Regulatory Updates

The Office of the Superintendent of Financial Institutions (OSFI) updated the instructions for Form 1 – Attestation Regarding Withdrawal Based on Financial Hardship to reflect the 2026 Year’s Maximum Pensionable Earnings (YMPE), which is the maximum amount of earnings on which contributions to the Canada Pension Plan (CPP) are based. It is updated annually by the federal government based on the average industrial wage in Canada. The YMPE for 2026 is $74,600. OSFI updated FAQ 2 (about the unlocking amount) to reflect the 2026 YMPE.The financial hardship unlocking provisions of the Pension Benefit Standards Regulations, 1985 (PBSR) allow for funds to be withdrawn based on one of the following or a combination of both:Low incomeHigh medical or disability-related costsA number of the unlocking provisions refer to the YMPE in determining whether funds can be unlocked and/or the amounts that can be unlocked. The figures found in Form 1 reflect the amounts for 2026 and are valid for withdrawals up to December 31, 2026.

The Department of Labor (DOL) Employee Benefits Security Administration (EBSA) has released a notice expanding the Delinquent Filer Voluntary Compliance Program to include administrators of multiple employer welfare arrangements (MEWAs) who fail to file a Form M-1 annually. The maximum penalty will be $750 for late filing of Form M-1.The program changes include:Expanding the penalty relief to administrators of MEWAs that are not group health plans but provide benefits that consist of medical care (non-plan MEWAs) and entities claiming exception (ECEs) who are required to file the Form M-1. Extending to late Form M-1 filers the same $750 maximum penalty amount currently available to small plans filing a late Form 5500, and to filers of apprenticeship and training plans and top hat plans.The enforcement policy change is effective December 31, 2025.News Release

The Internal Revenue Service (IRS) has released Notice 2026-10 providing the 2026 standard mileage rates. Beginning January 1, 2026, the standard mileage rates for the use of a car (van, pickup or panel truck) will be:72.5 cents per mile driven for business, up from 70 cents from 2025.20.5 cents per mile driven for medical purposes, down from 21 cents 2025.20.5 cents per mile driven for moving purposes for certain active-duty members of the Armed Forces and certain members of the intelligence community, down from 21 cents 2025.14 cents per mile driven in service of charitable organizations, unchanged from 2025.A taxpayer must use 35 cents per mile as the portion of the business standard mileage rate treated as depreciation.$61,700 is maximum standard automobile cost that may be used in computing the allowance under a fixed and variable rate (FAVR) plan.For employer-provided vehicles, employers may use the fleet-average valuation rule or the vehicle cents-per-mile valuation rule. $61,700 is the maximum fair market value (FMV) of cars, trucks and vans first made available to employees for personal use (up from $61,200 in 2025).IRS News Release

The Centers for Medicare & Medicaid Services (CMS), the Department of Labor (DOL) and the Department of the Treasury (collectively, the Departments) jointly released a proposed rule amending the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (IRC) regarding price transparency reporting requirements for non-grandfathered group health plans and health insurance issuers offering non-grandfathered group and individual health insurance coverage.The proposed rule:Requires plans and issuers to exclude from the in-network rate files certain data that services providers would be unlikely to perform.Reorganizes in-network rate files by provider network rather than by plan, aligning with how most hospitals report data on price transparency requirements.Requires change-log and utilization files so users can easily identify the changes from one in-network rate file to the next and have clear information on the items and services in-network providers are submitting.Reduces reporting requirements for in-network rates from monthly to quarterly.Increases the amount of out-of-network pricing information reported by reorganizing allowed amount files by health insurance market type, reducing the claims threshold to 11 or more claims, and increases the reporting period from 90 days to 6 months and the lookback period of data from 180 days to 9 months. Additionally, to ensure that every individual can access accurate, personalized health care pricing information in the way that works best for them, the proposed rule strengthens requirements for plan or issuer-provided price comparison tools by aligning them with consumer protections established under the No Surprises Act. Under the proposed rules, group health plans and health insurance issuers would be required to provide the same detailed cost-sharing information whether viewed online, or in print or provided by telephone, upon request. Updated disclosures will take into account new federal protections against balance billing under the No Surprises Act that help patients understand their rights and potential financial responsibilities before they seek care.The proposed rule does not include major changes to prescription drug disclosure requirements, which the Departments intend to address separately.The proposed rule amends the 2020 final rules.Comments are requested by February 21, 2026.CMS News ReleaseCMS Fact Sheet

The Pension Benefit Guaranty Corporation (PBGC) released a final rule to amend the allocation of assets in single-employer plans by substituting a new table for determining expected retirement ages for participants in pension plans undergoing distress or involuntary termination with valuation dates falling in 2026. The new table is needed to compute the value of early retirement benefits and the total value of benefits under a plan.This rule also updates the table to provide the mortality assumption for use with PBGC’s missing participants program for benefit determination dates in 2026.The final regulations are effective January 1, 2026.

The Pension Benefit Guaranty Corporation (PBGC) released the 2023 Pension Insurance Data Tables, which summarizes information on PBGC’s Single-Employer and Multiemployer Insurance Programs and the defined benefit pension system, which includes time-series data on PBGC’s finances and operations.The data on PBGC-insured defined benefit plans includes information on:The number of plan participants, Plan funded status, Hybrid plans, Frozen plans, Risk transfer activity, andSpecial Financial Assistance payments. The data tables provide a comprehensive, longitudinal source of information on its insurance programs and employer-sponsored defined benefit plans.

The Office of the Superintendent of Financial Institutions (OSFI) announced updated life income fund (LIF) and variable benefit payable from a defined contribution plan maximum annual payment amounts for 2026.Are there minimum or maximum amounts that can be withdrawn from a LIF, restricted life income fund (RLIF) and variable benefit account?LIFs and RLIFs are personal retirement income funds that provide periodic retirement income to the holder. A variable benefit account is similar to a LIF but provides retirement income directly from a pension plan with defined contribution provisions.The periodic income from a LIF, RLIF or variable benefit account is subject to minimum and maximum annual withdrawal limits. The minimum annual withdrawal amount is determined under the Income Tax Regulations and the maximum annual withdrawal amount is determined under the Pension Benefits Standards Regulations, 1985. The maximum annual withdrawal limit is intended to maintain a retirement income for the fund or account holder or their survivor, as the case may be, until at least the age of 90.How much money can be withdrawn from a life income fund (LIF), restricted life income fund (RLIF) or variable benefit account?A table shows "Age on December 31, 2025" and "Percentage of LIF, RLIF or Variable Benefit Account Balance as at January 1, 2026." (see Q&A 2)Does the amount of income permitted to be withdrawn from an existing life income fund (LIF), restricted life income fund (RLIF) or variable benefit account increase in a given calendar year if money is transferred from a locked-in registered retirement savings plan or pension plan during the year?No. Sections 20.1, 20.3 and 21.1 of the Pension Benefits Standards Regulations, 1985, provide that the maximum annual amount of income that may be paid in a given calendar year will be calculated based on the balance of the fund at the beginning of the year.

The U.S. Department of Labor (DOL), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC) released advance informational copies of the 2025 Form 5500 Annual Return/Report and related instructions, and Form 5500-SF and instructions.Pension and welfare benefit plans required to file an annual return/report regarding their financial conditions, investments and operations generally satisfy that requirement by filing the appropriate Form 5500 form, including any required schedules and attachments, under the all-electronic EFAST2 system.The "Changes to Note" section of the 2025 instructions for each of the forms highlights important modifications to the forms, schedules and instructions. Changes are summarized below:Plan Characteristics Codes: New multiemployer plan characteristic codes, 1J, 1K, and 1L, have been added to the Defined Benefit Pension Features section of Form 5500, Part II, line 8a to identify multiemployer defined benefit plans that during the plan year or in a prior plan year, terminated as a result of mass withdrawal or plan amendment or became insolvent respectively. A new plan characteristic code, 1G, has been added to identify defined benefit plans that use a variable annuity benefit formula. Plan characteristic code 1H (plan covered by PBGC that was terminated and closed out for PBGC purposes) has been modified to clarify that it applies only to terminated single-employer PBGC-covered plans. Administrative Penalties: The instructions have been updated to reflect an increase in the maximum civil penalty amount assessable under ERISA section 502(c)(2), as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.Advance copies of the 2025 Form 5500 series are for informational purposes only and cannot be used to file a 2025 Form 5500 series Annual Return/Report. News ReleaseForm 5500 Series

The Internal Revenue Service (IRS) has released Revenue Ruling 2026-1 which provides tables of covered compensation under Section 401(I)(5)(E) of the Internal Revenue Code for the 2026 plan year. The tables are used to determine contributions to defined benefit plans and permitted disparity.For purposes of determining covered compensation for the 2026 year, the taxable wage base was revised to $184,500 (up from $176,100 in 2025).

The Department of the Treasury and the Internal Revenue Service (IRS) issued Notice 2026-05 providing guidance on new tax benefits for health savings account (HSA) participants under the One, Big, Beautiful Bill Act (OBBBA). These changes expand HSA eligibility, which allows more people to save and to pay for health care costs through HSAs. The OBBB expands access to HSAs by making more individuals eligible to contribute. Changes include:Telehealth and Remote Care Services: Made permanent the ability to receive telehealth and other remote care services before meeting the high-deductible health plan (HDHP) deductible while remaining eligible to contribute to an HSA, effective for plan years beginning on or after Jan. 1, 2025.Bronze and Catastrophic Plans Treated as HDHPs: Made bronze and catastrophic plans available through an Exchange HSA-compatible, regardless of whether the plans satisfy the general definition of an HDHP. Notice 2026-05 clarifies that bronze and catastrophic plans do not have to be purchased through an Exchange to qualify for the new relief.Direct Primary Care Service Arrangements: Made individuals enrolled in certain direct primary care service arrangements eligible to contribute to an HSA. In addition, they may use their HSA funds tax-free to pay periodic direct primary care fees.Comments are due March 6, 2026. News Release

​The Internal Revenue Service (IRS) issued Notice 2025-60 applying to 2025 required amendments (RA) for both individually designed plans under Internal Revenue Code Section 401(a) and individually designed plans satisfying the requirements of Section 403(b).In general, the RA include changes to statutory and administrative qualifications and section 403(b) requirements that a plan must comply with during the calendar year in which the list is published. The 2025 RA list applies mainly to required minimum distribution rules and partnership and trust attribution rules.

The Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released Notice 2025-68 announcing upcoming proposed regulations that will provide guidance on Trump Accounts, a new type of individual retirement account (IRA) for eligible children. The notice provides a general overview of how Trump Accounts will work and addresses certain initial questions.Specifically, Notice 2025-68 explains the process for:creating initial and rollover Trump Accounts;the $1,000 pilot program contribution;other contributions, including qualified general contributions and section 128 employer contributions, and eligible investments, distributions, reporting, and coordination with the rules applicable to other types of IRAs.The notice addresses certain areas of interest to prospective trustees, such as parents and guardians, of Trump Accounts who would establish and/or contribute to these accounts. Comments are requested by February 20, 2026. IRS News Release

The Internal Revenue Service (IRS) has announced cost-of-living adjustments affecting dollar limitations for 401(k), pension plans and other retirement-related items for tax year 2026 in Notice 2025-67.The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $24,500 in 2026, up from $23,500 in 2025.The limitation on the annual benefit under a defined benefit plan under section 415(b)(1)(A) is increased in 2026 from $280,000 to $290,000.The limitation for defined contribution plans under section 415(c)(1)(A) is increased in 2026 from $70,000 to $72,000.

The Pension Benefit Guarantee Corporation (PBGC) posted a table showing the applicable present value of the maximum PBGC guaranteed benefit for 2026 plan years. The present value is used for purposes of complying with Internal Revenue Code §436 benefit restrictions. PBGC has posted values that apply to benefits with annuity starting dates in 2026.The 2026 table was developed using the 417(e) segment rates for August 2025 (4.20%, 5.29% and 6.08%, respectively) for plan years beginning in 2026 and the 417(e) applicable mortality table for 2026.Two-column spreadsheet version

The Internal Revenue Service (IRS) issued the final 1094-B, 1095-B, 1094-C, and 1095-C forms that employers, plan sponsors and group health insurers will use to report health coverage to plan members and the IRS as required by the Affordable Care Act (ACA). Final 2025 forms:Form 1094-B Transmittal of Health Coverage Information ReturnsForm 1095-B Health CoverageForm 1094-C Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns​Form 1095-C​ Employer-Provided Health Insurance Offer and Coverage​Final 2025 instructions:Instructions for Forms 1094-B and 1095-BInstructions for Forms 1094-C and 1095-C

The Internal Revenue Service (IRS) has issued Notice 2025-61 to adjust the fee paid by insured and self-insured health plans to fund the Patient-Centered Outcomes Research Institute (PCORI). The amount of the PCORI fee is equal to the average number of lives covered during the plan year multiplied by the applicable dollar amount for the year. The applicable dollar amount is adjusted yearly to reflect inflation in National Health Expenditures, as determined by the Secretary of Health and Human Services. For plan years ending on or after October 1, 2025, and before October 1, 2026, the fee is $3.84.The prior applicable dollar amount was $3.47.Notice 2025-61 is effective for policy/plan years ending on or after October 1, 2025, and before October 1, 2026. The PCORI payment to IRS is due July 31 of the calendar year immediately following the last day of the policy/plan year. The Further Consolidated Appropriations Act, 2020, has extended the Patient-Centered Outcomes Research Trust Fund fee imposed by Internal Revenue Code sections 4375 and 4376 for 10 years. As a result of this extension, the fee will continue to be imposed through 2029.

The Registered Plans Directorate announced updated 2026 limits for the annual money purchase (MP), defined benefit (DB), deferred profit sharing plan (DPSP), the year's maximum pensionable earnings (YMPE), the year's additional maximum pensionable earnings (YAMPE), as well as the 2027 registered retirement savings plan (RRSP) limit.For 2026, the:MP limit will be $35,390,DB limit will be $3,932.22,DPSP limit will be $17,695,YMPE will be $74,600, andYAMPE will be $85,000.For 2027, the RRSP limit will be $35,390.

The Pension Benefit Guaranty Corporation (PBGC) announced that, as a result of the indexing rules provided in ERISA, the maximum guarantee limits for single-employer plans that fail in 2026 will be 4.82% higher than the limits that applied for 2025. A table showing the single-employer plan guarantee limits for various ages and payment forms is available on the PBGC's website.The guarantee limits for multiemployer plans are not indexed and therefore have not changed.

​​The Pension Benefit Guaranty Corporation (PBGC) announced that its webpage has been updated to provide the 2026 premium rates for single and multiemployer pension plans. The per-participant flat premium rate for plan years beginning in 2026 is $111 for single-employer plans (up from a 2025 rate of $106) and $40 for multiemployer plans (up from a 2025 rate of $39).

The Office of the Superintendent of Financial Institutions (OSFI) published two plan assessment rate schedules for pension plans. One plan assessment rate schedule applies to plans registered or filed for registration under the Pooled Registered Pension Plans Act (PRPPA). The second pension plan assessment rate schedule applies to plans registered or filed for registration under the Pension Benefits Standards Act, 1985 (PBSA). For both rate schedules, OSFI will determine the assessment due and send an invoice approximately 45 days after the plan’s Annual Information Return was due to be filed (or upon receipt of an application for registration).

The Departments of Labor (DOL), Health and Human Services (HHS), and the Treasury (collectively, the Departments) released Affordable Care Act (ACA) Implementation Frequently Asked Questions (FAQs) Part 72 clarifying existing categories of excepted benefits that employers can use to offer fertility benefits, including fertility treatment through a specified disease or illness policy, or offering reimbursement for those services through an excepted benefits health reimbursement arrangement.One set of FAQs address questions on independent, noncoordinated excepted benefits in the group market. These benefits are excepted from the requirements of title XXVII of the PHS Act, part 7 of ERISA, and chapter 100 of the Code only if certain conditions are met.Questions address whether:An employer may offer fertility benefits as an independent, noncoordinated excepted benefit;Participants and beneficiaries must enroll in the employer's traditional group health plan in order for the specified disease or illness policy to qualify as an excepted benefit if an employer offers a traditional group health plan and a specified disease or illness policy that covers fertility benefits;Specified disease or illness coverage, such as coverage only for infertility, can be self-funded by the employer and qualify as an independent coordinated excepted benefit; andIf an individual who is enrolled in fertility benefit coverage provided as an independent, noncoordinated excepted benefit can be permitted to contribute to a health savings account (HSA).The other set of FAQs address limited excepted benefits. Limited excepted benefits are excepted if they are provided under a separate policy, certificate, or contract of insurance, or are otherwise not an integral part of a group health plan. These excepted benefit health reimbursement arrangements (HRAs) qualify as limited excepted benefits if they satisfy certain conditions.Specifically, the FAQs address whether:An employer plan sponsor may offer an excepted benefit HRA that reimburses an employee's out-of-pocket costs with respect to fertility benefits under existing regulations; andAn employer may offer benefits for coaching and navigator services to help employees and their dependents understand their fertility options under an employee assistance program (EAP) that qualifies as a limited excepted benefit.The Departments also:Intend to propose rulemaking aimed at providing additional ways that certain fertility benefits may be offered as a limited excepted benefit, and Are considering whether to modify the standards under which supplemental health insurance coverage provided by a group health plan, including a supplemental benefit for fertility coverage, will be considered to satisfy the conditions for being an excepted benefit.

