Headlines about "Reporting requirements (to gov't agencies)"
Gathered from the web by the editors at BenefitsLink.com.
DOL Releases Preliminary 2009 Versions of Pension and Health Plan Bulletins and Form 5500 Data
"Statistical summary of Form 5500 data on Direct Filing Entities (DFEs) including counts of DFEs, counts of private pension plans invested in DFEs, and asset counts." See the various links entitled "2009 - Preliminary," which appear under these headings: "Reports", "Excel Tables" and "XML Tables." (U.S. Employee Benefits Security Administration)
[Guidance Overview] Another Question is Answered in the Who's the Employer Q&A Column
I heard the DOL has sought a temporary restraining order against Matthew Hutcheson in connection with the open MEP he dealt with. Does it clarify the approach the DOL is taking in dealing with open MEPs? (BenefitsLink.com)
DOL Emailing Form 5500 Filers to Raise Awareness About Schedule C
"Scott C. Albert, chief of the reporting and compliance division at the Department of Labor's Employee Benefits Security Administration, said recently that DOL is sending emails to Form 5500 filers if they are large employee benefit plans that have not included a Schedule C. Plan sponsors are required to report on Schedule C each service provider that received $5,000 or more in direct or indirect compensation from a plan.... [A]lmost all large plans require Schedule C because of investments in mutual funds." (Bloomberg BNA)
[Official Guidance] Text of CCIIO Announcement on Medical Loss Ratio Annual Reporting Form Reminding Health Insurers of June 1 Deadline (PDF)
"[The final regs require] an issuer to submit an annual report to the Secretary by June 1 of the year following the end of an MLR reporting year. The first annual report must be submitted to the Secretary by June 1, 2012.... Please refer to the Medical Loss Ratio (MLR) Annual Reporting Form Instructions at: http://www.cciio.cms.gov/resources/other/index.html#mlr for the complete set of instructions." (Centers for Medicare & Medicaid Services, Center for Consumer Information and Insurance Oversight)
[Opinion] Text of Comments to IRS by Pension Action Center Urging IRS to Retain Strict Requirement of Providing Notices to Separated Plan Participants
"The Pension Action Center is writing to comment on the letter sent to your office by [ASPPA], dated December 20, 2011. ASPPA requested clarification of the Internal Revenue Code's notice requirement for separated plan participants who are listed on IRS Form 8955-SSA. ASPPA argued that plans should not have to provide separate notices of deferred vested pensions to plan participants because plans already satisfy this notice requirement with 'benefit statements and other documents.' The Pension Action Center strongly disagrees with ASPPA's interpretation[.]" (Pension Action Center, Gerontology Institute of the University of Massachusetts Boston)
[Guidance Overview] Roth IRA Was Not Eligible Shareholder of S Corporation
"An individual incorporated his business and elected subchapter S status. The corporation's sole shareholder in 2003 was a custodial Roth IRA for the benefit of the individual. The IRS issued a notice of deficiency, determining that the corporation was taxable as a C corporation for 2003.... [The] Tax Court sided with the IRS, finding that the Roth IRA did not qualify as an eligible shareholder of the S corporation." (Wolters Kluwer Law & Business / CCH)
North Carolina Voters Amend Constitution to Limit Marriage to Persons of Opposite Sex: Implications for Employers
"The new amendment to the North Carolina constitution reemphasizes that employers in North Carolina will not have to adjust their policies, plans and documents to accommodate or provide for same-sex spouses. Employers may, however, offer benefits to the same-sex spouses of employees who enter into those marriages in states where it is legal -- the amendment does not prevent that. Employers also may provide benefits that are not taxable to employees' same-sex spouses. But the amendment does mean that it remains the case that for purposes of state taxation, if an employer in North Carolina provides coverage in a health and welfare plan to the same-sex spouse of an employee, that coverage is taxable income to that employee." (Thompson / Smart HR Manager)
The ACA Small Business Tax Credit Makes Good Business Sense
"[This analysis finds] that more than 3.2 million small businesses, employing 19.3 million workers across the nation, will be eligible for this tax credit when they file their 2011 taxes. In total, these small businesses are eligible for more than $15.4 billion in credits for the 2011 tax year alone, an average of $800 per employee." (FamiliesUSA)
[Guidance Overview] IRS Notice Requests Comments on Minimum Value and Reporting Requirements for Group Health Plans
"The [IRS is requesting comments on] three potential approaches to determining minimum value under consideration: 1. Use of an actuarial value calculator (for insured small group plans) or minimum value calculator (for self-insured and insured large group plans) created by [HHS] and the Treasury ... 2. Creation of various design-based safe harbor checklists describing deductibles, co-pays, coinsurance, out-of-pocket maximums and other cost-sharing attributes for the four core categories of benefits and services [and] 3. For non-standard plan designs, determination by a certified actuary that the plan provides minimum value." (McDermott Will & Emery)
