Government Reports

2013 2014 2015

protected content DOL Definition of Fiduciary Re-Proposed Regulation Submitted to OMB

The Department of Labor has submitted to the Office of Management and Budget for up to a 90-day review a revised proposed regulation that would amend and update the definition of fiduciary. … More

IRS Updates Weighted Average Interest Rates, Yield Curves, and Segment Rates (Notice 2015-19)

The Internal Revenue Service (IRS) on February 18 released Notice 2015-19 providing guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under section 417(e)(3), and the 24-month average segment rates under section 430(h)(2) of the Internal Revenue Code. … More

protected content February 26 FocusOn Call on DOL Definition of Fiduciary Re-Proposed Regulation

We have another reason for you to join our FocusOn call on the Department of Labor’s (“DOL”) Definition of Fiduciary Re-Proposed Regulation on February 26 – a recent letter from Senator Johnson (R-WI) to Secretary Perez requesting additional information regarding the process surrounding this regulation.… More

protected content Obama Administration Releases FY 2016 Budget with Retirement Policy Provisions

Today, the President released the Fiscal Year 2016 Budget of the U.S. Government (“FY 2016 Budget”). As the Administration has been releasing pieces of the FY 2016 Budget over recent days… More

protected content Review of Health Provisions Included in President Obama’s FY 2016 Budget

Today the president released his proposed budget ideas for Fiscal Year 2016, which starts this coming October 1. From my vantage point … More

protected content New Task Force on DOL’s Proposed Regulation on Definition of Fiduciary

As you are aware, a top priority for the Department of Labor’s (“DOL”) Employee Benefits Security Administration (“EBSA”) has been the issuance of a new regulation relating to ERISA’s definition of fiduciary (recently renamed as the “conflict of interest”) regulation. … More

protected content Indiana Receives Approval for New, Interesting Medicaid Expansion Plan

Article by Gretchen Young, ERIC Senior Vice President for Health Policy Yesterday CMS, the HHS agency that runs Medicare and Medicaid,… More

DOL Posts Final 2014 ERISA Advisory Council Reports

The Department of Labor recently posted to its website the final reports from the three topics (facilitating lifetime plan participation, outsourcing employee benefit plan services, and pharmacy benefit managers (PBM) compensation and fee disclosure) the ERISA Advisory Council in 2014 studied and made recommendations for the DOL’s consideration. … More

protected content HHS Secretary Burwell Sets Value-Based Goals for Medicare Payments

Yesterday HHS Secretary Sylvia Matthews Burwell announced a concrete goal near and dear to the hearts of many large employers: moving Medicare payments away from fee-for-service and towards paying for delivery of health care services on the basis of value and care coordination. … More

protected content PBGC Posts Announcement on New Section 4062(e) Rules

The Pension Benefit Guaranty Corporation has posted an announcement on its website regarding the expiration of its moratorium on ERISA section 4062(e) enforcement and Congress’s new law with respect to the definition of “cessation of operations” and section 4062(e) reporting.… More

protected content First Annual Report of the PBGC Participant and Plan Sponsor Advocate

The Pension Benefit Guaranty Corporation’s (“PBGC”) office of the Participant and Plan Sponsor Advocate (“Advocate”) has released its first Annual Report covering the period ending December 31, 2014. … More

GAO Offers Recommendations on “Forced Out” Participant Transfers

Congress should consider amending current law to permit alternative default destinations for plans to use when transferring 401(k) plan participant accounts out of plans, according to a recent report by the Government Accountability Office (GAO) … More

protected content Senate Finance Committee Republican Staff Releases Tax Reform Analysis

The staff for incoming Senate Finance Committee Chairman Orrin Hatch (R-UT) released a 341-page analysis of issues to consider as part of an effort to reform the tax code in the next Congress. … More

protected content PBGC 2014 Annual Report Shows Improvement in Single Employer System

