Pension & Benefits NetNews – June 4, 2019

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Featured This Week

Employee Benefits Management News

  • DOJ asks Fifth Circuit to uphold district court’s ruling striking the entire ACA
  • Bipartisan support exists for fixing health care problems, but legislators struggle to find workable solutions, experts say
  • IRS provides 2019 maximum vehicle values for cents-per-mile and fleet-average valuation rules
  • IRS issues 2020 HSA inflation adjustments

Pension Plan Guide News

  • IRS expands determination letter program for individually designed hybrid and merged plans
  • PBGC final regs amend reporting, disclosure, and valuation rules for multiemployer plans
  • Enrolled retirement plan agent renewal fee more than doubles

Employee Benefits Management News

DOJ asks Fifth Circuit to uphold district court’s ruling striking the entire ACA

The Department of Justice has filed a brief asking the Fifth Circuit Court of Appeals to uphold the district court’s ruling in Texas v. U.S., arguing the lower court correctly ruled that, in the absence of any revenue-raising provision, the Patient Protection and Affordable Care Act’s (ACA) individual mandate can no longer properly be upheld as a tax and is, therefore, unconstitutional. For more information, see ¶2124W.

        (Read Cheetah) »

Bipartisan support exists for fixing health care problems, but legislators struggle to find workable solutions, experts say

There are several health care-related problems that both Congressional Republican and Democrat leaders agree need to be fixed, such as surprise medical bills, the Cadillac tax, and the high cost of prescription drugs. However, according to experts from Aon Health Solutions at the May webinar, 2019 Health Reform Update—What’s Next, the problem is finding workable solutions that everyone can support. For more information, see ¶2124Z.

        (Read Cheetah) »

IRS provides 2019 maximum vehicle values for cents-per-mile and fleet-average valuation rules

The IRS has released the maximum allowable value of certain employer-provided automobile that are first made available to employees for personal use during calendar year 2019. For more information, see ¶2125A.

        (Read Cheetah) »

IRS issues 2020 HSA inflation adjustments

The IRS has released the 2020 inflation-adjusted amounts for health savings accounts (HSAs) under Code Sec. 223. For more information, see ¶2125C.

        (Read Cheetah) »

Pension Plan Guide News

IRS expands determination letter program for individually designed hybrid and merged plans

In response to received comments, the IRS is expanding the determination letter program for individually designed plans to include hybrid plans and merged plans. The IRS is also extending the remedial amendment period under specified circumstances and applying special sanction structures for certain plan document failures discovered by the IRS while reviewing a plan submission for a determination letter pursuant to this revenue procedure. For more information, see ¶17299w6

        (Read Cheetah) »

PBGC final regs amend reporting, disclosure, and valuation rules for multiemployer plans

The Pension Benefit Guaranty Corporation (PBGC) has issued final regulations that simplify certain reporting and disclosures of plan information by terminated and/or insolvent multiemployer plans to PBGC, participants, and beneficiaries. The PBGC states that the changes make the reporting and disclosure of multiemployer plan information to the PBGC and interested parties more efficient and reflect the repeal of the multiemployer plan reorganization rules. The final rule is effective July 1, 2019. Certain multiemployer plans must provide notices of insolvency and notices of insolvency benefit level. The final rule removes outdated information included in the notices and eliminates the requirement to provide most annual updates to the notice of insolvency benefit level. These changes are applicable July 1, 2019. For more information, see ¶164s

        (Read Cheetah) »

Enrolled retirement plan agent renewal fee more than doubles

The IRS has issued final regulations relating to enrolled agent and enrolled retirement plan agent user fees. The IRS has increased the fees for becoming and renewing as an enrolled agent from $30 to $67. Similarly, the fee for renewing as an enrolled retirement plan agent also increases from $30 to $67. The regulations remove the initial enrollment user fee for enrolled retirement plan agents because the IRS no longer offer initial enrollment as an enrolled retirement plan agent. The regulations are effective and applicable June 12, 2019. For more information, see ¶164y.

        (Read Cheetah) »

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