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Employee Benefits Management News
- Challenge to enforcement delay seeks high court review
- CMS sheds light on SHOP transition to full online
- HHS finalizes changes to rules on Summaries of Benefits and Coverage
- IRS transition relief for small companies offering employer payment plans ends on June 30
Pension Plan Guide News
- IRS expands pre-approved program to include cash balance plans and ESOPs, extends deadline for submitting on-cycle applications
- EBSA study on quality of benefit plan audits performed by CPAs finds deficiencies
- PBGC issues updated pension insurance data tables
Challenge to enforcement delay seeks high court review
Kawa Orthodontics, LLP (Kawa), a large employer that prepared in 2013 for requirements under the employer mandate and allegedly lost the value of time and money when enforcement of the mandate was delayed until January 1, 2015, has filed a petition for a writ of certiorari before the Supreme Court. For more information, see ¶2087L.
CMS sheds light on SHOP transition to full online functionality
A transition to full online functionality will be available to state-based Small Business Health Options Programs (SHOPs), allowing direct enrollment for 2015 and 2016 if certain criteria are met, according to Frequently Asked Questions (FAQs) released by the Centers for Medicare and Medicaid Services (CMS). For details, see ¶2087M.
HHS finalizes changes to rules on Summaries of Benefits and Coverage
Changes to regulations implementing disclosure requirements under Public Health Service Act (PHS Act) Section 2715 have been finalized by the HHS, the IRS, and the Department of Labor (DOL). For more information, see ¶2087Q.
IRS transition relief for small companies offering employer payment plans ends on June 30
For more information, see ¶2087R.
IRS expands pre-approved program to include cash balance plans and ESOPs, extends deadline for submitting on-cycle applications
The IRS has updated its procedures for issuing opinion and advisory letters regarding the acceptability under Code Secs. 401, 403(a), and 4975(e)(7) of the form of pre-approved plans (that is, master and prototype (M&P) and volume submitter (VS) plans). For more information, see ¶17,299U-87.
EBSA study on quality of benefit plan audits performed by CPAs finds deficiencies
The Employee Benefits Security Administration has published its study on the quality of benefit plan audits performed by certified public accountants. The report, “Assessing the Quality of Employee Benefit Plan Audits,” reveals serious issues with the current system. More than 7,300 licensed CPAs nationwide audit more than 81,000 employee benefit plans. EBSA’s review found that 61 percent of audits fully complied with professional auditing standards or had only minor deficiencies under professional standards. The remaining 39 percent of the audits contained major deficiencies, however, which put $653 billion and 22.5 million plan participants and beneficiaries at risk. These figures reflect increases in the amount of plan assets and number of plan participants at risk compared with prior EBSA studies. For more information, see ¶136D.
PBGC issues updated pension insurance data tables
The Pension Benefit Guaranty Corporation has released its annual update on pension data. The data tables cover information recently reported by pension plans and the PBGC and compares them to values for prior years. Generally the updates cover pension plans data for the year beginning in 2013 with some later data as well. For more information, see ¶136H.
For more information, visit http://www.wolterskluwerlb.com/rbcs.