ATLANTA AUSTIN GENEVA HOUSTON LONDON NEW YORK SACRAMENTO WASHINGTON, DC The principal regulators of U.S. employee benefits have recently published updates to their guidance plans for the coming months. • On May 21, 2015, the U.S. Department of Labor (DOL) updated its SemiAnnual Regulatory Agenda. This publication takes the form of a Federal Register notice to comply with certain administrative requirements. The DOL’s agenda and related materials include 20 pending projects related to employee benefits, which are listed in the chart below in order of the projected timetable for next steps. (In the ordinary course, the projected dates shown on the agenda may prove to be ambitious.) • On July 31, 2015, the U.S. Treasury Department and the Internal Revenue Service (IRS) released their 2015-2016 Priority Guidance Plan, often informally referred to as the IRS Business Plan, which lists those issues that will be the subject of formal guidance from July 2015 through June 2016. The IRS Business Plan includes 37 pending items addressing retirement benefits and 18 pending items addressing executive compensation, health care and other benefits. They are listed on the chart below in the reverse order of when they first appeared on the agenda. Projects added to the agendas since they were last published are shown in bold. There are 3 new DOL initiatives and 9 new tax initiatives. Related People/Contributors • W. Mark Smith • Brittany Edwards-Franklin • Brenna M. Clark • Adam B. Cohen • Andrea M. Gehman • Michael A. Hepburn • Cristopher D. Jones • Paul R. Lang • Carol T. McClarnon • Alice Murtos • Meredith L. O'Leary • Vanessa A. Scott • William J. Walderman • Carol A. Weiser • Allison E. Wielobob Guidance Project Type Projected Date (DOL Only) On Agenda Since: Tax DOL Retirement Plans Regulations under 401(a)(9) on the use of lump sum payments to replace lifetime income being received by retirees under defined benefit pension plans X 7/2015 Regulations regarding IRAs under §§ 219, 4973, 408, and 408A 7/2015 and 9/2011 Final regulations on multiemployer plan benefit suspensions under § 432(e)(9) as amended by the Multiemployer Pension Reform Act of 2014 X 7/2015 Legal Alert: DOL and Treasury Update 2015- 2016 Regulatory Agendas for Employee Benefits September 8, 2015 ATLANTA AUSTIN GENEVA HOUSTON LONDON NEW YORK SACRAMENTO WASHINGTON, DC Legal Alert: DOL and Treasury Update 2015-2016 Regulatory Agendas for Employee Benefits continued Guidance under § 432(e)(9) regarding the administration of the multiemployer plan participant vote on an approved suspension of benefits as provided under the Multiemployer Pension Reform Act of 2014 X 7/2015 Additional guidance on issues relating to lifetime income from retirement plans and IRAs X 7/2015 Regulations on closed defined benefit plans and related matters X 8/2014 Guidance regarding revisions to the determination letter process X 8/2014 Guidance regarding substantiation of hardship distributions X 8/2014 Guidance regarding Qualified Nonelective Contributions (QNECs) and Qualified Matching Contributions (QMACs) X 8/2014 Guidance under §§ 401(k)(12) and (13) on safe harbor § 401(k) plans regarding certain mid-year changes and certain business transactions X 8/2014 Guidance regarding the aggregation rules under § 414(m) X 8/2014 Regulations under § 417(e) that update the minimum present value requirements for defined benefit plans X 8/2014 Guidance under § 430(h)(3)(B) updating the mortality tables used for pension funding purposes X 8/2014 Guidance on the new funding rules in the Cooperative and Small Employer Charity Flexibility Act X 8/2014 Regulations relating to the reporting requirements under § 6057 X 8/2014 Revenue ruling relating to the recovery of basis under phased retirement program X 8/2014 Guidance under § 404 on deductions for employer X 8/2013 ATLANTA AUSTIN GENEVA HOUSTON LONDON NEW YORK SACRAMENTO WASHINGTON, DC Legal Alert: DOL and Treasury Update 2015-2016 Regulatory Agendas for Employee Benefits continued contributions to qualified plans Regulations under § 411(a)(11) X 8/2013 Final Regulations under § 415 