Benefit Insider

Congress Reaches Agreement on Government Funding, Pandemic Relief Legislation; Includes Several Health, Retirement Policy Provisions. Multiple Retirement Policy Bills Introduced in the U.S. House of Representatives, Council Anticipates Increased Activity in the New Year.

The U.S. Congress has passed a one-week extension of government funding, averting a shutdown and likely leaving one more week for the Council to advocate for numerous benefits policy priorities before the congressional session ends. The Senate Finance Committee Hears Recommendations for Improving Retirement Security. PBGC Annual Report Reveals Increased Single-Employer Surplus, Underfunded Multiemployer Program.

The U.S. Treasury Department and IRS recently released the 2020-2021 Priority Guidance Plan outlining their anticipated regulatory projects during the 12-month period from July 2020 through June 2021. The Council Congress considers additional COVID-19 relief legislation and urging congressional action to stabilize single-employer pension plan funding before the end of the year.

The IRS updates RMD tables for retirement plans. The IRS has released guidance and a request for comments implementing the new provision permitting 403(b)(7) custodial accounts to be distributed in kind to participants and beneficiaries when their plan is terminated.

A comprehensive bipartisan retirement policy legislation introduced in House of Representatives. Executive branch agencies finalize price transparency rules for group health plans. The Trump administration issued interim final regulations for numerous issues related to the eventual COVID-19 vaccine and testing for COVID-19.

The IRS issued a notice on October 2, providing relief from some of the Affordable Care Act’s information reporting requirements for health insurers and employers for 2020. The notice is welcome news in that it extends relief provided in prior years though it indicates that this is the last year relief will be provided.

Guidance finalized on 2021 tax withholding, giving the IRS additional flexibility. The DOL proposed a new rule modifying determination of independent contractors, updating the standards for determining whether a worker is an employee or an independent contractor under the Fair Labor Standards Act (FLSA).

The IRS has issued guidance on certain provisions of the SECURE Act retirement plan provisions. Proposed EBSA rule on proxy voting highlights economic factors for plan fiduciaries. The IRS allows amended determination letter requests for statutory hybrid plans.

The Senate Homeland Security Committee Subcommittee on Regulatory Affairs and Federal Management held a hearing in which lawmakers examined federal policies regarding remote work and its challenges. The IRS issues additional guidance on CARES Act retirement provisions.

Multiple employer groups encourage federal funding support for COVID-19 testing. DOL seeks input on state paid leave Laws. The U.S. President issues executive orders on drug prices, including prescription drug rebates.

Polling data shows strong support for additional financial assistance for COBRA coverage during the COVID-19 pandemic. The U.S. departments of Labor, Treasury and Health and Human Services issued proposed regulations modifying certain aspects of the current rules regarding loss of grandfathered plan status under the Affordable Care Act (ACA).

The U.S. Department of Labor (DOL) Employee Benefits Security Administration (EBSA) has issued new fiduciary standards for providers of investment advice, including a summary of the regulatory package. The IRS issues guidance on mid-year reductions and relief for Safe Harbor plans.

The EEOC votes to approve a wellness proposal under the ADA. An overview of the efforts at the state level to expand retirement coverage in ways that would burden existing employer-sponsored plans or impose alternative rules on retirement plans.

The IRS Releases 2021 Indexed Amounts for HSAs, HDHPs and includes a table listing out the current 2020 amounts and the new 2021 amounts. The IRS also has temporarily extended a number of deadlines for certain employee benefits filings in light of the ongoing pandemic.

Final regulations expanding electronic disclosure for retirement plans have been sent to the White House Office of Management and Budget (OMB), New IRS guidance permits electronic requests for private letter rulings, and other guidance.

Summary of IRS extensions on numerous deadlines as part of Coronavirus relief. An overview of the economic stimulus package and dealing with surprise medical billing of COVID-19 patients.

This edition covers COVID-19 response legislation and a bill linking retirement contributions to student loan repayment that was introduced in the House. IRS extends certain retirement plan deadlines. Legislation introduced to protect lump-sum recipients.

This edition includes a legislative update dealing with the coronavirus (COVID-19). A summary on the House passed COVID-19 response legislation. The Treasury and IRS issue guidance allowing HDHP’s to cover screening and treatment for COVID-19 pre-deductibles.

This edition summarizes recent regulatory, legislative and judicial activity, including comments on new compensation rules under Section 162(m). The Know the Price Act (H.R. 6005), known as the health price transparency bill, was introduced in the House. The high court upholds ruling against plan sponsor in plan disclosure statute of limitations decision.

This edition covers recent regulatory, legislative and judicial activities. The (HHS) released the proposed Notice of Benefit and Payment Parameters (NBPP) for 2021. An outline for federal paid leave legislation is submitted to House committee. Council Recommends Modifications to Health Price Transparency Proposed Regulation. The Council outlines principles for federal paid leave legislation and supports bipartisan bill to increase retirement plan cash-out limits.