The ERISA Industry Committee Publishes the Latest Edition of the ERIC Executive Report

The ERISA Industry Committee (ERIC) recently published the latest edition of the ERIC Executive Report. This edition includes:

ERIC NEWS

• ERIC Wishes Debra Davis Well as Her Family Relocates to Southern California 
• Mark Your Calendar Now for ERIC’s 2015 Meetings! 
• Are You Getting the Most Out of Your ERIC Membership? 

RETIREMENT SECURITY

• Congress Approves Government Funding Bill with Multiemployer and 4062(e) Provisions 
• Congress Approves One-Year Extension of Expired Tax Provisions, Including Multiemployer Provisions 
• IRS Releases 2014 Cumulative List of Changes in Plan Qualification Requirements; Extends Deadline for Pre-Approved DB Plans 
• DOL Seeks to Establish Focus Groups to Evaluate Service Provider Disclosure Requirements 
• IRS Updates Weighted Average Interest Rates, Yield Curves, and Segment Rates (Notice 2014-78) 
• PBGC Updates Table for Early Retirement Benefits for 2015 Distress and Involuntary Terminations 
• Treasury Department Releases Final Regulations on Electronic Retirement Savings Bond for myRA Program 
• Senate Finance Committee Republican Staff Releases Tax Reform Analysis 
• AICPA Issues Advisory to Employee Benefit Plan Sponsors 
• BrightScope/ICI Study Offers In-Depth Look at 401(k) Plan Data 

LEGAL

• Solicitor General Invited to File Brief in ERISA Preemption Case 

HEALTH CARE COVERAGE

• Surprise! Congress Passes a Big Bill! 
• Updates on TRRP, Indexing the “Affordability” Percentage, and Minimum Essential Coverage and Affordability for Individuals 
• HHS Issues Proposed Guidance on New Health Plan Rules for 2016 Benefit Year 
• SHRM/EBRI Survey Finds Employers Increasingly Adopting Wellness Incentives during 2015 Open Enrollment 
• Value-Based Payment Is Spreading, but Models Need Refinement Commonwealth Fund Contends 
• AP-NORC Survey Finds Employers Think Plan Quality Ratings Important, but Most Unfamiliar with Objective Quality Metrics

ERIC members and trial members can read more here.

ERISA Industry Committee Publishes Latest Executive Report

The ERISA Industry Committee (ERIC) has published the latest edition of its Executive Report. This edition includes articles on:



HEALTH CARE COVERAGE

• SCOTUS Accepts ACA Exchange Subsidy Case for Review
• Agencies Release FAQs Addressing TRRP, Market Reform Provisions, and Stop-Loss Insurance
• HHS Extends Deadline for Filing the TRRP Enrollment Counts
• Agencies Issue Joint Guidance to Address Minimum Value Plan Standards
• Senate HELP Committee Grills Two EEOC Nominees
• DOL Posts Updated Health Benefits Coverage Compliance Guide on Website

LEGAL

• Join ERIC and Epstein Becker Green for Our Benefits Litigation Update Conference Call
• U.S. Supreme Court Hears Oral Arguments in Retiree Health Case
• Supreme Court Declines Review of Fiduciary Breach Claims in Tussey v. ABB
• Supreme Court Declines to Hear KeyCorp Stock Drop Case

RETIREMENT SECURITY

• ERIC to Hold December 8th FocusOn Call on De-Risking and Defined Benefit Plans
• ERIC Submits Comment Letter on DOL RFI on Brokerage Windows
• ERIC Joins Letter to House and Senate in Support of Frozen Plan and Nondiscrimination Testing Legislation
• ERIC Submits Letter on PBGC Information Collection Request on Payouts to Certain Former Employees
• PBGC Finalizes Rules Regarding the Treatment of Rollover Amounts in DB Plans
• IRS Amends Safe Harbor Notices on Eligible Rollover Distributions
• IRS Clarifies Application of One-Per-Year Limit on IRA Rollovers
• PBGC 2014 Annual Report Shows Improvement in Single Employer System
• GAO Issues Report on Measuring Pension Plan Liabilities
• ERISA Advisory Council Offers Recommendations on Lifetime Income, PBM Disclosure, and Outsourcing Plan Services

ERIC members and trial members can read more here.

IRS Publishes Latest Edition of Employee Plans News

The Internal Revenue Service (“IRS”) has recently published Issue 2014-18 of the Employee Plans News. This edition discusses, a new option for plan sponsors to include income annuities in default target date fund investment options and the Information Reporting Program Advisory Committee (IRPAC) 2014 annual report. The newsletter also discusses the EPCU QJSA project which found that most sponsors complied with the qualified joint and survivor annuity notice and consent requirements.

