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Employee Benefits Management News
- Benefits enrollment success depends on communication, technology and cost
- SHRM survey finds significant difference by gender in maternity
- ACA creates momentum for small business owners to rethink retirement benefits
- Aon experts provide strategies for optimizing health care choices in 2017
Pension Plan Guide News
- IRS updates Employee Plans Compliance Resolution System
- PBGC issues final regs lowering late premium payment penalties, providing new waiver
- PBGC proposed regs would expand its missing participant program to DC, multiemployer DB, and other DB plans
Benefits enrollment success depends on communication, technology and cost
A new white paper released by Colonial Life contains recommendations that could help employers and brokers strengthen worker satisfaction with benefits during the upcoming open enrollment season. For more information, see ¶2100L.
SHRM survey finds significant difference by gender in maternity
New research from the Society for Human Resource Management (SHRM) shows that, on average, women receive almost twice as much paid parental leave after the birth of a child as men. For more information, see ¶2100N.
ACA creates momentum for small business owners to rethink retirement benefits
A recent survey conducted online by Harris Poll on behalf of Nationwide appears to show that small business owners are finding that the implementation of the Affordable Care Act (ACA) has decreased the appeal of health care benefits to employees and increased retirement plans’ importance as a tool to recruit and retain employees. For more information, see ¶2100P.
Aon experts provide strategies for optimizing health care choices in 2017
Open enrollment is here, and millions of U.S. employees will be making decisions about their 2017 benefits. Aon offers 10 tips to help employees optimize their health care and other benefits choices this enrollment season. For more information see ¶2100T.
IRS updates Employee Plans Compliance Resolution System
The IRS has updated the Employee Plans Compliance Resolution System (EPCRS), a comprehensive system of correction programs for sponsors of retirement plans that have failed to satisfy the requirements of Code Secs. 401(a), 403(a), 403(b), 408(k), or 408(p). EPCRS permits plan sponsors to correct failures and thereby continue to provide their employees with retirement benefits on a tax-favored basis. The components of EPCRS are the Self-Correction Program (SCP), the Voluntary Correction Program (VCP), and the Audit Closing Agreement Program (Audit CAP). The revenue procedure updates the prior consolidated statement of the correction programs under EPCRS issued in 2013. The updated EPCRS procedures are effective January 1, 2017. For more information, see ¶17299v28.
PBGC issues final regs lowering late premium payment penalties, providing new waiver
The Pension Benefit Guaranty Corporation (PBGC) has issued final regulations that lower the late premium payment penalties for plan years beginning in 2016 or later. Under the final regulations, late payment penalty rates and caps are reduced by 50%. In addition, for plans with good compliance histories that pay promptly after a PBGC underpayment notification, penalties are reduced even more (an 80% reduction, on top of the above 50% reduction). The final regulations are effective October 24, 2016, and apply to both single-employer and multiemployer defined benefit plans for late annual (flat- and variable-rate) premiums for plan years beginning after 2015. For more information, see ¶145n.
PBGC proposed regs would expand its missing participant program to DC, multiemployer DB, and other DB plans
The Pension Benefit Guaranty Corporation (PBGC) has issued proposed regulations that expand its existing Missing Participants Program to cover terminated 401(k) and most other defined contribution (DC) plans, multiemployer defined benefit (DB) plans, and certain DB plans that are not currently covered by the program. The PBGC anticipates the expanded program will be implemented in 2018 (for plans that terminate after 2017), after publication of final regulations. For more information, see ¶20539h.
For more information, visit http://www.wolterskluwerlb.com/rbcs.