Pension & Benefits NetNews – May 14, 2013

 

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Featured This Week

Employee Benefits Management News

  • IRS issues 2014 inflation-adjusted amounts for HSAs
  • Colorado expands FMLA leave to cover civil unions, domestic partners
  • MA Health Connector guidance on minimum creditable coverage provides transitional safe harbor for out-of-pocket limits
  • EBSA issues guidance on notices for healthcare coverage options and COBRA elections

Pension Plan Guide News

  • EBSA issues advance notice of proposed regs on reporting of lifetime income streams
  • Free phone forum addresses 403(b) corrections and examination trends
  • ERISA Advisory Council to meet on June 4-6, 2013

Employee Benefits Management News

IRS issues 2014 inflation-adjusted amounts for HSAs

The IRS has issued inflation adjusted amounts under Code Sec. 223 for Health Savings Accounts (HSAs) for 2014. For the amounts, see ¶2067B.

(Read Intelliconnect) »

Colorado expands FMLA leave to cover civil unions, domestic partners

Under a law signed by Colorado Gov. John Hickenlooper on May 3, the state has expanded the circle of family members for whom Colorado employees are entitled to take leave from work under the federal FMLA. For details, see ¶2067C.

(Read Intelliconnect) »

MA Health Connector guidance on minimum creditable coverage provides transitional safe harbor for out-of-pocket limits

The Massachusetts Commonwealth Health Insurance Connector (Health Connector) has issued guidance regarding Massachusetts’ minimum creditable coverage (MCC) requirements for plan or policy years beginning on or after January 1, 2014. For more information, see ¶2067D.

(Read Intelliconnect) »

EBSA issues guidance on notices for healthcare coverage options and COBRA elections

The Employee Benefits Security Administration (EBSA) has issued guidance, pending future issuance of regulations or other guidance, on a requirement under section 1512 of the Patient Protection and Affordable Care Act (ACA) that notice be given to employees regarding coverage options available through the new state healthcare exchanges, also known as the health insurance marketplaces. For more information, see ¶2067F.

(Read Intelliconnect) »

Pension Plan Guide News

EBSA issues advance notice of proposed regs on reporting of lifetime income streams

EBSA has issued an advance notice of proposed rulemaking describing guidance under consideration that would require a participant’s accrued benefits to be expressed on the pension benefit statement as estimated lifetime stream of benefits in addition to being presented as an account balance. For more information, see ¶20538L.

(Read Intelliconnect) »

Free phone forum addresses 403(b) corrections and examination trends

The IRS has announced an upcoming free phone forum, “403(b) Corrections and Examination Trends,” scheduled for May 23, 2013. The phone forum, which will begin at 1:00 p.m. ET, will provide a discussion on Rev. Proc. 2013-12, I.R.B. 2013-4, 313, and will include guidance on correcting 403(b) plan failures and updates to the Employee Plans Compliance Resolution System. Avaneesh Bhagat, Voluntary Compliance group manager; Stephanie Bennett, Voluntary Compliance Program coordinator and Robert Cremeens, program analyst, will review issues found in recent 403(b) audits and correcting 403(b) plan failures. For more information, see ¶120Q.

(Read Intelliconnect) »

ERISA Advisory Council to meet on June 4-6, 2013

The 166th open meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans (also known as the ERISA Advisory Council) will be held on June 4-6, 2013. For more information, see ¶120O.

(Read Intelliconnect) »