Pension & Benefits NetNews – November 27, 2018

 

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Featured This Week

 

Employee Benefits Management News 

  • Defunct airline must pay former employees $219,716 to restore health plan losses
  • IRS issues 2019 adjusted limits for various benefits
  • Structured properly, new AHPs allow small employers to offer affordable benefits
  • Possible safe harbors for employers offering individual coverage HRAs

Pension Plan Guide News 

  • EBSA, IRS, PBGC issue advance informational copies of 2018 Form 5500 series
  • IRS provides notice rule for election revocation of church plan aggregation or disaggregation under PATH Act
  • IRS grants tax relief to victims of severe storms, tornadoes, straight-line winds, flooding, and landslides in Wisconsin

 

Employee Benefits Management News

 

Defunct airline must pay former employees $219,716 to restore health plan losses

The U.S. District Court for the District of Nevada has approved a consent judgment between the U.S. Department of Labor and Vision Airlines Inc. that requires the now-defunct company to pay $219,716 to former employees for violations of ERISA in connection with their health plan. For details, see ¶2120M.

        (Read Intelliconnect) »

IRS issues 2019 adjusted limits for various benefits

In Rev. Proc. 2018-57, the Internal Revenue Service provides a variety of inflation-adjusted figures for 2019, including figures for cafeteria plans, long-term care, medical savings accounts (MSAs) and transportation fringe benefits. For the amounts, see ¶2120P.

        (Read Intelliconnect) »

Structured properly, new AHPs allow small employers to offer affordable benefits

On June 21, 2018, the Department of Labor (DOL) expanded access to affordable health coverage options for America’s small businesses employees and self-employed people by changing the regulations governing association health plans (AHPs). The DOL final rule was developed as a result of President Trump’s October 12, 2017 Executive Order “Promoting Healthcare Choice and Competition Across the United States,” which directed the Secretary of the DOL to consider issuing regulations, or revising guidance, that would expand access to more affordable health coverage by permitting more employers to form AHPs. For more information, see ¶2120Q.

        (Read Intelliconnect) »

Possible safe harbors for employers offering individual coverage HRAs

In Notice 2018-88, the IRS is seeking comments on how to integrate individual coverage health reimbursement arrangements (HRAs) with (1) the applicable large employer’s shared responsibility payment rules, and (2) with the employer self-insured plan nondiscrimination rules. For more information see ¶2120R.

        (Read Intelliconnect) »

Pension Plan Guide News

 

EBSA, IRS, PBGC issue advance informational copies of 2018 Form 5500 series

EBSA, the IRS, and the PBGC have released advanced informational copies of the 2018 Form 5500 Annual Return/Report and related instructions. For more information, see ¶161s.

        (Read Intelliconnect) »

IRS provides notice rule for election revocation of church plan aggregation or disaggregation under PATH Act

If church-related organizations make an aggregation or disaggregation election from treatment as a single employer under Code Sec. 414(c)(2)(C) and (D) and subsequently revoke it, the entity authorized to revoke the election must provide a copy of the revocation to the IRS upon request by the IRS. This rule is effective for revocations of elections made on or after October 22, 2018. Prior to that date, any reasonable method of notifying the IRS concerning revocations of elections under Code Sec. 414(c)(2)(C) and (D) is acceptable. For more information, see ¶17,165B.

        (Read Intelliconnect) »

IRS grants tax relief to victims of severe storms, tornadoes, straight-line winds, flooding, and landslides in Wisconsin

The IRS has announced tax relief for taxpayers who reside or have a business in the federal disaster areas of Crawford, Dane, Juneau, La Crosse, Monroe, Richland, Sauk, and Vernon Counties in Wisconsin, which was affected by severe storms, tornadoes, straight-line winds, flooding, and landslides beginning on August 17, 2018. The relief extends until December 17, 2018 deadlines for filing various returns, including the filing of Form 5500s, and paying taxes otherwise due during the period of August 17, 2018 and on or before December 17, 2018. For more information, see ¶161k.

        (Read Intelliconnect) »

 

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