ERISA Complex LitigationBlog Posts
New Rules on Making Deferred Compensation Subject to Signing a ReleaseIRS 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 ReleaseJanuary 4, 2011 |
Wellness Programs: A 2011 Prescription for Participation and SuccessA prescription for designing successful employer sponsored wellness programsDecember 23, 2010 |
FASB Draft Would Require Additional Financial Statement Disclosure of Liabilities of Multiemployer PlansThe 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 LimitsThe 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 |
IRS Section 409A Audits Get UnderwayLast year, the IRS began auditing deferred compensation plans and arrangements under IRC Section 409A, which imposes restrictions on both the terms and the operation of such plans unless an exemption applies. This program began in 2009, the first year that plan documents had to comply with Section 409A in writing (beginning in 2006, plans had to comply … Continue reading IRS Section 409A Audits Get UnderwayOctober 19, 2010 |
Dealing with 100% Excise Tax on Late Employer Contributions to Underfunded Multiemployer Plans Face 100% Excise TaxThe Pension Protection Act of 2006 (“PPA”) created certain funding classifications for multiemployer pension plans. Seriously underfunded plans are classified as either “critical” (“red zone”) or endangered (“yellow zone”). Plans that fall in between these two levels are considered “seriously endangered” (“orange zone”) plans. Such plans must send participating employers a notice about the plan’s … Continue reading Dealing with 100% Excise Tax on Late Employer Contributions to Underfunded Multiemployer Plans Face 100% Excise TaxOctober 12, 2010 |
FAQs on Coverage for Adult Children Under Health ReformAs group health plans brace for open enrollment periods under the new Patient Protection and Affordable Care Act of 2010, one of the key issues they face is the Act’s new coverage requirements for adult children. Previously, a child became ineligible for family coverage under a group health plan for federal tax purposes once the … Continue reading FAQs on Coverage for Adult Children Under Health ReformOctober 6, 2010 |
IRS Delays Mandatory W2 Reporting on Cost of Health Coverage for EmployeesEmployers across the country have been preparing to meet the new W-2 reporting requirement under the Affordable Care Act, that generally requires employers to report on Form W-2 for tax years beginning with 2011 the cost of health coverage provided to the employee. In Notice 2010-69, the IRS has provided employers with another year to comply. … Continue reading IRS Delays Mandatory W2 Reporting on Cost of Health Coverage for EmployeesOctober 1, 2010 |