Products September 11, 2014

TIAA-CREF Launches Website for Retirement Plan Sponsors

September 11, 2014 (PLANSPONSOR.com) - TIAA-CREF launched PlanFocus, a new website for retirement plan sponsors.
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The firm says the site helps both plan sponsors and plan advisers/consultants manage and optimize plan operations, drive outcomes and engage employees.

Key features of the site include:

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  • Comprehensive plan analytics, with multidimensional data filtering and reporting capabilities that provide plan sponsors with access to detailed plan participant information. Insights gleaned from this data can be used to develop employee engagement strategies that can help improve retirement readiness.
  • A section dedicated to fiduciary and compliance resources and tools to help plan sponsors understand and fulfill their fiduciary responsibilities and adhere to any compliance requirements. Plan sponsors receive clear direction to better manage plans, in addition to the tools and resources to help them understand their fiduciary duties and responsibilities.
  • A single access point to regulatory updates and developments, TIAA-CREF’s plan sponsor newsletters, thought leadership and information about upcoming plan sponsor webinars. Other features include enhanced transactional capabilities, easy access to forms and educational resources for plan sponsors and their participants.

TIAA-CREF notes that DALBAR, a financial services market research firm, has recognized PlanFocus as a leading retirement plan sponsor website. “We listened carefully to the needs and challenges of clients and consultants to create a site that provides access to information, tools and resources to help them best administer their plan, support fiduciary duties and track plan goals,” says Susan Fulshaw, managing director, product development at TIAA-CREF.

For more information about PlanFocus, visit https://www.tiaa-cref.org/public/land/planfocusoverview.

Compliance September 11, 2014

IRS Releases Draft Instructions for Employer ACA Reporting

September 11, 2014 (PLANSPONSOR.com) – The Internal Revenue Service (IRS) has published draft instructions for forms employers will use to submit information required by the Patient Protection and Affordable Care Act (ACA).
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Code section 6056, as enacted by the ACA, requires “applicable large employers” subject to the employer “shared responsibility” mandate (Code section 4980H) to report to the IRS information about their compliance with the  mandate and any health care coverage offered to employees (see “SECOND OPINIONS: ACA Employer Reporting Requirements, Part I”).

Section 6056 also requires those employers to furnish related statements to employees so the employees may use the statements to help determine eligibility for the ACA premium tax credit. 

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The IRS recently issued draft forms for employers to report health care coverage to workers and the agency, but no instructions. Form 1095-C will go to employees, and Form 1094-C will go the agency.

The agency is inviting comments on the draft instructions. The draft instructions and information about how to comment are here.

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