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Employee Benefits Management News
- Aon analysis shows double-digit increases in U.S. pharmacy costs by 2016
- Lawmaker introduces bill to repeal “Cadillac” tax
- Congress called it a tax, so Anti-Injunction Act bars court challenge
- IRS issues 2016 inflation-adjusted amounts for HSAs
Pension Plan Guide News
- IRS reminds small businesses that have failed to timely file retirement plan returns of special penalty relief available for late returns filed by June 2
- PBGC updates My PAA premium filing screens
- IRS releases 3rd quarter update to Priority Guidance Plan
Aon analysis shows double-digit increases in U.S. pharmacy costs by 2016
U.S. pharmacy cost increases for active employees and pre- and post-65 retirees are expected to drift into the low double-digits by 2016, according to an analysis by Aon Hewitt. Pharmacy cost increases before plan design changes are projected to be 9.5 percent in 2015 and will continue to rise to 10 percent in 2016. For more information, see ¶2086H.
Lawmaker introduces bill to repeal “Cadillac” tax
Rep. Joe Courtney, D-Conn., has introduced legislation, the Middle Class Health Benefits Tax Repeal Bill, which would repeal the excise tax on high-cost health insurance plans scheduled to go into effect in 2018.For details, see ¶2086M.
Congress called it a tax, so Anti-Injunction Act bars court challenge
The federal courts lacked jurisdiction to hear a challenge to the employer mandate provisions of the Patient Protection and Affordable Care Act (ACA) because the litigation was barred by the Anti-Injunction Act (AIA), a federal appeals court has ruled. For more information, see ¶2086N.
IRS issues 2016 inflation-adjusted amounts for HSAs
The IRS has issued inflation adjusted amounts under Code Sec. 223 for health savings accounts (HSAs) for 2016. For more information, see ¶2086O.
IRS reminds small businesses that have failed to timely file retirement plan returns of special penalty relief available for late returns filed by June 2
The IRS has reminded small businesses that have failed to timely file certain required retirement plan returns that they have until Tuesday, June 2 to take advantage of a special penalty relief program. Launched June 2, 2014, the one-year temporary pilot program is designed to help small businesses with retirement plans that may have been unaware of the reporting requirements that apply to these plans. Normally, the plan administrators and sponsors of these plans who fail to file required annual returns, usually Form 5500-EZ, can face stiff penalties – up to $15,000 per return. By filing late returns by June 2, eligible filers can avoid these penalties. So far, about 6,000 delinquent returns have been filed under this program. For more information, see ¶135L.
PBGC updates My PAA premium filing screens
The PBGC has updated the My Plan Administration Account (My PAA) premium filing screens to reflect a more modern look & feel. There is a new Menu Bar on the top of every screen to help you navigate more easily between pages, and you will also see a new Launch Page (overlaid on your Home Page) when you log in to help you more easily start a task. For more information, see ¶135N.
IRS releases 3rd quarter update to Priority Guidance Plan
The IRS has announced the release of the third quarter update to the 2014–2015 Priority Guidance Plan. The 2014–2015 Priority Guidance Plan contained 317 projects that are priorities for allocation of the resources of our offices during the twelve-month period from July 2014 through June 2015 (the plan year). The plan represents projects the IRS intends to work on actively during the plan year and does not place any deadline on completion of projects. Projects on the 2014–2015 plan will provide guidance on a variety of issues important to individuals and businesses, including implementation of legislative changes. In addition to the items on the 2014–2015 plan, the Appendix lists the more routine guidance that is generally published each year. For more information, see ¶135H.
For more information, visit http://www.wolterskluwerlb.com/rbcs.