Spencer’s Benefits NetNews – November 15, 2019


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Featured This Week


New Reports





2020 inflation adjustments for pension plans, retirement accounts released

The 2020 cost-of-living adjustments (COLAs) that affect pension plan dollar limitations and other retirement-related provisions have been released by the IRS. In general, many of the pension plan limitations will change for 2020 because the increase in the cost-of-living index due to inflation met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged.

        (Read Cheetah) »

IRS issues 2020 adjusted limits for various benefits

In Rev. Proc. 2019-44, the Internal Revenue Service provides a variety of inflation-adjusted figures for 2020, including figures for cafeteria plans, long-term care, medical savings accounts (MSAs) and transportation fringe benefits.

        (Read Cheetah) »

Final regs require electronic filing of health insurance provider fee information

The IRS has issued final regulations amending the health insurance provider fee under Section 9010 of the Patient Protection and Affordable Care Act (ACA). The final regulations require certain covered entities to electronically file Form 8963, Report of Health Insurance Provider Information. The amendments apply to any covered entity reporting more than $25 million in net premiums written on any Form 8963 filed after December 31, 2019. The electronic filing requirement will begin in the 2020 fee year because the fee will not be collected in 2019.

        (Read Cheetah) »

Basic health program funding methodology for 2019 and 2020 announced

The newly released final funding methodology for the Basic Health Program will now include a Metal-Tier Selection Factor adjustment for program year 2020. CMS published the final methodology for program years 2019 and 2010 in the Federal Register with a detailed explanation of the calculations and data sources used to calculate the federal payment amounts for states that implemented a Basic Health Program.

        (Read Cheetah) »

HHS increases penalties for HIPAA noncompliance

The Department of Health and Human Services (HHS) has issued a final rule that includes the agency’s annual inflation-related adjustments to civil monetary penalties for certain violations of the Health Insurance Portability and Accountability Act (HIPAA). The annual adjustments are required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015, and were effective as of November 5, 2019.

        (Read Cheetah) »