Overview
IRS Releases Proposed Rules on Determining Minimum Value of Eligible Employer-Sponsored Health Plans: Today the IRS issued a supplemental notice of proposed rulemaking providing guidance for use in determining whether health coverage under an eligible employer-sponsored plan provides minimum value for purposes of the premium tax credit under section 36B of the Internal Revenue Code. The guidance withdraws and replaces, in part, a notice of proposed rulemaking published on May 3, 2013.
IRS Releases Temporary and Proposed Rules on Administration of Multiemployer Plan Participant Vote on an Approved Suspension of Benefits Under MPRA: Today the IRS released temporary regulations relating to the administration of a multiemployer plan participant vote on an approved suspension of benefits under the Multiemployer Pension Reform Act of 2014 (MPRA). The MPRA pertains to multiemployer plans that are projected to have insufficient funds, at some point in the future, to pay the full plan benefits to which individuals would be entitled. The sponsor of such a plan is permitted to reduce the pension benefits payable to plan participants and beneficiaries if certain conditions are satisfied. This “suspension of benefits” is not permitted to take effect prior to a vote of the participants of the plan with respect to the suspension.
The text of the temporary regulations serves as the text of proposed regulations, also released today by the IRS.