• Annual funding notices—late or undated.
• Elections to use or reduce prefunding and carryover balances—late or undated.
• Elections to use prefunding and carryover balance to meet quarterly contributions—late or with unspecified dollar amount(s).
• Adjusted funding target attainment percentage certification—late.
• Actuarial increase for late retirement benefits—not made.
• Asset valuation—done differently for minimum funding versus funding-based limits.
• Relative value disclosure notices—not compliant with requirements to show relative value compared to the QJSA.
• Contributions—late payment resulting in liquidity shortfalls.
• Quarterly contributions—late.
• Premiums for life insurance policies—inappropriate inclusion as plan expenses in target normal cost.
• Funding—in excess of the deduction limit.
• Determining accrued benefits in the valuation—use of a definition of compensation not consistent with plan terms.
• Compensation for benefit purposes—not defined under the plan.
• Service calculation for benefit purposes—incorrect calculation.
• Distribution options subject to the Code section 417(e) cash-out restrictions—incorrect interest rates used for calculating.

 Health care reform timeline: Key elements of health reform for employers

2010

• Change in tax treatment for over-age dependent coverage
• Accounting impact of change in Medicare retiree drug subsidy tax treatment
• Early retiree medical reinsurance
• Medicare prescription drug "donut hole" beneficiary rebate
• Break time/private room for nursing moms

2011

• Dependent coverage to 26 (grandfathered plans may limit to children without access to other employer coverage, other than parent's coverage)¹
• No lifetime dollar limits¹
• Restricted annual dollar limits, phased amounts until 2014¹
• No pre-existing condition limitations for enrollees up to age 19¹ and no recissions¹
• No health FSA/HRA/HSA reimbursement for non-prescribed drugs
• Increased penalties for non-qualified HSA distributions
• Additional standards for new or "non-grandfathered" health plans, including preventive care in network with no cost-sharing appeal and external review, provider choice and non-discrimination provisions for insured plans³
• Income-based Medicare Part D premiums
• Pharmaceutical importers and manufacturers' fees start
• Medicare, Medicare Advantage benefit and payment reforms to begin
• Insurers subject to medical loss ratio rules

¹ Applies to all plans, including "grandfathered" plans, effective for plan years beginning on or after Sept. 23, 2010 (Jan. 1, 2011, for calendar year plans).

³ Delayed until regulations issued/date TBD

2012

• Employers to distribute uniform summary of benefits and coverage (SBC) to participants (deadlines vary with group of recipients)
• 60-day advance notice of mid-year material modifications to SBC content
• Form W-2 reporting for health coverage (track in 2012 for W-2 form provided in early 2013)⁴
• Coverage for additional women's preventive care services begins (plan years on or after August 1, 2012)⁵

⁴ A temporary exemption applies to certain categories of employers

⁵ Applies to nongrandfathered plans

2013

• $2,500 per plan year health FSA contribution cap (plan years on or after January 1, 2013)
• Comparative effectiveness group health plan fees begin
• Annual dollar limits on essential health benefits cannot be lower than $2 million
• Employers notify employees about exchanges
• Medical device manufacturers' fees start
• Higher Medicare payroll tax on wages exceeding $200,000/individual; $250,000/couples
• Change in Medicare retiree drug subsidy tax treatment takes effect
• Exchanges initial open enrollment period to begin

2014

• Health insurance exchanges
• Individual coverage mandate
• Financial assistance for exchange coverage of lower-income individuals
• States may expand Medicaid
• Increase in wellness limit
• Employer shared responsibility
• Additional reporting and disclosure
• Dependent coverage to age 26 for any covered employee’s child²
• No annual dollar limits²
• No pre-existing condition limits²
• No waiting period over 90 days²
• Additional standards for non-grandfathered health plans, including limits on out-of-pocket maximums ($6,250/individual, $12,500 /family in 2013),
  provider nondiscrimination, and coverage of routine medical costs of clinical trial participants
• Small market, non-grandfathered insured plans must cover essential health benefits with limited deductibles (initially $2,000/individual, $4,000/family), using a form of community rating
• Insured non-grandfathered plans of all sizes must offer guaranteed issue and renewability
• Health insurance industry fees begin
• Temporary reinsurance fees
• Auto enrollment sometime after 2014³

² Applies to all plans, including grandfathered plans, effective for plan years beginning on or after Jan. 1, 2014.

