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Employee Benefits Management News
- IRS gives employers some key points on reporting requirements
- IRS releases 2016 PCORI fee
- Cadillac tax impacting employers now, will continue to do so in future, report says
- IRS issues 2016 adjusted limits for various benefits
Pension Plan Guide News
- IRS issues 2016 retirement benefit COLAs
- PBGC issues disaster relief for South Carolina
- PBGC issues disaster relief for California
IRS gives employers some key points on reporting requirements
The IRS has published what it considers to be key points for employers to keep in mind about upcoming reporting requirements. Under the Patient Protection and Affordable Care Act (ACA), employers with 50 or more full-time employees in the preceding year are considered to be applicable large employers, or ALEs, and they must report certain health coverage information on returns filed with the IRS and included in statements furnished to full-time employees. For more information, see ¶2090U.
IRS releases 2016 PCORI fee
The IRS has provided the adjusted applicable dollar amount to be multiplied by the average number of covered lives for purposes of the fee imposed by Code Secs. 4375 and 4376 on the issuer of a specified health insurance policy for policy years and plan years that end after September 30, 2012, and before October 1, 2019. For details, see ¶2090X.
Cadillac tax impacting employers now, will continue to do so in future, report says
The Patient Protection and Affordable Care Act’s (ACA) excise tax will affect over 30 percent of large employer plans. That’s according to a report from the American Health Policy Institute (AHPI) called “ACA Excise Tax: Cutting Family Budgets, Not Health Care Budgets.” For more information, see ¶2091A.
IRS issues 2016 adjusted limits for various benefits
In Rev. Proc. 2015-53, the Internal Revenue Service provides a variety of inflation-adjusted figures for 2016, including figures for cafeteria plans, long-term care, medical savings accounts (MSAs) and transportation fringe benefits. For more information, see ¶2091D.
IRS issues 2016 retirement benefit COLAs
The IRS has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2016. In general, the pension plan limitations will not change for 2016 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. For more information, see ¶17,037U.
PBGC issues disaster relief for South Carolina
The PBGC is waiving certain penalties and extending certain deadlines in response to the Severe Storms and Flooding that began on October 1, 2015, in South Carolina. For more information, see ¶19,996C-53.
PBGC issues disaster relief for California
The PBGC is waiving certain penalties and extending certain deadlines in response to the Valley and Butte Fires that began on September 12, 2015, in California. For more information, see ¶19,996C-52.
For more information, visit http://www.wolterskluwerlb.com/rbcs.