To read more, click here.

ERIC Members Hear From Industry Experts at ERIC's Fall 2014 Meeting

Members of the ERISA Industry Committee (ERIC) heard from government officials and ERIC members on key benefits issues at its Fall 2014 Meeting on October 15 and 16, 2014 in Washington, DC. ERIC thanks all of the members and speakers who attended the meetings!

The sessions included:

Ask the Regulators with individuals from the Treasury Department, Department of Labor, PBGC and EEOC

Jim Paretti (EEOC), Alan Tawshunsky (Treasury), and Amy Turner (DOL)

George Bostick (Treasury), Joe Canary (DOL) and Izzy Goldowitz (PBGC)

ERISA: Development of a Blockbuster Benefits Law with past officials from the Senate, Department of Labor, and PBGC

Scott Macey, Frank Cummings, Ian Lanoff, Bill Posner and Henry Rose

Frank Cummings and Ian Lanoff

Bill Posner and Henry Rose

The Impact of ERISA on Employee Benefits and Workforce Strategies

Joe Schiffhouer and Tony Shelley

Mildeen Worrell and Sally Welborn

From the Government's Perspective 

Phyllis Borzi (DOL) and Mark Iwry (Treasury)

The Future of Benefits in a Post-ERISA World

Amy Bergner, David Repko, and Anna Fallieras

Susan Perkins and Alan Sefcik

ERIC Publishes Latest Edition of Executive Report

The ERISA Industry Committee (ERIC) recently published the latest edition of the ERIC Executive Report.

This edition includes:

ERIC NEWS

• It’s Not Too Late to RSVP for ERIC’s Fall 2014 Meetings

HEALTH CARE COVERAGE

• Results of Our One-Minute Poll on the ACA Cadillac Tax
• Government Releases New FAQ on Reference-Based Pricing
• Government Bestows Even More Flexibility on EAPs and Stand-Alone Dental and Vision Plans
• Oklahoma District Court Finds Individuals in Federal Exchanges Ineligible for Subsidized Coverage under ACA
• EEOC Leaps into the Wellness Fray AGAIN
• Minor Victories in the World of the HHS and Health Plan Identifiers

LEGAL

• Supreme Court Agrees to Hear Case on Monitoring Plan Investments
• Court Approves Class Action and Reinstates Claim in Osberg v. Foot Locker

RETIREMENT SECURITY

• ERIC Joins Letter to Congress Honoring the 40th Anniversary of ERISA
• ERIC Signs on to Letter to Society of Actuaries on Mortality Tables
• Covington & Burling Summary of Hybrid Plan Regulations
• PBGC Releases Guidance on HATFA & PBGC Premiums
• PBGC Announces Plans to Collect Information on Cash Outs and Annuitizations of Benefits
• IRS Releases Final Regulations Requiring Retirement Benefit Plan Returns on Magnetic Media

ERIC members and trial members can read more here.

Don't Miss ERIC's Fall Committee & Membership Meetings

The ERISA Industry Committee's (ERIC) Fall Committee & Membership Meetings are being held on October 15th and 16th in Washington, DC. ERIC indicates that:

"[They plan to start on October 15 with a joint “Ask the Government” Session with representatives from the key regulatory agencies charged with overseeing employee-benefit issues, followed by concurrent Health Policy and Retirement Security Committee Meetings. [They] will follow with a full-day conference on October 16 featuring a look back at the effort to enact the landmark legislation, review how we got to where we are today, and consider where we go from here."

ERIC members and trial members can register here.

ERIC Publishes Latest Executive Report

The ERISA Industry Committee (ERIC) recently published the latest edition of the ERIC Executive Report.

This edition includes:


ERIC NEWS

• RSVP Now for ERIC’s Fall 2014 Meetings

LEGISLATIVE UPDATE

• Some Benefits Proposals Could Emerge in Lame Duck

RETIREMENT SECURITY

• Treasury Issues Final Hybrid Plan Rules and Proposed Regulations on Transition Issues
• IRS Issues Additional Guidance on Pension Funding Stabilization
• IRS Issues Guidance on Rollovers
• Senate Passes Harkin Bill S. 2511 Amending Section 4062(e)
• Senators Cardin and Portman Introduce Frozen Plans/Nondiscrimination Testing Relief Legislation
• Senate Finance Committee Holds Hearing on Retirement Savings Policy
• Ways and Means Subcommittee on Select Revenue Measures Holds Hearing on Defined Benefit Plans

LEGAL

• ERIC Legal / Litigation FocusOn Call Scheduled for October 1

HEALTH CARE COVERAGE

• Pop up IRS ACA Guidance and House Passes Bill Repealing Medical Device Tax
• HHS Advises that HIPAA Privacy Rules Apply to Legally Married Same-Sex Couples
• Mercer Survey Shows Health Benefit Cost Increases to Rise in 2015

ERIC members and trial members can read more here.

