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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

IRS Issues Revenue Ruling 2010-27 on Unforseeable Emergency Distributions from Section 457(b) Plans

The IRS, on December 17, 2010, issued Revenue Ruling 2010-17, which sets forth examples of certain expenses that may be eligible for an unforeseeable emergency distribution from an IRC Section 457(b) deferred compensation plan. Section 457(b) plans generally may permit hardship distributions for unforeseeable emergencies if certain requirements are met. The ruling concludes that residential … Continue reading IRS Issues Revenue Ruling 2010-27 on Unforseeable Emergency Distributions from Section 457(b) Plans
January 5, 2011

IRS Delays Enforcement of Health Care Reform Nondiscrimination Provisions for Insured Group Plans

The Internal Revenue Service has given a last-minute holiday gift to sponsors of insured group health plans.  It announced delayed enforcement for the new nondiscrimination provisions applicable to insured group health plans under the Patient Protection and Affordable Care Act of 2010 (as amended by the Health Care and Education Reconciliation Act of 2010; together … Continue reading IRS Delays Enforcement of Health Care Reform Nondiscrimination Provisions for Insured Group Plans
January 4, 2011

New Rules on Making Deferred Compensation Subject to Signing a Release

IRS Notice 2010-6 previously provided guidance concerning how to make payment of nonqualified deferred compensation that is subject to the signing of a release complaint with Section 409A.  Essentially, it provides that a plan may not allow an employee to delay or accelerate the timing of a payment as a result of the employee’s actions … Continue reading New Rules on Making Deferred Compensation Subject to Signing a Release
January 4, 2011

Wellness Programs: A 2011 Prescription for Participation and Success

A prescription for designing successful employer sponsored wellness programs
December 23, 2010

FASB Draft Would Require Additional Financial Statement Disclosure of Liabilities of Multiemployer Plans

The Financial Accounting Standards Board ("FASB") issued an Exposure Draft (the "Draft") September 1, 2010, proposing changes to U.S. Generally Accepted Accounting Principles ("GAAP"), which, if adopted, would require participating employers in multiemployer pension plans to disclose in their financial statements additional information concerning their obligations to such plans. The Draft would apply to public companies for fiscal years ending after December 15, 2010 and to non-public companies exactly one year later.
December 16, 2010

HHS Updates Guidance on Obtaining Waivers from PPACA Annual Limits

The Patient Protection and Affordable Care Act (Affordable Care Act), requires the Secretary of Health and Human Services (HHS) to impose restrictions on the imposition of annual limits on the dollar value of essential health benefits in a new or existing group health plan for plan years beginning on or after September 23, 2010 and prior to January 1, 2014. Interim final regulations published on June 28, 2010, established these restricted annual limits, along with the possibility for a waiver from these restricted annual limits as granted by HHS if complying with the interim final regulations would result in a significant decrease in access to benefits or a significant increase in premiums.
November 22, 2010

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