[Guidance Overview] IRS Guidance Addresses Upcoming Research Fees on Many Health Plans and Insurers
"These research fees are scheduled to start with the first plan or policy year ending on or after October 1, 2012, and will affect the health plans of many employers. Although the regulations currently are in proposed form, health insurance issuers and plan sponsors may rely on the proposed regulations for guidance pending the issuance of final regulations." (Bond, Schoeneck & King)
[Guidance Overview] Guidance Addresses Minimum Value for Employer Plans, Information Returns, and Exchange Eligibility Determinations
"Most of the minimum value details remain to be worked out (through development of the calculator and checklists), but one interesting point is highlighted with respect to the four categories of benefits.... According to Notice 2012-31, although employer plans are not required to cover all these benefit categories, ... a plan will not satisfy any design-based safe harbor if it fails to do so." (Thomson Reuters/EBIA)
[Guidance Overview] IRS Proposed Regs Address Comparative Effectiveness Research Fee on Group Health Plans
"Insurers and plan sponsors must report and pay these fees annually on IRS Form 720, which will be due by July 31 of each year. The first due date is July 31, 2013. A return will generally cover policy or plan years that end during the preceding calendar year. In other words, fees for a plan year are due by July 31 of the calendar year following the calendar year containing the plan year end. Form 720 may be filed electronically. The IRS has not yet updated Form 720 to reflect the reporting of these fees." (Proskauer)
Potential Accounting Implications of Upcoming Supreme Court Decision on the Affordable Care Act
"A court decision that invalidates all or part of the ACA would likely become immediately effective. As a result, [PwC believes] certain accounting and reporting implications would need to be reflected in the period of the Court's decision.... If the ACA's treatment of Medicare Part D subsidies were among those provisions invalidated by the Supreme Court's decision, the increase in deferred tax assets resulting from the change for those employers receiving retiree drug subsidies (RDS payments) would be immediately recognized in the income statement in the quarter during which the provision was invalidated... The effect of this ... would be to effectively unwind the tax write-off that was taken in 2010." (PricewaterhouseCoopers LLP)
[Guidance Overview] Proposed IRS Regs Address Fees to Be Paid by Health Insurers and Sponsors of Self-Insured Health Plans
"If the Supreme Court agrees that the individual mandate is unconstitutional and cannot be severed from the rest of the Act, the Section 4375 and 4376 fees [on health insurers and plan sponsors for the Patient-Centered Outcomes Research Trust Fund] would be invalidated along with the PCORI. The Court's decision is expected this June." (McGuireWoods)
[Guidance Overview] SEC Guidance Addresses Scaled Disclosure and Other Emerging Growth Company Issues under the JOBS Act
"Certain provisions of the JOBS Act conflict with SEC form requirements, Regulation S-X and Regulation S-K. An [Emerging Growth Company] may comply with the JOBS Act disclosure provisions in its registration statements, periodic reports and proxy statements, even if doing so would be inconsistent with existing rules and regulations. The disclosure provisions in the JOBS Act supersede, in relevant part, existing rules and regulations." (Hinshaw)
[Opinion] Text of Comments by American Academy of Actuaries to CMS on Revised MLR Annual Reporting Form (PDF)
"The Medical Loss Ratio Work Group sent a letter to CMS offering comments on the revised annual reporting form, specifically on the definition of premiums, contract reserves, and the definition of pre-tax underwriting gain/(loss)." (American Academy of Actuaries)
[Guidance Overview] HHS Guidance Addresses 'Minimum Value' Calculation by Employer-Sponsored Health Plans and Reporting Requirements
"After considering stakeholder comments, HHS proposes to provide a standardized way for employees and employers to voluntarily collect and communicate employer-sponsored coverage information needed to complete an Exchange application. HHS proposes to allow Exchanges to verify employer-sponsored coverage for the 2014 and 2015 plan years through use of limited pre-enrollment verification based on data sources available to an Exchange and a post-enrollment verification screening process where data sources are not available during the eligibility determination process." (Littler)
[Opinion] Text of ICI Comments on Proposed IRS Regs Under Foreign Account Tax Compliance Act (PDF)
