Pension & Benefits NetNews – June 11, 2013

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Featured This Week

Employee Benefits Management News

  • Proposed bill would block expansion of ERISA fiduciary definition
  • HHS finalizes SHOP special enrollment periods under ACA
  • Health care law applies multiple definitions of insurance company, Federal Bar Association speakers say
  • Expert points to impending changes from ACA that employers should consider

Pension Plan Guide News

  • Phone forum set for 403(b) pre-approved plan program
  • PBGC issues disaster relief for victims of severe storms and tornadoes in Oklahoma
  • EBSA issues comment letter on FASB proposed accounting standards update relating to disclosures for nonpublic plans

Employee Benefits Management News

Proposed bill would block expansion of ERISA fiduciary definition

Bipartisan legislation has been introduced in the House and Senate to block a new regulation proposed by the DOL that would expand the definition of “fiduciary” under ERISA to include appraisers of all private employee stock ownership plans (ESOPs).For details, see ¶2067U.

(Read Intelliconnect) »

HHS finalizes SHOP special enrollment periods under ACA

The Department of Health and Human Services (HHS) has issued a final rule that addresses triggering events and special enrollment periods for qualified employees and their dependents and implements a transitional policy regarding employees’ choice of qualified health plans (QHPs) in the Small Business Health Options Program (SHOP) under the Patient Protection and Affordable Care Act (ACA). For details, see ¶2067V.

(Read Intelliconnect) »

Health care law applies multiple definitions of insurance company, Federal Bar Association speakers say

The Patient Protection and Affordable Care Act (ACA) uses a variety of definitions for the terms “insurance company” and “health insurance company,” practitioners and government officials stated at a May 31 conference. For more information, see ¶2067W.

(Read Intelliconnect) »

Expert points to impending changes from ACA that employers should consider

According to Jason Speer, a consulting actuary at Milliman USA, speaking June 4th at the “GCG Regulatory and Compliance Update Seminar” in Rosemont, IL, the GCG Benefits Benchmarking Survey for 2013 (the GCG 2013 survey), with 395 companies participating, showed that 33% of respondents expected the Patient Protection and Affordable Care Act (ACA) not to increase health care costs at all, 29% expected the ACA to increase health care costs by one to two percent, 16% expected it to increase costs by three to four percent, nine percent expected a five to six percent increase, two percent expected a seven to eight percent increase, four percent expected a nine to 10% increase, and only seven percent expected an increase of more than 10%. For more information, see ¶2067X.

(Read Intelliconnect) »

Pension Plan Guide News

Phone forum set for 403(b) pre-approved plan program

The IRS has announced an upcoming free phone forum on the 403(b) pre-approved plan program for June 25, 2013. For more information, see ¶121I.

(Read Intelliconnect) »

PBGC issues disaster relief for victims of severe storms and tornadoes in Oklahoma

The PBGC has issued disaster relief from certain plan-related deadlines and penalties for victims of severe storms and tornadoes that took place beginning on May 18, 2013 in Oklahoma. For more information, see ¶19996C33.

(Read Intelliconnect) »

EBSA issues comment letter on FASB proposed accounting standards update relating to disclosures for nonpublic plans

EBSA has issued a comment letter on the deferral of the effective date of certain disclosures for nonpublic employee benefit plans in Proposed FASB Accounting Standards Update 2011-04. For more information, see ¶121K.

(Read Intelliconnect) »