Compliance November 25, 2014

IRS Amends Safe Harbor Explanations for Rollovers

The Internal Revenue Service (IRS) has amended the two safe harbor explanations that can be used to satisfy the requirement that certain information be provided to recipients of eligible retirement plan rollover distributions.
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The amendments and model notices are issued following the IRS’ new guidance for allocating pre-tax and after-tax amounts among distributions that are made to multiple destinations from a qualified plan. The amendments to the safe harbor explanations and attached model notices may be used for plans that apply the guidance in section III of Notice 2014-54 with respect to the allocation of pre-tax and after-tax amounts.

Amendments to the safe harbor explanations also address in-plan Roth rollovers and certain other clarifications to the two safe harbor explanations.

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The amendments and model notices are found in IRS Notice 2014-74.

Products November 25, 2014

NFP Expands Private Health Exchange

NFP, a broker and consultant, announced the expansion of NFP Marketplace, its private exchange for workplace health care benefits.

 

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Through new partnerships with GetInsured and HealthPlanOne, NFP Marketplace enables employers to offer affordable health insurance options to retirees, COBRA-eligible individuals, and employees who do not qualify for sponsored plans.

GetInsured is a cloud-based health insurance exchange platform that helps employers offer access to an array of Affordable Care Act-compliant health insurance options, including access to federally-subsidized coverage. Employees can shop for and enroll in a plan in a variety of ways, including on the web or a mobile device, or through the customer care center.

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HealthPlanOne is a web-based provider of private health care exchange services that will enable employers to offer either a defined contribution or access-only program. Advisers provide guidance and enrollment support while retirees are have the ability to view plan details, compare individual plans, utilize decision support tools, and maintain a link to their former employer.

“Private exchanges, which include sophisticated decision-support tools and defined contribution capabilities, have introduced new ways for employers to make affordable health coverage a reality for their entire workforce,” says Ed O’Malley, president of NFP’s corporate client group.

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