Pension & Benefits NetNews – May 20, 2014

 

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Featured This Week

Employee Benefits Management News

  • IRS considers additional employer mandate guidance, draft forms for PPACA information reporting expected soon, officials say
  • IRS finalizes regulations governing pension distributions used to pay accident or health insurance premiums
  • Terms of will not sufficient to effectuate beneficiary change, CA-8 rules
  • Employers may find future health plan savings on the Marketplace

Pension Plan Guide News

  • IRS establishes pilot program to provide relief to plan administrators who fail to timely file Form 5500-EZ
  • IRS provides relief from late filer penalties for certain employee benefit plans
  • IRS provides tax relief to severe storms, tornadoes, and flooding in Arkansas

Employee Benefits Management News

IRS considers additional employer mandate guidance, draft forms for PPACA information reporting expected soon, officials say

More guidance could be forthcoming for employers, insurers, health insurance providers, and other parties working on implementing the Patient Protection and Affordable Care Act (PPACA), IRS officials said during a panel discussion at the 2014 May Meeting of the American Bar Association Section of Taxation in Washington, D.C. For details, see ¶2077A.

(Read Intelliconnect) »

IRS finalizes regulations governing pension distributions used to pay accident or health insurance premiums

The IRS has issued final regulations governing the tax treatment of payments by qualified retirement plans for accident or health insurance. The regulations apply for tax years beginning on or after January 1, 2015, but can be relied upon before then. For details, see ¶2077B.

(Read Intelliconnect) »

Terms of will not sufficient to effectuate beneficiary change, CA-8 rules

The wife of an insured under an employer-sponsored group benefit plan was not entitled to the death benefit because the will executed by the insured just before his death did not comply with the terms of the plan for beneficiary changes, the Eighth Circuit Court of Appeals ruled, affirming the lower court. For more information, see ¶2077C.

(Read Intelliconnect) »

Employers may find future health plan savings on the Marketplace

It may surprise employers to learn that premiums in the 2014 Marketplace are comparable to premiums in employer plans, and that in some states they are significantly lower, according to figures based on survey data recently released by PricewaterhouseCooper’s Health Research Institute (HRI). For more information, see ¶2077D.

(Read Intelliconnect) »

Pension Plan Guide News

IRS establishes pilot program to provide relief to plan administrators who fail to timely file Form 5500-EZ

The IRS has issued a revenue procedure establishing a one-year pilot program to provide relief to plan administrators who fail to timely file Form 5500-EZ. For more information, see ¶17,299U-54.

(Read Intelliconnect) »

IRS provides relief from late filer penalties for certain employee benefit plans

The IRS has issued a notice providing administrative relief to late filers of Form 5500 who satisfy the conditions of the notice and the Delinquent Filer Voluntary Compliance Program administered by the Employee Benefits Security Administration. For more information, see ¶17153Z.

(Read Intelliconnect) »

IRS provides tax relief to severe storms, tornadoes, and flooding in Arkansas

The IRS is postponing certain tax deadlines, including the filing of Form 5500s, for taxpayers who reside or have a business in those areas in Arkansas that were affected by severe storms tornadoes, and flooding on April 27, 2014. For more information, see ¶127X.

(Read Intelliconnect) »