Headlines about "Reporting requirements (to gov't agencies)"
Gathered from the web by the editors at BenefitsLink.com.
DOL Set to Begin Transition to Form 5500 E-Filing on July 1
Excerpt: "As the transition to EFAST2 -- the second-generation e-filing system for Form 5500 -- gets underway, benefit plan sponsors and other filers could see an immediate impact: As of July 1, the Department of Labor (DOL) will eliminate an informal correction process that has allowed filers 30 to 60 days to correct deficiencies in their reports before substantive review begins. Starting with reporting for the 2009 plan year, DOL generally will accept only electronically filed Form 5500 annual reports for retirement, health and welfare plans." (Mercer LLC)
[Guidance Overview] Another Question is Answered in the 401(k) Plans Q&A Column
There are three companies in a controlled group. Each has a separate but identical 401(k) plan. None of the plans has 100 participants but collectively they would have in excess of 100 participants. Would these individual plans qualify for an audit waiver in connection with the Form 5500 filings? (BenefitsLink.com)
[Guidance Overview] Final PBGC Regulations on Reporting by Underfunded Plans (PDF)
3 pages. Excerpt: "ERISA requires sponsors of certain underfunded pension plans and their controlled group members to report financial and actuarial information ('4010 filings') to the Pension Benefit Guaranty Corporation (PBGC). . . . Effective for information years beginning after December 31, 2007, [the Pension Protection Act of 2006] changed the 4010 reporting requirements by: Replacing the $50 Million Gateway Test with a new test based on the funding target attainment percentage (FTAP) of each plan in the controlled group; Revising the information that must be included in the 4010 filing; Waiving reporting in certain cases for controlled groups with aggregate underfunding of $15 million or less; and Providing guidance on reporting requirements for sponsors of multiple employer plans. Recently, the PBGC published final regulations to reflect these changes. In addition, the PBGC published Technical Update 09-2, which provides an alternative assumption when determining benefit liabilities for purposes of the 4010 filing." (Prudential Retirement)
Texas's Teachers' Pension Fund Adopts Pay-to-Play Limits
Excerpt: "Texas's $77.9 billion Teacher Retirement System, the sixth-largest public pension fund in the U.S., has adopted a policy prohibiting pay-to-play by companies trying to win business managing investments. As of July 1, those seeking management work from the fund will face disclosure requirements regarding placement agents and restrictions on the fees paid them, according to the new policy." (Bloomberg L.P.)
IRS Trends, Tips, Internal Control Questionnaire and Plan Documentation Guide Online
Excerpt: "The Internal Revenue Service (IRS) has recently added important guidance to its Employee Plan Team Audit (EPTA) website that is very helpful to retirement plan sponsors and retirement plan administrators. This article summarizes the important features of these IRS materials." (Littler Mendelson P.C.)
[Guidance Overview] CMS Update on Mandatory Insurer Reporting User Guide and Other Guidance
Excerpt: "This Capital Checkup summarizes key issues addressed in the updated guidance: New registration deadline for entities reporting only on Health Reimbursement Arrangements (HRAs), What it means for a person to be 'known to be entitled to Medicare'), and CMS's recommended process for collecting Medicare Health Insurance Claim Numbers (HICNs) or Social Security Numbers (SSNs)." (The Segal Group, Inc.)
