Pension & Benefits NetNews – September 27, 2016

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Featured This Week

 

Employee Benefits Management News

 

  • Disability benefits are an often-overlooked piece of the benefits package
  • Market volatility, election causing employer uncertainty around pre-65 retiree health care strategies, survey finds
  • Top questions for employees to ask this open enrollment season
  • DOL announces two-month extension for public comments on Form 5500 modernization proposals

Pension Plan Guide News

 

  • IRS announces new procedure for individuals rolling over IRA and retirement plan distributions
  • IRS issues final regs regarding bifurcated accrued benefits for certain defined benefit plans
  • IRS provides retirement plan loan and hardship distribution relief for Louisiana flooding victims

 

Employee Benefits Management News

 

Disability benefits are an often-overlooked piece of the benefits package

When weighing the employee benefits of a new job, candidates definitely consider the health care benefits, probably read over the retirement plan and will no doubt investigate the number of vacation days – but few new hires take time to consider the disability benefits offered. That’s according to the International Foundation of Employee Benefit Plans’ Employee Benefits Survey 2016, which found that disability benefits remain a steady inclusion in employers’ benefit packages, whether employees are aware of the benefit or not. For more information, see ¶2099X.

(Read Intelliconnect) »

Market volatility, election causing employer uncertainty around pre-65 retiree health care strategies, survey finds

In light of recent Affordable Care Act marketplace plan and premium volatility and the upcoming election, only 13 percent of employers plan to move forward with their pre-65 strategies regardless of the election’s outcome, according to a new pulse survey from Aon Hewitt. For more information, see ¶2099Y.

(Read Intelliconnect) »

Top questions for employees to ask this open enrollment season

To help employees gain insight during the upcoming open enrollment season, Willis Towers Watson has released a list of the top 10 questions for employees to ask employers as they select and enroll in new health plans for 2017. For more information, see ¶2099Z.

(Read Intelliconnect) »

DOL announces two-month extension for public comments on Form 5500 modernization proposals

The U.S. Department of Labor has announced a two-month extension of the comment period on the Form 5500 Modernization Proposals. For more information see ¶2100A.

(Read Intelliconnect) »

Pension Plan Guide News

 

IRS announces new procedure for individuals rolling over IRA and retirement plan distributions

The IRS has provided a self-certification procedure designed to help recipients of retirement plan distributions who inadvertently miss the 60-day time limit for properly rolling these amounts into another retirement plan or IRA. In Revenue Procedure 2016-47, the IRS explains how eligible taxpayers, encountering a variety of mitigating circumstances, can qualify for a waiver of the 60-day time limit and avoid possible early distribution taxes. In addition, the revenue procedure includes a sample self-certification letter that a taxpayer can use to notify the administrator or trustee of the retirement plan or IRA receiving the rollover that they qualify for the waiver. For more information, see ¶144w.

(Read Intelliconnect) »

IRS issues final regs regarding bifurcated accrued benefits for certain defined benefit plans

The IRS has released final regulations providing guidance relating to the minimum present value requirements applicable to certain defined benefit pension plans. These regulations change the regulations regarding the minimum present value requirements for defined benefit plan distributions to permit plans to simplify the treatment of certain optional forms of benefit that are paid partly in the form of an annuity and partly in a single sum or other more accelerated form. These regulations affect participants, beneficiaries, sponsors, and administrators of defined benefit pension plans. For more information, see ¶145e.

(Read Intelliconnect) »

IRS provides retirement plan loan and hardship distribution relief for Louisiana flooding victims

An IRS announcement provides relief to taxpayers who have been adversely affected by the recent storms and flooding in Louisiana that began August 11, 2016, and who have retirement assets in qualified employer plans that they would like to use to alleviate hardships caused by the Louisiana Storms. In addition, this announcement provides relief from certain verification procedures that may be required under retirement plans with respect to loans and hardship distributions. The relief provided under this announcement is in addition to the relief already provided by the IRS pursuant to IRS News Release IR-2016-105 for victims of the Louisiana Storms. For more information, see ¶17097u13.

(Read Intelliconnect) »

 

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