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Employee Benefits Management News
- Non-compliant policies given one more year of transitional relief
- Sixth Circuit must rethink whether ERISA preempts Michigan health-insurance tax law
- Future Cadillac tax may be to blame for employers’ shrinking HSA contributions
- High court weighs government’s interest in protecting women’s health against hijacking religious organizations’ insurers
Pension Plan Guide News
- PBGC issues disaster relief for Louisiana
- IRS provides tax relief to victims of severe storms and flooding in Louisiana
- PBGC announces agreement with investment holding company that restores two terminated pension plans to company
Non-compliant policies given one more year of transitional relief
Non-grandfathered plans in the individual and small group markets that are not compliant with provisions of the Public Health Service Act (PHSA) will be extended transitional relief through policy years starting on or before October 1, 2017. For more information, see ¶2094V.
Sixth Circuit must rethink whether ERISA preempts Michigan health-insurance tax law
The U.S. Supreme Court has vacated a federal appellate panel’s holding that a Michigan law designed to generate revenue to pay the state’s Medicaid obligations was not preempted by ERISA. For more information, see ¶2094W.
Future Cadillac tax may be to blame for employers’ shrinking HSA contributions
Enrollment in health savings accounts (HSAs) is increasing, while employer contributions, on average, are stagnant or decreasing. That’s according to a survey of more than 10,000 employer- sponsored health plans conducted by United Benefit Advisors (UBA). For more information, see ¶2095B.
High court weighs government’s interest in protecting women’s health against hijacking religious organizations’ insurers
The Little Sisters of the Poor and other religious nonprofits finally had their day in court to request relief from a government mandate they claim is a violation of their religious liberty. The Supreme Court heard oral arguments on March 23, 2016, from the Little Sisters of the Poor and many other religious nonprofit organizations in
Zubik v. Burwell. For more information, see ¶2095C.
PBGC issues disaster relief for Louisiana
The Pension Benefit Guaranty Corporation (PBGC) has announced relief from certain deadlines and penalties in connection with the Form 5500 series for “designated persons” adversely affected by the severe storms and flooding that began on March 8, 2016 in Louisiana. The relief generally extends from March 8, 2016 through July 15, 2016. For more information, see ¶19,996c58.
IRS provides tax relief to victims of severe storms and flooding in Louisiana
The IRS has announced tax relief for taxpayers who reside or have a business in the federal disaster areas of Allen, Ascension, Beauregard, Bienville, Bossier, Caddo, Calcasieu, Caldwell, Claiborne, De Soto, Grant, La Salle, Livingston, Madison, Morehouse, Natchitoches, Ouachita, Richland, St. Tammany, Tangipahoa, Union, Vernon, Washington, Webster, West Carroll, and Winn Parishes in Louisiana, which were affected by severe storms and flooding that began on March 8, 2016. The relief extends until July 15, 2016 deadlines for filing various returns, including the filing of Form 5500s, and paying taxes otherwise due during the period of March 8, 2016 and on or before July 15, 2016. For employment and excise tax deposits due on or after March 8, 2016, the IRS will waive the failure to deposit penalties if such deposits were made by March 23, 2016. For more information, see ¶141N.
PBGC announces agreement with investment holding company that restores two terminated pension plans to company
The Pension Benefit Guaranty Corporation (PBGC) has announced an agreement that will restore two pension plans to The Renco Group Inc., a privately held investment holding company based in New York City. The PBGC notes that this is only the second time in its history that terminated pension plans were restored to an employer. Under a settlement agreement resolving a lawsuit filed by the PBGC, the PBGC will restore plans covering 1,350 people who worked at Renco’s former subsidiary, RG Steel LLC, which is liquidating in bankruptcy. PBGC took responsibility for the plans, which had a funding gap of about $70 million, in 2012. In the lawsuit, the PBGC alleged that Renco attempted to evade financial responsibility for the RG Steel pension plans by concealing the transfer of its ownership interest in RG Steel. For more information, see ¶141I.
For more information, visit http://www.wolterskluwerlb.com/rbcs.