"[ICI suggests an alternative approach for improving further on the many positive changes made by the Proposed Regulations in the treatment of retirement accounts. Specifically, the Final Regulations should state that, except to the extent provided by the Secretary, any retirement plan organized under a country's laws for the principal purpose of saving for retirement will be eligible for treatment as a certified deemed compliant FFI, will be treated as an exempt beneficial owner, and will be excluded from the definition of financial account[.]" (Investment Company Institute)
[Guidance Overview] IRS Proposes Methods for Valuing Employer Health Coverage
"The IRS has just issued three notices concerning key aspects of the 2010 Affordable Care Act ('ACA'). Notice 2012-31 proposes three different methods by which sponsors of self-funded health plans could value the coverage they provide to plan participants and their dependents. Notice 2012-32 and Notice 2012-33 then solicit comments on two related employer reporting requirements.... All three of these Notices solicit comments. Unfortunately, the deadline for submitting those comments is June 11, 2012. This is likely to be before the Supreme Court has issued its ruling on the constitutionality of the individual mandate - and perhaps the entire ACA." (Spencer Fane)
[Guidance Overview] Employers Sponsoring Health Plans Must Pay New Annual Health Plan Fee
"Plan sponsors of self-insured group health plans covering individuals residing in the U.S. must pay the fee. Governmental entities, including federally-recognized Indian tribal governments, must also pay the fee unless they operate certain exempt governmental programs." (McKenna Long & Aldridge LLP)
[Guidance Overview] Research Fees to Be Imposed on Self-Insured Health Plans Beginning October 2012
"New proposed regulations identify the plans and policies that are subject to the fee, specify how the fees will be calculated, and prescribe the filing and payment requirements. The proposed regulations explicitly provide that plan sponsors and issuers are entitled to rely on their terms until final regulations are issued." (Deloitte)
[Guidance Overview] IRS Mulls Meaning of 'Minimum Value' Coverage
"[M]ost large employers that don't provide plans offering 'minimum value' (thereby sending their employees to an Exchange to seek coverage) may be liable for a penalty payment under Code Sec. 4980H. So, for the IRS to determine which individuals are eligible for the tax credit or not, and which employers will get socked with the penalty, it must get a handle on what it means under the ACA to provide minimum value." (Wolters Kluwer Law & Business / CCH)
[Guidance Overview] IRS Requests Comments on Calculation of 'Minimum Value' and Associated Reporting Requirements
"On April 26, 2012, the [IRS] issued three notices in connection with health care reform employer penalty and reporting requirements. Notices 2012-31, 2012-32 and 2012-33 invite comments on potential approaches to determining whether an employer-sponsored plan provides minimum value, and reporting requirements under [IRC] Sections 6055 and 6056." (Practical Law Company)
[Guidance Overview] New Guidance on Computing Taxes Payable by Health Plan Sponsors and Insurers
"The Research Tax generally will apply to major medical benefits. Many other benefits -- such as a dental plan, vision plan and health flexible spending arrangement -- will often be an 'excepted benefit' and not subject to the tax. [The chart in this article] discusses how the Research Tax applies to various benefits that may be offered by an employer. See [also a description of] an important 'non-duplication' rule, which can reduce the tax owed by an employer." (Quarles & Brady LLP)
[Guidance Overview] Employer Reporting under Health Reform: How Much Is Too Much, the IRS Wants to Know
"The agency requests comments on questions including: (1) how to determine when an individual's coverage begins and ends; and (2) how to minimize duplication in reporting." (Thompson / Smart HR Manager)
[Guidance Overview] 2011 Tax Year FATCA Reporting by U.S. Persons of Participation in Foreign Retirement Plans and Deferred Compensation (PDF)
"[One] major part of FATCA requires reporting of foreign accounts by individual US persons, generally beginning with the 2011 tax year. Such reporting involves a requirement to file new IRS Form 8938, which accompanies the individual's US tax return, usually one of the 1040 series, and which is due at the same time.... For purposes of the Form 8938, non-US. pensions and deferred compensation, whether funded or not, and including equity-based compensation and stock options, may be treated as a foreign account subject to reporting." (Groom Law Group)
Multiple Employer Plans: An ERISA Enigma (PDF)
"Although the basic concept has been with us for many years, multiple employer plans (MEPs) have been growing in public awareness. Formerly the domain of Professional Employer Organizations ... and shared employee situations, several plan administration and investment firms are promoting multiple employer retirement plans of otherwise unrelated employers (sometimes called 'open MEPs') as a mechanism to reduce costs and fiduciary exposure while providing various benefits to employees." (Journal of Pension Benefits)
