Subscribe (Free) to
Daily or Weekly Newsletters
Post a Job

Featured Jobs

Senior Retirement Plan Administrator

TPS Group
(Remote / Buffalo NY)

TPS Group logo

Enrolled Actuary

Loren D. Stark Company (LDSCO)
(Remote / Houston TX)

Loren D. Stark Company (LDSCO) logo

DB/DC Administrator

Primark Benefits
(Remote / Burlingame CA)

Primark Benefits logo

Implementation Specialist

Ubiquity Retirement + Savings
(Remote)

Ubiquity Retirement + Savings logo

Defined Benefits Combo Cash Balance Consultant

Loren D. Stark Company (LDSCO)
(Remote / Houston TX)

Loren D. Stark Company (LDSCO) logo

DC Plan Administrator

Heritage Pension Advisors, Inc.
(Remote / Commack NY)

Heritage Pension Advisors, Inc. logo

Defined Contributions Consultant

Loren D. Stark Company (LDSCO)
(Remote / Houston TX)

Loren D. Stark Company (LDSCO) logo

ERISA Attorney

Smith & Downey
(Towson MD)

Smith & Downey logo

National Healthcare Director

Nyhart, part of FuturePlan by Ascensus
(Remote / Indianapolis IN / AL / AR / CT / DC / DE / FL / GA / IA / IL / KS / KY / LA / MA / MD / ME / MI / MN / MO / MS / NC / ND / NE / NH / NJ / NY / OH / OK / PA / RI / SC / SD / TN / TX / VA / VT / WI / WV)

Nyhart, part of FuturePlan by Ascensus logo

Saver Success Specialist

Ubiquity Retirement + Savings
(Remote)

Ubiquity Retirement + Savings logo

Defined Contribution Plan Administrator

PPS Pension Services
(Remote / Williamsville NY)

PPS Pension Services logo

Customer Experience Specialist

AimPoint Pension
(Remote)

AimPoint Pension logo

Client Service Manager

July Business Services
(Remote / Woodway TX)

July Business Services logo

VP Sales Consultant (Retirement)

FuturePlan, by Ascensus
(Remote / FL)

FuturePlan, by Ascensus logo

Client Success Specialist

Ubiquity Retirement + Savings
(Remote)

Ubiquity Retirement + Savings logo

Relationship Manager

Compass Retirement Consulting Group, Inc.
(Remote / MA / ME / NH)

Compass Retirement Consulting Group, Inc. logo

Retirement Plan Consultant

Cetera Retirement Plan Specialists
(Remote)

Cetera Retirement Plan Specialists logo

View More Employee Benefits Jobs

Free Newsletters

“BenefitsLink continues to be the most valuable resource we have at the firm.”

-- An attorney subscriber

Mobile App image LinkedIn icon
Twitter icon
Facebook icon

News

All News > ARPA

Get this news and more in our free daily email newsletters.
Text of IRS Notice 2021-62: Weighted Average Interest Rates, Yield Curves, and Segment Rates for November 2021 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Nov. 18, 2021

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"

Tags: ARPA  •  Funding of DB Plans  •  Retirement Plan Administration

2022 Premium Tax Credit Quick Reference Chart (Updated for ARPA) (PDF)
Kaufman & Canoles, P.C. Link to more items from this source
[Guidance Overview]
Nov. 17, 2021

11 pages. "[1] Locate line where estimated 2022 household income & household size intersect. [2] First column shows household percentage of Federal Poverty Line. [3] Second column shows percent of household income required as contribution towards purchase of second lowest cost Silver coverage in Marketplace. [4] 'CSR AV' column shows resulting Actuarial Value after Cost Sharing Reductions applied. [5] 'Monthly contribution' = contribution percent x household income, divided by 12."

Tags: ARPA  •  Health Plan Costs

ARPA SFA Bailout: 0% = $6.1 Million
Burypensions Link to more items from this source
[Opinion]
Nov. 10, 2021

"[T]hese applications are easy to [compile]. They may run hundreds of pages but almost all of it is backup data with the meat being two excel spreadsheets ... And the PBGC gives you the worksheets.... [F]or any pension actuaries out there: have you ever used 0% for your valuation interest rate?"

