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5500 Preparer's Manual for 2012 Plan Years
The premier resource in the field of Form 5500 preparation, 5500 Preparer's Manual will help you handle the required annual Form 5500 filings for both pension benefits and welfare benefit plans.
from Spencer’s Benefits Reports: The Department of Health & Human Services (HHS) expects to pay out about $3.6 billion in reimbursements for medical expenses for the Early Retiree Reimbursement Program in fiscal year 2011, which began on Oct. 1, 2010 and ends on Sept. 30, 2011. According to the agency’s budget for fiscal year 2012, as of Jan. 25, 2010, more than 5,000 early retiree medical plan sponsors had been approved for participation and about $1 billion had been paid. The remaining $1.4 billion balance of the $5 billion allocated for the program by the Patient Protection and Affordable Care Act (ACA) is expected to be exhausted in fiscal year 2012.
The ACA established the ERRP as a temporary measure to reimburse part of the claims costs for participating employment-based plans that provide health insurance coverage for early retirees ages 55 through 64, and their eligible spouses, surviving spouses, and dependents. The ERRP will reimburse for 80% of a plan’s individual claims that are between $15,000 and $90,000, indexed for inflation. The program is effective June 1, 2010, and ends on the earlier of Jan. 1, 2014, or when the $5 billion appropriated for the program is exhausted.
A list of the plan sponsors approved for ERRP participation is available at http://www.healthcare.gov/law/provisions/retirement/index.html.
For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.
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