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Employee Benefits Management News
- Departments finalize SBC and related documents, request comments
- Consumer-friendly changes coming to marketplace plans
- ERISA preempts Vermont’s health insurance reporting law
- Expert reminds employers that 2015 transition relief has expired for 2016 plan year
Pension Plan Guide News
- IRS issues proposed regs regarding ordering rule for suspension of benefits when employer has withdrawn
- IRS issues covered compensation tables for 2016
- President signs bill raising failure to file penalty
Departments finalize SBC and related documents, request comments
The Department of Labor (DOL) and the Department of the Treasury are requesting comments on revisions to the Summary of Benefits and Coverage (SBC) template and associated documents. For more information, see ¶2094M.
Consumer-friendly changes coming to marketplace plans
Changes are coming to the health insurance marketplaces for the 2017 enrollment period. In addition to the annual update to cost sharing limitations and the parameters for risk adjustment, risk corridors, and reinsurance, CMS announced plans to make the information displayed on the marketplace more useful to consumers and easier to understand and expanded the types of assistance that navigators must offer to consumers. For more information, see ¶2094O.
ERISA preempts Vermont’s health insurance reporting law
A Vermont statute that requires health insurers and other entities to report payments related to health care claims so that the information can be included in an all-inclusive health care database was preempted by ERISA, the U.S. Supreme Court has ruled in a 6-2 opinion. For more information, see ¶2094P.
Expert reminds employers that 2015 transition relief has expired for 2016 plan year
In 2015, employers were able to take advantage of several different types of transition relief from some of the Patient Protection and Affordable Care Act’s (ACA) (P.L. 111-148) requirements. However, at a recent webinar, What’s New With the ACA? Planning for 2016 and Beyond, sponsored by Ultimate Software, experts reminded employers that many of these transition rules expired in 2015. For more information, see ¶2094S.
IRS issues proposed regs regarding ordering rule for suspension of benefits when employer has withdrawn
The IRS has issued proposed regulations under Code Sec. 432(e)(9), as added by the Multiemployer Pension Reform Act of 2014 (MPRA), Division O of the Consolidated and Further Continuing Appropriations Act (P.L. 113-235), relating to the ordering requirements for the suspension of benefits in certain multiemployer defined benefit plans in critical and declining status. The regulations are proposed to be effective and apply with respect to suspensions for which an approval or denial is issued on or after final regulations are published in the Federal Register. For more information, see ¶20,264I.
IRS issues covered compensation tables for 2016
The IRS has released tables for determining employees’ covered compensation for the year 2016. 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 ¶19,948Z-401.
President signs bill raising failure to file penalty
President Obama has signed the Trade Facilitation and Trade Enforcement Act of 2015 (Trade Act) (P.L. 114-125), which includes an increase in the penalty for failure to file a return and a permanent moratorium on state and local taxation of Internet access. For taxpayers who fail to file their returns more than 60 days after the due date or extended due date, the Trade Act increases the minimum penalty from the lesser of $135 or 100 percent of the unpaid tax, to the lesser of $205 or 100 percent of the unpaid tax. As was the case with the $135 minimum penalty, the $205 penalty amount is adjusted for inflation under Code Sec. 6651(l). For more information, see ¶141E.
For more information, visit http://www.wolterskluwerlb.com/rbcs.