The Latest ERIC Executive Report is Published!

The ERISA Industry Committee (ERIC) has published the latest edition of the ERIC Executive Report.

This edition includes:

ERIC NEWS

• RSVP Now for ERIC’s Fall 2014 Meetings
• ERIC Featured in Several ERISA 40th Anniversary Articles

HEALTH CARE COVERAGE

• ERIC Releases Results of Poll on Upcoming HHS Requirement for Group Health Plans
• ERIC Schedules FocusOn Call on Telehealth
• IRS Releases Draft Instructions to go with their Draft Forms on ACA Reporting
• D.C. Circuit Court Agrees to Rehear ACA Case Involving Tax Subsidies

LEGAL

• ERIC Legal / Litigation FocusOn Call Scheduled for October 1
• SOL Recommends That Supreme Court Decide Fiduciary Duty Case
• Ninth Circuit Considers All Relevant Factors When Reviewing Fiduciary Decisions

RETIREMENT SECURITY

• Senate Finance Committee and Ways and Means Subcommittee Schedule Hearings on Pension Reform Issues
• The Washington Post Prints ERIC’s Letter-to-the-Editor Defending Pension Smoothing
• Treasury and IRS Release 2014-2015 Priority Guidance Plan
• Certain Puerto Rico Retirement Plans May Invest in 81-100 Group Trusts, IRS Says
• IRS Updates Form for Employee Plan Opinion or Advisory Letter Requests
• Deloitte Survey Finds Economic Uptick Renewing Interest in DC Plan Savings, but Awareness Still Lacking
• Towers Watson Paper Suggests Now Is Good Time to Review TDF Offerings

ERIC members and trial members can read more here.

Reflections on 40 Years of ERISA

In "Industry Leaders Share Thoughts About ERISA", PlanSponsor.com reports that:

"Forty years ago on September 2, in response to failing companies resulting in workers losing pensions, sweeping legislation designed to protect workers from losing their earned retirement income was signed into law. But, the retirement plan industry looked very different 40 years ago when the Employee Retirement Income Security Act (ERISA) was implemented, and as the industry has changed, the law and its standards have had to change as well...

We wondered how those who have influenced the industry—through their work within the government, as an advocate or as a long-time provider to retirement plans—would answer the same questions. On the pages that follow, several influential industry leaders share their thoughts...."

To read more, click here.

Happy Labor Day!

The ERISA Industry Committee (ERIC) wishes you a very happy Labor Day! Forty years ago, President Gerald Ford signed the Employee Retirement Income Security Act (ERISA) into law on Labor Day in 1974.

New Study Examines Use of Technology by Benefit Plans

In the “Study of Employee Benefits Today & Beyond: Delivering the Benefits Message,” Prudential found that:

“Overall, usage of both traditional and emerging communications methods has increased. This year, we’ve seen a number of benefits communication vehicles increase in usage, and not just digital ones…

It’s clear that employers are taking a multichannel approach to meet the needs and preferences of their employees. Some of the more traditional methods are still reporting in the top five, but we have also seen a jump in employers reporting great success with newer communications vehicles.”

To read more, click here.

Latest ERIC Executive Report is Issued!

The ERISA Industry Committee (ERIC) has published the latest ERIC Executive Report.

This edition includes:

ERIC NEWS

• Save the Date for ERIC’s Fall 2014 Meetings

HEALTH CARE COVERAGE

• High Stakes Drama at the ACA Corral
• ERIC Cadillac Tax Task Force Completes Initial Stage of Work
• Administration Exempts U.S. Territories from Key ACA Provisions
• ERIC Joins Letter in Support of Auto Enroll Repeal Act
• CBO/JCT Release New, Much Lower Score for ACA 40-Hour Rule
• Senate Fails to Advance Legislation to Address Hobby Lobby Decision

RETIREMENT SECURITY

• Results of ERIC Employer Stock Survey after Fifth Third Decision
• House Approves the Highway and Transportation Funding Act with No PBGC Premium Increases
• Senate Committee Advances Legislation to Revise 4062(e) Definition, while PBGC Announces Moratorium
• PBGC Director Gotbaum Announces Resignation
• SEC Adopts Money Market Fund Reform Rules Requiring Floating NAV
• IRS Withdraws Part of Proposed Rule Relating to Limit on Rollovers from IRAs
• Prudential Survey Finds Pensions and Health Care Costs Are Top Corporate Priorities
• IRS Advisory Committee Recommends Expansion of Pre-Approved Plan Program
• GAO Offers Recommendations to Ease Burden and Improve Usefulness of Form 5500 Information

ERIC members and trial members can read more here.

