Pension & Benefits NetNews – October 16, 2018

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Featured This Week

Employee Benefits Management News

  • “Parent-friendly” companies top list of Working Mother’s 100 best companies for 2018
  • Family premiums for employer-sponsored coverage average $19,616 in 2018
  • IRS guidance allows deduction for some meals provided in connection with entertainment
  • Employees missing out on the benefits of health savings accounts, says Willis Towers Watson

Pension Plan Guide News

  • Limited EPCRS update focused on VCP submission procedures
  • IRS grants tax relief to victims of Hurricane Florence in North Carolina
  • IRS grants tax relief to victims of Hurricane Florence in South Carolina

Employee Benefits Management News

“Parent-friendly” companies top list of Working Mother’s 100 best companies for 2018

Working Mother revealed its annual list of the 2018 “100 Best Companies,” celebrating companies that lead in the areas of female career advancement, paid parental leave, childcare assistance, benefits and flextime. For details, see ¶2119K.

        (Read Intelliconnect) »

Family premiums for employer-sponsored coverage average $19,616 in 2018

Annual family premiums for employer-sponsored health insurance rose 5 percent to average $19,616 this year, extending a seven-year run of moderate increases, according to the Kaiser Family Foundation (KFF). The 2018 Employer Health Benefits Survey found that on average, workers are contributing $5,547 toward the cost of family coverage, with employers paying the rest. For more information, see ¶2119M.

        (Read Intelliconnect) »

IRS guidance allows deduction for some meals provided in connection with entertainment

The IRS has provided transitional guidance on the deductibility of expenses for certain business meals under Code Sec. 274, which was amended by the Tax Cuts and Jobs Act (P.L. 115-97). The guidance indicates that 50 percent of the cost of food and beverages provided during or at entertainment events is deductible if purchased separately from the entertainment or the cost is stated separately from the cost of the entertainment. For more information, see ¶2119N.

        (Read Intelliconnect) »

Employees missing out on the benefits of health savings accounts, says Willis Towers Watson

As employees think about the affordability of health care now and in the future, 82 percent see medical costs as their biggest challenge. And yet only 25 percent rank contributing to a health savings account (HSA) as a top current financial priority, falling below saving for retirement in a 401(k), paying for essential day-to-day expenses and paying off debt, according to a new study by Willis Towers Watson. For more information see ¶2119P.

        (Read Intelliconnect) »

Pension Plan Guide News

Limited EPCRS update focused on VCP submission procedures

The IRS has issued a limited update to the Employee Plans Compliance Resolution System (EPCRS) that is focused on implementing modified procedures for submissions under the Voluntary Correction Program (VCP). The main revisions to the VCP submission procedures relate to the required use of the www.pay.gov website for filing new submissions and paying user fees, effective April 1, 2019. Plan sponsors, beginning April 1, 2019, must use the www.pay.gov website when filing a VCP submission and paying applicable user fees. However, under a transition rule in effect from January 1, 2019 through March 31, 2019, plan sponsors may file VCP submissions through the www.pay.gov website or by filing paper VCP submissions in accordance with the procedures set forth under Rev. Proc. 2016-51. For more information, see ¶17299v87.

        (Read Intelliconnect) »

IRS grants tax relief to victims of Hurricane Florence in North Carolina

The IRS has announced tax relief for taxpayers who reside or have a business in the federal disaster areas of Beaufort, Bladen, Brunswick, Carteret, Columbus, Craven, Cumberland, Duplin, Harnett, Hoke, Hyde, Johnson, Jones, Lee, Lenoir, Moore, New Hanover, Onslow, Pamlico, Pender, Pitt, Richmond, Robeson, Sampson, Scotland, Wayne, and Wilson Counties in North Carolina, which was affected by Hurricane Florence beginning on September 7, 2018. The relief extends until January 31, 2019 deadlines for filing various returns, including the filing of Form 5500s, and paying taxes otherwise due during the period of September 7, 2018 and on or before January 31, 2019. For more information, see ¶160p.

        (Read Intelliconnect) »

IRS grants tax relief to victims of Hurricane Florence in South Carolina

The IRS has announced tax relief for taxpayers who reside or have a business in the federal disaster areas of Chesterfield, Dillon, Georgetown, Horry, Marion and Marlboro Counties in South Carolina, which was affected by Hurricane Florence beginning on September 8, 2018. The relief extends until January 31, 2019 deadlines for filing various returns, including the filing of Form 5500s, and paying taxes otherwise due during the period of September 8, 2018 and on or before January 31, 2019. For more information, see ¶160t.

        (Read Intelliconnect) »

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