Aon Hewitt Washington Report - 8/7/2017
August 7, 2017
Senate Schedules Pro-Forma Sessions; Chambers Return After Labor Day
Most Senate lawmakers adjourned late last week for August recess. However, the Senate has scheduled nine brief "pro-forma" sessions, which means the Senate will be in session every three business days throughout the August recess. No official business is conducted during these sessions. Both the full House and Senate are tentatively scheduled to return to the Hill after Labor Day.
IRS Publishes Notice Extending Voluntary Reporting of Catastrophic Health Plans
On August 3, 2017, the Internal Revenue Service (IRS) published Notice 2017-41, which extends issuer voluntary reporting for 2017 catastrophic coverage enrolled in through a health care Exchange. In addition, issuers may rely on the Notice to voluntarily report catastrophic plan coverage enrolled in through an Exchange for coverage years after 2017 to the extent final regulations requiring issuer reporting of catastrophic plan coverage enrolled in through an Exchange are not applicable.
IRS Notice 2017-41 is available here.
PBGC Releases FY 2016 Projections Report
On August 3, 2017, the Pension Benefit Guaranty Corporation (PBGC) released its FY 2016 Projections Report, an annual actuarial evaluation forecasting the future financial condition of PBGC’s single-employer and multiemployer programs. According to the PBGC, under current estimates, the financial condition of the single-employer program is likely to improve over the next 10 years, while the multiemployer program, absent changes in law or additional resources, will likely face insolvency by the end of 2025.
The PBGC FY 2016 Projections Report is available here.
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