The Internal Revenue Service (IRS) released annual inflation adjustments for more than 60 tax provisions in Revenue Procedure 2025-32. Many of these adjustments affect employee benefits.Health care flexible spending accounts: For tax years beginning in 2026, the dollar limitation for voluntary employee salary reductions for contributions to health flexible spending arrangements increases to $3,400, up $100 from prior year. For cafeteria plans that permit the carryover of unused amounts, the maximum carryover amount is $680, an increase of $20 from tax years beginning in 2025.IRS news release

The Canada Revenue Agency (CRA) has updated its Pension Adjustment Reversal Guide providing information and examples on how to calculate a pension adjustment reversal (PAR) and a pension adjustment correction (PAC). This version reflects recent changes to legislation related to the pension adjustment correction and permitted corrective contributions. It also incorporates feedback from industry representatives to improve clarity and usability.This guide is designed to help administrators of registered pension plans (RPPs) and trustees or employers of deferred profit sharing plans (DPSPs) calculate a PAR for plan members who quit their membership. It also helps administrators of money purchase RPPs calculate a PAC when over-contributions are removed from the plan.

The Superintendent of Pensions issued Employment Pension Plans Act Update 25-01 advising that the annual per member filing fee rate in Alberta effective October 1, 2025 remains the same as 2024, or $2.50 per member.The annual filing fee payable is $2.50 multiplied by the total plan membership. The minimum fee is $250 and the maximum fee is $75,000. This rate applies to all annual information returns with fiscal year-ends ranging from October 1, 2025 to September 30, 2026.

The Pension Benefit Guaranty Corporation (PBGC) issued correcting amendments to its revised regulation on termination of single-employer plans dated August 15, 2025 because that document inadvertently failed to correctly format a list of requirements. This document corrects the final regulation.The correction is effective September 26, 2025.(Updated September 25, 2025)The Pension Benefit Guaranty Corporation (PBGC) issued a correction to the final rule making miscellaneous technical corrections, clarifications, and improvements to PBGC’s regulations, including its regulations on premium rates, premium due dates, and termination of single-employer plans.The corrected final rule makes changes to the Office of Management and Budget (OMB) control numbers for PBGC information collection requirements in the instructions.The correction is effective September 15, 2025.(Updated August 21, 2025)The Pension Benefit Guaranty Corporation (PBGC) is making miscellaneous technical corrections, clarifications, and improvements to its regulations, including those on premium rates, premium payment due dates, and termination of single-employer and multiemployer plans.The final rule is based on PBGC’s ongoing efforts to review the effectiveness and clarity of its rules and reflect input from stakeholders. The rule:Provides additional time for terminating plans to submit their final premium filing,Requires coverage determination requests and forms related to standard terminations and the missing participant program to be submitted electronically, andCodifies the special premium rules for cooperative and small employer charity (CSEC) plans that were implemented in the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act).The final rule is effective September 15, 2025 and applicable to plan years beginning on or after January 1, 2026.(Posted August 15, 2025)

The Internal Revenue Service (IRS) announced the special per diem rates effective October 1, 2025. Notice 2025-54 provides the 2025-2026 special per diem rates for taxpayers to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home. The rates are the special transportation industry rate, the rate for the incidental expenses only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.

The Internal Revenue Service (IRS) issued 2025 draft instructions for forms 1094-C and 1095-C.(Updated September 19, 2025)The Internal Revenue Service (IRS) issued 2025 draft 1094-B, 1095-B, 1094-C, and 1095-C forms for use by employers, plan sponsors and group health insurers to report health coverage to plan members and the IRS.The IRS is providing these drafts for information purposes only. Do not file using draft forms.Draft Forms 1094-B and 1095-BDraft Forms 1094-C and 1095-C (Posted June 12, 2025)

The Canada Employment Insurance Commission (CEIC) has announced that the Employment Insurance (EI) Maximum Insurable Earnings (MIE) for 2026 will increase to $68,900 from $65,700 in 2025. The MIE is indexed on an annual basis and represents the ceiling up to which EI premiums are collected and the maximum amount considered in applications for EI benefits.The EI premium rate for 2026 is $1.63 per $100 of insurable earnings for employees and $2.28 for employers who pay 1.4 times the employee rate. This represents a one-cent decrease from the 2025 EI premium rate of $1.64 for employees.CEIC also announced that for residents of Quebec covered under the Quebec Parental Insurance Plan (QPIP), the premium rate of $1.30 per $100 of insurable earnings ($1.82 for employers).The Premium Reduction Program will provide roughly $1.46 billion in premium relief in 2026 to registered employers and their employees in recognition of savings generated to the EI program by employer registered short-term wage-loss plans.Office of the Superintendent of Financial Institutions (OSFI) has released:2026 Actuarial Report on Employment Insurance Premium Rate

The Department of the Treasury and the Internal Revenue Service (IRS) issued final rules implementing a SECURE 2.0 Act provision requiring that catch-up contributions made by certain higher-income participants be designated as after-tax Roth contributions. The final rules also provide guidance relating to increased catch-up contribution limits under the SECURE 2.0 Act for certain retirement plan participants, in particular employees between the ages of 60-63 and employees in newly established SIMPLE plans.Final regulations differ from the proposed regulationsWhile the final regulations generally follow the proposed regulations, changes were made in response to comments received on the proposed regulations. The final regulations permit a plan administrator to aggregate wages received by a participant in the prior year from certain separate common law employers in determining whether the participant is subject to the Roth catch-up requirement.Other changes relate to:Correction of a failure to comply with the Roth catch-up requirementImplementation of a deemed Roth electionPlans that cover participants in Puerto Rico.The regulations are effective November 17, 2025.Applicability datesThe Roth catch-up requirement rules generally apply to contributions in taxable years beginning after December 31, 2026. However, multiemployer plans, collectively bargained plans and certain governmental plans have a later applicability date. Collectively bargained plans: Contributions in the first taxable year that begins after the date on which the last collective bargaining agreement related to the plan that is in effect on December 31, 2025, terminates. Multiemployer plans: The first taxable year beginning after the date on which the last collective bargaining agreement related to the plan that is in effect on November 17, 2025 terminates.Governmental plans: Contributions in taxable years beginning after the later of the first taxable year beginning after December 31, 2026, or the first taxable year beginning after the close of the first regular legislative session of the legislative body with the authority to amend the plan that begins after December 31, 2025.Early implementation is permitted for the Roth catch-up requirement in taxable years beginning before 2027 using a reasonable, good faith interpretation of statutory provisions. The final regulations do not extend or modify the administrative transition period provided under IRS Notice 2023-62, which generally ends on December 31, 2025.News release

​The Department of Health and Human Services (HHS) issued an updated final 2026 actuarial value (AV) calculator and methodology.  (updated September 9, 2025)The Department of Health and Human Services (HHS) issued its final 2026 actuarial value (AV) calculator and methodology.  HHS requires use of an AV calculator by issuers of non-grandfathered health insurance plans offered in the individual and small group markets, both inside and outside of the Affordable Insurance Exchanges for the purposes of determining levels of coverage.The Affordable Care Act stipulates that AV be calculated based on the provision of essential health benefits (EHB) to a standard population. The statute groups health plans into four tiers: bronze, with an AV of 60 percent; silver, with an AV of 70 percent; gold, with an AV of 80 percent; and platinum, with an AV of 90 percent.The final 2026 AV Calculator is available for download. The 2026 AV calculator does not affect 2025 plans and is only applicable for 2026 plans.(posted October 16, 2024)

In a news release, the Department of Labor's (DOL) Employee Benefits Security Administration (EBSA) has rescinded a December 21, 2021 statement that discouraged fiduciaries from considering alternative assets in 401(k) retirement plan investment menus.The decision to rescind the previous supplemental statement follows President Trump’s latest Executive Order, “Democratizing Access to Alternative Assets for 401(k) Investors,” signed on August 7, 2025, which directs the DOL to reexamine its guidance regarding fiduciary decisions, ensuring asset allocation funds that include alternative asset investments are available to plan participants. (Updated August 13, 2025)DOL Withdraws Direct Final Rules Removing ERISA-Related GuidanceDue to the receipt of significant adverse comments, the Department of Labor (DOL) is withdrawing the July 1, 2025 direct final rules that would have removed Selection of Annuity Providers-Safe Harbor for Individual Account Plans and Definition of "Plan Assets"—Insurance Company General Accounts.DOL published a notice of the discontinuance of an information collection, titled “Plan Assets”—Insurance Company General Accounts, on July 21, 2025, which DOL is withdrawing. (Posted August 11, 2025)DOL Issues Direct Final Rule Removing ERISA-Related Obsolete Guidance; Comments Due July 31The Department of Labor (DOL) Employee Benefits Security Administration (EBSA) has issued three direct final rules removing interpretive bulletins (IBs) and regulations that it believes are obsolete.Under the Employee Retirement Income Security Act of 1974 (ERISA) as originally enacted, the DOL and U.S. Treasury Department's Internal Revenue Service (IRS) had overlapping responsibility for administration of the parallel provisions of Title I of ERISA and the Internal Revenue Code (IRC).Removal of Definition of Plan Assets - Insurance Company General Accounts: The regulation applies only to certain insurance policies or contracts issued to (or on behalf of) employee benefit plans on or before December 31, 1998. Given the unlikelihood that any of these policies or contracts remain in effect, the DOL believes the regulation is no longer needed.Removal of Selection of Annuity Providers - Safe Harbor for Individual Account Plans: The regulatory safe harbor became unnecessary in 2019 when Congress amended ERISA to add a more streamlined fiduciary safe harbor covering the same activity. Although the statutory safe harbor did not technically nullify or repeal the regulatory safe harbor, DOL believes its existence is  unnecessary. Removal of interpretive bulletins from 1975: DOL believes the interpretive bulletins are no longer needed, and if left on the books, add potential confusion and unnecessary complexity. DOL has provided more recent guidance on prohibited transactions issues.IB 75-2: Whether a party in interest has engaged in a transaction with an entity in which the plan has invested. An advisory opinion from 2006 is the most current subregulatory guidance.IB 75-6: Whether a plan could make an advance to a fiduciary to cover expenses to be properly and actually incurred by such a person in performing duties with respect to the plan. In 1977, a final regulation replaced the IB.IB 75-10: Ambiguity arising from the joint jurisdiction of DOL and IRS. Agency jurisdiction was separated in 1978.This direct final rule removes these obsolete interpretive bulletins prospectively as of September 2, 2025, and has no effect on their legal effectiveness prior to that date.All three direct final rules are effective September 2, 2025, unless significant adverse comments are received by July 31, 2025.(Posted July 1, 2025)

President Trump signed an executive order to allow 401(k) investors to access more investment options, including alternative assets. In addition, fiduciaries of 401(k) and other defined-contribution retirement plans must carefully vet and consider all aspects of private offerings, including investment managers’ capabilities, experiences, and effectiveness managing alternative asset investments.For purposes of this order, the term “alternative assets” means:private market investments, including direct and indirect interests in equity, debt, or other financial instruments that are not traded on public exchanges, including those where the managers of such investments, if applicable, seek to take an active role in the management of such companies;direct and indirect interests in real estate, including debt instruments secured by direct or indirect interests in real estate;holdings in actively managed investment vehicles that are investing in digital assets;direct and indirect investments in commodities;direct and indirect interests in projects financing infrastructure development; andlifetime income investment strategies including longevity risk-sharing pools.The Executive Order:directs the Secretary of Labor within 180 days to reexamine the Department of Labor’s (DOL) past and present guidance on a fiduciary’s duties regarding alternative asset investments in ERISA-governed 401(k) and other defined-contribution plans.instructs the Secretary of Labor to clarify the DOL’s position on alternative assets and the appropriate fiduciary process associated with offering asset allocation funds containing investments in alternative assets.directs the Secretary of Labor to consult with the Secretary of the Treasury (Treasury), the Securities and Exchange Commission (SEC), and other federal regulators to determine whether parallel regulatory changes should be made at those agencies to give effect to the purpose of the Order.directs the SEC to facilitate access to alternative assets for participant-directed defined-contribution retirement savings plans by revising applicable regulations and guidance.Fact Sheet

The Departments of Labor (DOL), Health and Human Services (HHS), and the Treasury (collectively, the Departments) released Consolidated Appropriations Act, 2021 and Affordable Care Act (ACA) Implementation Frequently Asked Questions (FAQs) Part 71 on calculating Qualifying Payment Amounts (QPAs) under the No Surprises Act and limitations on cost sharing under ACA.FAQs address implementation of the No Surprises Act as a result of the Fifth Circuit Court of Appeals' decision in Texas Medical Association et al. v. U.S. Department of Health and Human Services et al. (TMA III) to grant a rehearing en banc and vacate the Fifth Circuit's October 30, 2024, panel opinion. As a result, the district court's decision from August 24, 2023, continues to bind the Departments pending the Fifth Circuit's en banc decision.Until the Fifth Circuit issues its en banc decision, plans and issuers must calculate QPAs using a good faith, reasonable interpretation of the 2023 methodology.FAQs specifically discuss how plans and issuers should:Calculate a QPA for purposes of patient cost sharing, disclosures with an initial payment or notice of denial of payment, and disclosures and submissions required under the Federal IDR process following the Fifth Circuit’s order of May 30, 2025 in TMA III.Make disclosures about the QPA to nonparticipating providers, facilities, and providers of air ambulance services with an initial payment or notice of denial of payment, and in a timely manner upon request of the provider or facility.In the ACA Marketplace Integrity and Affordability final rule, HHS finalized revisions to the premium adjustment percentage methodology as well as new values for, among other things, the premium adjustment percentage and maximum annual limitation on cost sharing for the 2026 plan year.FAQs state:The premium adjustment percentage for the 2026 plan year will be 1.6726771319.The maximum annual limitation on cost sharing for the 2026 plan year will be $10,600 for self-only coverage, and $21,200 for other than self-only coverage.

The U.S. Department of Labor (DOL) issued limited interpretive guidance to help small employers select high-quality, low-cost pooled employer plans (PEPs). DOL also issued a request for information (RFI) about prevailing pooled employer plan market practices. Operated by entities known as pooled plan providers, PEPs are retirement savings plans adopted by two or more unrelated employers to provide retirement benefits to employees and can allow participating employers to provide benefits at a lower cost. PEPs also allow participating employers to transfer most of the administrative and fiduciary responsibilities to the pooled plan providers. All of this translates to lower costs for the retirement plan participants, which can lead to increased retirement savings. The RFI:Builds upon previous requests related to pooled employer plans, which were created by the Setting Every Community Up for Retirement Enhancement Act of 2019;Provides interpretive guidance about an employer’s responsibilities when joining a PEP and offers advice on selecting a plan; andSolicits information about prevailing market practices related to PEPs, which could serve as the basis for a future regulatory safe harbor that would encourage employers to join PEPs and motivate entities to offer strong and sound plans. DOL will consider the responses as part of a process aimed at developing a potential regulatory safe harbor or safe harbors that comprehensively encourage market participants to offer and employers to join such plans. The efforts:Are designed to reduce investment costs for workers saving for their retirement, andWill help small employers provide more attractive benefits to potential hires, drawing discouraged workers into the labor force.Comments are due September 29, 2025.News release

The Internal Revenue Service (IRS) issued Revenue Procedure 2025-26 providing the indexing adjustment for the applicable dollar amounts under § 4980H(c)(1) and (b)(1) of the Internal Revenue Code. The indexed amounts are used to calculate the employer shared responsibility payments (ESRP) under § 4980H(a) and (b)(1), respectively.The Revenue Procedure provides that the applicable premium adjustment percentage is 1.6726771319.For calendar year 2026:The adjusted amount penalty for purposes of Section 4980H(a) of the Code is $3,340 (a $440 increase from 2025). The adjusted amount penalty for purposes of Section 4980H(b) of the Code is $5,010 (a $660 increase from 2025). The Revenue Procedure is effective for tax years and plan years beginning after December 31, 2025.

The Internal Revenue Service (IRS) released Revenue Ruling 2025-15 clarifying whether adjustments or refunds are available under sections 6413 and 6414 for amounts withheld and remitted with respect to uncashed checks. In addition, the guidance explains the federal income tax withholding obligations for subsequent checks and explains the reporting obligations that apply under IRC Section 6047(d) for the first and second check.

The Internal Revenue Service (IRS) released Notice 2025-24, updating static mortality tables for calculating the funding target and for use in determining minimum present value for distributions with annuity starting dates that occur during stability periods beginning in the 2026 calendar year.The mortality tables are to be used for defined benefit pension plans under § 430(h)(3)(A) of the Internal Revenue Code (IRC) and section 303(h)(3)(A) of the Employee Retirement Income Security Act of 1974 (ERISA).

