Pension & Benefits NetNews – June 26, 2018

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Featured This Week

Employee Benefits Management News

  • DOJ will not defend constitutionality of ACA’s individual mandate
  • Subcommittee hearing spotlights CDHPs
  • Democrats, industry group push back on Trump Administration’s ‘abandonment of ACA’
  • Association health plan final rule does not require EHBs or “minimum value” coverage

Pension Plan Guide News

  • PBGC reports multiemployer program continues to face insolvency by 2025
  • IRS releases 3rd quarter update to Priority Guidance Plan
  • IRS proposed regs modify electronic filing requirement for information returns

Employee Benefits Management News

DOJ will not defend constitutionality of ACA’s individual mandate

In a letter to Congressional leaders, Attorney General Jeff Sessions has indicated that the Department of Justice will not defend the constitutionality of the Affordable Care Act’s individual mandate in a lawsuit brought by a coalition of 20 states and two individuals who seek a declaratory judgment that the ACA is unconstitutional. For details, see ¶2116L.

        (Read Intelliconnect) »

Subcommittee hearing spotlights CDHPs

At a recent House Ways and Means Subcommittee on Health hearing, individuals from the Employers Council on Flexible Compensation (ECFC), Mercer, and the American Benefits Council spoke about the importance of consumer-driven health plans (CDHPs) and health savings accounts (HSAs). For more information, see ¶2116O.

        (Read Intelliconnect) »

Democrats, industry group push back on Trump Administration’s ‘abandonment of ACA’

Senate Democratic Leaders are pushing back against the Trump Administration’s announcement that it will no longer defend the Patient Protection and Affordable Care Act (ACA), saying among other things that although President Trump has promised people with preexisting conditions would retain the protections provided to them by our current health care system, he is yet again choosing to score political points above protecting the health—and the wallets—of the American people. For more information, see ¶2116P.

        (Read Intelliconnect) »

Association health plan final rule does not require EHBs or “minimum value” coverage

The Department of Labor has released its much anticipated final rule, Definition of “Employer” under Section 3(5) of ERISA—Association Health Plans, which follows considerable controversy over whether the rule would expand desirable health care coverage to small businesses and their employees, or actually put comprehensive and affordable health care coverage for this sector at risk. For more information see ¶2116U.

        (Read Intelliconnect) »

Pension Plan Guide News

PBGC reports multiemployer program continues to face insolvency by 2025

The Pension Benefit Guaranty Corporation (PBGC) has issued its Fiscal Year (FY) 2017 Projections Report on the financial prospects of its pension insurance programs. Consistent with findings in last year’s Report, the multiemployer program is likely to become insolvent by the end of fiscal year (FY) 2025 without changes in the law or additional resources. The Agency’s single-employer pension program continues to improve and is likely to eliminate its deficit sooner than previously anticipated. The Projections Report, which is the PBGC’s actuarial evaluation of its future operations and financial status, is issued annually, as required by ERISA. According to the PBGC, the new projections show a narrower range of years for the likely date of insolvency of the multiemployer program. The likelihood that the multiemployer program will run out of money before the end of FY 2025 has grown to over 90%, and there remains a significant chance the program will run out of money during FY 2024. The likelihood the program will remain solvent after FY 2026 is now less than 1%. For more information, see ¶158n.

        (Read Intelliconnect) »

IRS releases 3rd quarter update to Priority Guidance Plan

The IRS and the Treasury Department have released the third quarter update to the 2017-2018 Priority Guidance Plan, which includes numerous employee benefit items. The update includes 13 additional projects, as well as guidance published (or released) during the period from October 13, 2017 through March 31, 2018. For more information, see ¶157y.

        (Read Intelliconnect) »

IRS proposed regs modify electronic filing requirement for information returns

The IRS has proposed regulations that would change the rules for determining whether information returns, such as the Form 1099 series and Form 5498, must be filed electronically. Under the proposed regulations, all information returns, regardless of type, must be taken into account to determine whether a person meets the 250-return threshold for the electronic filing requirement. Further, a person required to file information returns electronically would be required to file corrected information returns electronically. The new rules will generally be effective when the proposed regulations are finalized and published in the Federal Register. However, they will not apply to information returns required to be filed before January 1, 2019. For more information, see ¶20264u.

        (Read Intelliconnect) »

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