ARPA Includes Key Funding Relief Provisions

Nate WuthrichBlog, Retirement

Last week saw the American Rescue Plan Act of 2021 (ARPA) signed into law. In addition to providing additional COVID-related stimulus through direct payments and extended unemployment benefits, the law has funding relief provisions for single-employer pension plans. The law most notably impacts two areas: Shortfall AmortizationsThe period for shortfall amortizations is permanently extended from 7 to 15 years, effective … Read More

Foster & Foster Completes Acquisitions of Pennsylvania-Based Beyer Barber Company and Michigan-Based Rodwan Consulting Company

Nate WuthrichBlog

Deal Continues to Expand Foster & Foster’s National Footprint FORT MYERS, Fla. (Jan. 13, 2021) — Foster & Foster Consulting Actuaries, Inc. a premier actuarial and health and welfare plan consulting firm based in Fort Myers, Florida, which represents nearly 1,000 public pension and health and welfare plans in the United States, announced today that it has completed its acquisitions … Read More

Integral Episode 2: State of the Union 2021: Health Benefits Compliance

Nate WuthrichBlog

Join host Travis Smith and special guest, Nikki Chriesman-Green, as they discuss the State of Union for employer-sponsored health and welfare plans and provide a preview of 2021 Hot Topics in the employee benefits arena. This episode was recorded on December 22, 2020. Reach out to Travis Smith and Nikki Chriesman-Green directly: Travis Smith:Phone: (630) 620-0200Email: [email protected] Nikki Chriesman-Green:Phone: (630) … Read More

SOA Releases Mortality Improvement Scale MP-2020

Vectra DigitalBlog

When the Society of Actuaries (SOA) released the RP-2014 mortality table in 2014, they included mortality improvement scale MP-2014.  The purpose of this scale is to reflect mortality improvement into the future, since one would expect future mortality rates to be lower with further advances in health and medicine. A practice was then started to update this improvement scale annually … Read More

PBGC Guidance on CARES Act – UPDATE

Vectra DigitalBlog

The CARES Act, signed into law in March 2020, provided contribution relief to employers by allowing contributions to be delayed until the end of 2020.  Initial guidance from the PBGC clarified that payment / filing deadlines would not be extended, rendering delayed contributions useless for 2020 premium purpose (see our summary of prior guidance here). Updated PBGC guidance released this … Read More

PBGC / IRS Guidance on CARES Act

Vectra DigitalBlog

The CARES Act, signed into law in March 2020, provided contribution relief to employers by allowing contributions to be delayed until the end of 2020. What became uncertain was the impact this relief would have on PBGC and IRS requirements that make use of the delayed contributions. Recent guidance has provided some clarity on these matters. PBGC The PBGC released … Read More

DOL Announces New Electronic Disclosure Rule for Retirement Plans

Vectra DigitalBlog, Retirement

On May 21, 2020, the Department of Labor (DOL) announced its final rule on electronic disclosures for retirement plans. The final rule is an alternative method of furnishing electronic disclosures and does not replace the 2002 Safe Harbor Rules, nor does it apply to health plan disclosures. Under the new rule, plan sponsors may send electronic disclosures to plan participants, … Read More

Patient-Centered Outcomes Research Institute (PCORI) Fees Due July 31, 2020

Vectra DigitalBlog, Health & Welfare, Private Self-Funded Health Plan

On June 8, 2020, the Internal Revenue Service (IRS) issued Notice 2020-44 announcing the PCORI fee for plan years ending on or after October 1, 2019 and before October 1, 2020 will be $2.54 per covered life and is due July 31, 2020. The Further Consolidated Appropriations Act of 2020 included a 10 year extension of the PCORI fees originally … Read More

IRS Issues COVID-19 Guidance for Cafeteria Plans

Vectra DigitalBlog, Health & Welfare, Private Self-Funded Health Plan

Due to the COVID-19 crisis, the IRS has issued Notice 2020-29 to announce the opportunity for employers to allow mid-year changes to employer-sponsored health coverage and dependent care assistance program elections (listed below). The notice also allows employers the option to extend health and dependent care FSA grace periods that would have ended earlier in 2020, in order to make … Read More