The Department of Labor (DOL) Office of Labor-Management Standards (OLMS) published a proposed rule to revise forms LM-2, LM-3, and LM-4. Under the Labor-Management Reporting and Disclosure Act of 1959 (LMRDA), labor organizations have certain reporting and disclosure requirements including filing an annual financial report showing total annual receipts, disbursements, assets, and liabilities of the union. In the proposed rule, OLMS will:increase filing threshold to higher values;labor organizations with $450,000 or more in annual receipts must file Form LM-2;labor organizations with less than $450,000 may choose to file Form LM-3; andthose with less than $25,000 may choose to file Form LM-4.  Comments are due July 31, 2025.

The U.S. Department of Labor (DOL) Employee Benefits Security Administration issued Compliance Assistance Release No. 2025-01 rescinding a 2022 compliance release that previously discouraged fiduciaries from including cryptocurrency options in 401(k) retirement plans. The 2022 guidance directed plan fiduciaries to exercise “extreme care” before adding cryptocurrency to investment menus. The standard of "extreme care" is not found in the Employee Retirement Income Security Act (ERISA) and differs from ordinary fiduciary principles thereunder.By rescinding the 2022 guidance, DOL reaffirms its neutral stance, neither endorsing, nor disapproving of, plan fiduciaries who conclude that the inclusion of cryptocurrency in a plan’s investment menu is appropriate. When evaluating any particular investment type, a plan fiduciary's decision should consider all relevant facts and circumstances and will "necessarily be context specific."News release

The U.S. Departments of Labor, Health and Human Services, and the Treasury (collectively, the departments) took actions to advance the “Making America Healthy Again by Empowering Patients with Clear, Accurate, and Actionable Healthcare Pricing Information” executive order to ensure access to clear, accurate, and actionable information about healthcare prices. The departments jointly issued a Request for Information (RFI) seeking public input on how to improve prescription drug price transparency. The RFI seeks input regarding:The prescription drug price disclosure requirements, including information on existing prescription drug file data elements;Information on implementation generally, such as the ability of health plans to access necessary data for reporting; and State approaches and innovation. Comments are due June 2, 2025.The departments also released updated guidance, including Frequently Asked Questions (FAQs), for health plans and issuers that sets a clear applicability date for publishing an enhanced technical format for disclosures. The improvements seek to reduce file size by requiring exclusion of duplicative data, reducing unnecessary data fields, and will include updates to better contextualize the data, making it more meaningful to ultimately achieve greater transparency.Centers for Medicare & Medicaid Services (CMS) released guidance to strengthen the Hospital Price Transparency requirements, requiring hospitals to post the actual prices of items and services, not estimates. CMS also issued an RFI to gather public feedback to identify challenges and improve compliance and enforcement processes related to the transparent reporting of complete, accurate, and meaningful pricing data by hospitals. CMS encourages input from employers who may use the data for contract negotiations.Comments are due July 21, 2025.News release

The Departments of Labor (DOL), Health and Human Services (HHS), and the Treasury will not enforce the portions of the "2024 Final Rule" that are new in relation to the "2013 Final Rule" implementing the Mental Health Parity and Addiction Equity Act (MHPAEA) and added new rules implementing the nonquantitative treatment limitation (NQTL) comparative analyses requirements under MHPAEA, as amended by the Consolidated Appropriations Act, 2021 (CAA, 2021).DOL, HHS and Treasury will reconsider the 2024 Final Rule, including whether to issue a notice of proposed rulemaking rescinding or modifying the regulation.MHPAEA’s statutory obligations continue to have effect. Group health plans and health insurers may continue to refer to the 2013 final rule (as it appeared in the Federal Register on November 13, 2013), and FAQs Part 45 About Mental Health and Substance Use Disorder Parity Implementation and the Consolidated Appropriations Act, 2021.(Updated May 15, 2025)DOL Releases Final Rules on the Mental Health Parity and Addiction Equity ActThe Departments of Health and Human Services (HHS), Labor, and the Treasury (collectively, the Departments) released the final rules implementing the Mental Health Parity and Addiction Equity Act (MHPAEA). The new rules add additional protections against more restrictive, nonquantitative treatment limitations (NQTL) for mental health and substance use disorder (MH/SUD) benefits as compared to medical or surgical (M/S) benefits. The final rules:Make clear that MHPAEA protects plan participants, beneficiaries, and enrollees from facing greater restrictions on access to MH/SUD benefits as compared to M/S benefits.Reinforce that health plans and issuers cannot use NQTLs that are more restrictive than the predominant NQTLs applied to substantially all M/S benefits in the same classification. Examples of NQTLs include prior authorization requirements and other medical management techniques, standards related to network composition, and methodologies to determine out-of-network reimbursement rates.Require plans and issuers to collect and evaluate data and take reasonable action, as necessary, to address material differences in access to MH/SUD benefits as compared to M/S benefits that result from application of NQTLs, where the relevant data suggest that the NQTL contributes to material differences in access.Codify the requirement in MHPAEA, as amended by the Consolidated Appropriations Act, 2021, that health plans and issuers conduct comparative analyses to measure the impact of NQTLs. This includes evaluating standards related to network composition, out-of-network reimbursement rates, and medical management and prior authorization NQTLs.Prohibit plans and issuers from using discriminatory information, evidence, sources, or standards that systematically disfavor or are specifically designed to disfavor access to MH/SUD benefits as compared to medical/surgical benefits when designing NQTLs.Implement the sunset provision for self-funded non-Federal governmental plan elections to opt out of compliance with MHPAEA.The final rules generally apply to group health plans and group health insurance coverage on the first day of the first plan year beginning on or after January 1, 2025. However, the meaningful benefits standard, the prohibition on discriminatory factors and evidentiary standards, the relevant data evaluation requirements, and the related requirements in the provisions for comparative analyses apply on the first day of the first plan year beginning on or after January 1, 2026.The final rules apply to health insurance issuers offering individual health insurance coverage for policy years beginning on or after January 1, 2026.The final rules are effective November 22, 2024.Additional Resources:News releaseFact sheet(Posted September 09, 2024)

The Internal Revenue Service (IRS) released Revenue Procedure 2025-21 intended to modify section 12 of Revenue Procedure 2024-32 that explains the procedure for plan sponsors of single-employer defined benefit to request IRS approval to use the plan-specific substitute mortality tables for calculating present value for minimum funding purposes.The revision affects plans with significant changes in coverage:(1) In general. If a substitute mortality table was first approved for use for a plan year that began before January 1, 2025, and the number of individuals covered by the substitute mortality table is less than 80 percent or more than 120 percent of the average number of individuals in that population over the 12-month periods covered by the experience study, then the substitute mortality table may not be used for a plan year beginning on or after January 1, 2026. This termination, which is pursuant to § 1.430(h)(3)-2(c)(6)(ii)(E), applies without regard to whether the actuary makes the certification described in § 1.430(h)(3)-2(c)(6)(iii)(A).(2) Exception for plans using a mortality ratio determined with combined genders. If Substitute Base Tables for a plan (or plans) were developed using the option in § 1.430(h)(3)-2(d)(6) to determine a single mortality ratio for both genders in a population, then the early termination of the permitted use of a substitute mortality table specified in section 12.02(1) will not apply if the total number of individuals covered by the substitute mortality tables developed using that mortality ratio is not less than 80 percent and not more than 120 percent of the average number of individuals in the population used to determine that mortality ratio over the 12-month periods covered by the experience study, provided that the plan actuary certifies in writing to the satisfaction of the Commissioner that the substitute mortality tables used for the population continue to be accurately predictive of future mortality of that population (taking into account the effect of the change in the population) as described in § 1.430(h)(3)-2(c)(6)(iii)(A). Revenue Procedure 2025-21 is effective for all requests for approval to use plan-specific substitute mortality tables in accordance with § 430(h)(3)(C) for which the first year that the substitute mortality tables would apply begins on or after January 1, 2026.(updated May 7, 2025) The Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) published a final rule that updates the requirements plan sponsors of single-employer defined benefit plans must meet to obtain IRS approval to use mortality tables specific to the plan in calculating present value for minimum funding purposes (as a substitute for the generally applicable mortality tables).In addition, the IRS released Revenue Procedure 2024-32, explaining the procedure for plan sponsors to request IRS approval to use the plan-specific substitute mortality tables in accordance with § 430(h)(3)(C) and § 1.430(h)(3)-2 of the Treasury Regulations. It also specifies the date when the previously-approved substitute mortality table must be terminated in conjunction with the replacement of the generally applicable mortality tables specified in § 430(h)(3)(A) and § 1.430(h)(3)-1.Additional information:Sponsors of single-employer pensions need to meet certain minimum funding requirements, calculating the value of all included benefits.These regulations affect participants in, beneficiaries of, employers maintaining, and administrators of certain retirement plans.A request for approval to use substitute mortality tables for that plan year can be submitted until October 31, 2024, provided that the plan sponsor agrees to a 90-day extension of the standard 180-day review period.The final rule is effective July 31, 2024, and applies to plan years beginning on or after January 1, 2025.Revenue Procedure 2024-32 is effective for all requests for approval to use plan-specific substitute mortality tables in accordance with § 430(h)(3)(C) for which the requested effective plan year begins on or after January 1, 2025.(Posted July, 2024)

The ​​Internal Revenue Service (IRS) issued Revenue Procedure 2025-19 announcing the calendar year 2026 annual health savings account (HSA) contribution limitation, the minimum deductible for a high-deductible health plan (HDHP), the maximum out-of-pocket expense limits for an HDHP, and the maximum amount for an excepted benefit health reimbursement arrangement (HRA).The annual HSA contribution limit is:$4,400 for self-only coverage$8,750 for family coverage.The minimum deductible of a HDHP is:$1,700 for self-only coverage$3,400 for family coverage.The maximum out-of-pocket expense limit for a HDHP is:$8,500 for self-only coverage$17,000 for family coverage.The maximum amount for an excepted benefit HRA is $2,200.The revenue procedure is effective for HSAs for calendar year 2026 and for excepted benefit HRAs for plan years beginning in 2026.

The Pension Benefit Guaranty Corporation (PBGC) released the 2023 Pension Insurance Data Tables (first installment)  summarizing information on PBGC’s Single-Employer and Multiemployer Insurance Programs, including tables which incorporate time-series data on PBGC’s finances and operations involving Traditional and Special Financial Assistance payments. This year’s tables have been revised by consolidating/removing certain tables.

The Internal Revenue Service (IRS) and Department of Treasury (Treasury) released Notice 2025-19 seeking recommendations for items that should be included in the 2025-2026 Priority Guidance Plan. The Treasury Department's Office of Tax Policy and the IRS use the Priority Guidance Plan each year to identify and prioritize the tax issues that should be addressed through regulations, revenue rulings, revenue procedures, notices, and other published administrative guidance. The 2025-2026 Priority Guidance Plan will identify guidance projects that the Treasury Department and the IRS intend to actively work on as priorities during the period from July 1, 2025, through June 30, 2026.Comments are due May 30, 2025, for possible inclusion on the original 2025-2026 Priority Guidance Plan. Taxpayers may submit recommendations for guidance at any time during the year for consideration in future updates.

The Department of Labor (DOL) has released 12 Q&As and two model notices in Field Assistance Bulletin (FAB) 2025-02 regarding changes made to the annual funding notice requirements in section 101(f) of the Employee Retirement Income Security Act (ERISA) by the SECURE 2.0 Act of 2022.Section 101(f) of ERISA generally requires the administrators of defined benefit plans (both single-employer and multiemployer) to furnish an annual funding notice to participants, beneficiaries, the Pension Benefit Guaranty Corporation, and certain other persons. Section 101(f) enhances retirement security and increases pension plan transparency by ensuring that workers receive timely and accurate notification annually of the funded status of their defined benefit pension plans. The Department last updated implementing regulations under section 101(f) in 2015.In 2022, SECURE 2.0 section 343 amended ERISA section 101(f), modifying the annual funding notice requirements effective for plan years beginning after December 31, 2023. The major changes relate to the methodology for measuring the value of assets, value of liabilities, and funding level, and predominantly affect single-employer defined benefit pension plans.This bulletin provides instruction to Employee Benefits Security Administration (EBSA) offices of enforcement on how retirement plans may comply with the new law pending additional guidance.The appendices contain models that retirement plan administrators may use to facilitate legal compliance. Model NoticesAppendix 1: Single-employer pension plan model annual funding notice Appendix 2: Multiemployer pension plan model annual funding notice

The Government of Canada made two announcements under the Canadian Apprenticeship Strategy (CAS) regarding the investments in training equipment funding and the sustainable jobs streams. The CAS aims to support a trades workforce that is skilled, inclusive, certified and productive.Investments in Training Equipment FundingThe CAS Investments in Training Equipment funding stream helps eligible organizations improve the quality of training through the purchase of equipment and materials that meet the latest industry standards or through investments in new technology needed to train workers in the Red Seal trades.Eligible organizations include:Unions representing Red Seal trades workers, Organizations managing their own training funds, and Training providers that deliver technical training to apprentices as part of a recognized curriculum for a Red Seal trade.The Investments in the Training Equipment stream will open for proposals on March 19, for Canadian organizations to submit applications. There is no application end date to this call for proposals.Sustainable Jobs StreamThe Sustainable Jobs Stream aims to support projects that will provide more than $67 million across 10 projects to help develop and deliver green training for journeypersons and apprentices in Red Seal trades that are key to reducing Canada’s emissions. The funding will run from 2025 to 2030.Eligible organizations include:Organizations that are located and operate in Canada (except in Quebec),Unions representing workers in the Red Seal trades, andOrganizations managing training trust funds for unions representing workers in the Red Seal trades.Additional organizations are also eligible, if they have a partnership with a union representing workers in the Red Seal trade.Backgrounder: Sustainable Jobs StreamBackgrounder: Investments in Training Equipment

The Centers for Medicare & Medicaid Services (CMS) has proposed changes to special enrollment, open enrollment, and automatic reenrollment in ACA Marketplace plans. The proposed rule would: Change income eligibility verifications for premium tax credits and cost-sharing reductions Prohibit insurance policies from providing coverage of sex-trait modifications as an essential health benefit (EHB). Comments are due April 11, 2025.Additional InformationNews releaseFact sheet

The Internal Revenue Service (IRS) issued Notice 2025-15, providing guidance regarding the alternative manner of furnishing certain health insurance coverage statements to individuals under Internal Revenue Code (IRC) sections 6055(c)(3) and 6056(c)(3). This method allows insurers and applicable large employers (ALEs) to comply with their reporting obligations by posting an online notice rather than automatically furnishing statements to individuals.Under IRC 6055, entities providing minimum essential coverage must report coverage details to IRS and furnish statements to responsible individuals. IRC 6056 requires ALEs, generally those with 50 or more full-time employees, to report health insurance information for those employees. The Paperwork Burden Reduction Act amended these sections to introduce an alternative furnishing method, effective for statements related to returns for calendar years after 2023.Instead of automatically providing statements, reporting entities may post a clear and conspicuous notice on their websites, informing individuals that they may request a copy of their statement. The notice must be posted by the original furnishing deadline, including any automatic 30-day extension, and must remain accessible through October 15 of the following year. If a responsible individual or full-time employee requests a statement, the reporting entity must furnish it within 30 days of the request or by January 31 of the following year, whichever is later.Under Notice 2025-15:For statements related to the 2024 calendar year, the notice must be posted by March 3, 2025. Statements may be furnished electronically if permitted under Reg. §1.6055-2 for minimum essential coverage providers and Reg. §301.6056-2 for ALEs.The alternative method applies regardless of whether the individual shared responsibility payment under IRC 5000A is zero. The method applies to statements required under both IRC 6055 and IRC 6056. Reg. §1.6055-1(g)(4)(ii)(B) sets forth the requirements for the alternative manner of furnishing statements under IRC 6055, while the same framework applies to IRC 6056 with relevant terminology adjustments. Form 1095-B, used for reporting minimum essential coverage, and Form 1095-C, used by ALEs to report health insurance offers, may be provided under this alternative method.The notice is effective for statements required by sections 6055 or section 6056 with respect to returns for calendar years after 2023.

The Department of Health and Human Services (HHS) Office for Civil Rights (OCR) rescinded guidance originally issued on March 2, 2022, addressing federal civil rights protections under Section 1557 of the Affordable Care Act and privacy under the Health Insurance Portability and Accountability Act of 1996 (HIPAA) applying to gender affirming care.This rescission is effective immediately.News release

Office of the Superintendent of Financial Institutions (OSFI) has issued three revised instruction guides and accompanying forms for administrators of pension plans registered, or having filed an application for registration, under the Pension Benefits Standards Act, 1985. Actuarial Information Summary (AIS) guide and AIS formAnnual Information Returns (AIR) guide and forms: OSFI 49 (AIR), OSFI 49A (Schedule A - Canada Revenue Agency Information Requirements), and the Pension Plan Annual Corporate Certification (PPACC)Certified Financial Statements guide and formOSFI also revised the forms to be filed when a pension plan is amended:OSFI 593: Defined Contribution Pension Plan Text Amendment Information Form OSFI 594: Defined Benefit/Combination Pension Plan Amendment Information FormAll forms must be filed directly in Regulatory Reporting System (RRS) by entering the information into the appropriate on-line web form. These revised instruction guides replace those previously published.