ERIC and Epstein Becker Green Release Summer 2014 Edition of Benefits Litigation Update

The latest edition of the Benefits Litigation Update, a joint project of ERIC and the law firm of Epstein Becker Green, focuses on:

• The U.S. Supreme Court’s decisions in Fifth Third (and several non-ERISA security law cases affecting benefit plans), Hobby Lobby and Conestoga,
• The latest developments regarding equitable remedies after Amara v. Cigna,
• An update on M&G Polymers USA, LLC v. Tackett involving when retiree health benefits are considered to be vested, 
• Updates on several other important cases that are currently pending, and
• An editorial from Epstein Becker Green counsel that discusses a possible concern about judicial deference to plan administrative decisions. 

To read more, click here.

Mintz Levin Alerts Plans to Upcoming Deadlines

In "Employee Benefits: Important Wellness Plan and Mental Health/Substance Use Disorder Parity Effective Dates Have Arrived!", Mintz Levin indicates that:

"Employers and insurers offering medical plans: take note! Two important final regulations issued jointly by the IRS, DOL and HHS (the “Departments”) apply to plan years (or, in the individual market, policy years) beginning on or after July 1, 2014. For plans and policies which operate on a calendar year, there is still time (until January 1, 2015) to comply; however, plans and policies with a July 1 plan or policy year must comply now."

To read more, click here.

IRS Issues Latest Employee Plans News

The Internal Revenue Service (IRS) recently issues the latest edition of its Employee Plans News. 

This edition includes discussions of the IRS’s new final rules regarding longevity annuities, descriptions of Employee Plans and Exempt Organizations’ presentations and the Advisory Committee on Tax Exempt and Government Entities Report.

To read more, click here.

The ERISA Industry Committee publishes the latest ERIC Executive Report!

The ERISA Industry Committee (ERIC) has published the latest ERIC Executive Report. This edition includes:

ERIC NEWS

• Save the Date for ERIC’s Fall 2014 Meetings

RETIREMENT SECURITY

• Treasury Issues Lifetime Income Final Regulations (QLACs) for 401(k) Plans
• Stretch IRA Provision under Consideration for Highway Bill, While MAP 21 Interest Stabilization Extension in Unemployment Bill; PBGC Premium Increase Not Currently in Mix
• PBGC Releases FY 2013 Projections Report
• IRS Updates Online 401(k) Plan Fix-It Guide

LEGAL

• U.S. Supreme Court Decides Stock Drop Case (Fifth Third Bancorp v. Dudenhoeffer)
• Join ERIC and Epstein Becker Green for Our Benefits Litigation Update FocusOn Call
• Supreme Court Decides Non-ERISA Stock Case

HEALTH CARE COVERAGE

• SCOTUS Delivers This June’s Verdict on the ACA … and Contraceptives
• ERIC Files Comment Letter on DOL’s COBRA Notices
• Agencies Release Final Regulations Addressing Use of Orientation Period with 90-Day Waiting Period
• HHS Concedes Corner to ERIC
• Bear TRRPs Through Web Portal
• Agencies Issue New Guidance on Same-Sex Married Couples

ERIC members and trial members can read more here.

The Latest ERIC Executive Report is Available

The ERISA Industry Committee (ERIC) recently published the latest edition of the ERIC Executive Report. 