³ Delayed until regulations issued /date TBD.

2015

• Temporary reinsurance fees begin

2018

• 40% excise tax on "high cost" or Cadillac coverage

Department of Labor Regulation and Exemptions

• Definition of the Term "Fiduciary" & Related Exemptions – Proposed Delay of Applicability Dates

  • Federal Register Notice

  • News Release

  • Public Comments

  • Temporary Enforcement Policy

• Presidential Memorandum on the Fiduciary Duty Rule

• Final Rule

• Best Interest Contract Exemption (Corrected)

  • Best Interest Contract Exemption

• Class Exemption for Principal Transactions (Corrected)

  • Class Exemption for Principal Transactions

• Amendment to PTE 75-1, Part V

• Amendments to and Partial Revocation of PTEs 86-128 and 75-1

• Amendments to Class Exemptions 75-1, 77-4, 80-83 and 83-1

• Amendment to and Partial Revocation of PTE 84-24

• Proposed Best Interest Contract Exemption for Insurance Intermediaries

The Department of Labor (DOL) has proposed a delay in the applicability date of its Fiduciary Rule to June 9, 2017, in order to complete a review of the Rule.  

Presidential Memorandum on Fiduciary Duty Rule

MEMORANDUM FOR THE SECRETARY OF LABOR

SUBJECT: Fiduciary Duty Rule

One of the priorities of my Administration is to empower Americans to make their own financial decisions, to facilitate their ability to save for retirement and build the individual wealth necessary to afford typical lifetime expenses, such as buying a home and paying for college, and to withstand unexpected financial emergencies.

Term "Fiduciary"; Conflict of Interest Rule Retirement Investment Advice, 81 Fed. Reg. 20946 (April 8, 2016) (Fiduciary Duty Rule or Rule), may significantly alter the manner in which Americans can receive financial advice, and may not be consistent with the policies of my Administration.

Accordingly, by the authority vested in me as President by the Constitution and the laws of the United States of America, I hereby direct the following:

Section 1. Department of Labor Review of Fiduciary Duty Rule. (a) You are directed to examine the Fiduciary Duty Rule to determine whether it may adversely affect the ability of Americans to gain access to retirement information and financial advice. As part of this examination, you shall prepare an updated economic and legal analysis concerning the likely impact of the Fiduciary Duty Rule, which shall consider, among other things, the following:

(i) Whether the anticipated applicability of the Fiduciary Duty Rule has harmed or is likely to harm investors due to a reduction of Americans' access to certain retirement savings offerings, retirement product structures, retirement savings information, or related financial advice;

(ii) Whether the anticipated applicability of the Fiduciary Duty Rule has resulted in dislocations or disruptions within the retirement services industry that may adversely affect investors or retirees; and

(iii) Whether the Fiduciary Duty Rule is likely to cause an increase in litigation, and an increase in the prices that investors and retirees must pay to gain access to retirement services.

(b) If you make an affirmative determination as to any of the considerations identified in subsection (a) or if you conclude for any other reason after appropriate review that the Fiduciary Duty Rule is inconsistent with the priority identified earlier in this memorandum then you shall publish for notice and comment a proposed rule rescinding or revising the Rule, as appropriate and as consistent with law.

Sec. 2. General Provisions. (a) Nothing in this memorandum shall be construed to impair or otherwise affect:

(i) the authority granted by law to an executive department or agency, or the head thereof; or

(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

(b) This memorandum shall be implemented consistent with applicable law and subject to the availability of appropriations.

(c) This memorandum is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

(d) You are hereby authorized and directed to publish this memorandum in the Federal Register.

DONALD J. TRUMP

Source: The Department of Labor:  https://www.dol.gov/agencies/ebsa/laws-and-regulations/rules-and-regulations/completed-rulemaking/1210-AB32-2

Source, Whitehouse.gov : https://www.whitehouse.gov/the-press-office/2017/02/03/presidential-memorandum-fiduciary-duty-rule