plan. The regulations, as amended, will provide that qualified defined benefit plans generally are not permitted to replace any joint and survivor, single life, or other annuity currently being paid with a lump sum payment or other accelerated form of distribution. The IRSs intend that these amendments to the regulations will apply as of July 9, 2015, except with respect to certain accelerations of annuity payments described in section IV of this notice. For more information, see ¶17,156u.
PBGC issues RFPs under pilot program for smaller asset managers
The PBGC has published a request for proposals under a pilot program for smaller asset managers. Proposals are due by August 18, 2015. The agency will hire up to five managers to invest in a U.S. fixed income portfolio with allocations ranging from $50 million to $250 million. The Smaller Asset Managers Pilot Program creates new opportunities for such firms by reducing the required amounts of the assets they manage and their mandates. For more information, see ¶136M
PBGC appoints Robert Westbrooks Inspector General
The PBGC has announced the appointment of Robert Westbrooks as the agency’s Inspector General. He comes to PBGC from the U.S. Small Business Administration where he served as deputy inspector general since 2013. For more information, see ¶136T.
For more information, visit http://www.wolterskluwerlb.com/rbcs.