This edition includes:

ERIC NEWS

• Save the Date for ERIC’s Fall 2014 Meetings

LEGISLATIVE

• Cantor Primary Loss Upends House GOP

HEALTH CARE COVERAGE

• ERIC FocusOn Call on ACA Shared Responsibility: Counting Variable Hour Employees
• ACA Transitional Risk Reinsurance Program Webinars Coming Soon to a Computer Near You
• Senate Finance Committee Seeking Ideas to Improve Health Care Transparency
• Aon Hewitt Finds U.S. Employers Interested in Exploring Stricter Rules around Health Benefits and Reference-Based Pricing
• Increased Chatter on Repealing and Replacing the Employer Mandate
• ONC Releases Paper Outlining 10-Year Vision to Achieve an Interoperable Health IT Infrastructure

LEGAL

• ERIC Files Amicus Brief in Cottillion v. United Refining Company
• Covington & Burling Reviews 9th Circuit Ruling Concerning Erroneous Pension Benefit Payments

RETIREMENT SECURITY

• ERIC Files Comment Letter on Fee Disclosure Guide
• Miller & Chevalier Reminds that FATCA Effective Date Looms for Foreign Retirement Plans
• IRS Phone Forum to Review Impact of Windsor Decision
• IRS Updates Weighted Average Interest Rates, Yield Curves, and Segment Rates (Notice 2014-41)
• Massachusetts Regulator Calls on Congress and DOL to Strengthen Disclosures on 401(k) Plan Changes

ERIC members and trial members can read more here.

Towers Watson Analyzes the Impact of Employee Benefits

In a recent report, “Attracting and Keeping Employees: The Strategic Value of Employee Benefits”, Towers Watson examines the value of employee benefit programs. The article explains that “Attracting and retaining a talented, committed workforce is crucial for employers. Our research shows that employees' attitudes toward their health and retirement benefits are correlated with their employment choices, as well as with their levels of commitment and engagement. Employers that are able to target their benefit package to attract and keep the employees they need to succeed gain a valuable competitive advantage.”

To read more, click here.

The ERISA Industry Committee (ERIC) Issues Latest Executive Report

The latest edition of the ERIC Executive Report includes:

LEGISLATIVE UPDATE

• The Need for Offsets Pulls Camp Tax Reform Proposals into 2014 Debate

RETIREMENT SECURITY

• ERIC FocusOn Call on Hill Briefing on PBGC Premium Increases and New Study
• Agencies Release Semiannual Regulatory Agendas Showing Further Delays
• IRS Issues Guidance on Amendments to Safe Harbor Plans Relating to the Windsor Decision
• Plan Sponsors Make Errors When Filing Final Form 5500 Return, IRS Finds
• Aon Hewitt Report Examines Effect of “Help” in Defined Contribution Plans

HEALTH CARE COVERAGE

• Results of Our Three-Minute Poll on COBRA
• IRS Q&As Address Previously Issued Guidance on Shared Responsibility and Health Care Arrangements
• EEOC Semi-Annual Regulatory Agenda Indicates Agency Planning to Opine on Wellness
• Milliman Reports Record Low 5.4 Percent Healthcare Cost Increase in 2014
• Shifts to Part-Time Workers Already Underway before ACA, EBRI Finds

ERIC members and trial members can read more here.

The Latest ERIC Executive Report is Issued!

The ERISA Industry Committee (ERIC) recently published the latest edition of its ERIC Executive Report.

This edition includes the following articles:

ERIC NEWS

• Coming to the D.C. Area? 

HEALTH CARE COVERAGE

• ERIC Creates Two Task Forces on Cadillac Tax and COBRA 
• DOL Issues New Model Notices for COBRA and Some OOP Guidance 
• Results of ERIC’s 3-Minute Poll on the ACA Out-of-Pocket Rules 
• House Passes Bill to Shield Expat Plans from the ACA 
• ERIC Submits Comment Letter on Regulation of Telemedicine 
• IRS Provides 2015 Inflation Adjusted Amounts for HSAs 
• Urban Institute Brief Looks at Eliminating Employer Mandate 

RETIREMENT SECURITY

• ERIC Participates in Hill Briefings and Releases New Study on Impact of PBGC Premiums 
• ERIC Files Comment Letter on Information Collection Request for 408(b)(2) Guide 
• IRS Releases Final Regulations on Plan Payments for Health/Accident Insurance Premiums 
• PBGC Final Rule Addresses Guarantee of Benefits for Unpredictable Contingent Events 
• PBGC Releases Revised Forms and Instructions for Plan Terminations and Missing Participants 
• IRS Provides Relief from Penalties for Late Filing of Form 5500 
• IRS Updates Weighted Average Interest Rates, Yield Curves, and Segment Rates (Notice 2014-34) 
• SOA Reviews MAP-21 Funding Stabilization Provisions and Sponsor Experience in 2012 

LEGAL

• ERIC’s Members Hear from Industry Experts at Legal Committee Meeting 
• U.S. Supreme Court to Hear Retiree Health Case 
• Courts Continue to Decide Stock Drop Cases While Waiting for the Supreme Court to Act 

ERIC members and trial members can read more here.