regarding § 7873 Treaty Fishing Rights income X 8/2013 Guidance concerning § 4975 X 8/2013 Guidance providing clarification regarding the Voluntary Closing Program for failures not covered by EPCRS X 8/2013 Revenue procedure amending Revenue Procedure 2013-12 relating to EPCRS to provide guidance with respect to certain corrections X 8/2013 Final regulations under § 417(e) to simplify the treatment of optional forms of benefit that are paid partly in the form of an annuity and partly in a more accelerated form X 12/2012 Regulations on the definition of governmental plan under § 414(d) X 12/2012 Regulations on the status of Indian tribal governmental plans as a governmental plan under § 414(d) X 12/2012 Revenue procedure under § 430 relating to approval for funding method changes to reflect changes to the minimum funding requirements made by the Pension Protection Act (PPA) X 12/2012 Guidance under § 3405 regarding distributions made to payees with an address outside of the United States X 12/2012 Final regulations under § 402A on distributions from designated Roth accounts that are disbursed to multiple destinations X 12/2012 Regulations on exceptions to additional tax under § 72(t) on early distributions from retirement plans and individual retirement accounts (IRAs) X 9/2011 ATLANTA AUSTIN GENEVA HOUSTON LONDON NEW YORK SACRAMENTO WASHINGTON, DC Legal Alert: DOL and Treasury Update 2015-2016 Regulatory Agendas for Employee Benefits continued Guidance updating regulations for service credit and vesting under § 411 X 9/2011 Guidance on issues relating to pension equity plans X 9/2011 Regulations on additional issues relating to funding and related rules for single-employer plans under §§ 430 and 436 X 9/2011 Final regulations relating to conforming amendments adopted in connection with final regulations under § 411(b)(5) X 9/2011 Regulations on the application of the normal retirement age regulations under § 401(a) to governmental plans X 12/2010 Regulations updating the rules applicable to employee stock ownership plans (ESOPs) X 12/2010 Regulations on eligible combined plans under § 414(x), as added by Pension Protection Act (PPA) X Prior to Fall 2010 Final regulations on determination of minimum required contributions under § 430, as added by PPA X Prior to Fall 2010 Standards for Brokerage Windows Review the use of brokerage windows in participantdirected individual account retirement plans X Undetermined timetable 11/2013 Annual funding notice Implement PPA § 501 X 3/2015 (Final rule effective) Prior to Fall 2010 Revise Form 5500 for multiple employer plans •Expand Form 5500 reporting requirements to include requirements established under the Cooperative and Small Employer Charity Pension Flexibility Act (CSEC Act) X 5/2015 (Merged with other 5500 item) 11/2014 Timing of disclosure in participant-directed plans •Provide flexibility in timing requirement for annual disclosure X 06/2015 (Final rule) 11/2014 ATLANTA AUSTIN GENEVA HOUSTON LONDON NEW YORK SACRAMENTO WASHINGTON, DC Legal Alert: DOL and Treasury Update 2015-2016 Regulatory Agendas for Employee Benefits continued Definition of “fiduciary” Expand to include more persons, such as pension consultants, as fiduciaries X 7/2015 (Comment period end) 12/2010 Pension benefit statements Implement PPA § 508 X 7/2015 (Proposed regulation) Prior to Fall 2010 Expand Voluntary Correction Program •Expand scope of some transactions eligible for correction and streamline procedures for others X 9/2015 (Interim final regulation) 5/2014 Modernize Form 5500 •Joint project with IRS and Pension Benefit Guaranty Corporation (PBGC) to streamline Form 5500, making it data mineable X 9/2015 (Proposed regulation) 5/2014 Abandoned plan program Amend to expand the scope of individuals entitled to be a “qualified termination administrator” X 10/2015 (Final rule) 12/2010 Amendment to claims procedure regulation •Amendment to strengthen, improve and update current rules governing internal claims and appeals processes X 11/2015 (Proposed regulation) 4/2010 Top hat plan electronic filings •Amend current rules to permit electronic