Tags: ARPA  •  Funding of DB Plans  •  Multiemployer Plans

Editor's Pick 2021 End of Year Plan Sponsor 'To Do' List: Health & Welfare Plans
Snell & Wilmer Link to more items from this source
[Guidance Overview]
Nov. 9, 2021

"The COVID-19 pandemic and the federal government's response have transformed the 2020 and 2021 employee benefits landscape. These changes will extend into 2022, depending on how long the COVID-19 public health emergency lasts.... The CAA includes numerous provisions that impact employer-sponsored group health plans, including the much-anticipated rules regarding surprise medical bills.... Prepare for compliance with Transparency in Coverage rules ... Comply with large employer shared responsibility rules or face penalties[.]"

Tags: ARPA  •  COBRA  •  Cafeteria Plans  •  Consolidated Appropriations Act, 2021   •  Health Plan Administration

Nailing SFA Rate 'Blunder'
Burypensions Link to more items from this source
[Opinion]
Nov. 5, 2021

"In comparing how much bailout money insolvent multiemployer plans are asking from the government to what they reported as unfunded liabilities on their latest 5500 filings some substantial differences come to light. For example, one plan asked for $14 million when their unfunded liabilities are $6.5 million.... The Carpenters Industrial Council of Eastern PA calculates needing 217.2% of unfunded liabilities for one simple reason. When they get their $14 million they are expecting to make $0 in trust earnings on it for 30 years."

Tags: ARPA  •  Funding of DB Plans  •  Multiemployer Plans  •  PBGC

ARPA Special Financial Assistance Applications: Interest Rate Blunders in Valuing Multiemployer Plan Liabilities
Burypensions Link to more items from this source
[Opinion]
Oct. 29, 2021

"In comparing how much bailout money insolvent multiemployer plans are asking from the government to what they reported as unfunded liabilities on their latest 5500 filings some substantial differences come to light. Now that most of the applications are online and the interest rates used for valuing [special financial assistance] liabilities have been divulged the idiocy of the method the PBGC forces these plans to use comes into focus."

Tags: ARPA  •  Multiemployer Plans

IRS Issues Guidance Regarding ARPA Multiemployer Plan Relief Rules
Morgan Lewis Link to more items from this source
[Guidance Overview]
Oct. 27, 2021

"IRS Notice 2021-57 ... gives plan sponsors a roadmap for electing relief. Highlights of the notice include: [1] Freeze elections ... [2] Extension elections ... [3] Special funding rules."

Tags: ARPA  •  Multiemployer Plans

IRS Provides Guidance on COBRA Election and Payment Deadlines
McDermott Will & Emery Link to more items from this source
[Guidance Overview]
Oct. 27, 2021

"[A] plan may not require a qualified beneficiary to make an initial COBRA premium payment before November 1, 2021, as long as the payment is made within one year and 45 days of the individual's COBRA election.... [F]or periods not covered by the initial COBRA premium payment ... [Notice 2021-58] indicates that the payments are due one year from the date that the payment originally would have been due, taking into account the normal 30-day grace period."

Tags: ARPA  •  COBRA  •  Coronavirus (COVID-19)

Text of IRS Notice 2021-60: Weighted Average Interest Rates, Yield Curves, and Segment Rates for October 2021 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Oct. 21, 2021

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"

Tags: ARPA  •  Funding of DB Plans  •  Retirement Plan Administration

IRS Guidance Clarifies COBRA/Outbreak Period Interaction
HUB International Link to more items from this source
[Guidance Overview]
Oct. 19, 2021

"[To] the extent there are COBRA qualified beneficiaries who have elected COBRA, but not made the initial payment even though it has been more than a year and 105 days since they were initially eligible for COBRA (or a year and 45 days since they elected), a reminder may be in order. They may believe they have additional time and instead need to send in their payment by November 1."

Tags: ARPA  •  COBRA  •  Coronavirus (COVID-19)

IRS Clarifies Key Time Extensions of COBRA Election and Payment Deadlines
Miller Johnson Link to more items from this source
[Guidance Overview]
Oct. 18, 2021

"Specifically, Notice 2021-58 addresses: [1] the extension of deadlines for COBRA elections and premium payments, and [2] the interaction of the extended deadlines with the COBRA subsidy available under [ARPA]."

Tags: ARPA  •  COBRA  •  Coronavirus (COVID-19)

Text of PBGC Technical Update 21-1: Effect of ARP on 4010 Reporting
Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
[Official Guidance]
Oct. 15, 2021

"This Technical Update 21-1 provides [PBGC] guidance on the effect of the American Rescue Plan Act of 2021 (ARP) ... on annual financial and actuarial reporting under section 4010 of ERISA and part 4010 of PBGC's regulations. This Technical Update waives 4010 reporting requirements in situations where the reporting obligation is triggered solely because of a retroactive election permitted by ARP and IRS Notice 2021-48. It also provides guidance with respect to actuarial information reported in a 4010 filing that changes because of ARP."

