Client Alerts
12/09/24
The Department of Labor and the Department of the Treasury have extended the time period for certain actions under group health plans by participants in areas affected by Hurricanes Helene and Milton.
11/01/24
The IRS has released the pension limits for 2025.
10/14/24
The Pension Benefit Guaranty Corporation (PBGC) has released the premium rates for 2025.
08/02/24
The IRS has issued new final regulations on required minimum distributions from pension plans that reflect the changes in the law in the past few years.
07/08/24
The Department of Health and Human Services (HHS) and the Internal Revenue Service (IRS) have announced the maximum out-of-pocket limits for health plans and health savings accounts for 2025, as well as certain other changes.
01/31/24
The Internal Revenue Service (IRS) has updated the regulations on the calculation of the minimum present value of benefits such as lump sum distributions.
01/31/24
The government agencies that regulate pension plans have issued a request for information (RFI) on the reporting and disclosure requirements of the law.
11/20/23
By December 31, plans are required to attest that they have not entered into agreements with health care providers, networks or other service providers that contain gag clauses.
11/02/23
The IRS has released the pension limits for 2024.
10/17/23
The Pension Benefit Guaranty Corporation (PBGC) has released the premium rates for 2024.
09/13/23
Proposed regulations could significantly impact plans in complying with mental health parity requirements.
08/21/23
The Department of Health and Human Services (HHS) and the Internal Revenue Service (IRS) have announced the maximum out-of-pocket limits for health plans and health savings accounts for 2024, as well as certain other changes.
04/13/23
The COVID-19 national emergency has ended, and the public health emergency will end on May 11.
01/12/23
The SECURE Act 2.0 increased the age for required minimum distributions.
01/11/23
The IRS has set the applicable dollar amount for the Patient-Centered Outcomes Research Institute (PCORI) fee for policy years and plan years ending on or after October 1, 2022 and before October 1, 2023 at $3.00 per covered life.
01/06/23
The SECURE Act 2.0 made important changes with respect to the recoupment of overpayments to plan participants and beneficiaries.
12/27/22
On December 23, 2022, the Departments of Labor, Health and Human Services, and the Treasury (collectively, the Departments) have issued Frequently Asked Question (FAQ) set 56 to provide group health plans with some relief - including a grace period until January 31, 2023 - from the RxDC reporting requirement for prescription drugs. Without the relief, the reporting was due on December 27, 2022.
10/25/22
The IRS has released the pension limits for 2023.
10/20/22
The Departments of Health and Human Services, Labor, and the Treasury have requested information prior to issuing regulations on the requirement for health plans to issue an Advance Explanation of Benefits (EOB).
10/18/22
Effective October 17, the FDA is permitting hearing aids to be sold over the counter. Plans with hearing aid coverage may want to evaluate to what degree they wish to cover OTC hearing aids.
10/18/22
The Pension Benefit Guaranty Corporation (PBGC) has released the premium rates for 2023.
10/14/22
The Pension Benefit Guaranty Corporation (PBGC) has issued a proposed regulation on the interest rate assumptions that may be used to calculate the withdrawal liability under a plan.
08/31/22
The PBGC is nearing completion of a regulation on withdrawal liability.
07/12/22
The Pension Benefit Guaranty Corporation (PBGC) has issued final regulations under the special financial assistance program established by the American Rescue Plan Act of 2021.
06/28/22
The Department of Health and Human Services (HHS) and the Internal Revenue Service (IRS) have announced the maximum out-of-pocket limits for health plans and health savings accounts for 2023, as well as certain other changes.
06/09/22
The Department of Labor (along with the Pension Benefit Guaranty Corporation and the Internal Revenue Service) has finalized the changes to the schedules of Form 5500 for 2022.
05/25/22
Federal sequestration began a three-month phase-in on April 1, 2022, after being suspended from May 1, 2020, through March 31, 2022. This affects the Retiree Drug Subsidy (RDS) Program, as well as Medicare Advantage (MA) and Part D Employer Group Waiver Plans (EGWPs).
05/19/22
The IRS has extended the relief from the requirement that participants and beneficiaries be physically present to have certain elections witnessed and notarized.
03/08/22
The IRS has proposed new regulations with respect to required minimum distributions from qualified plans in order to reflect the changes made by the SECURE Act.
03/01/22
The Departments have released additional FAQs on providing over-the-counter COVID-19 tests. Also, CMS has announced that Medicare will cover over-the-counter COVID-19 tests in the Spring.
02/22/22
The Actuarial Standards Board has issued a revised standard of practice for measuring pension obligations.
01/25/22
The IRS has updated the methodology and life expectancy tables used for determining substantially equal periodic payments to avoid the tax on early withdrawals from individual accounts.
