Pension & Benefits NetNews – May 24, 2016

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Featured This Week

 

Employee Benefits Management News

 

  • Special enrollment rules tightened, improving financial viability of CO-OPs
  • Court sides with House Republicans, finds no appropriation for cost-sharing reductions under ACA
  • Supreme Court kicks contraception challenge back down the road, orders compromise
  • Final EEOC regs map out ADA, GINA compliance for employer wellness programs

Pension Plan Guide News

 

  • IRS issues final regs on application procedures for reduction of benefits of multiemployer DB plans in critical and declining status
  • PBGC proposed regs lower penalties for late payment of premiums
  • IRS issue revenue procedure outlining application process for multiemployer DB plan seeking approval of reduction of benefits

 

Employee Benefits Management News

 

Special enrollment rules tightened, improving financial viability of CO-OPs

In order to improve stability in the health insurance marketplace and give consumers access to quality, affordable coverage, HHS is taking steps to strengthen the integrity of special enrollment periods (SEPs) for qualified health plans (QHPs) and to simplify the rules for the Consumer Operated and Oriented Plan (CO-OP) program. For more information, see ¶2096L.

(Read Intelliconnect) »

Court sides with House Republicans, finds no appropriation for cost-sharing reductions under ACA

Cost-sharing reductions implemented under the Patient Protection and Affordable Care Act (ACA) lack Congressional appropriation, and the payment of reimbursements under the program is in violation of the Constitution, held the U.S. District Court for the District of Columbia, siding with House Republicans challenging the Obama Administration’s implementation of the ACA. For more information, see ¶2096O.

(Read Intelliconnect) »

Supreme Court kicks contraception challenge back down the road, orders compromise

Catching the parties by surprise, but making no official decision, the Supreme Court ruled earlier than expected on the most recent challenge to the contraception coverage mandate within the Patient Protection and Affordable Care Act (ACA). The High Court sent Zubik v. Burwell back to the lower circuit courts for a further examination of the alternatives to the mandate’s accommodation that were suggested in supplemental briefs by both parties and submitted to the court after oral arguments. For more information, see ¶2096P.

(Read Intelliconnect) »

Final EEOC regs map out ADA, GINA compliance for employer wellness programs

The EEOC has released a pair of final rules that map out the extent to which employers may offer inducements and incentives for participation in wellness programs without running afoul of the ADA and GINA. For more information, see ¶2096R.

(Read Intelliconnect) »

Pension Plan Guide News

 

IRS issues final regs on application procedures for reduction of benefits of multiemployer DB plans in critical and declining status

Under the Multiemployer Pension Reform Act of 2014 (“MPRA”), which was enacted by Congress as part of the Consolidated and Further Continuing Appropriations Act of 2015, the sponsor of a plan in critical and declining status is permitted to reduce the pension benefits payable to plan participants and beneficiaries if certain conditions and limitations are satisfied (referred to in MPRA as a “suspension of benefits”). MPRA requires the Secretary of the Treasury (Treasury Department), in consultation with the Pension Benefit Guaranty Corporation (PBGC) and the Secretary of Labor, to approve or deny applications by sponsors of these plans to reduce benefits. The IRS has issued final regulations that affect active, retired, and deferred vested participants and beneficiaries of multiemployer plans that are in critical and declining status as well as employers contributing to, and sponsors and administrators of, those plans. For more information, see ¶142N.

(Read Intelliconnect) »

PBGC proposed regs lower penalties for late payment of premiums

The Pension Benefit Guaranty Corporation (PBGC) proposes to lower the rates of penalty charged for late payment of premiums by all plans, and to provide a waiver of most of the penalty for plans with a demonstrated commitment to premium compliance. PBGC seeks public comment on its proposal. For more information, see ¶20,539C.

(Read Intelliconnect) »

IRS issue revenue procedure outlining application process for multiemployer DB plan seeking approval of reduction of benefits

An IRS revenue procedure contains revised procedures for applications for a suspension of benefits under a multiemployer defined benefit pension plan that is in critical and declining status under Code Sec. 432(e)(9). These procedures replace the procedures set forth in Rev. Proc. 2015-34, 2015-27 I.R.B. 1218. The procedures set forth in this revenue procedure must be followed for applications submitted on or after April 26, 2016. For more information, see ¶17,299V-13.

(Read Intelliconnect) »

 

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