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Plan Participants May be Assessed Penalties as a Result of DOJ Suit Against Welfare Benefit Plan

Participants in the Professional Benefits Trust (“PBT”) may be in danger of having to pay the United States Treasury 50% of their assets in penalties for each year of participation in PBT. The assets of the purported welfare benefit plan were moved off shore and deposited into the Mavin foreign insurance company and into Acadia annuities. … Continue reading Plan Participants May be Assessed Penalties as a Result of DOJ Suit Against Welfare Benefit Plan
July 20, 2011

What Does NY’s Marriage Equality Act Mean to Employers?

Under the New York State Marriage Equality Act enacted June 24, 2011, and effective July 24, 2011, New York recognizes as valid any otherwise valid marriage regardless of whether the marital partners are of the same or opposite sex. There is an exception for religious organizations.  In general, the new law does not require such organizations … Continue reading What Does NY’s Marriage Equality Act Mean to Employers?
June 30, 2011

Plan Trustees & Committees With FBAR Reporting Obligations – June 30th Deadline

Reports required under Foreign Bank Account Reporting or “FBAR” laws and regulations must be submitted to the U.S. Department of the Treasury on or before June 30, 2011. Individuals with a financial interest in foreign financial accounts (including foreign bank accounts, securities and certain insurance and annuities) or with signatory or other authority over such accounts … Continue reading Plan Trustees & Committees With FBAR Reporting Obligations – June 30th Deadline
June 15, 2011

Write the Rules on Employer Health Care Reform Penalties

Write the Rules on Employer Health Care Reform Penalties Employers now have an opportunity to influence how the Patient Protection and Affordable Care Act’s “employer responsibility” “assessable payment” will apply in 2014.    Section 4980H of the Internal Revenue Code, added by the PPACA, imposes a penalty on employers with more than 50 full-time employees … Continue reading Write the Rules on Employer Health Care Reform Penalties
May 5, 2011

Employers Find Relief in Repeal of Certain Health Reform (PPACA) Provisions

The U.S. Supreme Court has refused to engage in expedited review of the decision of a Virginia District Court that held unconstitutional the individual mandate contained in the Patient Protection and Affordable Care Act (“PPACA”). The Supreme Court’s April 25 decision suggests there will be a long road to resolution of the constitutional attack on the … Continue reading Employers Find Relief in Repeal of Certain Health Reform (PPACA) Provisions
May 2, 2011

Court Finds Wellness Program is Part of a Group Health Plan

Florida federal district court decision is instructive for employer sponsored wellness programs with regard to ADA, and potentially ERISA.
April 14, 2011

DOL to Revisit Rules for Delivering Summary Plan Descriptions and Other ERISA Documents

The Department of Labor (DOL) announced it is reviewing the use of electronic media by employee benefit plans subject to ERISA to furnish information to participants and beneficiaries, following and in response to Executive Order 13563 issued by President Obama to address and improve current regulations. If you have concerns about the current process, now is … Continue reading DOL to Revisit Rules for Delivering Summary Plan Descriptions and Other ERISA Documents
April 7, 2011

New IRS User Fee Schedule for Determination Letter Requests Takes Effect

Effective February 1, 2011, IRS Revenue Procedure 2011-8 has changed the IRS’s user fees for filing for determination letters for tax-qualified retirement plans. The fee changes include those for filing Form 5300, Application for Determination for Employee Benefit Plan, and Form 4461, Application for Approval of Master or Prototype or Volume Submitter Defined Contribution Plans. … Continue reading New IRS User Fee Schedule for Determination Letter Requests Takes Effect
February 3, 2011

Score Tied 2-2 as the Healthcare Challenge Heads to the Legal Superbowl – The Supreme Court

Federal District Court Judge, Roger Vinson, for the Northern District of Florida, Pensacola Division struck down the Patient Protection and Affordable Care Act (“PPACA”), the Federal health reform law dubbed by its critics as “Obamacare,” on Constitutional grounds yesterday. Judge Vinson agreed with the Attorneys General of 26 states that the mandates of the law … Continue reading Score Tied 2-2 as the Healthcare Challenge Heads to the Legal Superbowl – The Supreme Court
February 1, 2011

MOODY’S WILL COUNT UNFUNDED STATE PENSION BENEFITS IN RATING STATE BONDS

Moody's Investors' Service has started to recalculate the states' debt burdens to include the unfunded pension obligations owed to state employees
January 27, 2011

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