The proposed rule document was withdrawn.(Updated January 23, 2025)The Pension Benefit Guaranty Corporation (PBGC) issued a proposed rule to improve its rules on recoupment of benefit overpayments under PBGC’s insurance program for single-employer terminated plans trusteed by PBGC. The amendments would provide clarity and predictability, making the repayment process easier to communicate to participants and for participants to understand. The amendments would also allow for greater administrative efficiency. The major provisions of the proposed rule would amend PBGC’s recoupment rules by:Simplifying the recoupment methodology to eliminate the actuarial reduction (capped, generally, at 10 percent of a participant’s monthly benefit), and instead recoup at a flat rate of 5 percent of a participant’s monthly benefit;Waiving overpayment amounts of $250 or less;Eliminating recoupment of a participant’s overpayment from a participant’s surviving spouse or other designated beneficiary;Eliminating recoupment on a revised benefit determination, except under specified circumstances such as where there is a post-benefit determination qualified domestic relations order (QDRO).Major provisions of the recoupment rules that are not changing are as follows:No interest is ever charged on net overpayments;Recoupment ends one month early if the amount remaining to be recouped in the final month is less than the amount of the monthly reduction; andRecoupment constitutes full repayment of the net overpayment.The proposed rule would also codify PBGC’s policy of administrative correction to correct payment errors and clarify when PBGC uses recovery methods instead of recoupment.Comments are due 60 days after publication in the Federal Register.(Posted January 21, 2025)

The Pension Benefit Guaranty Corporation (PBGC) issued a proposed rule on miscellaneous technical corrections, clarifications, and improvements to its regulations, including its regulations on premium rates, premium due dates, and termination of single-employer plans. The changes are a result of PBGC’s ongoing retrospective review of the effectiveness and clarity of its rules and of statutory changes.The proposed rule would amend regulations on:Premium Rates, by codifying the changes of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) applicable to cooperative and small employer charity (CSEC) plans and certain community newspaper plans;Payment of Premiums, by revising the due date for the final premium for terminating plans to be the earlier of the normal premium due date or 45 days after the date the postdistribution certification is filed; andTermination of Single-Employer Plans, by setting due dates for the standard termination notice and notice of intent to terminate where the plan administrator has not provided a proposed termination date, and by adding additional criteria majority owners must meet to waive their benefits if they are owners through constructive ownership.Other clarifications, corrections, and updates relate to:Filing, Issuance, Computation of Time, and Record Retention;Reportable Events and Certain Other Notification Requirements;Allocating Unfunded Vested Benefits to Withdrawing Employers;Partitions of Eligible Multiemployer Plans; andSpecial Financial Assistance by PBGC.Comments are due March 24, 2025.

The Departments of Labor (DOL) Employee Benefits Security Administration (EBSA), Health and Human Services (HHS), and the Treasury issued the 2024 Report to Congress on the Mental Health Parity and Addiction Equity Act (MHPAEA) enforcement and implementation, which suggests that group health plans and health insurers are making progress complying with the MHPAEA, but restrictions for mental health and substance use disorder benefits persist.A fiscal year 2023 MHPAEA enforcement fact sheet highlights enforcement data and significant results from MHPAEA investigations closed by EBSA and CMS.As part of the report, the departments are releasing an unredacted 2024 settlement agreement between EBSA and a health plan that describes the actions the plan agreed to undertake to correct alleged violations of MHPAEA and illustrates the types of activities plans and issuers can undertake to monitor and address disparities in access to providers. The report also includes several examples that are based upon enforcement experience showing how plans and issuers can make corrections to comply with the law. Appendix A – Sample Settlement Agreement between EBSA and a group health plan to address MHPAEA violations related to an NQTL relating to network composition and network adequacy. The terms of this settlement agreement address the specific violation and facts of this case. Other plans and issuers should take note of the types of activities this plan is undertaking to  monitor and address disparities in access to providers. Attachment A Table 1: Out-of-Network (OON) Utilization Sample chart format with OON categories to track separately Table 2: Network Providers Actively Submitting ClaimsTable 3: Wait Times for New and Existing PatientsData to report based on participant/patient surveysTable 4: Time & Distance MeasurementsTable 5: Provider-To-Member RatiosTable 6: Network Retention/Loss Analysis

The Department of Health and Human Services (HHS) though the Centers for Medicare & Medicaid Services (CMS) released a final rule for 2026 that sets standards for health insurers and the Affordable Care Act (ACA) marketplaces, as well as requirements for agents, brokers, and others who help consumers enroll in marketplace coverage. The rule finalizes consumer protections and outlines revisions to medical loss ratio (MLR) reporting and rebate calculations for certain plans that enroll underserved consumers with high health needs.The regulations are effective January 15, 2025.Fact Sheet

The Internal Revenue Service (IRS) released Notice 2025-12 providing the percentage increase for calculating the qualifying payment amounts (QPAs) for items and services furnished during 2025. The QPA calculation is required in the case of a plan or issuer that does not have sufficient information to calculate the median of the contracted rates for the same or similar item or service provided in a geographic region. The plan or issuer must calculate the QPA by increasing the QPA amount determined for the item or service for the year immediately preceding the subsequent year, by the percentage increase in the U.S. city average consumer price index (CPI-U) over the preceding year.The percentage increase in the CPI-U for items and services provided in 2025 over the preceding year is the average CPI-U for 2024 over the average CPI-U for 2023. Pursuant to this calculation, the percentage increase from 2024 to 2025 is 1.0317904930.  Plans and issuers may round any resulting QPAs to the nearest dollar.IRS Notice 2025-12 is effective January 1, 2025.The Departments of Labor (DOL), Health and Human Services (HHS), and the Treasury jointly prepared FAQs Part 69 about Consolidated Appropriations Act, 2021 implementation. The first set of FAQs are QPA calculations and disclosure process in light of the Fifth Circuit Court decision in Texas Medical Association III. Plans and issuers will have to calculate QPAs using a good faith, reasonable interpretation of the applicable statutes and regulations that remain in effect. The departments are extending enforcement discretion.FAQs about the Gag Clause Prohibition and attestation requirements address down steam agreements, what is considered a restriction on access to de-identified data, and attestation when a plan is aware that an agreement violates the Gag Clause Prohibition.

The Pension Benefit Guaranty Corporation (PBGC) has posted the Comprehensive Premium Filing Instructions for 2025 Plan Years. The most significant change from last year’s instructions relates to when 2025 premiums are due.(Updated January 14, 2025)The Pension Benefit Guaranty Corporation (PBGC) issued Technical Update 25-1 with guidance on the timing of premium payments for plan years beginning in 2025. Because of a provision in the Bipartisan Budget Act of 2015 (BBA), premiums for plan years beginning in 2025 are generally due a month earlier than the due date provided in PBGC’s Payment of Premiums regulation (29 CFR part 4007).In most cases, the premium filing for a plan year is due the 15th day of the 10th calendar month that begins on or after the first day of that plan year (e.g., for calendar year plans, October 15th). This date is defined in the premium filing instructions as the “Normal Premium Due Date.” In limited special situations, premium filings are due on a different date.For plan years beginning in 2025, practitioners should disregard the premium filing due dates provided in § 4007.11 of PBGC’s Payment of Premiums regulation because that section does not reflect the due dates for 2025. The premium due dates (as required by section 502 of the BBA) will be incorporated into the 2025 Comprehensive Premium Filing Instructions, which will be posted in the near future.(Posted January 7, 2025)

The Department of the Treasury (Treasury) and Internal Revenue Service (IRS) released two proposed rules for retirement plans based on requirements of the SECURE 2.0 Act of 2022 (SECURE Act): catch-up contributions for persons aged 50 and older and automatic enrollment requirements. Both affect participants in, beneficiaries of, employers maintaining, and administrators of certain retirement plans.Catch-Up ContributionsThe guidance on catch-up contributions is for retirement plans that permit participants who have attained age 50 to make additional elective deferrals as catch-up contributions designated as after-tax Roth contributions. This rule affects contributions made by certain higher-income participants and those participants between the ages of 60-63 and employees in newly established SIMPLE plans.Comments are due April 7, 2025.A public hearing is scheduled for April 7, 2025 at 10am ET. Requests to speak are due March 14, 2025.Automatic EnrollmentThe automatic enrollment requirements apply to certain retirement plans that include cash or deferred arrangements or annuity contracts purchased under salary reduction agreements and other retirement plans that include eligible automatic contribution arrangements.Comments are due March 17, 2025. A public hearing is scheduled for April 8, 2025 at 10am ET. Requests to speak are due March 17, 2025.News release

The Department of Labor (DOL) Employee Benefits Security Administration (EBSA) has released an amended and restated Voluntary Fiduciary Correction Program (VFCP) under Employee Retirement Income Security Act of 1974 (ERISA). VFCP is designed to encourage correction of fiduciary breaches and compliance with the law by permitting persons to avoid potential civil enforcement actions and civil penalties if they voluntarily correct eligible transactions in a manner that meets the requirements of the program.The updates simplify and expand VFCP to make it easier to use and more useful for employers and others who access of the relief provided. The amendments add a self-correction feature for:Delinquent transmittal of participant contributions and loan repayments to a pension plan under certain circumstances Certain participant loan failures self-corrected under the IRS Employee Plans Compliance Resolution System (included in the SECURE 2.0 Act of 2022).In addition, the updates: Clarify some existing transactions eligible for correction under the programExpand the scope of other transactions currently eligible for correctionSimplify certain administrative or procedural requirements for participation in and correction of transactions under the program.In connection with VFCP updates, DOL released an amendment to  the Prohibited Transaction Exemption 2002-51 to Permit Certain Transactions Identified in the Voluntary Fiduciary Correction Program.Additional InformationNews releaseFact sheetThe amendments are effective March 17, 2025.

The Departments of Labor (DOL), Health and Human Services (HHS), and the Treasury have  withdrawn a notice of proposed rulemaking that was published in the Federal Register on October 28, 2024. The proposal would have expanded access to coverage of recommended contraceptive services without cost sharing, including over-the-counter (OTC) contraceptives. The departments have determined it is appropriate to withdraw the proposed rules at this time, focusing instead on other matters. The proposed rule is withdrawn on January 15, 2025.

The Department of Labor (DOL) issued a final rule for annual inflation adjustments to civil monetary penalties for the Employee Benefits Security Administration (EBSA), increasing penalties for failure to furnish various required reports to beneficiaries and government agencies. This also includes inflation adjusted penalties under the Employee Retirement Income Security Act (ERISA) and the Family and Medical Leave Act (FMLA).​This rule is effective January 15, 2025.

The Office of the Superintendent of Financial Institutions (OSFI) has issued a revised instruction guide to assist administrators of pension plans with defined benefit provisions registered or having filed an application for registration under the Pension Benefits Standards Act, 1985 in completing the Solvency Information Return (SIR).The SIR should be completed and submitted to OSFI annually, before February 15 or within 45 days after the plan year end to which it relates, if later.The administrator must file the SIR using the Regulatory Reporting System (RRS). The information must be entered directly into the on-line web form in RRS.

The Pension Benefit Guaranty Corporation (PBGC) issued a final rule to adjust the penalties for failure to provide certain notices, including multiemployer plan notices, for annual inflation as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The rule adjusts the maximum civil penalties provided for in sections 4071 and 4302 of the Employee Retirement Income Security Act of 1974 (ERISA).​The new maximum amounts are:$2,739 per day for section 4071 penalties for failure to provide certain notices or other material information (up from $2,670 per day in 2024).$365 per day for section 4302 penalties for failure to provide certain multiemployer plan notices (up from $356 per day in 2024).The amounts were issued by the Office of Management and Budget (OMB) in memorandum M-25-02 released on December 17, 2024.The adjusted amounts are effective on January 8, 2025.

The Department of Health and Human Services (HHS) Office for Civil Rights (OCR) issued a proposed rule to modify the Health Insurance Portability and Accountability Act of 1996 (HIPAA) Security Rule to require health plans, health care clearinghouses (an organization that enables the exchange of health care data between a provider and a payer (insurance company)), and most health care providers, and their business associates, to strengthen cybersecurity protections for individuals’ protected health information (PHI). The proposed rule would:Modify the HIPAA Security Rule to require health plans, health care clearinghouses, and most health care providers, and their business associates to better protect individuals’ electronic PHI against both external and internal threats;Clarify and provide more specific instruction about what covered entities and their business associates must do to protect the security of electronic PHI; Require that policies and procedures be in writing, reviewed, tested, and updated on a regular basis; andBetter align the Security Rule with modern best practices in cybersecurity. The proposals address:Changes in the environment in which health care is provided;Significant increases in breaches and cyberattacks;Common deficiencies OCR has observed in investigations into Security Rule compliance by covered entities and their business associates;Other cybersecurity guidelines, best practices, methodologies, procedures, and processes; andCourt decisions that affect enforcement of the Security Rule.While HHS is undertaking this rulemaking, the current Security Rule remains in effect.Comments are due March 7, 2025.Fact SheetNews Release

Alberta has updated documents reflecting the 2025 Year’s Maximum Pensionable Earnings (YMPE) and Financial Hardship Unlocking program updates that are effective January 1, 2025. The Office of the Superintendent of Financial Institutions (OSFI) recently updated the 2025's YMPE to $71,300.The updated documents are:Interest Rate TablesAccessing Pension FundsGeneral program and processReasons to unlock FAQForm 23 - Application to Unlock Alberta Funds Due to Financial Hardship (Form 23)

The Office of the Superintendent of Financial Institutions (OSFI) updated the instructions for Form 1 – Attestation Regarding Withdrawal Based on Financial Hardship to reflect the 2025 Year’s Maximum Pensionable Earnings (YMPE), which is the maximum amount of earnings on which contributions to the Canada Pension Plan (CPP) are based. It is updated annually by the federal government based on the average industrial wage in Canada. The YMPE for 2025 is $71,300. OSFI updated FAQ 2 (about the unlocking amount) to reflect the 2025 YMPE.The financial hardship unlocking provisions of the Pension Benefit Standards Regulations, 1985 (PBSR) allow for funds to be withdrawn based on one of the following or a combination of both:Low incomeHigh medical or disability-related costsA number of the unlocking provisions refer to the YMPE in determining whether funds can be unlocked and/or the amounts that can be unlocked. The figures found in Form 1 reflect the amounts for 2025 and are valid for withdrawals up to December 31, 2025.

The Department of Finance Canada announced that effective January 1, 2025, the general prescribed rate used to determine the taxable benefit of employees relating to the personal portion of automobile expenses paid by their employers will increase by one cent to 34 cents per kilometre. The limit on the deduction of tax-exempt allowances paid by employers to employees who use their personal vehicle for business purposes in the provinces will increase by two cents to 72 cents per kilometre for the first 5,000 kilometres driven, and 66 cents for each additional kilometre.

The Departments of Labor (DOL), Health and Human Services (HHS), and the Treasury (collectively, the departments) have withdrawn a notice of proposed rulemaking that was published in the Federal Register on February 2, 2023, regarding coverage of certain preventive services under the Affordable Care Act (ACA). The proposal intended to resolve "litigation with regard to religious objections to providing contraceptive coverage, by respecting the objecting entities' religious objections while also ensuring that women enrolled in plans or coverage sponsored, arranged, or offered by objecting entities could independently obtain contraceptive services at no cost," the withdrawal notice said.If finalized, the proposed rules would have rescinded the regulation providing for a contraceptive coverage exemption based on moral objections and would establish a new individual contraceptive arrangement.As of December 23, 2024, the proposal is withdrawn.

The Internal Revenue Service (IRS) has released Revenue Ruling 2025-02 which provides tables of covered compensation under Section 401(I)(5)(E) of the Internal Revenue Code for the 2025 plan year. The tables are used to determine contributions to defined benefit plans and permitted disparity.For purposes of determining covered compensation for the 2025 year, the taxable wage base was revised to $176,100 (up from $168,600 in 2024).

The Internal Revenue Service (IRS) has issued Notice 2024-83 to adjust the fee paid by insured and self-insured health plans to fund the Patient-Centered Outcomes Research Institute (PCORI). The amount of the PCORI fee is equal to the average number of lives covered during the plan year multiplied by the applicable dollar amount for the year. The applicable dollar amount is adjusted yearly to reflect inflation in National Health Expenditures, as determined by the Secretary of Health and Human Services. For plan years ending on or after October 1, 2025, and before October 1, 2025, the fee is $3.47.The prior applicable dollar amount was $3.22.Notice 2024-83 is effective for policy/plan years ending on or after October 1, 2024, and before October 1, 2025. The PCORI payment to IRS is due July 31 of the calendar year immediately following the last day of the policy/plan year. The Further Consolidated Appropriations Act, 2020, has extended the Patient-Centered Outcomes Research Trust Fund fee imposed by Internal Revenue Code sections 4375 and 4376 for 10 years. As a result of this extension, the fee will continue to be imposed through 2029.