01/14/22
On January 10, 2022, the Departments of Labor, Health and Human Services (HHS), and the Treasury (collectively, the Departments) issued joint FAQs which require group health plans to provide coverage for OTC COVID-19 tests without cost-sharing and without an order or individualized clinical assessment by a health care provider beginning January 15, 2022.
01/11/22
The IRS has announced the latest PCORI fee increase.
12/29/21
The IRS has released guidance clarifying prior regulations that extended deadlines for participants to elect COBRA coverage and pay COBRA premiums. It also addresses the interaction with the COBRA premium assistance available for certain individuals under the American Rescue Plan Act of 2021.
11/05/21
The IRS has released the pension limits for 2022
10/19/21
The Pension Benefit Guaranty Corporation (PBGC) has released the premium rates for 2022.
10/15/21
The IRS has issued Notice 2021-57 to provide guidance on the funding relief under the American Rescue Plan Act of 2021.
10/08/21
The No Surprises Act, part of the Consolidated Appropriations Act, 2021, contains a number of provisions affecting health plans for the 2022 plan year. Recently, guidance has been issued for the No Surprises Act, as well as for Transparency in Coverage Rules that were issued in November 2020.
08/04/21
The Departments of Labor, Treasury, and Health and Human Services have published an FAQ to provide clarifying guidance relating to coverage of HIV Preexposure Prophylaxis as a preventive service without cost sharing.
07/22/21
The IRS has updated its procedures for correcting plan errors. The update provides new correction methods with respect to past overpayment of pension benefits.
07/13/21
The Pension Benefit Guaranty Corporation (PBGC) has issued interim final regulations under the American Rescue Plan Act of 2021 with respect to the special financial assistance for troubled multiemployer pension plans.
06/30/21
The Departments of Labor, Treasury, and Health and Human Services have published a request for information on the new reporting requirement for group health plans and health insurance issuers on prescription drug and medical services costs.
06/28/21
The IRS has extended the relief from the requirement that participants and beneficiaries be physically present to have certain elections witnessed and notarized.
05/17/21
The Department of Health and Human Services (HHS) and the Internal Revenue Service (IRS) have announced the maximum out-of-pocket limits for health plans and health savings accounts for 2022, as well as certain other changes.
05/12/21
Cheiron's Elizabeth Wiley co-authored a report with Dan Doonan, the executive director of the National Institute of Retirement Security, on public sector hybrid retirement plans.
04/16/21
The American Rescue Plan Act of 2021 provides for 100% premium assistance for COBRA continuation coverage for eligible individuals.
03/17/21
The American Rescue Plan Act of 2021 made permanent changes to the funding requirements for single-employer pension plans.
03/11/21
The American Rescue Plan Act of 2021 provides relief for troubled multiemployer plans.
03/03/21
The Consolidated Appropriations Act, 2021, adds new requirements for group health plans that provide mental health and substance use disorder benefits effective on February 10, 2021.
02/16/21
The House Ways and Means committee passed a pension relief bill to be included in the COVID-19 relief bill that will be considered.
01/27/21
Special Rules for Flexible Spending Arrangements (FSAs) Contained in the Consolidated Appropriations Act, 2021 (the Budget Bill).
01/25/21
The IRS has announced the latest PCORI fee increase.
01/05/21
The IRS has announced a short delay in the furnishing of ACA reporting forms to individuals.
12/01/20
Reminder: New SBC templates and glossary required for plan years after December 31, 2020.
10/28/20
The IRS has released the pension limits for 2021.
10/16/20
The Pension Benefit Guaranty Corporation (PBGC) has released the premium rates for 2021.
09/25/20
The IRS has provided guidance on the provision of last year's budget bill that reduced the age for permitted in-service distributions to age 59 ½.
08/28/20
The IRS has released guidance under the funding relief provision of the CARES Act.
08/04/20
The Departments of Labor, Health and Human Services, and the Treasury have proposed certain changes to the regulations for grandfathered health plans.
07/08/20
The annual PCORI fee is due by July 31. (Your insurer will pay this if you are fully insured.)
07/06/20
The Internal Revenue Service (IRS) has issued more guidance on coronavirus-related distributions.
07/02/20
The IRS issued two notices that permit easing certain restrictions that apply to cafeteria plans, flexible spending accounts and high deductible health plans (HDHPs).
07/01/20
The Department of Health and Human Services (HHS) and the Internal Revenue Service (IRS) have announced the maximum out-of-pocket limits for health plans and health savings accounts for 2021, as well as certain other changes.
06/18/20
The Department of Labor has finalized their proposed electronic disclosure regulation that allows posting of documents on a website. The final regulation also allows the email of documents as an alternative.
06/08/20
The IRS has provided relief from the requirement that participants and beneficiaries be physically present to have certain elections witnessed and notarized.
06/04/20
Learn how to prepare your public pension plan for the impact of the pandemic.
05/07/20
The Department of Labor and Internal Revenue Service have extended the timeframes for participants and beneficiaries to take certain actions with respect to group health plans. The extensions will substantially impact plan operations.
