Legislative & Regulatory Updates

IRS Revises Use of Lump Sum Payments to Retirees

Written By David Davala

On July 9, 2015, the IRS released Notice 2015-49, Use of Lump Sum Payments to Replace Lifetime Income Being Received By Retirees Under Defined Benefit Pension Plans. The Notice states that the IRS and Treasury Department intend to amend the regulations to address the use of lump sum payments to replace annuity payments.

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Dodd-Frank Clawback Proposal

Written By Brad Smith

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted in 2010 and was intended to address shareholder rights and executive compensation practices. The Securities and Exchange Commission was directed, as part of the Dodd-Frank Act, to put in place a requirement that public companies include a clawback provision in their executive compensation contracts that is triggered by any accounting restatement. A clawback provision generally allows companies to recoup erroneously awarded incentive compensation, where an error was detected after issuance of the incentives.

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Proposed Dodd-Frank Pay Versus Performance Rules

Written By Brad Smith

The Dodd-Frank Act was enacted in 2010 with intent to address shareholder rights and executive compensation practices. The Securities and Exchange Commission was directed as part of the Dodd-Frank Act to put in place a requirement that public companies disclose in their proxies information that shows the relationship between executive compensation actually paid, and the financial performance of the company. This portion of the Dodd-Frank Act has come to be known as the Pay Versus Performance disclosure requirements.

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Well Now…EEOC Issues Wellness Program Proposed Rule

Written By Jason Rothman

As employers develop and administer wellness programs, they generally do so with the Health Information Portability and Accountability Act (HIPAA) and Affordable Care Act requirements in mind. However, employers all too often have forgotten or didn't realize that wellness programs are subject to the Americans with Disabilities Act (ADA) as well (whether a participatory or a health-contingent wellness program).

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DOL Finalizes FMLA Rule Adopting Place of Celebration Rule for Same Sex Marriages

Written By Jason Rothman

Effective March 27, 2015, the definition of "spouse" for purposes of the Family and Medical Leave Act (FMLA) has been amended to cover all individuals in legal same-sex marriages regardless of where they live.

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Employer Considerations:  ACA Individual Shared Responsibility Provisions and the 2014 Tax Return Season

Written By Jason Rothman

Learn what documentation is needed to support compliance with the ACA individual shared responsibility provision and proactive steps as it relates to employees' 2014 tax returns.   

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Supreme Court Rules on Duration of Retiree Medical Benefits

Written By Blaine Brickhouse, FSA

On January 26, 2015, the Supreme Court ruled that when determining whether a collectively bargained retiree medical plan has lifetime vested benefits, the ordinary principles of contract law should apply. This is good news for some plan sponsors.

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DB Plans: DOL Releases Guidance on Annual Funding Notices

Written By David Davala

This January 14, 2015 Field Assistance Bulletin provides guidance for compliance with ERISA annual funding notice requirements for plan administrators of single-employer defined benefit plans. This is good news for some plan sponsors.

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New Pension Legislation Adopted as Part of the Government Spending Legislation

Written By Blaine Brickhouse

On December 16, President Obama signed into law new pension legislation affecting both multiemployer and single employer pension plans. The legislation was a part of the government spending legislation which will fund most of the federal government through September 2015.

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Stricter Pension De-risking Guidelines on the Horizon?

Written By Jill Leitner

Members of the Senate committee ask for stricter pension de-risking guidelines for employee communication on the risk of cash-out payments, selecting annuity providers, and additional PBGC reporting requirements.

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A Simple Guide to the ACA Transitional Reinsurance Program

Learn what it is, who makes contributions, how the fee is calculated, the payment process, and what you need to do now.  Links to an FAQ, submission form manual and submission form are also included.

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