The Internal Revenue Service (IRS) has released Notice 2025-5 providing the 2025 standard mileage rates. Beginning January 1, 2025, the standard mileage rates for the use of a car (van, pickup or panel truck) will be:70 cents per mile driven for business, up from 67 cents in 202421 cents per mile driven for medical or moving purposes, unchanged from 202414 cents per mile driven in service of charitable organizations, unchanged from 2024Beginning January 1, 2025:A taxpayer must use 33 cents per mile as the portion of the business standard mileage rate treated as depreciation.$61,200 is maximum standard automobile cost that may be used in computing the allowance under a fixed and variable rate (FAVR) plan.For employer-provided vehicles, employers may use the fleet-average valuation rule or the vehicle cents-per-mile valuation rule. $61,200 is the maximum fair market value (FMV) of cars, trucks and vans first made available to employees for personal use (down from $62,000 in 2024).IRS News Release

The Internal Revenue Service (IRS) issued Announcement 2025-2 delaying the applicability dates until the 2026 distribution calendar year for certain portions of future final regulations relating to required minimum distributions (RMDs) under section 401(a)(9) of the Internal Revenue Code (IRC). The delay is due to comments received saying it would be difficult to implement many of the provisions of the future final regulations in a timely manner.The announcement adds that for periods before the applicability date of these amendments, taxpayers must apply a reasonable, good-faith interpretation of the statutory provisions underlying the amendments.

The Pension Benefit Guaranty Corporation (PBGC) released a final rule to amend the allocation of assets in single-employer plans by substituting a new table for determining expected retirement ages for participants in pension plans undergoing distress or involuntary termination with valuation dates falling in 2025. The new table is needed to compute the value of early retirement benefits and the total value of benefits under a plan.This rule also updates the table to provide the mortality assumption for use with PBGC’s missing participants program for benefit determination dates in 2025.The final regulations are effective January 1, 2025.

Department of Finance Canada announced new incentives for private sector and pension fund investment to boost growth and create good jobs. A news release for the 2024 Fall Economic Statement includes a set of proposals that create an investment environment for pension funds to invest in Canadian businesses by unlocking investment opportunities and removing investment barriers. The government is proposing to:Remove the 30 per cent rule that currently restricts Canadian pension funds from owning more than 30 per cent of the voting shares of a Canadian entity;Crowd in private venture capital by launching a fourth round of the Venture Capital Catalyst Initiative with $1 billion in funding and more enticing terms for pension funds and other institutional investors;Bolster access to capital for mid-cap companies by providing up to an aggregate of $1 billion in concessional financing. These investments will be equal to 25 per cent of net new private investments;Secure Canada’s AI advantage by developing a program that would provide up to $45 billion in aggregate loan and equity investments for AI data centre projects in which Canadian pension funds are significant investors; and,Attract investment for better airports by working with airports and pension funds to incentivize development on airport lands, including by exploring potential changes to airport authority ground leases.More details will be announced in the release of the 2024 Fall Economic Statement on December 16, 2024.

The Office of the Superintendent of Financial Institutions (OSFI) announced updated life income fund (LIF) and variable benefit payable from a defined contribution plan maximum annual payment amounts for 2025.Are there minimum or maximum amounts that can be withdrawn from a LIF, restricted life income fund (RLIF) and variable benefit account?LIFs and RLIFs are personal retirement income funds that provide periodic retirement income to the holder. A variable benefit account is similar to a LIF but provides retirement income directly from a pension plan with defined contribution provisions.The periodic income from a LIF, RLIF or variable benefit account is subject to minimum and maximum annual withdrawal limits. The minimum annual withdrawal amount is determined under the Income Tax Regulations and the maximum annual withdrawal amount is determined under the Pension Benefits Standards Regulations, 1985. The maximum annual withdrawal limit is intended to maintain a retirement income for the fund or account holder or their survivor, as the case may be, until at least the age of 90.How much money can be withdrawn from a LIF, RLIF or variable benefit account?A table shows "Age on December 31, 2024" and "Percentage of LIF, RLIF or Variable Benefit Account Balance as at January 1, 2025." (see Q&A 2)Does the amount of income permitted to be withdrawn from an existing LIF, RLIF or variable benefit account increase in a given calendar year if money is transferred from a locked-in registered retirement savings plan or pension plan during the year?No. Sections 20.1, 20.3 and 21.1 of the Pension Benefits Standards Regulations, 1985, provide that the maximum annual amount of income that may be paid in a given calendar year will be calculated based on the balance of the fund at the beginning of the year.

​The Internal Revenue Service (IRS) issued Notice 2024-82, typically listing 2024 required amendments (RA) applying to both individually designed plans qualified under Internal Revenue Code Section 401(a) and individually designed plans that satisfy the requirements of Section 403(b). For 2024, there are no entries listing changes in qualification requirements on the required amendments list.

The U.S. Department of Labor (DOL), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC) released advance informational copies of the 2024 Form 5500 Annual Return/Report and related instructions, and Form 5500-SF and instructions.Pension and welfare benefit plans required to file an annual return/report regarding their financial conditions, investments and operations generally satisfy that requirement by filing the appropriate Form 5500 form, including any required schedules and attachments, under the all-electronic EFAST2 system.The "Changes to Note" section of the 2024 instructions for each of the forms highlights important modifications to the forms, schedules and instructions. Changes are summarized below:Plan Characteristics Code for Pension-Linked Savings Accounts:Section 127 of the SECURE 2.0 Act of 2022 added ERISA section 801 which provides for pension-linked emergency savings accounts. Filers with respect to plans that have a pension-linked emergency savings account must use the new plan characteristic code, 2Y, which has been added to the List of Plan Characteristics Codes to identify this feature on the Form 5500 (line 8a) and Schedule DCG (line 8).Form 5558 for a DCG Reporting Arrangement:The plan administrator of the DCG reporting arrangement can file a single Form 5558 for an extension of time to file a Form 5500 Annual Return/Report and is not required to attach a list of participating plans in the DCG to the Form 5558.Schedule SB:The instructions for the Schedule SB, line 26b expected benefit payment projection attachment are modified for situations when a plan is subject to the annuity substitution rule (26 CFR 1.430(d)1(f)(4)(iii)(B)) to determine the funding target. The instructions now provide that such plans report expected benefits payable in an annuity form.Administrative Penalties:The instructions have been updated to reflect an increase in the maximum civil penalty amount assessable under ERISA section 502(c)(2), as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.Advance copies of the 2024 Form 5500 series are for informational purposes only and cannot be used to file a 2024 Form 5500 series Annual Return/Report. News ReleaseForm 5500 Series

The Office of the Superintendent of Financial Institutions (OSFI) published a Guide on the Administration of Negotiated Contribution Plans. A negotiated contribution plan (NCP) is a multiemployer, defined benefit pension plan with employer contributions that are limited to amounts determined in accordance with an agreement, statute, or regulation and that do not vary as a function of the applicable minimum funding requirements.The Guide replaces the 2016 Guidance Note on the topic and reflects recent amendments to the Pension Benefits Standards Act (PBSA), 1985, and the Pension Benefits Standards Regulations (PBSR), 1985. The purpose of the Guide is to:Set out OSFI’s expectations for managing the funding limitations of NCPs,Highlight differences in requirements with respect to funding and determination of pension benefit credits for NCPs as compared to other defined benefit pension plans, andDescribe the enhanced disclosure that administrators of NCPs must provide to members and former members and their spouses or common-law partners and to survivors entitled to benefits under the plan.If there is a discrepancy between the Guide and the PBSA or PBSR, the legislation prevails.

​​​The Pension Benefit Guaranty Corporation (PBGC) released its fiscal year (FY) 2024 annual report showing, for the fourth year in a row, positive net financial positions for both single-employer and multiemployer insurance programs. PBGC’s multiemployer program had a positive net position of $2.1 billion at the end of FY 2024, compared with $1.5 billion at the end of FY 2023, an improvement of $680 million. Estimates from PBGC’s FY 2023 Projections Report show the multiemployer program is likely to remain solvent for more than 40 years, primarily due to the enactment of the Special Financial Assistance (SFA) Program as part of the American Rescue Plan Act of 2021.During FY 2024, PBGC also provided nearly $163 million in traditional financial assistance to 98 insolvent multiemployer plans covering over 62,000 participants receiving guaranteed benefits. The multiemployer program covers approximately 11 million participants in about 1,335 insured plans.PBGC’s single-employer program remains financially healthy, with a positive net position of $54 billion at the end of FY 2024, up from $45 billion at the end of FY 2023, an improvement of $9 billion.PBGC Press ReleasePBGC Annual Performance & Financial Report 2024

The U.S. Department of Labor (DOL) Employee Benefits Security Administration (EBSA) issued a notice requesting information from retirement plan administrators (e.g., via their recordkeepers) that will allow it to begin populating the Retirement Savings Lost and Found online searchable database described in ERISA section 523. This database will help connect missing participants and other individuals who have lost track of their retirement benefits with retirement plans that may be holding such benefits.This information collection request is voluntary. This notice also provides guidance and announces an enforcement policy, both to incentivize and encourage the voluntary submission of data.First submissions should be made as soon as possible before December 29, 2024, and updated at least annually thereafter. However, EBSA strongly encourages submitters to update the information more frequently, such as quarterly, to ensure the Lost and Found database stays up to date.News releaseFact sheet

The Office of the Superintendent of Financial Institutions (OSFI) has issued a revised Instruction Guide for the Preparation of Actuarial Reports for Defined Benefit Pension Plans. The guide updates the previous one published in November 2023 to reflect:updated requirements regarding the maximum going concern discount rate; andupdated funding requirements with regards to negotiated contribution plans.The Guide applies to actuarial reports with a valuation date on and after December 31, 2024. Early adoption is permitted.

The Pension Benefit Guaranty Corporation (PBGC) has posted a new Special Financial Assistance (SFA) Frequently Asked Question (FAQ) that provides guidance for multiemployer plans that receive SFA. The new SFA FAQ explains what types of derivative exposure, outside of permissible fund vehicles, are permissible in portfolios of SFA assets and provides examples. PBGC also posted an updated FAQ on examples of permissible investment grade fixed income (IGFI) securities to clarify when fixed-to-float securities are permissible IGFI securities. (Updated November 5, 2024)The Pension Benefit Guaranty Corporation (PBGC) has posted two updated SFA FAQs that provide guidance for multiemployer plans that receive SFA. The SFA FAQs explain and provide examples of securities included in large, aggregate U.S Bond index funds that meet the criteria for permissible investment grade fixed income (IGFI) securities. The question "What are some examples of permissible investment grade fixed income securities?" has an updated answer.(Updated July 17, 2024)The Pension Benefit Guaranty Corporation (PBGC) posted two sets of new SFA FAQs that provide guidance and examples for multiemployer plans that receive SFA on July 19, 2023. FAQs focused on permissible investment grade fixed income (IGFI) securities and return-seeking assets (RSA), calculating the amount of SFA excluded from plan assets for purposes of the withdrawal liability condition, and make-up payments of previously suspended benefits. New questions include the following:Make-Up Payments of Previously Suspended BenefitsHow should the SFA assets attributable to make-up payments of previously suspended pension benefits be considered when calculating the amount of SFA excluded from plan assets for purposes of the withdrawal liability condition of 29 CFR 4262.16(g)(2)?Withdrawal LiabilityCan the calculation of SFA excluded for purposes of the withdrawal liability condition requiring a phased recognition of SFA assets in determining UVBs reduce the value of plan assets for determining UVBs below zero?Permissible InvestmentsWhat do terms like “investment grade,” “fixed rate,” “debt security,” “leverage,” and “common stock” mean in the context of permissible investments for SFA?Will PBGC identify whether a particular asset class, sub-asset class, fund structure, or investment strategy is permissible before a plan invests?What are some examples of permissible investment grade fixed income securities?What is an IGFI permissible fund vehicle?What are some examples of permissible return-seeking asset securities?What is a return-seeking asset permissible fund vehicle?What is a “Rule 144A” security? How are “Rule 144A” debt securities, which are permissible RSA under the SFA regulation, different from private credit, which isn’t a permissible investment?When does the 33 percent limit on RSA apply?What does “predominantly” mean in the context of the type of permissible fund vehicles SFA assets may be invested in?(Posted June 20, 2023)

The Pension Benefit Guarantee Corporation (PBGC) posted a table showing the applicable present value of the maximum PBGC guaranteed benefit for 2025 plan years. The present value is used for purposes of complying with Internal Revenue Code §436 benefit restrictions. PBGC has posted values that apply to benefits with annuity starting dates in 2025.The 2025 table was developed using the 417(e) segment rates for August 2024 (4.50%, 4.96% and 5.40%, respectively) for plan years beginning in 2025 and the 417(e) applicable mortality table for 2025.Two-column spreadsheet version

The Internal Revenue Service (IRS) has announced cost-of-living adjustments affecting dollar limitations for 401(k), pension plans and other retirement-related items for tax year 2025 in Notice 2024-80.The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $23,500 in 2025, up from $23,000 in 2024.The limitation on the annual benefit under a defined benefit plan under section 415(b)(1)(A) is increased from $275,000 to $280,000.The limitation for defined contribution plans under section 415(c)(1)(A) is increased in 2025 from $69,000 to $70,000.

​​The Canada Revenue Agency (CRA) announced that as of January 1, 2025, maximum pensionable earnings under the Canada Pension Plan (CPP) will increase to $71,300 — up from $68,500 in 2024. In addition, in 2025, a higher, second earnings ceiling of $81,200 will be used to determine additional CPP contributions (CPP2). As a result, pensionable earnings between $71,300 and $81,200 are subject to CPP2 contributions.The updated amount were calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada.Additional 2025 CPP details:For the CPP contribution rates for 2025, the employee and employer contribution rates are unchanged from 2024 at 5.95%. The self-employed contribution rate also remains unchanged at 11.90%.The maximum employer and employee contribution to the plan for 2025 will be $4,034.10 each, up from $3,867.50 in 2024 and the maximum self-employed contribution will be $8,068.20, up from $7,735.00 in 2024.For the CPP2 contribution rates for 2025, employee and employer rates remain unchanged at 4.00%, and the maximum contribution will be $396.00 each, up from $188.00 in 2024. The self-employed CPP2 contribution rate remains unchanged at 8.00%, and the maximum self-employed contribution will be $792.00, up from $376.00 in 2024.Contributors who earn more than $81,200 in 2025 are not required or permitted to make additional contributions to the CPP.

The Internal Revenue Service (IRS) released annual inflation adjustments for more than 60 tax provisions in Revenue Procedure 2024-40. Many of these adjustments affect employee benefits.IRS news release

The Pension Benefit Guaranty Corporation (PBGC) announced that, as a result of the indexing rules provided in ERISA, the maximum guarantee limits for single-employer plans that fail in 2025 will be 4.56% higher than the limits that applied for 2024. A table showing the single-employer plan guarantee limits for various ages and payment forms is available on the PBGC's website.The guarantee limits for multiemployer plans are not indexed and therefore have not changed.