Tags: ARPA  •  Funding of DB Plans  •  Multiemployer Plans  •  PBGC

IRS Issues New Guidance on COBRA Deadline Extensions
Ballard Spahr LLP Link to more items from this source
[Guidance Overview]
Oct. 14, 2021

"Given that the deadline for paying COBRA premiums is ordinarily 45 days after the COBRA election, some might have assumed that the deadline extensions for COBRA elections and payment would run consecutively.... The new IRS notice provides a different interpretation."

Tags: ARPA  •  COBRA

Editor's Pick IRS Guidance Sheds Light on COBRA Premium Payment Deadlines in the Time of COVID-19
Groom Law Group Link to more items from this source
[Guidance Overview]
Oct. 13, 2021

"The transition relief is targeted at certain individuals who elected COBRA outside of the regular 60-day deadline and whose initial premium deadline has already passed ... based on the premise that prior to the issuance of this guidance, they may have thought the 1-year tolling period began on their election date.... The Notice highlights that individuals who delay electing COBRA coverage may not have more than 1 year of total disregarded time for the COBRA election and initial COBRA premium payment."

Tags: ARPA  •  COBRA  •  Coronavirus (COVID-19)

We Have No Idea When the Outbreak Period Will End, But We Have a Better Idea When COBRA Payments Are Due
Seyfarth Shaw LLP Link to more items from this source
[Guidance Overview]
Oct. 13, 2021

"Notice 2021-58 reiterates that the extensions of the timeframes do not apply to the periods for providing the required ARPA Notice, or for electing subsidized COBRA. A plan may require an individual to elect COBRA retroactive to the date of loss of coverage within 60 days of receiving the ARPA Notice or lose eligibility for retroactive COBRA."

Tags: ARPA  •  COBRA  •  Coronavirus (COVID-19)

Text of IRS Notice 2021-57: Funding Relief for Multiemployer DB Pension Plans Under the American Rescue Plan Act of 2021 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Oct. 12, 2021

21 pages. "This notice provides guidance for sponsors of multiemployer defined benefit pension plans on the elections under sections 9701 and 9702 of [ARPA], and the relief provided under section 9703 of [ARPA], relating to sections 431 and 432 of the Internal Revenue Code. These provisions permit plan sponsors to: [1] Elect to delay designating a plan as being in endangered, critical, or critical and declining status under section 432(b)(3), as applicable, or to delay updating the plan's funding improvement plan or rehabilitation plan, as applicable; [2] Elect to extend the plan's funding improvement period under section 432(c)(4) or the rehabilitation period under section 432(e)(4), as applicable; and [3] Spread certain investment losses and other experience losses related to COVID-19 over a period of up to 30 years in determining charges to the funding standard account under section 431."

Tags: ARPA  •  Funding of DB Plans  •  Multiemployer Plans

IRS Clarifies Application of COVID-19 Outbreak Period Extensions for Electing COBRA Continuation Coverage and Paying COBRA Premiums
Verrill Dana LLP Link to more items from this source
[Guidance Overview]
Oct. 12, 2021

"Notice 2021-58 [provides] helpful guidance on COBRA continuation coverage in two key areas: [1] the application of the extended timeframes for electing COBRA continuation coverage and paying COBRA premiums in response to the on-going COVID-19 national emergency, and [2] the interaction of the extended timeframes with the COBRA premium subsidy available under the American Rescue Plan Act of 2021 (ARPA).... [T]en examples [are] provided in the Notice."

Tags: ARPA  •  COBRA

COVID-19 Relief Addresses COBRA Election and Premium Payment Deadlines
Thomson Reuters Practical Law Link to more items from this source
[Guidance Overview]
Oct. 12, 2021

"Notice 2021-58 provides that the disregarded periods for an individual to elect COBRA and make initial and subsequent COBRA premium payments (that is, under the outbreak period rules) generally run concurrently. The guidance includes a set of detailed rules that expand on this general concept."

Tags: ARPA  •  COBRA

Text of IRS Notice 2021-58: Extension of COBRA Election and Premium Payment Deadlines Under Section 7508A(b) (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Oct. 6, 2021

11 pages. "This notice clarifies the application of certain extensions under [COBRA] for the election of COBRA coverage and payment of COBRA premiums under the Joint Notification of Extensions of Certain Timeframes for Employee Benefit Plans, Participants, and Beneficiaries Affected by the COVID-19 Outbreak (Joint Notice) issued by the [DOL], the Department of the Treasury, and the [IRS] ... and the additional guidance provided by [EBSA] Disaster Relief Notice 2021-01 ... This notice also addresses the interaction of COBRA continuation coverage under the Emergency Relief Notices with the COBRA premium assistance available for certain individuals under the American Rescue Plan Act of 2021 [ARPA].... DOL and HHS have advised the Treasury Department and the IRS that they concur with the guidance provided in this notice as applicable to the laws under their respective jurisdictions....

