Energy Department Will No Longer Reimburse Contractors for Defined Benefit Plans
The Department of Energy (DOE) has announced that it will no longer cover the cost of defined benefit (DB) pensions for its contractors’ new employees. IRS Proposes Regulations on Dependent Care Expenses
The IRS has proposed new regulations for individual tax returns that will also affect
employer-provided dependent care assistance programs (DCAPs), because the IRS
applies the same definitions of “qualifying individual” and “employment related
expenses” to both. GAO Releases Study on CDHPs
The U.S. Government Accountability Office’s (GAO’s) recent study of consumer directed health plans (CDHPs) examined their prevalence, funding, use and prospects. The study found that the number of CDHP enrollees is rising — from roughly 3 million in January 2005 to between 5 million and 6 million in January 2006. Sample Plan Amendment for Roth Elective Deferrals
In Notice 2006-44, the IRS provides a sample plan amendment for plan sponsors that want to provide for designated Roth contributions in their 401(k) plans. ERISA Guidance on Mutual Fund Settlement Proceeds
The U.S. Department of Labor (DOL) has released Field Assistance Bulletin (FAB) 2006-1,
providing guidance on mutual fund settlement proceeds. IRS Improves Employee Plans Compliance Resolution System (EPCRS)
Rev. Proc. 2006-27 describes the newest IRS compliance resolution procedures for employee plans. DOL Updates Voluntary Fiduciary Correction Program
The DOL has updated the Voluntary Fiduciary Correction Program (VFCP), which allows
plan officials to correct certain ERISA violations without being subject to an enforcement
action. Plan officials report corrected violations to the regional offices of the DOL’s
Employee Benefits Security Administration (EBSA). DOL Releases Updated PTE Concerning Interest-Free Loans to Employee Benefit Plans
The DOL has updated a prohibited transaction class exemption (PTE 80-26) regarding certain interest-free loans to employee benefit plans. The DOL eliminated the three-day duration requirement for certain loans and now requires a written agreement for loans whose duration exceeds 60 days.
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