[Guidance Overview] IRS Proposes Regs Allowing Deduction for Some Employee Local Lodging Expenses
"Despite the characterization of local lodging as a personal expense, employers could still take a compensation deduction for local lodging. However, the working condition fringe rules (for lodging provided in-kind) and the accountable plan rules (for lodging reimbursements) could not be used to provide local lodging on a tax-free basis when the exception created by Notice 2007-47 for temporary lodging did not apply. The proposed regulations provide more certainty for employers wanting to provide local lodging on a tax-free basis." (Thomson Reuters/EBIA)
[Guidance Overview] Another Question is Answered in the Who's the Employer Q&A Column
A lawyer friend of mine says the U.S. Department of Labor requires association-based Multiple Employer Plans to have 'commonality'; but does not require it generally, such as with open MEPs. Is that true? (BenefitsLink.com)
[Guidance Overview] SEC Issues FAQs on JOBS Act: Relaxed Disclosure Requirements for Emerging Growth Companies
"A company that qualifies as an EGC will be able to maintain that status until the earliest of: five years when annual gross revenues exceed $1 billion when the issuer has issued more than $1 billion of non-convertible debt in a three-year period, or the date on which the issuer is deemed to be a 'large accelerated filer' as defined in the rules promulgated under the Exchange Act[.]" (Ballard Sphar LLP)
[Official Guidance] Text of Proposed IRS Regulations Pertaining to the Disclosure of Return Information to Carry Out Eligibility Requirements for Health Insurance Affordability Programs (PDF)
"This document contains proposed regulations relating to the disclosure of return information under section 6103(l)(21) of the Internal Revenue Code, as enacted by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010. The regulations define certain terms and prescribe certain items of return information in addition to those items prescribed by statute that will be disclosed, upon written request, under section 6103(l)(21) of the Internal Revenue Code." (Internal Revenue Service)
[Guidance Overview] Calculating and Paying the Fee on Health Insurers and Self-Insured Health Plans to the Medical and Outcomes Research Fund
"Plan sponsors will have to pay the fee for seven years, as the fee applies to plan years ending after October 1, 2012, and before October 1, 2019. For the first year, the fee is $1 multiplied by the number of covered lives under the plan. For the second through seventh years, the amount increases to $2 times the number of covered lives. Plan sponsors must remit the fee to IRS annually along with an IRS Form 720. The payment and Form will be due July 31 for all plan years ending in the preceding calendar year." (HighRoads)
[Official Guidance] Text of IRS Notice 2012-33: Reporting by Applicable Large Employers on Health Insurance Coverage Under Employer-Sponsored Plans (PDF)
"[Internal Revenue Code] Section 6056 requires reporting of certain information on employer-provided health care coverage provided on or after January 1, 2014 and the furnishing of related statements to employees. The first information returns will be filed in 2015. The Internal Revenue Service will use the information that employers report under section 6056 to verify employer-sponsored coverage and to administer the shared employer responsibility provisions under sections 4980H(a) and (b)." (Internal Revenue Service)
[Official Guidance] Text of IRS Notice 2012-32: Reporting of Health Insurance Coverage by Plans Providing 'Minimum Essential Coverage' (PDF)
"This notice invites comments concerning the reporting requirements under section 6055 of the Internal Revenue Code for health insurance issuers, government agencies, employers that sponsor self-insured plans, and other persons that provide minimum essential coverage to an individual. Section 6055 was added by ... the Patient Protection and Affordable Care Act ... The reporting requirements apply to coverage provided on or after January 1, 2014. The first information returns will be filed in 2015." (Internal Revenue Service)
[Guidance Overview] CCIIO Issues Guidance on Medical Loss Ratio Rules
"The [Center for Consumer Information and Insurance Oversight (CCIIO)] bulletin provides MLR guidance on the following topics: applicability of the MLR to certain types of plans, employer groups of one, counting employees for determining market size, individual association policies, offering policyholders a 'premium holiday,' reinsurance and reporting, Exchange user fees, states with a higher MLR standard, 'mini-med' experience and application of the adjustment, and form of rebate." (Wolters Kluwer Law & Business / CCH)
Dismissal of Shareholder's 'Say on Pay' Lawsuit Provides Opportunity for Executive Compensation Counselors
"[W]hat makes the court's dismissal of In re Jacobs Engineering Group Inc. Consolidated Shareholder Derivative Litigation ... so interesting, is that the court quoted directly from the CD&A section of the proxy statement the company's explanation [of] its 2010 compensation decisions as evidence that the compensation committee of the board had clearly exercised its business judgment in settling the compensation." (Winston & Strawn LLP)