filing of certain reporting and disclosure requirements X 03/2016 (Final regulation) 5/2014 Lifetime income in defined contribution plans •Safe harbor for annuity selection X 05/2016 (Proposed regulation) 11/2013 § 408(b)(2) disclosure •Guide to disclosure X Undetermined timetable 1/2012 Target date funds X Undetermined Prior to Fall ATLANTA AUSTIN GENEVA HOUSTON LONDON NEW YORK SACRAMENTO WASHINGTON, DC Legal Alert: DOL and Treasury Update 2015-2016 Regulatory Agendas for Employee Benefits continued •Specific disclosure requirements timetable 2010 Executive Compensation Guidance under §§ 3511 and 7705 on Certified Professional Employer Organizations as added by § 206 of the Stephen Beck, Jr. Achieving a Better Life Experience (ABLE) Act of 2014 X 7/2015 Guidance regarding election procedures under § 83(b) X 8/2014 Guidance to update prior § 409A correction program guidance X 8/2014 Guidance on the application of § 1402(a)(13) to limited liability companies X 8/2014 Guidance under § 6053 regarding tips X 8/2014 Regulations under § 86 regarding rules for lump-sum elections X 8/2013 Guidance under §§ 280G and 4999(a) on change in ownership X 12/2010 Final regulations on income inclusion under § 409A X Prior to Fall 2010 Regulations under § 457(f) on ineligible plans X Prior to Fall 2010 Health Care and Other Benefits Guidance on the application of COBRA to certain § 125 arrangements X 8/2015 Guidance on shared responsibility for employers regarding health coverage under § 4980H X 8/2015 Regulations under § 4980I regarding the excise tax on high cost employer-provided coverage X 8/2015 ATLANTA AUSTIN GENEVA HOUSTON LONDON NEW YORK SACRAMENTO WASHINGTON, DC Legal Alert: DOL and Treasury Update 2015-2016 Regulatory Agendas for Employee Benefits continued Guidance under §§ 119 and 132 regarding employer-provided meals X 8/2014 Notice under 4980I on the excise tax on high cost employerprovided coverage X 8/2014 Regulations amending § 1.419A-2T relating to collectively bargained welfare benefit funds X 12/2012 Revenue procedure under § 6402 on employee consents obtained by employer to claim a refund of FICA taxes X 12/2012 Revenue Ruling under § 419A on the definition of postretirement medical benefits X 9/2011 Final regulations under § 512 explaining how to compute the unrelated business taxable income of voluntary employees’ beneficiary associations described in § 501(c)(9) X 12/2010 Amendments to Excepted Benefits •Amend regulations regarding excepted benefits under ERISA, the Code, the Public Health Service Act as amended by HIPAA, and the ACA X 5/2015 (Final rule effective) 05/2015 Summary of Benefits and Coverage and Uniform Glossary •Develop standards for group health plans in compiling and providing an accurate summary of benefits and coverage, as required by the ACA X 05/2015 (Analyze comments) 05/2015 Preventive services under the ACA •Rules regarding coverage without cost sharing of certain preventive health services X 05/2015 (Analyze comments) 11/2014 Notice of Proposed Rulemaking for Health Care Continuation Coverage •Eliminates model notice in the appendix of § 2590.606-1, among other changes, and allows the Department of Labor to place updated model notices on its website X Undetermined timetable 05/2015 ATLANTA AUSTIN GENEVA HOUSTON LONDON NEW YORK SACRAMENTO WASHINGTON, DC Legal Alert: DOL and Treasury Update 2015-2016 Regulatory Agendas for Employee Benefits continued Improved fee disclosure for welfare plans •Rules to ensure that plan fiduciaries of welfare plans can access information necessary to determine whether an arrangement for services is reasonable X Undetermined timetable 11/2013 Automatic enrollment in health plans of employees of large employers under Fair Labor Standards Act (FLSA) § 18A •Rules to implement ACA provisions requiring automatic health plan enrollment for full-time employees of large employers X Undetermined timetable 12/2010 If you have any questions about this Legal Alert, please feel free to contact any of the attorneys listed under 'Related People/Contributors' or the Sutherland attorney with whom you regularly work.