The Departments of Labor (DOL), Health and Human Services (HHS), and the Treasury (collectively, the departments) have released a proposed rule with guidance and frequently asked questions (FAQs) regarding implementation of certain provisions of the Affordable Care Act (ACA) and the Women’s Health and Cancer Rights Act (WHCRA). The guidance is a fact sheet on the proposed rules that would expand access to coverage of recommended preventive services without cost sharing and focuses on reducing barriers to coverage of contraceptive services, including over-the-counter (OTC) contraceptives. A summary of the proposed rules, includes:Exceptions Process for All Recommended Preventive ServicesThe Departments propose to codify previous guidance on the use of reasonable medical management techniques by plans and issuers. The proposed rules would provide that plans and issuers that utilize reasonable medical management techniques with respect to any recommended preventive services must provide an easily accessible, transparent, and sufficiently expedient exceptions process that allows an individual to receive coverage without cost sharing for the preventive service according to the frequency, method, treatment, or setting that is medically necessary for them, as determined by the individual’s attending provider, even if that service is not generally covered under their plan or coverage. The exceptions process would ensure that an individual can access coverage of medically necessary recommended preventive services without cost sharing and prevents medical management from functioning as an unreasonable barrier to coverage under section 2713 of the PHS Act.Contraceptive Coverage and Disclosure These proposed rules would also require plans and issuers to cover recommended over the counter (OTC) contraceptive items without requiring a prescription and without imposing cost-sharing requirements. The Departments’ previously issued guidance provides that OTC preventive health care items (such as folic acid and certain contraceptive products, including contraceptive sponges, spermicides, and emergency contraception) must be covered without cost sharing only when prescribed by a health care provider. However, neither section 2713 of the PHS Act, and its implementing regulations, nor the current HRSA-supported Guidelines require a prescription as a condition of coverage without cost sharing for recommended contraceptives that are available OTC. If finalized, this proposal would better align coverage requirements with the statute and remove barriers, such as prescription requirements and out-of-pocket costs, that make it more difficult for women to access contraception. The Departments are proposing an incremental approach to OTC coverage of recommended preventive services in this rulemaking, in order to facilitate implementation for plans, issuers, and other interested parties, and allow the Departments to gather additional feedback on challenges and benefits of adopting these proposed policies before considering whether and how to propose similar requirements with respect to other recommended preventive services. The Departments have determined that focusing first on contraception is appropriate due to ongoing and widely reported concerns regarding challenges faced by consumers in accessing contraceptive items and services without cost sharing, as well as recent developments affecting access to reproductive health care.In addition, the proposed rules would require plans and issuers to cover certain recommended contraceptive items that are drugs and drug-led combination products without imposing cost‑sharing requirements, unless at least one therapeutic equivalent of the drug or drug-led combination product is covered without cost sharing. For purposes of these proposed rules, the Departments also propose to define the terms “therapeutic equivalent” and “drug-led combination” product, consistent with FDA definitions of these terms.Finally, these rules would require plans and issuers to add a disclosure to the results of any Transparency in Coverage self-service tool search, for covered contraceptives, that explains that OTC contraceptive items are covered without a prescription and without cost sharing and includes a phone number and internet link to where a participant, beneficiary, or enrollee can learn more information about the plan or policy’s contraception coverage. These proposed rules would not modify federal conscience protections related to contraceptive coverage for employers, plans, or issuers.The FAQs in Part 68 provide a series of examples to illustrate the guidance for both plans and issuers to educate network providers on the availability and proper usage of service codes and modifiers to denote when an item or service is furnished as, or integral to the furnishing of, a recommended preventive item or service. The Departments also encourage providers to take steps to ensure that all recommended preventive items or services, including items and services that are integral to the furnishing of a recommended preventive item or service, are appropriately identified as recommended preventive items or services on claims.The Departments propose that the requirement to provide an exceptions process for all recommended preventive services would be applicable on the effective date of the final rules.The Departments propose that the proposals specific to contraceptive coverage (including the OTC contraception coverage proposal, therapeutic equivalence proposal, and transparency in coverage disclosure proposal related to OTC contraceptive coverage information) would be applicable for plan years (or, in the individual market, policy years) beginning on or after January 1, 2026. Comments are requested by December 27, 2024.Additional Resources:News releaseHHS Notice of Request for Public Comments on Draft Recommendations for the HRSA-Supported Women’s Preventive Services Guidelines Relating to Screening and Counseling for Intimate Partner and Domestic Violence, Breast Cancer Screening for Women at Average Risk, and Patient Navigation for Breast and Cervical Cancer Screening

The Internal Revenue Service (IRS) issued Notice 2024-75 expanding the list of preventive care benefits permitted to be provided by a high deductible health plan (HDHP) under section 223(c)(2)(C) of the Internal Revenue Code without a deductible, or with a deductible below the applicable minimum deductible for the HDHP, to include over-the-counter (OTC) oral contraceptives (including emergency contraceptives) and male condoms.The notice also clarifies that:All types of breast cancer screening for individuals who have not been diagnosed with breast cancer are treated as preventive care under section 223(c)(2)(C);Continuous glucose monitors for individuals diagnosed with diabetes are generally treated as preventive care under section 223(c)(2)(C);The new safe harbor for absence of a deductible for certain insulin products in section 223(c)(2)(G) applies without regard to whether the insulin product is prescribed to treat an individual diagnosed with diabetes or prescribed for the purpose of preventing the exacerbation of diabetes or the development of a secondary condition.IRS also issued Notice 2024-71 to expand the products available for reimbursement under Code 213(d). Code 213 allows these expenses to be paid or reimbursed under an HSA, FSA, Archer MSA, or HRA. If not paid or reimbursed from one of these plans, an individual make tax a deduction during the tax year if certain requirements are met.The notice adds condoms to the list of expenses eligible for reimbursement. The purchase must be considered a medical expense, which the IRS defines as “the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and for the purpose of affecting any part or function of the body.” Whether an expense meets that definition depends on the specific facts and circumstances surrounding the purchase.

The Internal Revenue Service (IRS) issued Notice 2024-77 to clarify the treatment of inadvertent benefits overpayments and contributions to correct them.An inadvertent benefit overpayment is an eligible inadvertent failure that occurs due to a payment made from a plan that exceeded the amount payable under the terms of the plan or a limitation provided in the Internal Revenue Code (IRC) or Treasury regulations and is:Described in section 401(a) which includes a trust exempt from tax under IRC section 501(a);An annuity plan described in IRC section 403(a);A plan established for its employees by the United States, by a state or political subdivision, or any agency or instrumentality; orAn annuity contract described in IRC section 403(b).Inadvertent benefit overpayments also include payments made before a distribution is permitted under the IRC or under the terms of the plan.The notice includes questions and answers (Q&As) on inadvertent benefit payments in the context of:Staying in compliance,Recoupment,Rollovers,IRC section 436 failures, Plan amendments, andSelf-correction.Regarding applicability:The notice applies with respect to section 414(aa) on the date it is issued. For periods before the date of issuance of the notice, a taxpayer may rely on a good faith, reasonable interpretation of section 414(aa).The notice applies with respect to section 402(c)(12) on the date it is issued. Section 402(c)(12) applies as of December 29, 2022, regardless of when an inadvertent benefit overpayment was made. For periods before the date of issuance of the notice, a taxpayer may rely on a good faith, reasonable interpretation of section 402(c)(12).A plan sponsor that interpreted section 414(aa) or 402(c)(12) during periods before the date of issuance of the notice in a manner that accords with this notice will be treated as having applied a good faith, reasonable interpretation of section 414(aa) or 402(c)(12).Comments are requested on the guidance in the notice and any other aspect of sections 414(aa) and 402(c)(12), including as those sections are affected by the provisions of section 301(c) and (d) of the SECURE 2.0 Act. Comments are due December 16, 2024.

​​The Pension Benefit Guaranty Corporation (PBGC) announced that its webpage has been updated to provide the 2025 premium rates for single and multiemployer pension plans. The per-participant flat premium rate for plan years beginning in 2025 is $106 for single-employer plans (up from a 2024 rate of $101) and $39 for multiemployer plans (up from a 2024 rate of $37).

The Centers for Medicare & Medicaid Services (CMS) released a notice titled, "Premium Adjustment Percentage, Maximum Annual Limitation on Cost Sharing, Reduced Maximum Annual Limitation on Cost Sharing, and Required Contribution Percentage for the 2026 Benefit Year."The 2026 maximum annual limitation on cost sharing is:$10,150 for self-only coverage and $20,300 for other than self-only coverage. This represents an approximately 10.2% increase from the 2025 parameters of $9,200 for self-only coverage and $18,400 for other than self-only coverage. (Updated October 10, 2024)The Centers for Medicare & Medicaid Services (CMS) released the annual proposed Notice of Benefit and Payment Parameters for the 2026 benefit year. The notice applies to health plan issuers offering qualified health plans through the Affordable Care Act (ACA) state and federal marketplaces, and includes requirements for agents, brokers, and assisters that help consumers enroll in marketplace coverage. The notice affects individual market qualified health plans, stand-alone dental plans, and all Small Business Health Option Program (SHOP) plans.Beginning in 2025, the rule proposes additional safeguards to protect consumers from fraudulent changes to their health care coverage, as well as options to ensure the integrity of the Federally Facilitated Marketplace (FFM).Comments are due November 12, 2024.Additional InformationFact sheetKey Dates for Calendar Year 2025: Qualified Health Plan (QHP) Data Submission and Certification; Rate Review; Form Review; and Risk AdjustmentTiming of QHP Data Submission and Certification for the 2026 Plan Year for Issuers in the Federally-facilitated ExchangesTiming of Submission of Rate Filing Justifications for the 2025 Filing Year for Single Risk Pool Coverage Effective on or after January 1, 2026(Posted October 7, 2024)

The Internal Revenue Service (IRS) issued the final 1094-B, 1095-B, 1094-C, and 1095-C forms that employers, plan sponsors and group health insurers will use to report health coverage to plan members and the IRS as required by the Affordable Care Act (ACA). Final 2024 forms:Form 1094-B Transmittal of Health Coverage Information ReturnsForm 1095-B Health CoverageForm 1094-C Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns​Form 1095-C​ Employer-Provided Health Insurance Offer and Coverage​Final 2024 instructions:Instructions for Forms 1094-B and 1095-BInstructions for Forms 1094-C and 1095-C

The Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released Notice 2024-73 with guidance on the application of the nondiscrimination rules for 403(b) plans excluding long-term, part-time employees (LTPTEs) and student employee participation in plans. Notice 2024-73 addresses a series of questions and answers (Q&As), including:Q-1: Do the eligibility rules for ERISA LTPTEs under section 202(c) of ERISA apply to a section 403(b) plan that is not subject to title I of ERISA?Q-2: Is a section 403(b) plan subject to ERISA required to provide the right to make elective deferrals to a part-time employee who qualifies as an ERISA LTPTE?Q-3: May a section 403(b) plan that is subject to ERISA continue to retain a part-time employee exclusion for part-time employees who do not qualify as ERISA LTPTE?Q-4: Is a section 403(b) plan that is subject to ERISA required to provide the right to make elective deferrals to a student employee who qualifies as an ERISA LTPTE?Q-5: May an employer with a section 403(b) plan that is subject to ERISA exclude ERISA LTPT employees for purposes of determining whether matching contributions satisfy the nondiscrimination requirements applicable to a section 403(b) plan under section 401(m)(2)?Q-6: Can an employer use section 403(b)(12)(D) to continue to exclude an ERISA LTPT employee who later becomes eligible to participate in the plan for reasons other than the eligibility rules for ERISA LTPT employees under section 202(c)(1)(B) of ERISA (a former ERISA LTPT employee) from receiving nonelective or matching contributions or from the application of the nondiscrimination requirements in sections 401(a)(4), 401(m)(2), and 410(b) of the Code?The IRS and Treasury plan to release additional guidance on section 125 of SECURE 2.0. Final regulations will be issued for 401(k) plans on LTPTEs with applicability no earlier than plan years beginning on or after January 1, 2026.This notice applies for plan years beginning after December 31, 2024.The IRS requests comments on or before December 20, 2024. Comments should address:the application of section 403(b)(12)(D) of the Internal Revenue Code and section 125 of the SECURE 2.0 Act to section 403(b) plans.any rules with respect to section 401(k) LTPTEs (including former section 401(k) LTPTE) that should apply differently for ERISA LTPTEs under section 403(b) plans. IRS News Release

The Superintendent of Pensions issued Employment Pension Plans Act Update 24-02 advising that the annual per member filing fee rate in Alberta effective October 1, 2024 increases to $2.50 from $2.25 from the prior year.The annual filing fee payable is $2.50 multiplied by the total plan membership. The minimum fee is $250 and the maximum fee is $75,000. This rate applies to all annual information returns with fiscal year-ends ranging from October 1, 2024 to September 30, 2025.

The Pension Benefit Guaranty Corporation (PBGC) released the 2022 Pension Insurance Data Tables, which summarizes information on PBGC’s Single-Employer and Multiemployer Insurance Programs and the defined benefit pension system, which includes time-series data on PBGC’s finances and operations.The data on PBGC-insured defined benefit plans includes information on:The number of plan participants, Plan funded status, Hybrid plans, Frozen plans, Risk transfer activity, andSpecial Financial Assistance payments. The data tables provide a comprehensive, longitudinal source of information on its insurance programs and employer-sponsored defined benefit plans.

The Internal Revenue Service (IRS) announced the special per diem rates effective October 1, 2024. Notice 2024-68 provides the 2024-2025 special per diem rates for taxpayers to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home. The rates are the special transportation industry rate, the rate for the incidental expenses only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method. ​

The Canada Employment Insurance Commission (CEIC) has announced that the Employment Insurance (EI) Maximum Insurable Earnings (MIE) for 2025 will increase to $65,700 from $63,200 in 2024. The MIE is indexed on an annual basis and represents the ceiling up to which EI premiums are collected and the maximum amount considered in applications for EI benefits.The EI premium rate for 2025 is $1.64 per $100 of insurable earnings for employees and $2.30 for employers who pay 1.4 times the employee rate. This represents a two-cent decrease from the 2024 EI premium rate of $1.66 for employees and $2.23 for employers.CEIC also announced that for residents of Quebec covered under the Quebec Parental Insurance Plan (QPIP), the premium rate of $1.31 per $100 of insurable earnings ($1.83 for employers).The Premium Reduction Program will provide roughly $1.37 billion in premium relief in 2025 to registered employers and their employees in recognition of savings generated to the EI program by employer registered short-term wage-loss plans.Office of the Superintendent of Financial Institutions (OSFI) has released:2025 Actuarial Report on Employment Insurance Premium Rate

The Employee Benefits Security Administration (EBSA) updated its cybersecurity guidance by publishing Compliance Assistance Release 2024-01, clarifying applicability to all types of plans covered by the Employee Retirement Income Security Act (ERISA).The Compliance Assistance Release applies to plan sponsors, fiduciaries, recordkeepers and plan participants to protect information and assets from cybersecurity risks. The compliance updates guidance released in 2021 and 2022 to ensure that all ERISA plans, including health and welfare plans and all employee pension benefit plans, are included.In addition, EBSA updated the following documentation:Tips for Hiring a Service Provider: Helps plan sponsors and fiduciaries prudently select a service provider with strong cybersecurity practices and monitor their activities, as ERISA requires.Cybersecurity Program Best Practices: Assists plan fiduciaries and record-keepers in their responsibilities to manage cybersecurity risks.Online Security Tips: Offers plan participants and beneficiaries who check their retirement accounts or other employee benefit plan information online basic rules to reduce the risk of fraud and loss.News release

The Internal Revenue Service (IRS) issued Notice 2024-65 requesting comments on Saver’s Match contributions to be paid by the Department of the Treasury under the SECURE 2.0 Act of 2022. Beginning in 2027, by making annual contributions of up to $2,000 to a 401(k)-type plan or an Individual Retirement Account (IRA), an individual can receive as much as an annual $1,000 Saver’s Match contribution from the Treasury.Unlike the existing Saver’s Credit, a nonrefundable tax credit that will be replaced by Saver’s Match contributions, the Saver’s Match contribution is paid by Treasury to a 401(k)-type plan or non-Roth IRA designated by an individual claiming the Saver’s Match contribution. The amount of an individual’s Saver’s Match contribution depends on the individual’s income or joint income level. The notice requests comments on:Eligibility for Saver’s Match contributionsHow Saver’s Match contributions would be claimedHow the account receiving Saver’s Match contributions would be designatedThe process for completing Saver’s Match contributionsSaver’s Match recovery taxes on specified early distributionsReporting and disclosure for Saver’s Match contributionsMiscellaneous issues, including how Treasury and the IRS could ensure that individuals in underserved communities know how to participate and receive the full benefits of Saver’s Match contributionsComments are requested from all stakeholders, including low- to moderate-income taxpayers, volunteer and for-profit tax preparers, organizations that serve and advise low- to moderate-income taxpayers, IRA custodians and trustees, and retirement plan administrators, recordkeepers, and plan sponsors.Comments are due November 4, 2024.News release

The Department of the Treasury (Treasury) and Internal Revenue Service (IRS) issued Notice 2024-63 as guidance for employers implementing section 110 of the SECURE 2.0 Act of 2022 (SECURE Act) which permits matching contributions for employees based on their student loan payments for plan years beginning after December 31, 2023.The SECURE Act allows employers to make matching contributions as part of employees’ qualified student loan payments to 401(k)s, 403(b)s, SIMPLE IRA plans, and governmental section 457(b) plans. The Questions and Answers (Q&As) detail that the plan must obtain the following information:The amount of the loan payment;The date of the loan payment;That the payment was made by the employee;That the loan being repaid is a qualified education loan and was used to pay for qualified higher education expenses of the employee, the employee’s spouse, or the employee’s dependent; andThat the loan was incurred by the employee.This notice applies for plan years beginning after December 31, 2024.The Treasury Department and IRS anticipate issuing proposed regulations with further guidance on section 110 of the SECURE Act. For plan years beginning before January 1, 2025, and until the IRS guidance is issued, plan sponsors may rely on a good faith, reasonable interpretation of section 110 of the SECURE 2.0 Act.In addition, comments for certain aspects of this guidance are requested 60 days after publication in the Federal Register.News Release

The Pension Benefit Guaranty Corporation (PBGC) updated filing instructions for calculations of certain amounts to be reported in 4010 and missing participant program filings. The changes are due to assumption changes in its 4044 final rule, published June 6, 2024. The new assumptions are used for calculations where the valuation date is on or after July 31, 2024.Resources:•    4010 Filing Instructions•    DB Missing Participants Program Filing instructions:Form MP-100Form MP-300Form MP-400

The Department of the Treasury (Treasury) and Internal Revenue Service (IRS) issued both final and proposed rules on required minimum distributions (RMDs) addressing various provisions of the SECURE Act and SECURE 2.0 Act of 2022 that affect both administrators and participants of sections 403(b) and 457 plans.The RMDs affected are those from:qualified planssection 403(b) annuity contracts and custodial accounts, and retirement income accounts;individual retirement accounts and annuities, andeligible deferred compensation plans under section 457.The final and proposed regulations affect:administrators of, and participants in, those plans;owners of individual retirement accounts (IRAs) and annuities;employees for whom amounts are contributed to section 403(b) annuity contracts, custodial accounts, or retirement income accounts; and beneficiaries of those plans, contracts, accounts, and annuities. The final rule is effective September 17, 2024. The applicability date for purposes of determining RMDs is for calendar years beginning on or after January 1, 2025.The proposed rule requests comments due September 17, 2024. In addition, a public hearing is scheduled for September 25, 2024 at 10:00 am ET.Additional Resource:IRS News Release

