Changes to the ACA Affordability Standard for 2020

AdminBlog, Health & Welfare, Multiemployer / Taft-Hartley Plan, Private Self-Funded Health Plan

Recently, the IRS issued Revenue Procedure Bulletin 2019-29, which decreases the affordability percentage under the Employer Mandate. The “affordability standard” is a component of ACA that is frequently overlooked. Employers should be reassessing their employee contribution structure annually to ensure compliance and avoid costly penalties (see below for updated penalty amounts). In order to determine affordability, the IRS sets an … Read More

New GASB Exposure Draft Would Alter 457 Plan Reporting

AdminBlog, Retirement

The Governmental Accounting Standards Boards (GASB) released a new exposure draft in June 2019 entitled “Internal Revenue Code Section 457 Deferred Compensation Plans That Meet the Definition of a Pension Plan and Supersession of GASB Statement 32.” While a brief statement, the reporting requirements for 457 plans could be impacted. According to the statement, 457 plans have evolved since the … Read More

New SOA Mortality Tables for Private Sector Retirement Plans

AdminBlog, Retirement

Last month (May 2019), the Society of Actuaries (SOA) released an exposure draft of the Pri-2012 Mortality Tables for private-sector retirement plans. These new tables are based on data collected for 2010 – 2014, with a central year of 2012. The Pri-2012 tables update the RP-2006 tables (the mortality table basis for the RP-2014 Mortality Tables that are currently in … Read More

U.S. House Passes Retirement Legislation

AdminBlog, Retirement

On May 23, the U.S. House of Representatives passed a bill that would directly impact retirement benefits across the nation. The bill, entitled the Setting Every Community Up for Retirement Enhancement Act (SECURE Act; HR 1994), would make changes to both employer-sponsored retirement plans and individual retirement accounts, most notably: Expand the ability of employers to partner together to offer … Read More