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Bill Seeks to Repeal Excise Tax on "Cadillac" Health Plans

An important provision of the Affordable Care Act (ACA) is a new target for repeal. On April 28, 2015, Rep. Joe Courtney (D-CT) introduced legislation (H.R. 2050) to eliminate the 40% excise tax on high-premium "Cadillac" health insurance plans. Set to take effect in 2018, the tax will apply to plans costing more than $10,200 for individual-only coverage, and more than $27,500 for family coverage. Although referred to as a tax on "Cadillac" plans, its impact is far broader and would likely implicate many employer-sponsored plans.   Continue reading this entry at...

EEOC Issues Proposed Rule Addressing ADA Compliance and Wellness Programs

The Equal Employment Opportunity Commission has issued a proposal to provide guidance on how to structure an employee wellness program without running afoul of the Americans with Disabilities Act. The proposed rule would amend ADA regulations and interpretive guidance as they apply to programs that use incentives to encourage employee participation in programs that may include disability-related questions and/or medical examinations. Continue reading this entry at Littler's Workplace Policy Update.

EBSA to Conduct Fiduciary Seminars

The Department of Labor's Employee Benefits Security Administration has announced it will conduct a series of seminars entitled: "Getting It Right - Know Your Fiduciary Responsibilities" at the following dates and locations: Pasadena, CA on May 7. Event information and registration is available here.Philadelphia, PA on May 19. Event information and registration is available here.Salt Lake City, UT on June 4. Event information and registration is available here.Denver, CO on June 24. Event information and registration is available here.Cincinnati, OH on July 9. Event...

Plan Sponsors Must Maintain Documentations for Hardship Distributions and Loans

In a recent “Employee Plan News” issued by the Internal Revenue Service (“IRS”), the IRS emphasized that plan sponsors are ultimately responsible for proper administration of their retirement plan and thus, must maintain documentation of hardship distributions and plan loans even if a third party administrator (“TPA”) handles these transactions.  The IRS stated that a failure to provide these records during an IRS examination is a qualification failure that should be corrected using the Employee Plans Correction Resolution System (“EPCRS”)....

IRS Modifies Provisions of the Employee Plans Compliance Resolution System

With Revenue Procedure 2015-27, the IRS has made several modifications to the most recent restatement of The Employee Plans Compliance Resolution System (“EPCRS”) (found in Rev. Proc. 2013-12, 2013-4 I.R.B. 313). In general, the EPCRS sets forth a system of correction programs for sponsors of retirement plans that are intended to satisfy certain Internal Revenue Code (“Code”) sections, but have failed to meet those requirements for some period of time. EPCRS includes the Self-Correction Program (“SCP”), the Voluntary Correction Program (“VCP”)...


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Format: 2015-05-03
Format: 2015-05-03