04/20/20
The CARES Act made a few changes in the rules for distributions and plan loans from retirement plans.
04/17/20
The CARES Act made some changes that impacted group health plans.
04/08/20
The CARES Act contained funding relief for single-employer pension plans. This alert describes the relief provided.
03/20/20
The Families First Coronavirus Response Act that was enacted on March 18.
01/30/20
The Department of Health and Human Services (HHS) has issued a final regulation rescinding the requirement to use a health plan identifier (HPID).
01/23/20
Price transparency requirements have been proposed by the Department of Health and Human Services (HHS), the Department of Labor (DOL), and the Internal Revenue Service (IRS) applicable to group health plans.
01/20/20
The recent budget bill for 2020 repealed a number of health related excise taxes, but extended on expiring tax.
01/17/20
The IRS has announced a short delay in the furnishing of ACA reporting forms to individuals.
01/06/20
The budget bill that was passed in December made a number of changes impacting defined benefit pension plans.
11/22/19
The Chairmen of the Senate Finance committee and the Senate Health, Education, Labor and Pension (HELP) committee have released a new multiemployer pension plan reform proposal that would make significant changes to the rules in ERISA and the Internal Revenue Code.
11/15/19
The PBGC has proposed a revision to the instructions for Schedule R of Form 5500 that would impact multiemployer plans.
11/13/19
The Department of Labor (DOL) has proposed a new alternative rule for the electronic disclosure to participants of certain documents.
11/06/19
The IRS has released the pension limits for 2020.
11/06/19
The IRS has expanded the list of preventive care for HSA participants to include certain care for chronic conditions.
09/19/19
The Departments of Health and Human Services, Labor, and the Treasury have issued new regulations affecting the use of health reimbursement accounts (HRAs) and similar account based plans.
07/30/19
The Department of Health and Human Services has published the maximum out-of-pocket limit for 2020, and made a change in how pharmaceutical manufacturer coupons are reflected in the out-of-pocket limits. In addition, the IRS has announced the changes to the limits for health savings accounts (HSAs). This alert describes the new limits and changes.
07/12/19
The annual PCORI fee is due by July 31. (Your insurer will pay this if you are fully insured.) This is the final fee for some plans.
03/19/19
The Department of Health and Human Services (HHS) published proposed regulations that would change the treatment of rebates involving prescription drugs to Medicare and Medicaid plans and have requested feedback on many aspects of the proposals.
03/08/19
The Department of Health and Human Services (HHS) has requested information on grandfathered health plans.
03/04/19
The Pension Benefit Guaranty Corporation (PBGC) has proposed changes to the regulations on withdrawal liability.
01/28/19
New mortality tables may have little impact on large public retirement systems.
12/19/18
The 9th Circuit Court of Appeals has issued an opinion on the interaction of the 20-year cap on withdrawal liability and the credit for a prior partial withdrawal.
11/30/18
The IRS has announced the latest PCORI fee increase.
11/02/18
The IRS has released the pension limits for 2019.
10/18/18
The Pension Benefit Guaranty Corporation (PBGC) has released the premium rates for 2018.
10/10/18
The IRS had made a substantial modification to the procedures for submitting requests under the Voluntary Correction Program (VCP).
10/01/18
The Pension Benefit Guaranty Corporation (PBGC) has issued its revision to the regulations concerning mergers of multiemployer pension plans to reflect the changes made by the Multiemployer Pension Reform Act of 2014 (MPRA).
09/21/18
The new actuarial standard of practice on the assessment and disclosure of risk (ASOP 51) highlights the importance of plan maturity. Mature pension plans are very sensitive to risks and need to be managed more carefully than less mature plans. This advisory describes some key public pension plan maturity measures and explores the range of those measures based on data from the Public Plans Database.
07/24/18
The Actuarial Standards Board (ASB) has released an exposure draft of changes to existing standards on the valuation of pension liabilities.
07/10/18
Pension actuaries to disclose risks associated with pension plans under a new standard of practice.
07/05/18
The annual PCORI fee is due at the end of July.
04/27/18
The Congressional Joint Select Committee on Multiemployer Plans is soliciting comments.
04/20/18
The Department of Health and Human Services (HHS) has announced the maximum out-of-pocket limit for 2019 as part of their latest Benefit and Payment Parameters regulation.
03/15/18
The Department of Labor (DOL) has announced that new disability claims procedures will apply for claims filed after April 1, 2018.
02/13/18
The recent budget bill contains provisions for a Joint Select Committee on Solvency of Multiemployer Pension Plans.
02/02/18
The short-term budget bill suspended certain taxes and further delayed the "Cadillac Tax" under the Affordable Care Act.
12/29/17
Congress has passed the tax bill and it has been signed by the President.
11/17/17
Senator Sherrod Brown (Ohio) has introduced a bill to address the multiemployer plan funding issues without benefit cuts.