[Guidance Overview] Some Programs Are Exempt from Patient-Centered Outcomes Research Trust Fund Fee Obligation
"Health insurance policies that are not subject to the fee include: Any insurance policy if substantially all of its coverage is of excepted benefits (e.g., accident- or disability-only plans or limited-scope dental or vision plans); Any group policy issued to an employer specifically to cover employees who are primarily working and residing outside of the United States (e.g., an expatriate health plan or policy), which is determined on a facts and circumstances basis; and, Stop loss and indemnity reinsurance policies[.]" (McDermott Will & Emery)
[Guidance Overview] Planning for the Affordable Care Act's Comparative Effectiveness Research Fee
"Plan sponsors should include an estimate of these fees in their budget projections and should review the options for counting covered lives to determine the most suitable for their plan. Plan sponsors that want to provide input on the proposed rule must submit their comments no later than July 16, 2012." (Segal)
[Guidance Overview] Puerto Rico Tax Amnesty Program Extension Could Help Retirement Plans Correct Failures with Former PR Code's Withholding and Reporting Requirements (PDF)
"[The] Tax Amnesty Program is ... available to Puerto Rico qualified retirement plans, both Puerto Rico-only qualified plans and dual-qualified plans (i.e., plans qualified both in Puerto Rico and the U.S.), that may have failed to comply with the 1994 PR Code's tax withholding (i.e., 5%, 10%, 20% Puerto Rico income tax withholdings, as applicable depending on the type and time of distribution) and reporting requirements (i.e., Forms 480.6A and 6B, and Form 480.7C, as applicable depending on the type and year of distribution) on distributions to participants in Puerto Rico." (Groom Law Group)
[Guidance Overview] Summary of Proposed IRS Regs on Comparative Effectiveness Fee Charged to Health Plans (PDF)
"The rules provide helpful guidance on the life counting requirement for determining the amount of the fee, especially given the short time frame for compliance. However, some of the nuances are sufficiently subtle to create potential compliance pitfalls." (Bryan Cave)
[Guidance Overview] New IRS Regs Impose Fees on Self-Insured Health Plans and Health Insurance Policies
"The fee is equal to $1 per covered person for the first year and $2 per covered person for the second year. The fee increases each year thereafter in an amount equal to the increase in the projected per capita amount of the National Health Expenditures most recently released by the Department of Health and Human Services before each October 1." (Katten Muchin Rosenman LLP)
[Guidance Overview] Pension Contribution by Self-Employed Taxpayer Not Deductible for Self-Employment Tax
"Self-employed taxpayers may deduct expenses associated with their trade or business when determining self-employment income. However, the court explained, a pension contribution is not an expense attributable to a self-employed taxpayer's trade or business. The exception under Code Sec. 404(a)(8) is limited to income tax." (Wolters Kluwer Law & Business / CCH)
[Guidance Overview] Some Non-U.S. Retirement Plans Exempted from FATCA by Proposed IRS Regulatios (PDF)
"During 2012, non-US retirement plans should review the availability of the applicable exemptions under FATCA with US employee benefits counsel and, if an exemption applies, begin to prepare the supporting documentation and statements necessary to avoid withholding. Where an exemption does not clearly apply, the plan should consider its alternatives. Among other options, it may be possible to seek further changes or other relief from the Treasury, including by submitting comments (by April 30) or by requesting to testify (on May 15) at the hearing in Washington, DC." (Groom Law Group)
[Guidance Overview] IRS Proposes Rules on Comparative Effectiveness Research Fees on Health Plans
"With respect to fee calculation, the fee imposed on an issuer of a specified health insurance policy and that imposed on a plan sponsor of an applicable self-insured health plan is to be based on the average number of lives covered under the policy or plan. The proposed regulations direct an issuer to apply a single method in determining the average number of lives covered under the policy or plan for the year. The proposed rule contains various examples as to how this calculation would work under differing circumstances." (Littler)
[Guidance Overview] Executive Compensation Disclosure Scaled Back under JOBS Act for Certain Companies
"The JOBS Act allows [emerging growth companies] to meet [SEC] executive-compensation disclosure requirements (under Item 402 of Regulation S-K) by providing the abbreviated form of disclosure otherwise permitted for companies with a market value of outstanding common equity held by nonaffiliates of less than $75 million." (CFO)
[Guidance Overview] Waiver of 60-Day Rollover Requirement Granted to Taxpayer Who Mistakenly Requested Duplicate IRA Distribution
