Revenue Procedure 2019-19 modifies and supersedes Rev. Proc. 2018-52, 2018-42 I.R.B. 611, which sets forth the Employee Plans Compliance Resolution System ("EPCRS"), a comprehensive system of correction programs administered by the Employee Plans Division (TE/GE) for sponsors of retirement plans that have failed to satisfy certain requirements under § 401(a), 403(a), 403(b), 408(k), or 408(p) of the Code. EPCRS generally permits plan sponsors to correct these failures and thereby continue to provide their employees with retirement benefits on a tax-favored basis. The components of EPCRS are the Self-Correction Program ("SCP"), the Voluntary Correction Program ("VCP"), and the Audit Closing Agreement Program ("Audit CAP"). Under SCP, a plan sponsor that has established compliance practices and procedures may self-correct certain plan failures without submitting the correction to the IRS for approval and without paying any fee or sanction to the IRS.
This American Benefits Institute/Aon plc study of over 200 multinational companies from around the world asked global compensation and benefits leaders for their views of on best practice in global benefits management. Key issues explored included what companies can do to improve alignment of benefits with organizational strategy and how they can better manage the costs and risks of global benefits.
WASHINGTON, DC – The American Benefits Institute (the American Benefits Council's education and research affiliate) and Aon plc have released the Global Benefits Governance and Operations Study 2018/19. The latest survey – the third since 2012 – shows that companies worldwide are making progress with global governance of employee benefits, although nearly all of them still believe that more can be done.
We write on behalf of the American Benefits Council ("Council") to provide comment in connection with the Fraud and Abuse; Removal of Safe Harbor Protection for Rebates Involving Prescription Pharmaceuticals and Creation of New Safe Harbor Protection for Certain Point-of-Sale Reductions in Price on Prescription Pharmaceuticals and Certain Pharmacy Benefit Manager Service Fees Proposed Rule ("Proposed Rule") published in the Federal Register on February 6, 2019, by the Office of Inspector General (OIG), Department of Health and Human Services (HHS) (84 Fed. Reg. 2340).
As we testified before the U.S. House of Representatives Education and Labor Subcommittee on Health, Employment, Labor and Pensions on April 2, policymakers should prohibit balance-billing patients for emergency services "in a manner that protects patients without undermining access to high-quality, high-value networks or increasing health care costs for individuals and employers."
The American Benefits Council ("the Council") appreciates the opportunity to submit comments on Notice 2019-09, which provides interim guidance on the excise tax imposed on excess compensation paid by tax-exempt organizations under new Internal Revenue Code Section 4960. As discussed below, we are writing to ask the Treasury Department and the Internal Revenue Service (IRS) to clarify that an applicable tax-exempt organization (ATEO) will not be subject to the excise tax imposed by Section 4960 with respect to officers who serve in a solely volunteer capacity with the organization.
The American Benefits Council will hold a Benefits Briefing webinar on Tuesday, March 19, at 2:00 to 3:15 p.m. Eastern Time to discuss U.S. Department of Health and Human Services (HHS) proposed regulations that would change safe harbor protections for prescription drug rebates to encourage discounts to the patient at the point of sale. Legislation that would apply similar rules to private health insurance has recently been introduced.
WASHINGTON, DC – "The so-called 'Cadillac Tax' is a scourge on employer-provided health insurance and needs to be repealed," said American Benefits Council President James A. Klein upon the introduction of the bipartisan Middle Class Health Benefits Tax Repeal Act (S. 684), the Senate companion to an identical measure proposed in the U.S. House of Representatives.