10/27/17
The IRS has updated the maximum flexible spending account (FSA) limit and the transportation fringe benefit amounts for 2018.
10/20/17
The IRS has released the pension limits for 2018.
10/20/17
The Pension Benefit Guaranty Corporation (PBGC) has released the premium rates for 2018.
10/19/17
The IRS has announced areas of focus when examining multiemployer pension plans in the coming fiscal year.
10/17/17
The IRS has released new mortality tables for funding and benefit determinations.
10/12/17
The IRS has announced the latest PCORI fee increase.
08/03/17
The IRS has revised the procedures for filing for a suspension of benefit payments under the Multiemployer Pension Reform Act of 2014 (MPRA).
07/11/17
The annual PCORI fee is due at the end of July.
06/14/17
The Department of Health and Human Services and the Internal Revenue Service have released maximum out-of-pocket limits for 2018 for non-grandfathered health plans and health savings accounts (HSAs).
04/04/17
The 21st Century Cures Act provides for qualified small employer health reimbursement arrangements. The IRS has now extended the time that a small employer needed to provide notice to employees.
01/16/17
The Pension Benefit Guaranty Corporation (PBGC) has issued a request for information (RFI) concerning the "two pool" method for allocating withdrawal liability.
12/13/16
The IRS has announced a short delay in the furnishing of ACA reporting forms to individuals.
11/10/16
The IRS has released the health & welfare limits for 2017.
10/28/16
The IRS has released the pension limits for 2017.
10/21/16
The PBGC has released the premium rates for 2017.
10/07/16
The IRS has proposed a regulation on the treatment of opt-out payments.
10/03/16
The Pension Benefit Guaranty Corporation (PBGC) has finalized the relief for the penalties that apply for the late payment of premiums.
09/27/16
The IRS has modified their regulations to make it easier for a plan to pay part of the benefits as a lump sum and part as an annuity.
09/13/16
The IRS has issued new guidance on waivers of the 60-day period for rollovers to eligible plans.
08/24/16
The IRS has proposed regulations concerning ineligible deferred compensation arrangements under Internal Revenue Code section 457(f).
08/03/16
The DOL, IRS, and the PBGC have proposed major changes to the reporting requirements on Form 5500 and related schedules.
07/22/16
The Office for Civil Rights in the Department of Health and Human Services has issued a final regulation under the Affordable Care Act on nondiscrimination in health programs and activities.
07/19/16
The IRS has released a revenue procedure that makes changes in the determination letter program for qualified plans.
07/14/16
The Actuarial Standards Board has released the report of its Pension Task Force, which recommends changes in the actuarial standards of practice with respect to defined benefit pension plans.
07/08/16
The Department of Labor has increased the penalties that can be assessed for certain failures under ERISA.
07/06/16
The Patient-Centered Outcomes Research Institute (PCORI) fees are due at the end of July.
06/28/16
The PBGC has proposed a new regulation on the mergers of multiemployer plans to reflect the changes made by the Multiemployer Pension Reform Act of 2014.
06/06/16
The PBGC has revised its reporting rules for underfunded single employer plans (and plans that have unpaid contributions).
06/01/16
The IRS has issued final regulations with respect to the suspension of benefits under the Multiemployer Pension Reform Act of 2014.
05/27/16
The Government has released final revisions to the Summary of Benefits and Coverage form and to the Uniform Glossary.
05/20/16
The Department of the Treasury issued a letter denying the application by the Central States, Southeast and Southwest Areas Pension Plan to cut benefits. Commentators have misunderstood a key aspect of the Treasury's reasoning.
05/18/16
The PBGC has significantly increased the maximum penalties for failure to provide the PBGC certain notices.
05/10/16
The PBGC proposes reduction in penalties for late premiums.
04/18/16
The Governmental Accounting Standards Board (GASB) has released new Statement No. 82, which makes changes to Statements No. 67, 68, and 73.
04/01/16
The PBGC has released its latest report on the multiemployer insurance program.
03/25/16
The IRS has proposed regulations that would modify the nondiscrimination requirements applicable to qualified plans. In particular, the proposed regulations would provide relief with respect to a "closed defined benefit pension plan" (a closed plan).
03/11/16
The Government has released proposed revisions to the Summary of Benefits and Coverage form and to the Uniform Glossary.
02/24/16
The Financial Accounting Standards Board (FASB) has released two exposure drafts that propose changes to the accounting for pension and other postretirement plan expenses.
01/29/16
The IRS has proposed regulations regarding the normal retirement age permitted under a qualified governmental plan.
01/15/16
The Department of Labor has proposed regulations that would change the claims procedures for disability benefits. There is only a short time period left to provide comments.
01/15/16
The PBGC has issued a final regulation on the partitioning of multiemployer pension plans.
