2019 is poised to be a big year for new retirement plan legislation and regulations. Already the IRS has simplified correction procedures for plan sponsors and expanded its determination letter program. Attorneys expect passage of the SECURE Act and final regulations on hardship withdrawals. Senators have introduced legislation to further association health plans after a court struck down Department of Labor (DOL) regulations. And, of course, court cases always inform plan sponsors of new trends and processes. Enjoy this edition of PLANSPONSOR Weekend!
Last June, the Department of Labor (DOL) finalized regulations to expand the opportunity to offer employment-based health insurance to small businesses through Association Health Plans (AHPs), but a district court struck them down.
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Speakers at a Brookings Institution event agreed that a financial strength criterion asking how sound is an annuity carrier should be a critical part in any annuity selection safe harbor for defined contribution (DC) plan sponsors.
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The lawsuit says the so-called “incentive” Yale offers for participating in the wellness program are in fact a “penalty” that violates non-participants’ right, and it notes that the Equal Employment Opportunity Commission (EEOC) withdrew the incentive portions of its wellness program rules.