Pension & Benefits NetNews – October 24, 2017

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Featured This Week

Employee Benefits Management News

  • Adjusted applicable dollar amount for fee imposed on health insurance plans announced
  • EBSA proposes to postpone final rules on new disability benefits claims procedures
  • Trump suggests regulatory changes, possibly undermining ACA protections & market stability
  • IRS issues 2018 adjusted limits for various benefits

Pension Plan Guide News

  • PBGC provides guidance to avoid duplicative reporting for active participant reduction reportable events
  • IRS proposed regs would allow employers to use truncated social security numbers on Forms W-2
  • IRS provides retirement plan loan and hardship distribution relief for victims of Hurricane Irma

Employee Benefits Management News

Adjusted applicable dollar amount for fee imposed on health insurance plans announced

The IRS has announced that the applicable dollar amount used to calculate the fees imposed by Code Secs. 4375 and 4376 for policy and plan years that end on or after October 1, 2017, and before October 1, 2018, is $2.39. For more information, see ¶2110E.

        (Read Intelliconnect) »

EBSA proposes to postpone final rules on new disability benefits claims procedures

The Employee Benefit Security Administration (EBSA) has proposed to delay the applicability of final regulations revising the claims procedures for employee benefit plans providing disability benefits, which were originally published on December 19, 2016. For more information, see ¶2110H.

        (Read Intelliconnect) »

Trump suggests regulatory changes, possibly undermining ACA protections & market stability

President Donald Trump has signed an Executive Order (EO) directing agencies to make changes to the requirements for some types of health insurance plans, which he says will improve access, increase choices, and lower costs for health care. For more information, see ¶2110I.

        (Read Intelliconnect) »

IRS issues 2018 adjusted limits for various benefits

In Rev. Proc. 2017-58, the Internal Revenue Service provides a variety of inflation-adjusted figures for 2018, including figures for cafeteria plans, long-term care, medical savings accounts (MSAs) and transportation fringe benefits. For more information see ¶2110N.

        (Read Intelliconnect) »

Pension Plan Guide News

PBGC provides guidance to avoid duplicative reporting for active participant reduction reportable events

Technical Update 17-1 provides Pension Benefit Guaranty Corporation (“PBGC”) guidance on compliance with the active participant reduction event requirements of section 4043(c)(3) of ERISA and PBGC’s regulation on Reportable Events and Certain Other Notification Requirements. The PBGC is providing an alternative method for determining whether reporting an attrition event to PBGC is required under §4043.23(a)(2) to avoid possible duplicative reporting. For more information, see ¶19975z36.

        (Read Intelliconnect) »

IRS proposed regs would allow employers to use truncated social security numbers on Forms W-2

The IRS has issued proposed regulations that permit employers to voluntarily truncate employees’ social security numbers (SSNs) on copies of Forms W-2 (Wage and Tax Statement) that are furnished to employees, so that they appear as IRS truncated taxpayer identification numbers (TTINs). The proposed regulations also clarify how the truncation rules apply to Forms W-2, add an illustrating example, and delete obsolete provisions and update cross references in related regulations under Code Secs. 6051 and 6052. For more information, see ¶20264r.

        (Read Intelliconnect) »

IRS provides retirement plan loan and hardship distribution relief for victims of Hurricane Irma

The IRS has announced that it is providing relief to taxpayers who have been adversely affected by Hurricane Irma and have retirement assets in qualified employer retirement plans they would like to use to alleviate hardships caused by the hurricane. This relief is in addition to the relief already provided by the IRS pursuant to IRS News Releases VI-2017-01, September 8, 2017, and IR-2017-150, September 12, 2017. Specifically, the IRS is relaxing procedural and administrative rules that normally apply to retirement plan loans and hardship distributions. As a result, eligible retirement plan participants will be able to access their money more quickly with a minimum of red tape. Relief is also provided to these taxpayers from certain verification procedures that may be required under retirement plans with respect to loans and hardship distributions. In addition, the six-month ban on 401(k) and 403(b) plan contributions that normally affects employees who take hardship distributions will not apply. For more information, see ¶17097u26.

        (Read Intelliconnect) »

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