"The taxpayer's failure to accomplish a timely rollover was due to the error by the financial institution which caused her to request the duplicate distribution. Therefore, the IRS waived the 60-day rollover requirement and the taxpayer was given 60 days to roll over the duplicate distribution." (Wolters Kluwer Law & Business / CCH)
Idea of 'Small Rules Meaning Much' Has Relevance in the Multiple Employer Plan World
"One of the risks in adopting a MEP is that, under IRS rules, a single bad plan can disqualify the entire MEP. What minutiae is critical here, though, is Section 10.12 of EPCRS ... As a practical matter, this means the risk of an economic catastrophe from a single employer disqualifying an entire MEP can be cost effectively managed." (Business of Benefits)
[Guidance Overview] JOBS Act Expands Registration Exception for Private Companies and Employee Stock Plans
"The JOBS Act also requires the SEC to adopt safe harbor provisions that companies can follow when determining whether holders of their securities received the securities pursuant to an employee compensation plan in transactions that were exempt from the registration requirements of Section 5 of the Securities Act." (Haynes and Boone)
[Guidance Overview] Jobs Act Exemption for an 'Emerging Growth Company' from Executive Compensation Reporting Requirements
"The SEC is also required to review Regulation S-K to determine which requirements can be simplified for emerging growth companies." (Haynes and Boone)
One Tax Deferral Per Customer, Please: How IRA Deduction Is Denied Due to Retirement Plan 'Active Participant' Status
"The law in this area is clear. If, for any part of a taxable year, a taxpayer or the taxpayer's spouse is an 'active participant' in a qualified plan under section 401(a), IRA deductibility is subject to income limits. For 2012, the in-come phaseout range for deducting a contribution to a traditional IRA is $92,000 to $112,000 for those married and filing jointly, and $58,000 to $68,000 for those who are single." (Investment News)
[Guidance Overview] Proposed IRS Regs Address Mandatory Fees to Fund Patient-Centered Outcomes Research
"Specified insurers and plan sponsors will contribute $2 multiplied by the average number of covered lives under a policy or plan ... (for plan or policy years ending before October 1, 2013, the multiplier is $1). The proposed regulations clarify ... how health reimbursement arrangements (HRAs) and health flexible spending arrangements (health FSAs) will be treated under the fee rules [and] how plan sponsors and insurers may calculate the average number of lives covered under plans.... For plan sponsors of self-insured plans, must be filed by July 31 of the immediately following calendar year." (Practical Law Company)
IRS Audits: Complying with All of the Requirements under COBRA
"By recently posting updated standards for COBRA audits on its website, the IRS may be indicating that an audit initiative is under way relating to COBRA continuation coverage requirements. If so, such an initiative is likely intended to encourage plan sponsors to self-identify and report COBRA failures and pay the associated excise taxes.... The COBRA audit standards provide a preview of what an IRS auditor will do to determine whether a plan sponsor has complied with the COBRA continuation coverage requirements, including documents that will be requested and questions that may be asked." (Thompson Hine)
[Official Guidance] Text of PBGC Final Rule: Rules for Administrative Review of Agency Decisions; Section 4071 Penalty Assessments (PDF)
"This final rule amends [PBGC's] administrative review regulation to make it applicable to assessments of penalties for failure to timely provide certain notices or other material information. Under the rule, such assessments will be subject to reconsideration in accordance with the provisions of the regulation." (Pension Benefit Guaranty Corporation)
[Official Guidance] Text of IRS Notice of Proposed Rulemaking and Notice of Public Hearing on Fees on Health Insurance Policies and Self-Insured Plans for Patient-Centered Outcomes Research Trust Fund (PDF)
"This document contains proposed regulations that implement and provide guidance on the fees imposed by [PPACA] on issuers of certain health insurance policies and plan sponsors of certain self-insured health plans to fund the Patient-Centered Outcomes Research Trust Fund. These proposed regulations affect the issuers and plan sponsors that are directed to pay those fees. This document also contains a request for comments and provides notice of public hearing on these proposed regulations." (Internal Revenue Service)
[Guidance Overview] Adapting and Complying in the New 403(b) Environment (PDF)
Recorded webcast. "Like many plan sponsors, Michigan State University ... used the resources offered by NAGDCA and others to help focus on the important and urgent issues that needed to be addressed: Creating a 403(b) Plan Document; Understanding and applying Universal Availability; Reviewing and deciding on the future of Loans and Hardship Withdrawals[.]" (National Association of Government Defined Contribution Administrators, Inc.)
