Tag Archives: Employee benefits

Supreme Court Upholds Exchange Subsidies

The U.S. Supreme Court in a 6-3 vote affirmed that subsidies may go to individuals in states with exchanges established by the federal government, and the statute did not restrict subsidies to only states that themselves ran exchanges. Such a…

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EBSA: Deficient Work Tied to Auditors’ Size, Experience

Hiring an auditor with limited experience auditing benefit plans, or experience auditing only small plans … may cost plan sponsors. That conclusion can be drawn from a new assessment by DOL’s Employee Benefits Security Administration of audit quality after reviewing…

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DOL Fiduciary Proposal: Best-interest Broker Contract Planned

The U.S. Department of Labor on April 14 previewed proposed changes to the 40-year-old definition of “fiduciary” that the agency says will increase consumer protection for those seeking advice on retirement investments and 401(k) rollovers. The long-awaited changes will include…

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IRS Adjusts Voluntary Correction Program, Including Fees

IRS on March 27 released a series of changes to its Employee Plans Compliance Resolution System that it said would improve the correction programs. Among the modifications to Revenue Procedure 2013-12  announced are new options for correction methods to recoup…

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Employers Must Send Notice of Pension Transfers Related to Takeovers

Even if those administering your plan are familiar with the ERISA notice and disclosure requirements, it’s worth remembering the importance of notification during the series of benefits transfers that can occur from corporate takeovers. Not doing so, even if the…

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GAO Urges DB Sponsors to Add Information for Participants Considering Lump-Sum Offers

Packets being given to retirees and separated, vested employees considering taking an immediate lump-sum distribution from their former employer’s defined benefit retirement plan rather than continuing lifetime income benefits routinely lack some key information needed to make an informed decision,…

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Changes to Forms 5500 Ring in the New, Keep Some of the Old

Preparing employer benefit plans’ annual filings to federal agencies can be detailed and time-consuming. A review of recent changes to the 2014 Form 5500 series indicates this process could become even more laborious for some plans, as the government seeks…

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GAO Recommends New Destinations for Forced 401(k) Transfers

Distributing abandoned small accounts in the 401(k) plans of participants who have left the company is a necessary evil for plan sponsors, to keep the plan focused on managing larger, active holdings and controlling costs. Despite the benefits for the…

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Health Care Reform Mandates: Impending Dates

The next three months are crunch time. Employers have to get moving on several deadlines, most of them required under health care reform. Some reform rules should have taken effect in 2014, but were subject to the year-long delay instituted…

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More IRS Guidance on ACA’s Health Coverage Reporting Rules

IRS on Aug. 29 issued two sets of questions and answers about reporting on health coverage for large employers under Section 6056 and for all employers under Section 6055 of the reform law. Section 6056 reporting is required by “applicable large employers” that provide…

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