Pension & Benefits NetNews – June 12, 2018

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Featured This Week

Employee Benefits Management News

  • IRS provides guidance on various Letters 227
  • Standard mileage rates updated to reflect elimination of miscellaneous itemized deductions
  • Employer groups call for suspension of ACA tax penalties, repeal of employer mandate
  • Engagement, satisfaction remain mostly steady during health plan enrollment

Pension Plan Guide News

  • Fifth Circuit rejects reconsideration and review of rebuff of fiduciary rule, States of California, New York, and Oregon motion for reconsideration denied
  • IRS grants tax relief to victims of severe storms and flooding in Indiana
  • PBGC issues disaster relief for Indiana

Employee Benefits Management News

IRS provides guidance on various Letters 227

The IRS has provided guidance on the various Letters 227, which are acknowledgement letters sent to employers regarding the employer shared responsibility payment (ESRP). There are five different 227 letters. For more information, see ¶2116C.

        (Read Intelliconnect) »

Standard mileage rates updated to reflect elimination of miscellaneous itemized deductions

In Notice 2018-42, the IRS has updated Notice 2018-3, to reflect changes to the tax law made by the Tax Cuts and Jobs Act. For more information, see ¶2116E.

        (Read Intelliconnect) »

Employer groups call for suspension of ACA tax penalties, repeal of employer mandate

The assessment of tax penalties under the Affordable Care Act’s employer mandate should be suspended until the mandate is repealed given the ongoing cost, complexity and confusion surrounding compliance with the recordkeeping and reporting requirements. That’s according to the ERISA Industry Committee (ERIC) and a number of employer trade associations that submitted a letter to the U.S. Department of the Treasury, the Department of Health and Human Services, and the Internal Revenue Service. For more information, see ¶2116G.

        (Read Intelliconnect) »

Engagement, satisfaction remain mostly steady during health plan enrollment

Engagement and satisfaction, for the most part, do not change with the length of time an individual has been enrolled in their health plan, according to research from the Employee Benefit Research Institute (EBRI) and Greenwald and Associates. For more information see ¶2116J.

        (Read Intelliconnect) »

Pension Plan Guide News

Fifth Circuit rejects reconsideration and review of rebuff of fiduciary rule, States of California, New York, and Oregon motion for reconsideration denied

The states of California, New York, and Oregon have been rebuffed for the second time in their continuing effort to secure a full Fifth Circuit review of a panel decision in March overturning the fiduciary conflict of interest rules. The states had requested reconsideration by the panel of the rejection of a prior motion to intervene in the case. In the event the motion was denied, the states further requested full court review of the order denying intervention. In a not totally unexpected decision, the panel has summarily rejected both motions. For more information, see ¶158e.

        (Read Intelliconnect) »

IRS grants tax relief to victims of severe storms and flooding in Indiana

The IRS has announced tax relief for taxpayers who reside or have a business in the federal disaster areas of Carroll, Clark, Elkhart, Floyd, Harrison, Jefferson, Lake, Marshall, and St. Joseph counties in Indiana, which were affected by severe storms and flooding beginning on February 14, 2018. The relief extends until June 29, 2018 deadlines for filing various returns, including the filing of Form 5500s, and paying taxes otherwise due during the period of February 14, 2018 and on or before June 29, 2018. This includes the April 18 deadline for filing 2017 individual income tax returns and the April 18 and June 15 deadlines for making quarterly estimated tax payments. For more information, see ¶157w.

        (Read Intelliconnect) »

PBGC issues disaster relief for Indiana

The Pension Benefit Guaranty Corporation (PBGC) has announced relief from certain deadlines and penalties in connection with the Form 5500 series for “designated persons” adversely affected by severe storms and flooding that began on February 14, 2018 in Indiana. The relief generally extends from February 14, 2018 through June 29, 2018. For more information, see ¶157x.

        (Read Intelliconnect) »

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