Pension & Benefits NetNews – June 9, 2015

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Featured This Week

 

Employee Benefits Management News

 

  • Self-insured, large group health plans don’t escape from annual limitation rule
  • UPS can apply lifetime limits to its retiree health plans, says California district court
  • Exchanges emerge as popular option for pre-65 retiree health coverage
  • CMS clarifies MLR reporting and rebate requirements

Pension Plan Guide News

 

  • IRS establishes permanent program to provide relief to plan administrators who fail to timely file Form 5500-EZ
  • PBGC announces launch of pilot program for selecting smaller asset managers
  • President to name Reeder as Director of PBGC

 

Employee Benefits Management News

 

Self-insured, large group health plans don’t escape from annual limitation rule

All non-grandfathered group health plans, including non-grandfathered self-insured and large group health plans, must comply with the maximum annual limitation on cost-sharing under Section 1302(c)(1) of the Patient Protection and Affordable Care Act (ACA), according to the latest set of frequently asked questions (FAQs) from the Departments of Labor, Health and Human Services and the Treasury (the Departments). For more information, see ¶2087C.

(Read Intelliconnect) »

UPS can apply lifetime limits to its retiree health plans, says California district court

United Parcel Service of America, Inc. (UPS) can impose lifetime limits on benefits through its retiree health plan, according to a recent decision from the United States District Court for the Southern District of California, because ERISA contains an exception for certain coverage mandates for retiree-only plans. For details, see ¶2087D.

(Read Intelliconnect) »

Exchanges emerge as popular option for pre-65 retiree health coverage

Two-thirds of companies are considering altering their pre-65 retiree health strategies over the next few years in response to challenges and opportunities created by the Patient Protection and Affordable Care Act (ACA) (P.L. 111-148), according to a recent Aon Hewitt survey. For more information, see ¶2087F.

(Read Intelliconnect) »

CMS clarifies MLR reporting and rebate requirements

In response to reports that health insurance issuers have been attempting to exclude brokerage and agency fees and commissions from Medical Loss Ratio (MLR) reporting, CMS has issued a questions-and-answers bulletin outlining the very limited circumstances in which such fees can be excluded from reporting. For more information, see ¶2087H.

(Read Intelliconnect) »

Pension Plan Guide News

 

IRS establishes permanent program to provide relief to plan administrators who fail to timely file Form 5500-EZ

The IRS has established a permanent program providing administrative relief to plan administrators and plan sponsors of certain retirement plans from the penalties otherwise applicable under Code Secs. 6652(e) and 6692 for failing to timely comply with the annual reporting requirements imposed under Code Secs. 6047(e), 6058, and 6059. This permanent program replaces the temporary pilot program established by Rev. Proc. 2014-32. The administrative relief provided under this revenue procedure applies only to plan administrators and plan sponsors of retirement plans that are subject to the reporting requirements of Code Secs. 6047(e), 6058, and 6059, but that are not subject to the reporting requirements of Title I. For more information, see ¶17,299U-83.

(Read Intelliconnect) »

PBGC announces launch of pilot program for selecting smaller asset managers

The PBGC has announced a Smaller Asset Managers Pilot Program to reduce barriers to competition faced by such firms while maintaining rigorous investment risk and control standards. Earlier in May, the PBGC published a pre-solicitation notice for smaller asset managers to invest in a U.S. fixed income portfolio with allocations ranging from $50 million to $250 million. This program creates new opportunities for smaller asset managers by reducing the required amounts of the assets they manage and their mandates. Before the pilot program, these contracts were out of reach to the firms because the minimum amounts of the investments, often in the billions, were too large for the firms to accommodate. For more information, see ¶135Y.

(Read Intelliconnect) »

President to name Reeder as Director of PBGC

President Obama has announced his intention to name W. Thomas Reeder, Jr. as the Director of the Pension Benefit Guaranty Corporation (PBGC). For more information, see ¶136B.

(Read Intelliconnect) »

 

For more information, visit http://www.wolterskluwerlb.com/rbcs.

 

 

 

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  • Employer’s Guide to Health Care Reform
  • Pension Answer Book
  • About this Newsletter

    Pension and Benefits NetNews provides information on the trends that impact the pension and benefits arena. This information is extracted from the three great CCH products: the CCH Pension Plan Guide, which has everything you need to set up, maintain or revise a pension plan and resolve day-to-day concerns, CCH Employee Benefits Management, which offers clear explanations on creating, evaluating, and administering all types of employee benefit plans, and CCH Compliance Guide for Plan Administrators, which provides step-by-step guidance for complying with all pension law reporting and disclosure requirements.

     

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