Pension & Benefits NetNews – March 31, 2020

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Featured This Week

Employee Benefits Management News

  • Experts offer tips for successfully managing employees working from home
  • More U.S. employees willing to sacrifice pay for better health and retirement benefits, survey shows
  • Families First Coronavirus Response Act signed into law
  • Labor Department maps out Families First Coronavirus Response Act rights and obligations

Pension Plan Guide News

  • PBGC announces new guidance document database
  • IRS issues 2020 cumulative list of changes for third six-year remedial amendment cycle
  • PBGC seeks comments on termination premiums

Employee Benefits Management News

Experts offer tips for successfully managing employees working from home

Corporate America is taking quick action to keep their employees safe from COVID-19 (Coronavirus). However, a new survey from VitalSmarts shows that recently adopted work-from-home policies may lead to significant challenges as employees are ill-equipped to handle the changes. For more information, see ¶2132C.

        (Read Cheetah) »

More U.S. employees willing to sacrifice pay for better health and retirement benefits, survey shows

With their desire for greater security rising, a growing number of U.S. employees are willing to sacrifice additional pay in exchange for more generous retirement and health care benefits, according to the Global Benefits Attitudes Survey by Willis Towers Watson. For more information, see ¶2132E.

        (Read Cheetah) »

Families First Coronavirus Response Act signed into law

The bipartisan effort to provide much-needed relief for both employers and employees alike to deal with the COVID-19 crisis has been signed by President Trump. Note that the FMLA amendments only provide for public emergency leave to care for a child when the child’s school or place of care has been closed. For details, see ¶2132F.

        (Read Cheetah) »

Labor Department maps out Families First Coronavirus Response Act rights and obligations

The Department of Labor has added to its collection of guidance documents about the COVID-19 outbreak (and other public health emergencies) and also announced, in conjunction with the Internal Revenue Service, that small and midsize employers can start to take advantage of two new refundable payroll tax credits that are designed to immediately and fully reimburse them for the cost of providing leave to their employees pursuant to the Families First Coronavirus Response Act (FFCRA) signed by President Trump on March 18, 2020. For more information see ¶2132H.

        (Read Cheetah) »

Pension Plan Guide News

PBGC announces new guidance document database

The PBGC has announced the establishment of a new guidance document database. The PBGC set up the database based on the October 9, 2019 Executive Order issued by the President, Executive Order (EO) 13891, “Promoting the Rule of Law Through Improved Agency Guidance Documents.” Pursuant to the EO, the American public should only be subject to binding rules imposed through duly enacted statutes or through regulations that are lawfully promulgated, and Americans should have fair notice of any such obligations. To ensure increasing transparency, each agency is required to establish on its website a single, searchable, indexed database that contains, or links to, all of the agency’s “guidance documents,” as defined in the EO, and provides certain information about them. Thus, the PBGC has established the required guidance document database at www.pbgc.gov/guidance. The guidance document database contains links to PBGC “guidance documents.” For more information, see ¶169v.

        (Read Cheetah) »

IRS issues 2020 cumulative list of changes for third six-year remedial amendment cycle

The IRS has issued its 2020 Cumulative List of changes in plan qualification requirements for pre-approved defined benefit plans. Cumulative Lists identify changes in the qualification requirements of the Code that must be taken into account in a pre-approved plan document submitted to the IRS under the IRS’s pre-approved plan program and that will be considered by the IRS for purpose of issuing opinion letters. The 2020 List is to be used by pre-approved plan providers to submit opinion letter applications for pre-approved defined benefit plans during the third six-year remedial amendment cycle, which begins May 1, 2020 and ends January 31, 2025. Defined benefit plans may be submitted for approval during the on-cycle submission period, which begins August 1, 2020 and ends July 31, 2021. The 2020 List does not extend the deadline by which a plan must be amended to comply with any statutory, regulatory, or guidance changes. For more information, see ¶17168u.

        (Read Cheetah) »

PBGC seeks comments on termination premiums

The PBGC is requesting that the Office of Management and Budget (OMB) extend approval of the collection of information for the termination premium under its regulations on the payment of premiums (29 CFR Part 4007). The currently approved collection of information is Form T and instructions. The PBGC is requesting that the OMB extend approval of this collection of information for three years, with minor changes to contact information. Comments, which should be submitted by April 13, 2020, should be sent to the Office of Information and Regulatory Affairs, Office of Management and Budget, Attention: Desk Officer for Pension Benefit Guaranty Corporation, via electronic mail at OIRA_submission@omb.eop.gov, or by fax to 202-395-6974. For more information, see ¶170b.

        (Read Cheetah) »

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