01/04/16
The IRS announced extensions of the deadlines for filing information reporting forms under the Affordable Care Act (ACA) for 2015.
01/04/16
The Governmental Accounting Standards Board (GASB) has issued an exposure draft of a proposed statement addressing certain pension issues.
09/17/15
The IRS has released final regulations for determining the minimum required contribution and quarterly contributions for single-employer defined benefit plans under the Pension Protection Act of 2006.
09/11/15
Treasury and IRS have issued a second Notice regarding the excise tax on high cost employer-sponsored health coverage, or "Cadillac Tax."
09/04/15
The Department of the Treasury and the Internal Revenue Service has just released regulations on the voting procedure in connection with a suspension of benefits under the Multiemployer Pension Reform Act of 2014.
09/04/15
The Departments of Labor, Health and Human Services, and the Treasury have revised the regulations for the summary of benefits and coverage.
08/05/15
The IRS has announced major changes to the determination letter program for individually designed qualified pension and profit-sharing plans.
07/01/15
The Governmental Accounting Standards Board has released new Statements 73, 74, and 75.
07/01/15
The PCORI fee is due at the end of July and the rate has increased.
06/22/15
Agencies issue rules for benefit suspensions and plan partitions under the Multiemployer Reform Act of 2014.
06/19/15
The Departments of Labor, Health and Human Services, and the Treasury have issued a new set of FAQs related to coverage of preventive services.
06/11/15
The Equal Employment Opportunity Commission (EEOC) has proposed amendments to the Americans with Disabilities Act (ADA) and is requesting comments.
06/05/15
The Governmental Accounting Standards Board has approved two new statements related to accounting for Other Postemployment Benefits.
05/15/15
Learn more about this topic, and other timely compliance matters, in our most recent Client Advisory.
03/31/15
The Department of Treasury and Internal Revenue Service have issued a Notice that lays out their possible approaches to implementing the 40% excise "Cadillac Tax" on the value of health benefits exceeding threshold amounts that takes effect in 2018. Those agencies are soliciting public input on the final shape of those regulations should take.
02/20/15
The Department of the Treasury, the IRS, and the PBGC have formally requested comments with respect to certain provisions of the Multiemployer Pension Reform Act of 2014.
02/11/15
Proposed changes in the required content of summary of benefits and coverage (SBC) documents issued by health plans and health insurers have been published by the relevant federal agencies. If the new regulations are adopted as proposed, they will require changes to SBCs issued in conjunction with health plan enrollment periods beginning on or after September 1st of this year.
01/14/15
Agencies issue preliminary wraparound benefits definition for "Excepted Benefit" status.
12/22/14
The Multiemployer Pension Reform Act of 2014 made important changes with respect to multiemployer plans. This pension alert discusses changes in zone status and certifications that will go into effect 2015.
12/11/14
Legislative language for a multiemployer pension reform bill released in the House of Representatives.
10/24/14
The IRS has announced the cost-of-living (COLA) adjustments to various pension limits that will apply in 2015.
10/23/14
The Internal Revenue Service, Department of Labor, and Department of Health and Human Services have published amendments to the regulations regarding excepted benefits.
10/07/14
Under the Affordable Care Act and the Health Insurance Portability and Accountability Act, health plans that are "Controlling Health Plans" are required to obtain a unique health plan identifier from the Department of Health and Human Services.
08/26/14
GASB is encouraging comments on their exposure drafts for OPEB accounting, which may have a significant effect on your financial reporting.
08/13/14
Due to recently enacted legislation, single-employer pension sponsors need to make a decision soon on whether to change the interest rate used to determine minimum contributions effective for 2013 plan years or to defer required changes to affect plan years beginning in 2014.
06/27/14
The Department of Labor (DOL) has updated their model COBRA notices and extended the time that current COBRA participants had to go into the Marketplace Health Insurance Exchanges.
06/20/14
The Governmental Accounting Standards Board (GASB) has released two exposure drafts related to accounting for Other Postemployment Benefits (OPEB).
06/16/14
The Governmental Accounting Standards Board (GASB) has approved the release of exposure drafts related to accounting for Other Postemployment Benefits (OPEB).
04/11/14
A recent ruling by a U.S. Court of Appeals concluded that requiring older pension participants to contribute more to help fund their benefits violated the Age Discrimination in Employment Act.
04/09/14
Health and Human Services (HHS) has provided updated guidance on the Transitional Reinsurance fees implemented by the Affordable Care Act. Plans are now better able to determine the financial impact of these fees.
04/03/14
The Pension Benefit Guaranty Corporation (PBGC) has revised its regulations on payment of premiums. This revision completes PBGC's recent effort to simplify the premium payment rules and provide plans with relief from penalties.
02/24/14
The PBGC is proposing to change some reporting requirements for both multiemployer and single-employer plans.
02/19/14
Plan sponsors need to decide on or before February 24, 2014 whether they want to comment on the proposed regulation regarding excepted benefits.
