Pension & Benefits NetNews – November 8, 2016

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Featured This Week

 

Employee Benefits Management News

 

  • Enforcement relief extended for student health plans that might violate ACA
  • IRS issues 2017 adjusted limits for various benefits
  • Final regulations address excepted benefits under the ACA
  • Departments address ACA and mental health and substance use parity

Pension Plan Guide News

 

  • IRS issues 2017 retirement benefit COLAs
  • 2017 Social Security cost-of-living adjustment will be 0.3%
  • PBGC issues disaster relief for North Carolina

 

Employee Benefits Management News

 

Enforcement relief extended for student health plans that might violate ACA

The Departments of the Treasury, Labor, and Health and Human Services (Departments) have extended enforcement relief on the application of certain provisions of the Patient Protection and Affordable Care Act (ACA) to premium reduction arrangements offered in connection with student health plans. For more information, see ¶2100W.

(Read Intelliconnect) »

IRS issues 2017 adjusted limits for various benefits

In Rev. Proc. 2016-55, the Internal Revenue Service provides a variety of inflation-adjusted figures for 2017, including figures for cafeteria plans, long-term care, medical savings accounts (MSAs) and transportation fringe benefits. For the amounts, see ¶2101A.

(Read Intelliconnect) »

Final regulations address excepted benefits under the ACA

The Departments of the Treasury, Labor and Health and Human Services have finalized regulations regarding the definition of short-term, limited-duration insurance for purposes of the exclusion from the definition of individual health insurance coverage, and standards for travel insurance and supplemental health insurance coverage to be considered excepted benefits. For more information see ¶2101C.

(Read Intelliconnect) »

Departments address ACA and mental health and substance use parity

The Departments of Labor, the Treasury, and HHS (the Departments) have issued another set of frequently asked questions (FAQs) on the implementation of the Patient Protection and Affordable Care Act (ACA). For more information, see ¶2101D.

(Read Intelliconnect) »

Pension Plan Guide News

 

IRS issues 2017 retirement benefit COLAs

The IRS has released the 2017 cost-of-living adjustments to retirement plan limits. Some of the pension plan limitations will not change for 2017 because the increase in the cost-of-living index did not meet the statutory thresholds that trigger their adjustment. However, other limitations will change because the increase in the index did meet the statutory thresholds. Highlights of the 2017 maximum dollar limitations that changed from 2016 include the following: (1) Annual defined benefit limit: $215,000, up from $210,000 in 2016; (2) Annual defined contribution limit: $54,000, up from $53,000 in 2016; and (3) Annual compensation limit: $270,000, up from $265,000 in 2016. For more information, see ¶17037v.

(Read Intelliconnect) »

2017 Social Security cost-of-living adjustment will be 0.3%

The Social Security Administration (SSA) has announced a 0.3% cost-of-living-adjustment (COLA) for Social Security benefits received by beneficiaries starting in January 2017. The increase will begin for more than 60 million Social Security beneficiaries with benefits that are received in January 2017. Increased payments for more than 8 million SSI beneficiaries will begin on December 30, 2016. The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $127,200 for 2017, up from $118,500 for 2016. For more information, see ¶24020ba.

(Read Intelliconnect) »

PBGC issues disaster relief for North Carolina

The Pension Benefit Guaranty Corporation (“PBGC”) is waiving certain penalties and extending certain deadlines in response to Hurricane Matthew that began on October 4, 2016, in North Carolina. For more information, see ¶145w.

(Read Intelliconnect) »

 

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