The Internal Revenue Service (IRS) issued 2024 draft 1094-B, 1095-B, 1094-C, and 1095-C forms for use by employers, plan sponsors and group health insurers to report health coverage to plan members and the IRS. The IRS is providing these drafts for information purposes only. Do not file using draft forms. Draft Forms 1094-B and 1095-BDraft Forms 1094-C and 1095-C (Posted July 16, 2024)

The Department of Labor (DOL) Women's Bureau has released an issue brief titled, "Paid Leave: Equity in Implementation," based on a series of meetings with state paid family and medical leave administrators to learn how they are assessing and improving equity in access and usage of state paid leave programs. States generally conduct outreach and education to ensure employers understand their responsibilities under the program and the rights of their employees.The brief provides an overview of paid leave implementation practices for increasing equity that states highlighted during conversations with the Women’s Bureau and examples of the types of actions states with paid leave programs may pursue as they strive to make their programs as equitable as possible.Paid family and medical leave refers to policies that enable workers to receive wage replacement when they take extended time off work for qualifying reasons. While many workers are entitled to take unpaid leave under the Family and Medical Leave Act (FMLA), there is currently no federal law providing or guaranteeing access to paid family and medical leave for workers in the private sector. However, some states have their own paid leave programs and requirements.State interactions with employers: DOL recommends that state paid leave programs interact with employers to make sure they understand the rights of their employees and employer roles and responsibilities under the paid leave program. States could simplify the employer verification process to avoid delays in issuing benefits. Additional InformationNews release Dedicated webpage

The Pension Benefit Guaranty Corporation (PBGC) has posted an update to a 2020 report that analyzed partial risk transfer data reported by single-employer pension plans to PBGC on premium filings. The update includes data reported to PBGC in the 2015 through 2022 plan years, and summarizes the information by year, plan size, industry, plan frozen status, and premium funded ratios.BackgroundThe June 2024 update builds upon the 2020 report by utilizing premium filing data for plan years spanning 2015 through 2022.  In 2020, PBGC published a report analyzing risk transfer activity (RTA) among PBGC insured single-employer defined benefit pension plans based on premium filing data for the 2015 through 2018 plan years.The information reported to PBGC includes the number of pension plans that engaged in risk transfer activities and the number of participants affected by these activities (i.e., the number of participants who received a distribution from their pension plan in the form of a lump sum cash out or an annuity purchased from a private insurance company). The participants who received a lump sum distribution or an annuity no longer have accrued benefits in their pension plans and thus, are no longer covered by PBGC insurance. Key FindingsMeasured by event count, RTA during 2019 to 2022 is down compared to RTA during 2015 to 2018.The number of plans offering lump sum windows each plan year has decreased materially over the observed period, dropping from 960 lump sum window offerings in 2015 to 94 lump sum window offerings in 2022 (with a slight bump up during 2020 and 2021).In contrast, the number of plans purchasing annuities each year has increased from 91 purchases in 2015 to 225 purchases in 2022.1,065 plans engaged in risk transfer activity in multiple years between 2015 and 2022. Of those plans, 225 purchased annuities in multiple years.629 plans had at least one annuity purchase and made at least one lump sum offering during this period.During the entire study period (2015-2022), about 4.1 million participants were removed from single-employer plans due to risk transfer activity.

The Internal Revenue Service (IRS) issued Notice 2024-55, which provides guidance on exceptions to the additional tax when taking early permissible retirement plan distributions for emergency personal expenses and for victims of domestic abuse. This was added by the SECURE 2.0 Act of 2022, and the provisions became effective on January 1, 2024.The notice provides that a taxpayer is permitted to receive a distribution from an applicable eligible retirement plan to meet unforeseeable or immediate financial needs relating to necessary personal or family emergency expenses. The notice:Defines emergency personal expense distributions, including what is an unforeseeable or immediate financial need;Provides that qualified defined contribution plans (including section 401(k) plans), section 403(a) annuity plans, section 403(b) plans, governmental section 457(b) plans or IRAs are eligible to permit emergency personal expense distributions;Describes the limitations (both dollar amount and frequency) on receiving emergency personal expense distributions; andProvides that individuals receiving emergency personal expense distributions are permitted to repay these distributions to certain plans.The notice also provides that a taxpayer is permitted to receive a distribution from an applicable eligible retirement plan if made during the one-year period beginning on the date on which the individual is a victim of domestic abuse by a spouse or domestic partner. The notice:Defines domestic abuse victim distributions, including the definition of domestic abuse;Provides that IRAs and certain retirement plans that are not subject to the spousal consent requirements under sections 401(a)(11) and 417 are eligible to permit domestic abuse victim distributions;Describes the dollar limitation (indexed for inflation) on receiving domestic abuse victim distributions; andProvides that domestic abuse individuals are permitted to repay domestic abuse victim distributions to certain plans.The notice also provides guidance to applicable eligible retirement plans on the plan requirements relating to emergency personal expense distributions and domestic abuse victim distributions, including that it is optional for a plan to permit these types of distributions.The Treasury Department and IRS anticipate issuing regulations. Comments are specifically requested on repayments of certain distributions permitted under section 72(t)(2). Comments are due October 7, 2024.News Release

The Pension Benefit Guaranty Corporation (PBGC) released a final rule to update the interest, mortality, and expense assumptions used to determine the present value of benefits for a single-employer pension plan under subpart B of the PBGC's regulation on Allocation of Assets in Single-Employer Plans, to determine components of mass withdrawal liability for a multiemployer pension plan, and for other purposes. Except for some technical and editorial changes, the final rule is substantially the same as the proposed rule published on August 17, 2023.Major provisions of the final rule would:Modernize the interest assumption structure by adopting a yield curve approach;Enable the use of market interest rates as of the date of liability measurement (i.e., the valuation date) as the basis for the interest assumption;Increase transparency by using a procedure based on publicly available yield curves as of the valuation date;Adopt a more recent mortality table along with a generational mortality improvement projection;Simplify the expense assumption.The amendments from the final rule apply to calculations where the valuation date is on or after July 31, 2024.The final rule is effective July 8, 2024.Additional Resource:PBGC's Valuation Methodology White Paper

The U.S. Department of Labor (DOL) Employee Benefits Security Administration (EBSA) issued an interim final rule that amends the abandoned plan program regulations and streamlines procedures for the termination of, and distribution of benefits from, individual account pension plans that have been abandoned by their sponsoring employers.The amendments affect employee benefit plans (primarily small defined contribution plans), participants and beneficiaries, service providers, and individuals appointed to serve as bankruptcy trustees under chapter 7 of the U.S. Bankruptcy Code.In addition, the DOL is also issuing an exemption amendment to Prohibited Transaction Exemption (PTE) 2006-06, the prohibited transaction exemption accompanying the Abandoned Plan Program regulations. The exemption permits a qualified termination administrator (QTA) of an individual account pension plan that has been abandoned by its sponsoring employer to select itself to provide services to the plan in connection with the plan’s termination and pay itself fees for the services.The effective date for both the interim final rule and exemption amendment is July 16, 2024. In addition, comments are due the same date.News releaseAbandoned Plan Program Online Filing System

The Internal Revenue Service (IRS) released Notice 2024-24 that updates static mortality tables for calculating the funding target and for use in determining minimum present value for distributions with annuity starting dates that occur during stability periods beginning in the 2025 calendar year.The mortality tables are to be used for defined benefit pension plans under § 430(h)(3)(A) of the Internal Revenue Code and section 303(h)(3)(A) of the Employee Retirement Income Security Act of 1974 (ERISA).

The ​​Internal Revenue Service (IRS) issued Revenue Procedure 2024-25 announcing the calendar year 2025 annual health savings account (HSA) contribution limitation, the minimum deductible for a high-deductible health plan (HDHP), the maximum out-of-pocket expense limits for an HDHP, and the maximum amount for an excepted benefit health reimbursement arrangement (HRA).The annual HSA contribution limit is:    $4,300 for self-only coverage    $8,550 for family coverage.The minimum deductible of a HDHP is:    $1,650 for self-only coverage    $3,300 for family coverage.The maximum out-of-pocket expense limit for a HDHP is:    $8,300 for self-only coverage    $16,600 for family coverage.The maximum amount for an excepted benefit HRA is $2,150.The revenue procedure is effective for HSAs for calendar year 2025 and for excepted benefit HRAs for plan years beginning in 2025.

The Internal Revenue Service (IRS) issued frequently asked questions (FAQs) in Fact Sheet 2024-19, relating to rules for distributions from retirement plans and IRAs and for retirement plan loans, for certain individuals impacted by federally declared major disasters.The FAQs relate to the SECURE 2.0 Act of 2022 (SECURE 2.0) provision that provides for ongoing disaster relief for certain distributions and loans in the case of federally declared major disasters. Prior to the changes made by SECURE 2.0, there was no disaster relief allowing these distributions and loans that applied generally for all major disasters.The FAQs are intended to assist individuals, employers, and retirement plan and IRA service providers, and they are divided into four categories:General information;Taxation and reporting of qualified disaster recovery distributions;Repayment of qualified distributions taken for the purpose of purchasing or constructing a principal residence in a qualified disaster area; andLoans from certain qualified plans.News Release

The Departments of Labor (DOL), Health and Human Services (HHS), and the Treasury (collectively, the departments) have jointly prepared FAQs Part 67 extending enforcement relief regarding the use of qualified payment amount (QPA) calculations (announced in FAQs Part 62 on October 6, 2023).FAQs address implementation of the No Surprises Act in light of the August 24, 2023, court decision in Texas Medical Association et al. v. U.S. Department of Health and Human Services et al. (TMA III) that provisions related to the methodology for calculating the QPA was unlawful. The case remains pending before the Fifth Circuit Court of Appeals.The departments consider it appropriate to extend the enforcement relief because, since the issuance of FAQs Part 62, the departments have received feedback that, despite taking reasonable steps to come into compliance, plans and issuers need additional time to complete the significant efforts associated with recalculating QPAs in a manner consistent with the statutes and regulations that remain in effect after the TMA III vacatur, as several of the changes to the QPA calculation methodology necessitate a manual process to locate data.For items and services furnished before November 1, 2024, the departments will exercise their enforcement discretion under the relevant No Surprises Act provisions forAny plan or issuer, or party to a payment dispute in the Federal IDR process, that uses... A provider, facility, or provider of air ambulance services that bills, or holds liable, a participant, beneficiary, or enrollee for a cost-sharing amount based on......a QPA calculated in accordance with the methodology under the July 2021 interim final rules and guidance in effect immediately before the decision in TMA III.The departments expect this enforcement relief to expire October 31, 2024, and will continue to assess the status of QPA calculations.

The Equal Employment Opportunity Commission (EEOC) has released final enforcement guidance on harassment in the workplace. Federal employment discrimination laws enforced by the EEOC protect covered employees from harassment based on race, color, religion, sex (including pregnancy, childbirth or related medical conditions; sexual orientation; and gender identity), national origin, disability, age (40 or older) or genetic information. The guidance, approved by a majority vote of EEOC, includes over 70 examples illustrating unlawful harassment, including situations involving older workers, immigrant workers, and survivors of gender-based violence. The new final guidance updates, consolidates, and replaces EEOC’s five guidance documents issued between 1987 and 1999, and serves as a single, unified agency resource on EEOC-enforced workplace harassment law. It reflects EEOC’s consideration of public input that it received after the guidance was posted for public comment in fall 2023.Topics addressed in the guidance include:How employees may be subjected to unlawful harassment not only by coworkers or supervisors, but also by customers, contractors, and other third parties.Legal standards and employer liability applicable to harassment claims.Impact of digital technology and social media on how harassment occurs in virtual work environments.Additional InformationSummary of key provisionsFAQs for employees Fact sheet for small businesses

The Department of Health and Human Services (HHS) Office for Civil Rights has issued a final rule under Affordable Care Act (ACA) Section 1557 strengthening protections against discrimination on the basis of race, color, national origin, sex, age, and disability. The final rule holds HHS’ health programs and activities to the same nondiscrimination standards as recipients of federal financial assistance (i.e., Medicare Part B).Highlights of the final rule include:Protects against discrimination by codifying that Section 1557’s prohibition against  discrimination based on sex includes LGTBQI+ patients.Requires covered health care providers and insurers to proactively let people know that language assistance services and accessibility services are available at no cost to patients.Protects patients from discriminatory health insurance benefit designs made by insurers.Clarifies the application of Section 1557 nondiscrimination requirements to health insurance plans.Given the increasing use of artificial intelligence (AI) in health programs and activities, the rule clarifies that nondiscrimination in health programs and activities continues to apply to the use of AI, clinical algorithms, predictive analytics, and other tools.The final rule is effective July 5, 2024.News release

The Department of Labor (DOL) has released a final rule and rescission of 2018 rule titled, “Definition of Employer Under Section 3(5) of ERISA – Association Health Plans (AHPs),” and its alternative set of criteria from those set forth in DOL pre-rule guidance for determining when a group or association of employers is acting “indirectly in the interest of an employer” for purposes of establishing an AHP as a multiple employer group health plan. The 2018 AHP Rule was a significant departure from the Department’s longstanding pre-rule guidance on the definition of “employer” under ERISA. This departure substantially weakened the Department’s traditional criteria in a manner that would have enabled the creation of commercial AHPs functioning effectively as health insurance issuers. "After further review of the relevant statutory language, judicial decisions, and longstanding pre-rule guidance, and further consideration of ERISA’s statutory purposes and related policy goals, as well as the public comments received on the Department’s proposed rule, [DOL] now rescinds in full the 2018 AHP Rule in order to resolve and mitigate any uncertainty regarding the status of the criteria that were set under the 2018 AHP Rule, allow for a reexamination of the criteria for a group or association of employers to be able to sponsor an AHP, and ensure that guidance being provided to the regulated community is in alignment with ERISA’s text, purposes, and policies," per the executive summary in the final rule.The rule is effective July 1, 2024.DOL news release

The Department of Labor's (DOL) Employee Benefits Security Administration (EBSA) released the final retirement security rule that updates the definition of an investment advice fiduciary under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (IRC). The DOL also released final amendments to class prohibited transaction exemptions (PTEs) available to investment advice fiduciaries.The final rule requires that a financial services provider will be an investment advice fiduciary under federal pension law if:the provider makes an investment recommendation to a retirement investor;the recommendation is provided for a fee or other compensation, such as commissions; andthe financial services provider holds itself out as a trusted adviser by specifically stating that it is acting as a fiduciary under Title I or II of ERISA; ormaking the recommendation in a way that would indicate to a reasonable investor that it is acting as a trusted adviser making individualized recommendations based on the investor's best interest.In addition, the final rule closes the loophole for one-time advice. A financial services provider will be a fiduciary with respect to a recommendation to roll over assets from a workplace retirement plan to an IRA if every element of the fiduciary definition is satisfied.Prohibited Transaction ExemptionsIn addition to the final rule, the DOL finalized amendments to several existing PTEs to ensure all retirement investors receive the same quality investment advice, regardless of the product or service they receive. There are two administrative exemptions available for the management of conflicts of interest with respect to advice.PTE 2020-02 is broadly available for advice with respect to the wide universe of investments recommended to retirement investors.PTE 84-24 is tailored for use by independent insurance agents and is intended to facilitate their ability to make best interest recommendations under their business model.The Department also finalized amendments to several existing administrative exemptions that provide relief for certain transactions. The amendments remove fiduciary investment advice transactions from the covered transactions in each exemption and make other administrative changes.As a result of these amendments, all investment advice fiduciaries will be held to the same conduct standards in administrative exemptions, because they will have to rely on PTE 2020-02 or PTE 84-24 to receive compensation that otherwise would be prohibited.The final rule goes into effect September 23, 2024, although there is a one-year transition period after the effective date for certain conditions in the PTEs.Additional Resources:News releaseFact SheetDefining Investment Advice Fiduciary

The U.S. Department of Labor (DOL) released the final rule to update and revise the regulations issued under the Fair Labor Standards Act (FLSA) implementing the exemptions from minimum wage and overtime pay requirements for executive, administrative, professional, outside sales, and computer employees. The final rule identifies a two-step process to begins July 1, 2024 when the threshold will increase from $35,568 to $43,888 per year. It will then increase to $58,656 on January 1, 2025.Key provisions of the final rule include:Expanding overtime protections to lower-paid salaried workers.Better identification of which employees are executive, administrative or professional employees who should be overtime exempt. The final rule ensures that those employees who are not exempt receive time-and-a-half pay when working more than 40 hours in a week.Providing for regular salary updates to ensure predictability. The final rule establishes regular updates to the salary thresholds every three years to reflect changes in earnings. This protects future erosion of overtime protections so that they do not become less effective over time.The effective date for this final rule is July 1, 2024. Sections 541.600(a)(2) and 541.601(a)(2) are applicable beginning January 1, 2025.News release

