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The Spencer’s Benefits Reports is a summary of the week's news items posted in the WHAT'S NEW pages of Spencer’s Benefits Reports Online. For questions regarding this email service, contact Customer Service at (800)449-9525.
The U.S. Master Pension Guide reflects the latest regulations, rulings and cases for qualified retirement plans, surveying the different type of plans from which an employer may choose, and describing the procedures for obtaining plan qualification.
Links within news stories display full text documents including legislation, regulations, court decisions, rulings and government reports.
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On October 21, the House Judiciary Committee reported out H.R. 3596, the Health Insurance Industry Antitrust Enforcement Act of 2009, by a vote of 20-9. The bill would scale back the 64-year-old insurance company exemption from antitrust laws known as the McCarran-Ferguson Act…
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Following are recent health care questions that were submitted by subscribers and the answers from Spencer editors…
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The Pension Benefit Guaranty Corporation has announced that it has assumed trusteeship of the underfunded pension plan maintained by Powermate Corporation, a Aurora, Ill.-based manufacturer of portable generators, air compressors, and pressure washers. The plan covers 600 former workers and retirees of the company…
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The stock market declines since 2008 have been a reminder of an additional risk that could cause retirees to outlive their savings–the risk of poor market performance just before or soon after retirement…
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On October 21, the Congressional Budget Office (CBO) released a preliminary cost estimate of a version of H.R. 3200, America’s Affordable Health Choices Act of 2009, which includes what is being called a “robust public option.”…
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A company’s conversion of its defined benefit plan into a cash balance plan did not violate ERISA’s benefit accrual requirements or ERISA Sec. 204(h), which requires that participants be given advance notice of plan amendments that reduce the rate of future benefit accruals. This was the ruling of the Second Circuit U.S. Court of Appeals in Lonecke, et al. v. Citigroup Pension Plan, et al. (Nos. 08-0459 and 08-0538)…
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In Rev. Proc. 2009-50, the Internal Revenue Service provides a variety of inflation-adjusted figures for 2010, including figures for qualified transportation fringe benefits, long term care, medical savings accounts (MSAs), and adoption assistance and tax credit limits…
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On October 19, Sen. Max Baucus (Mont.), chairman of the Senate Finance Committee, released legislative language for America’s Healthy Future Act, S. 1796, which was approved by the committee on October 13…
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In final regulations issued in December 2008, the Pension Benefit Guaranty Corporation changed its methodology for the valuation of annuities under terminating single-employer plans and multiemployer plans involved in a mass withdrawal. The new methodology seeks to provide a better fit for average group annuity market prices than the PBGC’s previous practice. The recalibration of the annuity rates reflected in the final regulations results in the same annuity rates remaining in effect for three months…
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COBRA elections after the 2009 premium subsidy was enacted increased from 12.4% to 17.7%, according to a recent report from Ceridian, which administers COBRA benefits for 50,000 employers nationwide. According to the report, “With the recent economic climate and large number of layoffs, this increase was lower than anticipated by lawmakers.” An earlier survey by Hewitt of large employers suggested that COBRA enrollments had doubled since the subsidy was enacted…
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More than one-third (35%) of companies now offer tax-free transportation benefits under IRC Sec. 132, according to the 2009 Computer Impact Survey from the Transit Center, an administrator of commuter benefits…
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On October 15, the House Committee on Ways and Means approved a procedural measure to send H.R. 3200, the America’s Affordable Health Choices Act of 2009, to the House Committee on the Budget with reconciliation instructions…
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In news release IR 2009-94, the Internal Revenue Service announced the 2010 dollar limitations applicable to qualified retirement plans. The limitations that were in effect for 2009 will remain unchanged for 2010 because the cost-of-living index for the quarter ended Sept. 30, 2009, is less than the cost-of-living index for the quarter ended Sept. 30, 2008…
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The Social Security Administration (SSA) has announced that, due to the economic conditions that were prevalent during 2009, the Social Security wage base for old-age, survivors, and disability benefits for 2010 will be $106,800, the same figure that applied in 2009. In addition, Social Security beneficiaries will not receive a cost-of-living adjustment (COLA) to their benefits for 2010…
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The Internal Revenue Service has issued final regulations that provide guidance regarding the determination of the value of plan assets and benefit liabilities for purposes of the funding requirements that apply to single-employer defined benefit plans; the use of certain funding balances maintained for such plans; and benefit restrictions for certain underfunded defined benefit plans. The final regulations appeared in the October 15 Federal Register…
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Employers’ medical benefits costs will rise an average of 7% in 2010, according to Towers Perrin’s annual Health Care Cost Survey. This latest increase, combined with the current economic climate, means record high costs and affordability challenges both for employers and employees, Towers Perrin said…
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