San Francisco Annual Health Expenditure Report Due by April 30, 2012
"The form can be filled out and filed online. The [Health Care Security Ordinance], which first took effect in 2008, requires employers to spend a minimum amount on health care for certain San Francisco employees or pay the city to help fund its health care program. Employers will need to gather 2011 quarterly data to report eligible employees and qualified expenditures." (Mercer)
[Guidance Overview] PBGC Announces New Enforcement Approach That Reduces Impact of ERISA Section 4062(e) on Financially Sound Employers
"Although the rules for determining what constitutes a 4062(e) event are in flux, the PBGC's new informal enforcement approach will include a risk assessment as a mitigating factor in assessing how to proceed with respect to a 4062(e) event.... The new approach apparently categorizes plan sponsors into three classes based upon their financial strength. After determining that a 4062(e) event has occurred, the PBGC will now classify the employer-plan sponsor as a 'strong company,' 'moderately strong company' or a 'weak company.'" (McDermott Will & Emery)
IRS Issues 2011 Form 8955-SSA And Instructions
"The form is substantially the same as the 2010 form. The IRS notes that it has created a page on its website about Form 8955-SSA: www.irs.gov/form8955ssa" (Wolters Kluwer Law & Business / CCH)
Four Employee Benefit Plan Tips for HR and Finance Departments
"The Society of Actuaries exposure draft of a new mortality improvement scale, if adopted, is expected to result in increases in traditional pension plan liabilities of 2% to 4% and in retiree health care liabilities of 6% to 9%.... [I]f you have never had your [401(k)] safe harbor notice reviewed by counsel, now is a great time to make sure it is compliant.... The IRS has given employers an opportunity to correct deficiencies [under section 409A] in release language [in employment contracts and severance agreements] without any penalties or reporting requirements, but to be entitled to relief, agreements must be amended no later than December 31, 2012.... Some of the nation�s largest consulting firms (Aon Hewitt and Mercer), as well as other companies in the insurance business, are rolling out private health insurance exchanges for employers." (Poyner Spruill LLP)
[Guidance Overview] Health Plan Quality Improvement Strategy Reporting Under The Affordable Care Act: Implementation Considerations
"A provision of the [Affordable Care Act] requires health plans to submit reports each year demonstrating how they reward health care quality through market-based incentives in benefit design and provider reimbursement structures. By spring 2012, [HHS] is expected to develop requirements for health plans to report on their efforts to: improve health outcomes, prevent hospital readmissions, ensure patient safety and reduce medical errors, and implement wellness and health promotion activities. Both employer group health plans, including self-insured plans, individual market plans, and qualified health plans sold through the insurance exchanges are required to submit such reports. This report outlines key considerations for implementing these provisions of the health reform law." (The Commonwealth Fund)
The links shown above have been gathered from the web by the editors at BenefitsLink.com. Each article's publisher is shown above in parentheses. Opinions expressed in each article are those of the article's publisher, not necessarily those of BenefitsLink.com, Inc. or any web site that displays these headlines in a "frame." You should contact the listed publisher for copyright information about any particular article or to inquire into the right to use the article in any manner.