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Employee Benefits Management News
- IRS issues transition relief for QSEHRA notice
- Employers Council on Flexible Compensation requests guidance on qualified small employer health reimbursement arrangements
- House Republicans act to protect employer wellness programs
- ACA repeal, replacement legislation expected to move through House in coming weeks
Pension Plan Guide News
- DOL proposes 60-day extension of applicability date of fiduciary conflict of interest rules
- PBGC issues disaster relief for Mississippi
- IRS issues covered compensation tables for 2017
IRS issues transition relief for QSEHRA notice
The IRS is extending the period for an employer to furnish an initial written notice to its eligible employees regarding a qualified small employer health reimbursement arrangement (QSEHRA). The period is extended until no earlier than 90-days after the IRS issues guidance with respect to the contents of such a notice. For more information, see ¶2104D.
Employers Council on Flexible Compensation requests guidance on qualified small employer health reimbursement arrangements
The Employers Council on Flexible Compensation (ECFC), a membership organization dedicated to promoting and protecting the availability of benefit choices for working Americans through account-based benefit plans, has requested guidance from the Department of the Treasury and the Internal Revenue Service (Agencies) on a variety of issues related to the qualified small employer health reimbursement arrangement (QSEHRA). For more information, see ¶2104G.
House Republicans act to protect employer wellness programs
The majority of employers offer a wellness program to employees, which help both contain costs and promote a healthy workforce. Some believe that Equal Employment Opportunity Commission (EEOC) rules will undermine the use of employee wellness programs. Representative Virginia Foxx (R-NC), chairwoman of the House Committee on Education and the Workforce has proposed a bill, the Preserving Employee Wellness Programs Act, that will “reaffirm existing law to allow employee wellness programs to be tied to responsible financial incentives.” For more information, see ¶2104J.
ACA repeal, replacement legislation expected to move through House in coming weeks
The American Health Care Bill, House Republicans’ legislation to repeal and replace the Patient Protection and Affordable Care Act (ACA), which was released on March 6, is expected to reach the House floor for a vote in the next few weeks, according to House Speaker Paul Ryan, R-Wis. For more information see ¶2104K.
DOL proposes 60-day extension of applicability date of fiduciary conflict of interest rules
The Employee Benefits Security Administration (EBSA) has proposed to extend for 60 days the applicability date defining who is a “fiduciary” under ERISA and the Internal Revenue Code, the applicability date of related prohibited transaction exemptions including the Best Interest Contract Exemption (BICE) and amended prohibited transaction exemptions (collectively PTEs) to address questions of law and policy. For more information, see ¶20539i.
PBGC issues disaster relief for Mississippi
The IRS has announced tax relief for taxpayers who reside or have a business in the federal disaster areas of Forrest, Lamar, Lauderdale, and Perry counties in Mississippi, which were affected by severe storms, tornadoes, and straight-line winds that began on January 20, 2017. The relief extends until May 31, 2017 deadlines for filing various returns, including the filing of Form 5500s, and paying taxes otherwise due during the period of January 20, 2017 and on or before May 31, 2017. This includes the 2016 income tax returns normally due on April 18, 2017. For more information, see ¶147y.
IRS issues covered compensation tables for 2017
The IRS has released tables for determining employees’ covered compensation for the year 2017. The tables are used by administrators of pension plans that provide for permitted disparity and, thus, integrate participants’ final pension benefits with their estimated social security benefits. Rounded compensation tables are also provided. For more information, see ¶19948z421.
For more information, visit http://www.wolterskluwerlb.com/rbcs.