The U.S. Department of Labor (DOL) through the Office for Civil Rights (OCR) at the Department of Health & Human Services (HHS), released the final rule prohibiting the disclosure of protected health information (PHI) related to lawful reproductive health care in certain circumstances to bolster patient-provider confidentiality and help promote trust and open communication between individuals and their health care providers or health plans.The final rule:Prohibits the use or disclosure of PHI when it is sought to investigate or impose liability on individuals, health care providers, or others who seek, obtain, provide, or facilitate reproductive health care that is lawful under the circumstances in which such health care is provided, or to identify persons for such activities.Requires a regulated health care provider, health plan, clearinghouse, or their business associates, to obtain a signed attestation that certain requests for PHI potentially related to reproductive health care are not for these prohibited purposes.Requires regulated health care providers, health plans, and clearinghouses to modify their Notice of Privacy Practices to support reproductive health care privacy.The final rule is effective June 25, 2024. Persons subject to this regulation must comply with the applicable requirements of this final rule by December 23, 2024, except for the applicable requirements of 45 CFR 164.520 in this final rule. Persons subject to this regulation must comply with the applicable requirements of 45 CFR 164.520 in this final rule by February 16, 2026.Additional Resources:News releaseFact sheet

The Internal Revenue Service (IRS) issued Notice 2024-35 containing guidance on certain required minimum distributions (RMDs) for 2024. The notice also announces that the final regulations that the Department of the Treasury and IRS intend to issue related to RMDs will apply for purposes of determining RMDs for calendar years beginning on or after January 1, 2025.According to the notice:A defined contribution (DC) plan that failed to make a specified RMD, as defined by the notice, will not be treated as having failed to satisfy Internal Revenue Code (IRC) Section 401(a)(9) merely because it did not make that distribution.To the extent a taxpayer did not take a specified RMD, as defined by the notice, IRS will not assert that an excise tax is due under IRC Section 4974. For purposes of the notice, a specified RMD is any distribution that—in accordance with the proposed regulations—would be required to be made under IRC Section 401(a)(9) in 2024 under a DC plan or IRA that is subject to the rules of IRC Section 401(a)(9)(H) for the year in which the employee (or designated beneficiary) died. That applies if that payment would be required to be made to:A designated beneficiary of an employee under the plan (or the IRA owner) if the employee (or IRA owner) died in 2020, 2021, 2022, or 2023, and on or after the employee’s (or IRA owner’s) required beginning date, and the designated beneficiary is not using the lifetime or life expectancy payments exception under IRC Section 401(a)(9)(B)(iii); orA beneficiary of an eligible designated beneficiary (including a designated beneficiary who is treated as an eligible designated beneficiary under Section 401(b)(5) of the SECURE Act) if the eligible designated beneficiary died in 2020, 2021, 2022, or 2023, and that eligible designated beneficiary was using the lifetime or life expectancy payments exception under IRC Section 401(a)(9)(B)(iii). Final regulations regarding RMDs under § 401(a)(9) and related provisions are anticipated to apply for determining RMDs for calendar years beginning on or after January 1, 2025.

The Equal Employment Opportunity Commission (EEOC) released correcting amendments to the interim final rule of the Pregnant Workers Fairness Act.The correcting amendments are effective May 28, 2024.(updated May 24, 2024) The Equal Employment Opportunity Commission (EEOC) issued a final rule and interpretive guidance to implement the Pregnant Workers Fairness Act, which requires a covered entity to provide reasonable accommodations to a qualified employee’s or applicant’s known limitations related to, affected by, or arising out of pregnancy, childbirth, or related medical conditions, unless the accommodation will cause an undue hardship on the operation of the business of the covered entity. The final rule includes:Examples of reasonable accommodations such as additional breaks to drink water, eat, or use the restroom; a stool to sit on while working; time off for health care appointments; temporary reassignment; temporary suspension of certain job duties; telework; or time off to recover from childbirth or a miscarriage, among others.Guidance regarding limitations and medical conditions for which employees or applicants may seek reasonable accommodation, including miscarriage or still birth; migraines; lactation; and pregnancy-related conditions that are episodic, such as morning sickness. Guidance encouraging early and frequent communication between employers and workers to raise and resolve requests for reasonable accommodation in a timely manner.Clarification that an employer is not required to seek supporting documentation when an employee asks for a reasonable accommodation and should only do so when it is reasonable under the circumstances.Explanation of when an accommodation would impose an undue hardship on an employer and its business.Information on how employers may assert defenses or exemptions, including those based on religion, as early as possible in charge processing.The final rule and interpretive guidance is effective June 18, 2024.News release (posted April 16, 2024)

The U.S. Department of Labor (DOL) Employee Benefits Security Administration (EBSA) issued a proposal to collect information voluntarily in order to establish the Retirement Savings Lost and Found online searchable database described in section 523 of the Employee Retirement Income Security Act of 1974 (ERISA) and to connect missing participants and other individuals who have lost track of their retirement benefits with such benefits. DOL seeks voluntary participation in the proposed information collection request. DOL had planned to use data that plan administrators submitted to the Internal Revenue Service (IRS) on Form 8955-SSA (Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits). However, citing concerns under section 6103 of the Internal Revenue Code (Code), IRS has now indicated that it will not authorize the release of this data to DOL for the purpose of communicating either directly with participants and beneficiaries about retirement plans that may still owe them retirement benefits or indirectly through the Retirement Savings Lost and Found online searchable database.The notice proposes to request that plan administrators (or their authorized representatives, such as recordkeepers) voluntarily provide information directly to DOL with respect to:Plans With Separated Vested ParticipantsPlans That Distributed Benefits Under Section 401(a)(31)(B) of the Internal Revenue CodePlans That Distributed AnnuitiesTo minimize public burden, plan administrators (or their authorized representatives, such as recordkeepers) will be able to electronically submit the data described in the proposed information collection request as an attachment to this year’s EFAST2 filing. Multiple security measures will be in place to protect plan participant and beneficiary data (i.e., Social Security numbers) in DOL's Lost and Found online searchable database.Comments are due June 17, 2024.News Release

​The Department of Health and Human Services (HHS) though the Centers for Medicare & Medicaid Services (CMS) released a final rule for 2025 that sets standards for health insurers and the Affordable Care Act (ACA) marketplaces, as well as requirements for agents, brokers, and others who help consumers enroll in marketplace coverage.In addition, HHS and CMS released ACA FAQ 66 that details the prohibition of lifetime and annual limits and annual limitations on cost sharing. The FAQ addresses the applicability of this provision in the final 2025 Notice of Benefit and Payment Parameters for self-insured group health plans and large group market plans.Key provisions of the final rule include:2025 payment parameters and provisions related to the HHS-operated risk adjustment program;2025 user fee rates for issuers offering qualified health plans (QHPs) through Federally-facilitated Exchanges (FFEs) and State-based Exchanges on the Federal platform (SBE-FPs);Requiring plans to include at least one patient representative to ensure that the consumer experience with a disease or condition is considered in the design of formulary benefits;Requiring state-based marketplaces to operate a centralized eligibility and enrollment platform on the marketplace’s website to streamline enrollment applications for plans and insurance affordability programs;Requiring that coverage begin the first day of the month after a consumer enrolls in marketplace coverage during a special enrollment period with a regular coverage effective date.The rule also outlines requirements related to the auto re-enrollment process, covers requirements for prescription drug benefits, network adequacy, and public notice procedures for section 1332 waivers.The final rule is effective June 4, 2024.Additional Resources:CMS Fact SheetHHS News ReleaseCMS Final 2025 Actuarial Value Calculator MethodologyKey Dates for Calendar Year 2024 for QHP Certification, Rate Review, and Risk AdjustmentTiming of QHP Data Submission and Certification for the 2025 Plan Year for Issuers in the Federally-facilitated ExchangesTiming of Submission of Rate Filing Justifications for the 2024 Filing Year for Single Risk Pool Coverage Effective on or after January 1, 2025

The U.S. Department of Labor (DOL) issued a technical correction to the final amendment to class prohibited transaction exemption (PTE) 84-14 (the QPAM Exemption), which was published in the Federal Register on April 3, 2024. The QPAM Exemption provides relief from certain prohibited transaction restrictions of Title I of the Employee Retirement Income Security Act of 1974, as amended (ERISA) and Title II of ERISA, as codified in the Internal Revenue Code of 1986, as amended. The corrections in the document fix a typographical error and make a minor clarification to a provision to reflect the Department’s original intent for the effect of the amendment. The technical corrections are consistent with the amended exemption's intended scope and the analysis and data relied upon in DOL's final regulatory impact analysis (RIA). The technical correction is issued on August 13, 2024 without further action or notice. Exemption Date: The PTE 84-14 amendment, as corrected herein, is effective on June 17, 2024.(Updated August 12, 2024)The U.S. Department of Labor's (DOL) Employee Benefits Security Administration (EBSA) issued a final amendment to the class prohibited transaction exemption 84-14, known as the Qualified Professional Asset Manager (QPAM) exemption. The exemption permits various parties related to employee benefit plans and individual retirement accounts (IRAs) to engage in transactions involving plan and IRA assets.The amendment responds to substantial changes in the financial services industry since the exemption’s 1984 establishment. These changes include industry consolidation and the increasing global reach of financial services institutions in their affiliations and investment strategies for both plan and IRA assets.The final amendment ensures that the exemption continues to protect plans and their participants and beneficiaries and IRA owners by doing the following:Addressing perceived ambiguity by clarifying that foreign convictions are included in the scope of the exemption’s ineligibility provision.Expanding the ineligibility provision to include additional types of serious misconduct.Adding a one-year transition period that focuses on mitigating potential costs and disruption to plans and IRA owners when a QPAM becomes ineligible due to a conviction or participates in other serious misconduct.Updating asset management and equity thresholds in the QPAM definition.Clarifying the requisite independence and control a QPAM must have with respect to investment decisions and transactions.Adding a standard recordkeeping requirement.The amendment is effective June 17, 2024.DOL News Release(Posted April 3, 2024)

​The Internal Revenue Service, Departments of Health & Human Services (HHS), Labor (DOL) and Treasury have issued final rules aimed at helping consumers distinguish between short-term, limited-duration insurance (STLDI) and fixed indemnity insurance (plans that pay a pre-determined fixed amount for a health-related event, regardless of expenses incurred) from comprehensive coverage. STLDI and fixed indemnity insurance sometimes include benefit limitations. These types of plans are not subject to many of the Affordable Care Act’s (ACA) consumer protections, and, as a result, individuals may unknowingly end up in plans that do not cover essential benefits like prescription drugs, exclude coverage for pre-existing conditions, or impose annual or lifetime dollar limits on services.The final rules, among other policies, would:Amend the federal definition of STLDI to ensure these “short-term” plans are truly short-term and used to fill temporary gaps in comprehensive coverage. It would also require STLDI and fixed indemnity excepted benefits coverage to make clearer to consumers the differences between these products and comprehensive coverage, including what is covered and how much is covered. Call for limiting the length of the initial STLDI contract period to no more than three months, and the maximum coverage period to no more than four months, taking into account any renewals or extensions. That would reduce the current maximum length of short-term coverage from up to 36 months, including renewals and extensions, according to the Centers for Medicare & Medicaid Services (CMS).Amend the federal definition of STLDI to provide that a renewal or extension includes STLDI sold by the same issuer, or any issuer that is a member of the same controlled group, to the same policyholder within a 12-month period. Prohibit short-term coverage providers from “stacking,” or issuing multiple policies to the same policyholder within a 12-month period.Amend the federal notice standard to help consumers better distinguish between comprehensive coverage and STLDI and get information on their health coverage options. The revised notice standard uses concise and easy-to-understand language that will be meaningful to consumers. The notice must be prominently displayed on the first page of the policy, certificate, or contract of insurance, including for renewals and extensions, and included in any marketing, application, and enrollment (or reenrollment) materials. The final rules have the following applicability dates:For policies, certificates, or contracts of STLDI sold or issued on or after September 1, 2024, the maximum term and duration amendments to the definition of STLDI in the final rules apply for coverage periods beginning on or after September 1, 2024. For policies, certificates, or contracts of STLDI sold or issued before September 1, 2024 (including any subsequent renewals or extensions consistent with applicable law), coverage may continue to have an initial contract term of fewer than 12 months and a maximum duration of up to 36 months (taking into account any renewals or extensions), subject to any limits under applicable state law. The notice provisions for STLDI apply with respect to coverage periods (including renewals and extensions) beginning on or after September 1, 2024. The notice provisions for group and individual market fixed indemnity excepted benefits coverage apply to both new and existing coverage with respect to plan years (in the individual market, coverage periods) beginning on or after January 1, 2025.The final rules are effective June 17, 2024.Additional Information:Fact SheetNews Release

The Internal Revenue Service (IRS) and Department of Treasury (Treasury) released Notice 2024-28 seeking recommendations for items that should be included in the 2024-2025 Priority Guidance Plan. The Treasury Department's Office of Tax Policy and the IRS use the Priority Guidance Plan each year to identify and prioritize the tax issues that should be addressed through regulations, revenue rulings, revenue procedures, notices, and other published administrative guidance. The 2024-2025 Priority Guidance Plan will identify guidance projects that the Treasury Department and the IRS intend to actively work on as priorities during the period from July 1, 2024, through June 30, 2025.Comments are due May 31, 2024, for possible inclusion on the original 2024-2025 Priority Guidance Plan. Taxpayers may submit recommendations for guidance at any time during the year for consideration in future updates.

President Biden signed an executive order to expand registered apprenticeships, which will help create more Registered Apprenticeship programs in the federal workforce, encourage agencies to provide preferences on projects to recipients that hire individuals who have participated in Registered Apprenticeship programs, and increase worker voice for federal programs and contracts.The order would: Expand Registered Apprenticeships (RAs) in the federal workforce by directing the Office of Personnel Management (OPM), Department of Labor, and other Federal agencies to explore opportunities to reduce barriers and create pathways into and up through Federal employment using Registered Apprenticeships. It also directs OPM and DOL to issue a report within 180 days detailing potential occupations for expanding Federal RAs and further authorities that OPM should consider to expand Federal RAs.Promote and expand the use of RAs through Grants and Contracts by directing Federal agencies to identify where they could include requirements or incentives for grant recipients or contractors to employ workers who are or were participating in RA programs, and, in appropriate cases, directs those agencies to require, incentivize, or encourage those requirements or incentives.Re-establish Labor Management Forums (LMFs). LMFs are a tool used by union members and management, acting together, to jointly improve their workplaces. The order will re-establish labor management forums within the federal government to ensure workers have a voice.Additional ResourceFact Sheet

Health Canada introduced Bill C-64, An Act respecting pharmacare (Pharmacare Act), which proposes the foundational principles for first phase of national universal pharmacare in Canada and describes the Government of Canada’s intent to work with provinces and territories (PTs) to provide universal, single-payer coverage for a number of contraception and diabetes medications. These elements would form the key next steps towards national universal pharmacare in Canada.Bill C-64 provides that the new Canadian Drug Agency work towards:the development of a national formulary,develop a national bulk purchasing strategy, andsupport the publication of a pan-Canadian strategy regarding the appropriate use of prescription medications.Additional Resources:Backgrounder: Universal Access to ContraceptionBackgrounder: Universal Access to Diabetes Medications, and Diabetes Device Fund for Devices and SuppliesFinal Report of the Advisory Council on the Implementation of National Pharmacare

The Departments of Labor (DOL) and Treasury, and Pension Benefit Guaranty Corporation (collectively, the Agencies) extended the comment period 30 days to May 22, 2024. (updated April 2, 2024) The Departments of Labor (DOL) and Treasury, and Pension Benefit Guaranty Corporation (collectively, the Agencies) issued a  Request for Information (RFI) to develop a public record for purposes of the directive in the SECURE 2.0 Act of 2022 (SECURE 2.0). The RFI addresses section 319 of SECURE 2.0, requiring that these agencies review the existing reporting and disclosure requirements for certain retirement plans under the Employee Retirement Income Security Act of 1974, as amended (ERISA) and the Internal Revenue Code (Code) that are applicable to each agency. Following this review, the agencies are to report to Congress, no later than December 29, 2025, concerning the effectiveness of the reporting and disclosure requirements. The report will:Include recommendations on consolidating, simplifying, standardizing, and improving such requirements with the dual goals of reducing compliance burdens and ensuring plan participants’ and beneficiaries’ timely receipt and better understanding of the information they need to monitor their plans, prepare for retirement, and get the benefits they have earned; and Consider how participants and beneficiaries are providing preferred contact information, the methods by which plan sponsors and plans are furnishing disclosures, and the rate at which participants and beneficiaries are receiving, accessing, understanding, and retaining disclosures.Consistent with the directive in section 319 of SECURE 2.0, the RFI focuses generally on the overall effectiveness of the reporting and disclosure frameworks in ERISA and the Code. Responses to the RFI will inform the agencies in preparation of the required report to Congress and in any future action taken by the agencies to enhance the effectiveness of existing requirements.Comments are due April 22, 2024.News ReleaseSummary of PBGC Reporting and Disclosure Requirements(posted January 24, 2024)