02/06/14
The Pension Benefit Guaranty Corporation (PBGC) has issued a proposed regulation lessening administrative and reporting burdens for mergers of multiemployer plans and for some terminated multiemployer plans.
02/03/14
The Governmental Accounting Standards Board (GASB) has released the Guide to Implementation of GASB Statement 68 on Accounting and Financial Reporting for Pensions.
01/30/14
The effective date of the new Governmental Accounting Standards Board Statement No. 67 (GASB 67) is upon us! This Advisory will review the new disclosures as well as related issues and decisions that need to be made in advance of the preparation of the first statement.
01/07/14
Single-employer and multiemployer pension plan sponsors face important changes with respect to their PBGC premiums.
11/06/13
The IRS has raised the basic dollar limits affecting defined benefit and defined plan contributions, leaving one unchanged.
10/04/13
The SEC has expanded its oversight of advisors to public entities with respect to their issuance of bonds, by requiring such advisors to register with the independent agency. But in a reversal from temporary rules issued in 2010 under the Dodd-Frank Act, public sector employees and retirement board members are exempt from that requirement.
09/09/13
This Alert reminds employers that the Exchange Notices must be issued to employees in less than 4 weeks. The Health Alert provides the details and the attachments are the model notices.
07/02/13
Patient-Centered Outcomes Research Institute (PCORI) fees are due. Form 720 with payment needs to be filed by July 31, 2013.
07/01/13
The Governmental Accounting Standards Board (GASB) has released the Guide to Implementation of GASB Statement 67 on Financial Reporting for Pension Plans.
05/21/13
The IRS issued a proposed regulation on May 3<sup>rd</sup> on how to determine whether a health plan provides "minimum value."
05/16/13
In light of GASB's recent significant changes in pension disclosure standards, it is time for sponsors to review their funding policies. This Client Advisory provides an overview of funding policies, considerations and components of establishing a policy, and recently issued and pending guidance.
05/03/13
A recent article in Pensions & Investments highlights the adjustable pension plan (APP), but the original print version of the article incorrectly stated that the plan design was entirely created by a single Cheiron consultant. The APP which Cheiron helped develop, and continues to foster along with others, is the result of a collaborative project that prominently included David Blitzstein and the UFCW, Skip Halpern, Area President of Gallagher Fiduciary Advisors, LLC, Barry Slevin, of the law firm Slevin & Hart, and a number of our clients. Recognition of these other players in the creation of this concept is critical to us in telling not only the story of the concept's origin, but also the nature of innovation in pension design to maintain sustainable defined benefit plans.
02/28/13
The proposed "play or pay" IRS regulations provide long-awaited guidance on the excise tax under the employer "shared responsibility" provisions of the Patient Protection and Affordable Care Act.
01/25/13
The Department of Labor (DOL) announced yesterday that the March 1, 2013 deadline to notify employees about Exchanges is delayed until later in the year.
12/21/12
The Internal Revenue Service (IRS) published final regulations on December 6, 2012, concerning the calculation and reporting of fees with respect to health insurance plans.
12/13/12
The Department of Health and Human Services (HHS) released a proposed regulation concerning certain benefit and payment parameters for the Insurance Exchanges starting 2014.
11/06/12
A feature article explaining the creative new Adjustable Pension Plan concept that has been developed and advanced by Cheiron was published as the cover story of the November issue of the International Foundation's <i>Benefits Magazine</i>.
07/11/12
The Supreme Court's recent ruling essentially upholding the Affordable Care Act refocuses Employer-Sponsored Health Plans on the tasks ahead required to comply with the 2010 law. The attached Health Advisory highlights key short-term action steps as well as issues for consideration for 2013 and beyond.
07/09/12
On Friday, July 6, 2012, President Obama signed the "Moving Ahead for Progress in the 21st Century Act," which cleared Congress a week ago. As we reported then, the law contains important provisions impacting pension funding, disclosures and PBGC administration, and other matters.
06/29/12
Today Congress passed the Surface Transportation bill, which contains two important changes for pension plans: Interest rate stabilization for single-employer plans and an increase in PBGC premiums. Please see the attached Pension Alert for details.
06/27/12
The Governmental Accounting Standards Board (GASB) has approved two new accounting standards for public pension accounting and financial reporting, GASB 67 and 68. Although the full text of the final statements will not be available until August, the attached description and analysis is offered as preliminary guidance based on our understanding of decisions the Board made since the Exposure Drafts were issued.
05/16/12
The Internal Revenue Service (IRS) has issued one proposed regulation, three notices, and a request for information related to the Patient Protection and Affordable Care Act (the Affordable Care Act or ACA).
04/24/12
The IRS regulations on normal retirement age have raised many issues for governmental plans. Notice 2012-29 announced intended changes that represent a significant step toward resolving those issues.