The Pension Benefit Guaranty Corporation (PBGC) on November 17 released its Annual Report, showing that the agency’s deficit increased to about $62 billion in fiscal year 2014, mostly due to the declining condition of a limited number of multi-employer plans. … More

DOL Posts Updated Health Benefits Coverage Compliance Guide on Website

The Department of Labor's Employee Benefits Security Administration has posted to its website an updated compliance assistance guide on health benefits coverage under federal law including updates for the Affordable Care Act and the mental health parity provisions. … More

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ERISA Advisory Council Offers Recommendations on Lifetime Income, PBM Disclosure, and Outsourcing Plan Services

The ERISA Advisory Council recently presented its recommendations to the Department of Labor (DOL) on the topics it studied in 2014, which included facilitating lifetime plan participation, whether to extend DOL’s service provider fee disclosure regulation to pharmacy benefit managers (PBMs), and outsourcing employee benefit plan services.… More

protected content GAO Issues Report on Measuring Pension Plan Liabilities

The U.S. Government Accountability Office (GAO) recently issued a report on determining the current value of defined benefit plans titled “Pension Plan Valuation: Views on Using Multiple Measures to Offer a More Complete Financial Picture”. … More

protected content New FAQ Addresses Process for Plan Sponsors of Group Health Plans to Obtain HPID for ERISA Plans

With one fell swoop, a new FAQ slices through the Gordian Knot of how a wrap plan (an ERISA plan) fits into the CHP structure. Essentially, the new FAQ states that a plan sponsor may apply for one HPID for each ERISA plan. Thus, plan sponsors may apply for one HPID for each wrap plan; each of the wrap plan’s component major medical plans, for instance, would use this one umbrella HPID. … More

protected content IRS Announces 2015 Pension Plan Limits; PBGC Updates Website Showing 2015 Premiums, Maximum Benefits

The Internal Revenue Service on October 23 released the annual cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. Meanwhile, the Pension Benefit Guaranty Corporation (PBGC) updated its website to show the premium rates and maximum guaranteed benefit for 2015. … More

protected content Recent HHS Developments Concerning HPIDs and TRRP

Here’s the scoop on recent HHS developments concerning Health Plan Identifiers (HPIDs) and the Transitional Risk Reinsurance Program (TRRP) … More

protected content PBGC Provides Reporting Relief for Plans Using HATFA Funding Rates for 2013

The Pension Benefit Guaranty Corporation (PBGC) recently issued Technical Update 14-2 advising that so-called 4010 filings do not need to be amended solely to revise actuarial information that changed because of a decision to use Highway and Transportation Funding Act (HATFA) rates for the 2013 plan year.… More

protected content DOL Issues Report on Pension Plan Coverage; Fuels Congressional Interest in Coverage Issues

On October 8, the Department of Labor (DOL) issued a report on 2012 participation in defined benefit (DB) and defined contribution (DC) pension plans. The report is based on Form 5500 annual reports. Not unexpectedly, the report shows a continuing shift from DB plans to DC plans. It will very likely fuel the interest … More

IRS Updates Form for Employee Plan Opinion or Advisory Letter Requests

The Internal Revenue Service recently updated Form 8717-A, User Fee for Employee Plan Opinion or Advisory Letter Request, with the new fees… More

protected content Treasury and IRS Release 2014-2015 Priority Guidance Plan

The Treasury Department and Internal Revenue Service released their joint 2014-2015 priority guidance plan which contains 65 items under the Retirement Benefits and Executive Compensation, Health Care and Other Benefits sections. … More

protected content FASB Adds Project on DB Plan Measurement Dates, but Not Cash Balance Project

The Financial Accounting Standards Board on August 13 added a project to its agenda to permit an employer with a fiscal year-end that does not fall on the end of a month to measure its defined benefit (DB) plan assets and liabilities as of the month end that is closest to the employer’s fiscal year-end.… More

2013 2014 2015