Single-employer defined benefit pension plans that have elected to use the “alternative method” for determining Pension Benefit Guaranty Corporation (PBGC) premiums have a window to take action that may significantly reduce...more
The City of Philadelphia has enacted an ordinance requiring commuter benefits for employees, effective December 31, 2022 (the Ordinance). The Ordinance applies to employers who employ 50 or more “covered employees” in...more
Many traditional defined benefit plans, such as final average pay plans, offer a lump sum distribution as an optional form of benefit. The amount of the lump sum distribution is sensitive to the applicable interest rate...more
As we noted in a post last year at this time, pension plans that are not fully funded for PBGC purposes have two parts to their PBGC premium. One part is a flat rate premium of $83 per participant in 2020 ($86 for 2021, as...more
IRS Notice 2020-51, released last week, provides additional guidance on the waiver in 2020 of required minimum distributions (RMDs) from defined contribution retirement plans and IRAs, and the interaction of this waiver with...more
7/8/2020
/ Benefit Plan Sponsors ,
CARES Act ,
Coronavirus/COVID-19 ,
Distribution Rules ,
Employee Benefits ,
Individual Retirement Account (IRA) ,
IRA Rollovers ,
IRS ,
New Guidance ,
Popular ,
Required Minimum Distributions ,
Retirement Plan Beneficiaries ,
SECURE Act ,
Waivers
The Internal Revenue Service and Pension Benefit Guaranty Corporation have extended the due dates for certain federal returns and payments. Affected filings will now be due on July 15, 2020....more
Employers with self-insured health plans may be thinking about making coronavirus (COVID-19)-related changes, such as waiving the patient responsibility portion of the charge for a hospital stay that is related to COVID-19....more
Pension plans that are not fully funded for PBGC purposes have two parts to their PBGC premium. One part is a flat rate premium of $83 per participant in 2020 ($80 for 2019). The other is a variable rate premium that looks to...more
HB 2536 requires pharmaceutical manufacturers to disclose to the Texas Health and Human Services Commission (HHSC) when a drug’s price increases 15% or more compared to the previous year, or 40% or more over three calendar...more
Expanded access to short-term, limited-duration insurance coverage—which could lead to adverse selection in the Affordable Care Act’s individual market—may also result in consumer confusion over coverage, a rise in the number...more
New Jersey Governor Phil Murphy signed a new law on June 1 called the “Out-of-network Consumer Protection, Transparency, Cost Containment and Accountability Act,” which enacts some of the most specific punitive measures in...more
The final rule has implications for plan sponsors and may impact certain relationships with service providers.
On April 6, after a long (and some might say tortured) process, the US Department of Labor (DOL) issued a...more
6/14/2016
/ Benefit Plan Sponsors ,
Best Interest Contract Exemptions ,
Best Interest Standard ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Exceptions ,
Fiduciary Duty ,
Final Rules ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Retirement Plan
The IRS releases new procedures and sample plan language to assist 403(b) plan sponsors in obtaining pre-approval of 403(b) plan documents and to ensure documentary compliance with 403(b) requirements....more
IRS amends EPCRS, significantly affecting 403(b) plans, and issues guidance to assist 403(b) plan sponsors in identifying and correcting defects....more