02/21/12
The Department of Health and Human Services (HHS), the Department of Labor (DOL), and the Internal Revenue Service (IRS) released its final regulations on requirements of a written summary, referred to as <b>“the summary of benefits and coverage”</b> or the “SBC” that group health plans or health insurance issuers must distribute. The SBC is intended to be a standardized summary in order to make plans both easy to understand and to compare.
01/11/12
Two Important ERRP Deadlines: 1. CMS Requests ERRP Survey to be Completed This Week 2. Error-Free Claims must be Submitted by March 30, 2012
12/13/11
Deadline looms for filing new IRS form for departed, vested pension plan participants.
12/13/11
IRS issues sample amendment for single-employer plans to use to implement the benefit restrictions of IRC section 436 that apply to underfunded pension plans.
11/18/11
Cheiron’s Gene Kalwarski and Bill Hallmark have published an article in the current issue of the International Foundation’s <i>Benefits Magazine</i>. Their article presents a fresh perspective on actuarial discount rates and understanding pension risk. You may read the article here.
11/10/11
The Internal Revenue Service has issued a draft regulation attempting to define what constitutes a governmental plan under ERISA. This is the first regulation issued to date. Distinctions between the law's treatment of governmental and nongovernmental plans are very significant. Therefore, plans that assume they fit into one category or another should take note of these proposed rules under Section 414(d) in this Pension Alert.
10/28/11
GASB's Statement 27 on financial reporting for public pension represents a major overhaul of its prior rules, and plan sponsors need to start considering the effect on the reporting by the plans. This Client Advisory is a detailed follow-up to earlier communications from us on this topic. The Advisory offers a detailed review of the principles behind GASB 27, its specific requirements and the steps public plan sponsors must take to be ready for compliance when the new accounting standards takes effect.
10/20/11
GASB's Statement 25 on financial reporting for public pension represents a major overhaul of its prior rules, and plan sponsors need to start considering the effect on the reporting by the plans. This Client Advisory is a detailed follow-up to earlier communications from us on this topic. The Advisory offers a detailed review of the principles behind GASB 25, its specific requirements, and the steps public plan sponsors must take to be ready for compliance when the new accounting standards take effect.
10/18/11
Publicly traded firms that contribute to multiemployer plans will soon be subject to new FASB disclosure standards, and private firms will fall under the new rules a year later.
09/21/11
As a result of the change in the annual coordinated election period, the due date for providing notice of creditable coverage to participants and beneficiaries in health plans has changed from November 15 to October 15.
08/25/11
The Department of Health and Human Services, the Department of Labor, and the Internal Revenue Service have released proposed regulations with respect to the disclosure of the summary of benefits and coverage (SBC) by a group health plan or health insurance issuer.
08/05/11
The Department of Health and Human Services (HHS) has just announced additional preventive care services for women covered under "non-grandfathered" health care plans.
08/01/11
Filing Schedule R for Form 5500 may be tougher as PBGC relief has expired. In other news, recent actions by FASB and the U.S. Court of Appeals for the Third Circuit have important implications for pension and welfare plans.
07/12/11
The Governmental Accounting Standards Board (GASB) has issued Exposure Drafts relating to pension accounting and financial reporting.
07/01/11
The Department of Health and Human Services (HHS) has just announced that it is ending the process for obtaining waivers of the annual limit restrictions on health plans.
06/02/11
Ruling in CIGNA case suggests broad remedies available for inaccurate statements.
02/10/11
Cheiron’s 2011 health care benefit review and outlook Client Advisory reports on several interesting developments on the health care and health benefits front. In it you will find a briefing on health care cost and plan design trends, an update on the implementation of the Patient Protection and Affordable Care Act, and highlights of important medical advances over the past year.
01/20/11
Deadlines arrive at the end of the month for elections of funding relief for single employer pension plans for 2009 and 2010 plan years.
12/21/10
Discusses provisions and interactions.
12/03/10
IRS guidance lays out path for pension funding relief.
09/21/10
Companies participating in multiemployer plans that provide pension and/or other postretirement benefits will soon face additional financial disclosure requirements if a FASB exposure draft issued on Sept. 1 is finalized.
08/31/10
"Preliminary Views" issued by GASB on pension accounting would, if adopted, represent a radical departure from past practice and bring governmental employers much closer to the FASB standards governing private employers. Public employers should anticipate that the accounting rules under consideration would have a significant impact on their balance sheet and income statements.
07/26/10
The Health Care Reform enacted in early Spring 2010 creates a new paradigm for America's healthcare financing. Since the legislation was adopted, regulations have been forthcoming at a rapid pace. These regulations help the industry.
07/08/10
In a surprising turn of events, Congress has passed, and the President has signed, pension funding relief, using the Senate version passed in March.
07/08/10
The Government Accounting Standards Board (GASB) has issued its Preliminary Views on major issues relating to pension accounting and financial reporting by employers, and a Plain-Language Supplement.
