Notice 2015-53: New Mortality Table
On July 31, 2015, the Internal Revenue Service issued Notice 2015-53 which provides the updated mortality tables that will be used for defined benefit plans. (“RP-2014”). The new tables will affect valuation dates beginning during 2016. In addition, a modified unisex table was issued to be used to determine lump sum values under IRC Section 417(e)(3), which will be used for distributions with annuity dates that occur during stability periods beginning...Continue Reading
The IRS recently announced that, beginning October 1, 2015, its Employee Plans (EP) unit will no longer accept technical questions by email, including emailed questions sent directly from Customer Account Services. See http://www.irs.gov/Retirement-Plans/Employee-Plans-Email-Questions.
According to the announcement, the change is the result of a realignment of legal work and transfer of employees within the agency such that there the EP unit no longer has the resources available to perform...Continue Reading
Beginning last year, there has been a rash of court decisions giving ERISA participant and/or beneficiary status to providers based on assignments executed by participants at the point of service. The most recent case was issued last week from the United States District Court for the Eastern District of Pennsylvania. In the case, HOWARD BLOOM, D.C. and WEATHER VANE CHIROPRACTIC, P.C. v. INDEPENDENCE BLUE CROSS, the District Court once again granted ERISA participant status to the...Continue Reading
The IRS has issued proposed regulations to eliminate the requirement that a taxpayer include a copy of a Code Section 83(b) election with his or her income tax return for the year of the election. This was done to facilitate e-filings of tax returns that were previously unavailable to taxpayers who made Section 83(b) elections because of the requirement to submit a copy of the election with the return. A taxpayer will still be required to mail a copy of the Section 83(b) election to the IRS...Continue Reading
Since the Supreme Court allowed same sex marriage in all fifty states, employers have been busy turning off state income tax imputation for health benefits for those states that previously had not allowed same sex marriage. However, that only affects the period from and after June 26, 2015. Many employers have wondered what they should do with state income tax imputation that occurred January 1, 2015 through June 25, 2015.
To date, only two states have issued definitive guidance on that...Continue Reading