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American Benefits Council Comment Letter to IRS: 2025-2026 Priority Guidance Plan Recommendation

"[We] are writing to request that Treasury and the IRS publish official guidance ... affirming that the 100% excise tax under Internal Revenue Code Section 4976 does not apply to an employer's reallocation or repurposing of welfare benefit fund assets to provide other health and welfare benefits to employees and their beneficiaries.... Separately, we request guidance to address some confusion regarding the taxation of payments made under group fixed indemnity insurance offered by employers to support employers' ability to continue to offer these valued benefits."

American Benefits Council Comments to CMS on Prescription Drug Machine-Readable File Requirement in the Transparency in Coverage Final Rule

12 pages. "[The Council offers] comments that apply to the prescription drug MRF disclosure requirement specifically while also outlining additional recommendations -- beyond the questions posed in the RFI -- to increase transparency with the goal of providing access to appropriate pricing information to make informed decisions with the intent to understand and address the cost of health care for employers and working families."

Text of American Benefits Council Testimony to Senate Banking Committee Regarding FASB Exposure Draft (PDF)

American Benefits Council Proposal Would Free DB Surplus Assets

"A proposal from the American Benefits Council (ABC) would give defined benefit (DB) plan sponsors two new options for using 'trapped' surplus plan assets to provide other benefits.... Some congressional Republicans are interested in the proposal to help pay for a party-line budget reconciliation bill aimed at passing much of their agenda this year, but the outlook is unclear. A number of employers are actively advocating for this change, which could improve its chances in a GOP budget bill or another measure."

American Benefits Council Proposes New Ways to Use Retirement Surpluses to Boost Benefits, Raise Revenue

"The American Benefits Council has proposed changes that would reshape how employers use otherwise unusable surplus assets in retirement plans ... Citing the rise in interest rates since the end of the COVID-19 pandemic, a rise which resulted in increased funded levels for the 100 largest corporate pension plans and a surplus of at least $62 billion in pension assets in the U.S. as of December 2024, ... the ABC's plans would avoid 'a material incentive to terminate' pension funds."

American Benefits Council Comment on Proposed Amendments to Certain Rules Governing Money Market Funds (PDF)

2 pages. "Because of the importance of these funds to retirement plans, the Council commends the SEC's efforts to significantly strengthen the regulatory framework for money market funds to increase their resilience to economic stresses. The Council strongly supports strengthening these rules. The Council is concerned, however, about one proposal raised by the SEC. The proposed regulation requests comments on the possibility of eliminating the ability of money market funds to use the amortized cost method of valuation, resulting in a floating net asset value ('NAV') instead of a fixed $1.00 NAV. The Council believes that other changes proposed would result in less risk to the participant investing in the fund at the same time that a floating NAV would create an impression of more risk since, previously, 'breaking the buck' was a signthat the money market fund was significantly unstable."

Text of American Benefits Council Amicus Brief with 2nd Circuit U.S. Appeals Court in re Citigroup Pension Plan ERISA Litigation (PDF)

American Benefits Council/ACLI Comments on Special Rules Governing Eligible Combined 'DB(k)' Plans (PDF)

4 pages. "This letter, which is submitted by the American Council of Life Insurers ... and the American Benefits Council ..., provides comments in response to Notice 2009-71 regarding guidance relating to eligible combined plans under 414(x) of the Internal Revenue Code ... It would be helpful if the Service would provide sample plan language in the form of listings of required modifications (LRMs) for eligible combined plans. Alternatively, we would appreciate guidance on which provisions must be included in the single plan document for the eligible combined plan."

American Benefits Council Comment Letter on Final Investment Advice Regulations (PDF)

American Benefits Council Statement for House Education and Labor Committee Hearing Record on Safeguarding Retiree Health Benefits (PDF)

3 pages. "I am writing on behalf of the member companies of the American Benefits Council ... to correct a statement made by a member of the Committee concerning the Council's position on health care reform and to share our views with you on the Emergency Retiree Health Benefits Protection Act of 2007 (H.R. 1322). I respectfully request that this letter be included as part of the Committee's record for the September 25, 2008 hearing on H.R. 1322."