05/13/10
On May 5, 2010, the Department of Health and Human Services (HHS) released an "interim final rule with comment period" to implement an Early Retiree Reinsurance Program as required by the Patient Protection and Affordable Care Act (PPACA) of 2010.
02/23/10
Cheiron's 2010 health care benefit review and outlook Client Advisory provides a briefing on health care cost and plan design trends and a report on the progress of health care reform, other legislative and regulatory developments, and highlights of important medical advances over the past year.
03/12/10
The Department of Labor ("DOL") issued a final regulation for imposing statutory civil penalties on Trustees of multiemployer plans in critical or endangered status that fail to adopt a Funding Improvement or Rehabilitation Plan by the statutory deadline.
03/12/10
The Department of Labor ("DOL") issued a final regulation under ERISA section 101(k) requiring the plan administrator of a multiemployer plan to provide copies of certain actuarial and financial documents after receipt of a written request.
02/24/10
The United States Court of Appeals for the Third Circuit has ruled that an amendment to a welfare plan that had the effect of reducing indirectly the value of an optional form of distribution from a pension plan violated the anti-cutback provisions of ERISA. The Court's precedential opinion in <i>Clement Battoni, Jr. et al. v. IBEW Local No. 102 Employee Pension Plan, et al.</i> was released Feb. 5, 2010.
09/08/09
Learn more about this topic, and other timely compliance matters in our most recent Client Advisory.
01/30/09
The PBGC has published a final regulation that implements changes made by the Pension Protection Act of 2006 (PPA) in withdrawal liability calculations.
12/29/08
The "Worker, Retiree, and Employer Recovery Act of 2008," amends the 2006 Pension Protection Act ("PPA") to provide limited relief from the drastic contribution increases that many plan sponsors are facing. The impact of the new law may vary significantly from one plan to the next.
09/08/08
Proposed IRS regulations governing "endangered" and "critical" plans have left many questions unanswered, as commentators made clear at a recent IRS hearing on those rules. Yet financially stressed multiemployer pension plans must now begin complying with special funding rules laid out in the Pension Protection Act of 2006, despite that lack of clarity. Insight is offered on how to navigate some of that uncertainty until all issues are resolved.
04/01/08
The regulation is basically a restatement of the law and leaves unanswered many thorny questions regarding development of funding improvement and rehabilitation plans. It does, however, clarify certain issues for those plans that sent out early notices of expected critical status and the use of pre-PPA extensions of the amortization period for determining whether the plan is critical.
03/13/08
Review concrete illustrations of funding improvement plans for "endangered" multiemployer pension and rehabilitation options for "critical" plans under the Pension Protection Act.
03/13/08
Read about some possible approaches, using real case study examples, to avoid having red flags waved over your pension when PPA's first certification requirements kick in next year.
03/13/08
The Pension Protection Act's new funding rules for multiemployer plans become effective in 2008. However, important steps can be taken this year to address the new requirements.
03/13/08
Some of the nation’s largest retailers are battling it out with cheap and even some free prescription drugs to capture consumer market share.
03/13/08
View a summary of Key Provisions Affecting Multiemployer Defined Benefit Plans as of September, 2006.
03/13/08
Both houses of Congress have adopted pension legislation with major implications for multiemployer and single employer defined benefit plans, as well as defined contribution plan sponsors. For pension sponsors, new funding rules and standards are likely to increase plan volatility.
03/13/08
With the emergence of large unfunded liabilities and a shrinking base of contributing employers, multiemployer pension trustees need to ensure an appropriate withdrawal liability determination method is in place.
03/13/08
Plan Sponsors should understand their options and their potiential impact in order to take full advantage of Medicare’s new prescription drug benefit program.
03/13/08
The Governmental Accounting Standards Board has finally released its new financial statements governing financial reporting for postemployment benefit plans other than pension plans.
03/13/08
Congress finally has responded – well, sort of, anyway – to the appeals of financially strained pension sponsors, in the recent enactment of the Pension Funding Equity Act of 2004. The new law offers relief to some plans and empty symbolism to others.
03/13/08
The recent Medicare Act has significant implications – and possible savings opportunities – for employers that sponsor health plans.
03/13/08
Based on what Cheiron's consultants have been uncovering, it would be a very costly mistake for health plan sponsors not to have their renewal proposals from carriers put under the microscope.
03/13/08
With the perfect storm raging, it’s essential to know that your pension’s pilot is equipped with all the necessary skills and navigational tools to determine whether a new course is indicated, and if so, which one to take.
03/13/08
It’s tough enough for plan sponsors to deal with eroding pension assets and a sluggish economy. Adding insult to injury is an obsolete, punitive and internally contradictory regulatory overlay that makes it harder for sponsors to navigate the economic storm they face. It is essential, therefore, for sponsors to raise their voices today to get some relief, or face near-certain drowning.