Pension & Benefits NetNews – October 23, 2012

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Employee Benefits Management News

  • Future guidance will address additional employer shared responsibility questions, government officials say
  • Commentators want IRS to lose FSA “use it or lose it” rule, Treasury official says
  • Husband’ s medical records must be disclosed to former employer in employee’s lawsuit based on FMLA
  • Seven in 10 large U.S. companies now offer only 401(k) retirement plans to new salaried employees, says Towers Watson

Pension Plan Guide News

  • IRS issues 2013 retirement benefit COLAs
  • Social Security announces 1.7% benefit increase for 2013
  • GAO releases report on multiple employer plans

Employee Benefits Management News

Future guidance will address additional employer shared responsibility questions, government officials say

The Treasury and the IRS intend to issue additional guidance by early 2013 on who is subject to the Code Sec. 4980H employer shared responsibility payment, said Kevin Knopf, attorney advisor, Treasury Office of Benefits Tax Counsel. Knopf was speaking at a session of the American Bar Association’s Health and Welfare Benefit Plans 2012 conference on October 11 in Washington, D.C. For details, see ¶2061R.

(Read Intelliconnect) »

Commentators want IRS to lose FSA “use it or lose it” rule, Treasury official says

Treasury attorney-advisor Kevin Knopf reported October 12 that members of the public responding to Notice 2012-40 regarding health flexible spending accounts (FSAs) have requested that the government eliminate the “use it or lose it” rule. For details, see ¶2061S.

(Read Intelliconnect) »

Husband’ s medical records must be disclosed to former employer in employee’s lawsuit based on FMLA

The Health Insurance Portability and Accountability Act (HIPAA) did not prevent disclosure of medical records to his wife’s former employer in a wrongful termination suit because the husband’s medical condition was a central issue in the litigation, a federal district court has ruled. For more information, see ¶2061T.

(Read Intelliconnect) »

Seven in 10 large U.S. companies now offer only 401(k) retirement plans to new salaried employees, says Towers Watson

According to an annual analysis by Towers Watson, a global professional services company, 70 companies in the Fortune 100 currently offer only a DC plan to new hires, compared with 67 companies at the end of last year and 63 companies at the end of 2010. For more information, see ¶2061U.

(Read Intelliconnect) »

Pension Plan Guide News

IRS issues 2013 retirement benefit COLAs

The IRS has released the retirement plan cost-of-living adjustments for 2013. For more information, see ¶17,037R.

(Read Intelliconnect) »

Social Security announces 1.7% benefit increase for 2013

The Social Security Administration (SSA) has announced a 1.7% increase in the cost-of-living adjustment for social security benefits received by beneficiaries starting in January 2013. For more information, see ¶117C.

(Read Intelliconnect) »

GAO releases report on multiple employer plans

The General Accountability Office (GAO) has released a report on private-sector multiple employer plans (MEPs). For more information, see ¶116Z.

(Read Intelliconnect) »