Lois Baker

What I've seen (so far) is state regulation of the insurers -- which was the original question above (i.e., whether the terms of the insurance policy would permit an employer to continue coverage). Haven't seen anything specific as to employer requirements (yet), but as more states/localities enact "quarantine leave" rules, it's possible employer mandates will be included. Looks like the exact answer will depend a whole lot on where the employer is located.

Some states are requiring insurers to be lenient in this regard; you might check with the state insurance commissioner. We're posting them as we find them, but we certainly don't have all of them. I know I've seen Ohio and Washington State; this article lists others but it's from 3/18: https://www.mercer.com/content/dam/mercer/attachments/global/law-and-policy/gl-2020-covid-19-spurs-irs-relief-for-hdhps-state-insurance-guidance.pdf Also, some insurers are acting voluntarily: https://www.ahip.org/health-insurance-providers-respond-to-coronavirus-covid-19/

Here's the most recent word from IRS: https://benefitslink.com/newsletters/2020/2020_03_27_retirement_bulletin_2.html

This seems to be the bill as passed by the Senate: https://assets.documentcloud.org/documents/6819239/FINAL-FINAL-CARES-ACT.pdf#page=157 Of course, the House still needs to act, which is scheduled for Friday. The official full text will appear here (hopefully later today): https://www.congress.gov/bill/116th-congress/house-bill/748

See Q&A 20 here: https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers

From Thursday's BenefitsLink H&W Plans newsletter: https://benefitslink.com/news/index.cgi/view/20200319-156762

Several retirement plan provisions, including easing withdrawal penalties and repayments, as well as loan relief, were included in the CARES bill ... which was scuttled last night. Who knows what happens next ...

This article may be helpful (will be in today's BenefitsLink newsletter): https://www.blankrome.com/publications/401k-plans-during-covid-19-pandemic

If you're still keeping track of these, this article published today might be helpful: https://www.hklaw.com/en/insights/publications/2020/03/the-latest-decisions-in-actuarial-equivalent-lawsuits

Here's a summary of 9 cases filed as of last August; maybe the authors would be willing to provide an update? https://www.truckerhuss.com/2019/08/defined-benefit-plan-actuarial-equivalence-litigation-a-formidable-threat-or-an-unfounded-theory/

Any "predecessor employer" language anywhere in the document?

SEC. 114. INCREASE IN AGE FOR REQUIRED BEGINNING DATE FOR MANDATORY DISTRIBUTIONS. (a) IN GENERAL.—Section 401(a)(9)(C)(i)(I) of the Internal Revenue Code of 1986 is amended by striking ‘‘age 70-1/2’ and inserting ‘‘age 72’’. (b) SPOUSE BENEFICIARIES; SPECIAL RULE FOR OWNERS.—Subparagraphs (B)(iv)(I) and (C)(ii)(I) of section 401(a)(9) of such Code are each amended by striking ‘‘age 70-1/2’’ and inserting ‘‘age 72’’. (c) CONFORMING AMENDMENTS.—The last sentence of section 408(b) of such Code is amended by striking ‘‘age 70-1/2" and inserting ‘‘age 72’’. (d) EFFECTIVE DATE.—The amendments made by this section shall apply to distributions required to be made after December 31, 2019, with respect to individuals who attain age 70-1/2 after such date. https://www.congress.gov/116/bills/hr1865/BILLS-116hr1865enr.pdf Page 623

Re the RMD beginning date, this article (which will be included in today's BenefitsLink newsletter) might be of interest: https://www.beneficiallyyours.com/2019/12/30/the-required-minimum-distribution-date-for-retirement-benefits-the-cuban-missile-crisis/

Thanks so much, Larry -- we aim to please!

Finally! https://www.irs.gov/pub/irs-drop/n-19-59.pdf

Here you go: https://www.irs.gov/pub/irs-drop/n-19-59.pdf

Tom, I'd just like to add a belated but heartfelt and public thanks from the folks at BenefitsLink (Dave, Holly and myself) for all you've contributed over the years. Your wit, wisdom and consistent participation have been invaluable -- you will be missed. Lois

Thanks, Suzanne -- "It's what we do". Actually, I've been quite surprised to learn how much history has been archived online by the agencies -- pretty much everything is out there somewhere if you can figure out where to look.

Rev. Rul. 80-155 was published in 1980-1 C.B. 84 -- which is indeed online. See page 102 of this large PDF (760 pages).

Change in eligibility age was part of REA, effective for plan years beginning after 12/31/1984: https://www.govinfo.gov/content/pkg/STATUTE-98/pdf/STATUTE-98-Pg1426.pdf

Links to the EBSA updates were included in the BenefitsLink Retirement Plans newsletter and the BenefitsLink Health & Welfare Plans newsletter last Wednesday (June 5). Here's what CBIZ noted about changes:

You have my condolences, Bob. Or maybe I should say, empathy. (I'm the Cleveland native; Dave is just masquerading as one. )

"Beginning April 19, 2019 ... SCP is available to correct certain plan loan failures.... Reporting of deemed distributions ... Plan loan statutory failures.... Failure to obtain spousal consent for a plan loan.... Expanding SCP to correct certain plan loan failures by plan amendment.... [T]he Treasury Department and the IRS received comments on permitting the correction of Overpayments under SCP, and are currently developing guidance on these issues."

Article from today's BenefitsLink Retirement Plans newsletter might be of interest here: https://www.morningstar.com/videos/904333/what-to-do-if-you-missed-your-rmd.html

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