"Under the Emergency Relief Notices, up to one year must be disregarded in determining the due dates for individuals to elect COBRA continuation coverage and pay COBRA premiums during the Outbreak Period. This notice clarifies that the disregarded period for an individual to elect COBRA continuation coverage and the disregarded period for the individual to make initial and subsequent COBRA premium payments generally run concurrently....

"[In] no event will an individual be required to make the initial premium payment before November 1, 2021, even if November 1, 2021 is more than one year and 105 days after the date the election notice was received, provided that the individual makes the initial premium payment within one year and 45 days after the date of the election....

"The extensions of the timeframes under the Emergency Relief Notices do not apply to the periods for providing the required notice of the ARP extended election period or for electing COBRA continuation coverage with COBRA premium assistance under [ARPA]."

Tags: ARPA  •  COBRA  •  Coronavirus (COVID-19)

PBGC Improves Multiemployer Outlook Due to ARPA
International Foundation of Employee Benefit Plans [IFEBP] Link to more items from this source
Sept. 28, 2021

"Because the new projections show a continued high likelihood of insolvency at some point in the future, the report concludes that current premium levels ... would not support an increase in the multiemployer benefit guarantee level at this time. Given the significant uncertainty related to the impact of SFA on the projected solvency of plans, as well as the risk of insolvency of plans not eligible to receive SFA, the five-year report says, it is difficult to determine at this time what corresponding changes in PBGC's Multiemployer Program will be necessary to maintain long-term solvency."

Tags: ARPA  •  Funding of DB Plans  •  Multiemployer Plans

PBGC FAQs: Additional Special Financial Assistance
Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
[Official Guidance]
Sept. 22, 2021

"If PBGC issues a final rule that makes any changes affecting the amount of special financial assistance for a plan, any such changes will not reduce the amount of special financial assistance payable to any plan that successfully submitted its initial application for special financial assistance before the publication of the final rule in the Federal Register. Further, PBGC expects that if changes are made in the final rule and such changes would result in a greater amount of special financial assistance for plans that have already applied for, or received, special financial assistance before publication of the final rule, those plans will be able to receive the greater amount."

Tags: ARPA  •  Multiemployer Plans

Employers: Check Your Severance Arrangements Now!
Faegre Drinker Link to more items from this source
Sept. 22, 2021

"[W]ise employers will make certain that their severance arrangements clearly state whether their COVID-19 Policies are or are not considered a work policy for purposes of the employer's severance arrangements.... [E]mployers that amended their severance arrangements to reflect the ARPA [COBRA] subsidy requirements may need to make additional updates at this time."

Tags: ARPA  •  COBRA  •  Coronavirus (COVID-19)  •  Severance Pay

Text of IRS Notice 2021-54: Weighted Average Interest Rates, Yield Curves, and Segment Rates for September 2021 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Sept. 21, 2021

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"

Tags: ARPA  •  Funding of DB Plans  •  Retirement Plan Administration

Notification Deadline Triggered as COBRA Premium Subsidy Ends
Akerman Link to more items from this source
[Guidance Overview]
Sept. 14, 2021

"Under ARPA, a subsidy expiration notice must be provided where premium subsidy assistance will end as a result of the expiration of the individual's [1] subsidy period or [2] COBRA continuation period.... Because plan administrators must notify assistance eligible individuals at least 15 days before the subsidy expires, ... most notices must be mailed by September 15, 2021."

Tags: ARPA  •  COBRA

COBRA Subsidy Ends September 30: Don't Forget to Provide Notice!
Warner Norcross & Judd LLP Link to more items from this source
[Guidance Overview]
Sept. 10, 2021

"If an AEI's period of coverage begins mid-month and extends into October, then the individual is entitled to the full subsidy for that entire period of coverage.... Unless the AEI is also reaching the end of the maximum COBRA coverage period at the end of September, the COBRA coverage must automatically continue, assuming that the AEI submits timely COBRA premium payments per the plan's normal COBRA procedures."

Tags: ARPA  •  COBRA

© 2021 BenefitsLink.com, Inc.