[Guidance Overview] Minnesota Enacts Relief on Employer Reporting Requirement and Minnesota Department of Commerce Releases Opt-Out Form
Excerpt: "Minnesota has amended the law imposing a reporting requirement on employers with respect to pre-tax premium payments. In addition, the Minnesota Department of Commerce has released an opt-out form for the cafeteria plan law enacted last year. Below is an update regarding both developments." (Dorsey & Whitney LLP)
[Guidance Overview] DOL's Webcast Tomorrow Featuring the Form 5500 Electronic Filing Requirements
Excerpt: "Tomorrow there will be a DOL webcast on the new Form 5500 electronic filing requirements which will go into effect for the 2009 plan year (for filings in 2010). I would highly recommend that practitioners and fiduciaries listen in for the following reasons: (1) These webcasts are free to the public and generally contain great information that might not otherwise be available. (2) At yesterday's Mid-Atlantic Pension Liaison Meeting that I attended in Washington, D.C., Michael Auerbach, Chief of the Division of Accounting Services for EBSA, gave a great overview of these new rules. Practitioners seemed surprised at the impact these rules will have on a number of aspects of the current 5500 process. A couple of the surprises are as follows . . . ." (ERISA Fiduciary Guidebook)
Webcast: Getting Ready for the 2009 Form 5500 and Electronic Filing, June 11, 2009
Excerpt: "To help plan sponsors and plan service providers prepare for the changes to the Form 5500 and the electronic filing requirement that begin with the 2009 plan year filings, the Department of Labor will be providing webcasts and other educational outreach throughout the year. This second webcast will address frequently asked questions about preparing the Form 5500 and preparing for electronic filing and the new EFAST2 system. The webcast also will highlight new features of the Delinquent Filer Voluntary Compliance Program that make it easier to use. As part of the changes to the 2009 Form 5500, a new Form 5500-SF was created for certain small plan filers and a number of the schedules to the Form 5500 were changed. The webcast will feature the layout of the new Form 5500-SF and the key changes to the Form 5500 schedules and their instructions. Along with the form changes, the ERISA Filing Acceptance System (EFAST) is being modernized. The new filing system, EFAST2, will receive only electronic filing submissions. The webcast will discuss the key dates surrounding the EFAST decommissioning and transition to EFAST2 and address the questions the Department has been receiving about the new system. [Registration is on the target page.]" (U.S. Department of Labor, Employee Benefits Security Administration)
[Guidance Overview] CMS Form and Instructions for Requesting Expedited Review of COBRA Premium Assistance Denial
Excerpt: "EBIA Comment: The CMS application is similar to the application posted by the DOL, which is for use by individuals covered by group health plans of private employers subject to the federal COBRA requirements who are requesting DOL review of their premium assistance denial . . . . Neither agency has yet posted instructions for employers to indicate how they might become involved in the review process, although the forms and instructions of both agencies request information about the employer and indicate that the information provided in the application may be shared with 'other parties to this review,' including the health plan and the employer." (Employee Benefits Institute of America)
Medicare Secondary Payer User Guide Updated With Guidance for Responsible Reporting Entities and Group Health Plans
Excerpt: "EBIA Comment: ['Responsible reporting entities'] will likely welcome any assistance to deal with the thorny problem of collecting [Medicare Health Insurance Claim Number]/SSNs. It remains to be seen, of course, whether the new strategy will result in a higher level of cooperation from subscribers and their dependents. Collecting information about dependents is particularly difficult since information about them is harder to obtain and often less accurate than for subscribers. " (Employee Benefits Institute of America)
[Guidance Overview] June 3 Disaster Relief Announcements from PBGC;
Storms, floods, mudslide, landslides, tornadoes -- everything but earthquakes -- in Kentucky, Florida, West Virginia, Alabama, Arkansas, Indiana, Georgia. (Pension Benefit Guaranty Corporation)
[Guidance Overview] Presentations by IRS at April 2008 Governmental Plans Roundtable
Powerpoint slides. Excerpt: "The following sessions were presented at the Roundtable: Navigating the Staggered Remedial Amendment Period . . . Requirements Relating to Section 414(d) Governmental Plans . . . EPCU and Examinations Efforts . . . Federal State and Local Governments (FSLG) . . . EPCRS & Governmental Plans . . ." (Internal Revenue Service)
[Guidance Overview] Recent Economic Recovery Legislation Contains Significant New Executive Compensation Requirements (PDF)
3 pages. Excerpt: "The new provisions require a covered institution's Chief Executive Officer and Chief Financial Officer (or equivalents) to certify in writing that the institution has complied with the . . . requirements, as applicable. Publicly-traded companies must file this certification with the SEC along with the company's annual securities filings. Private companies must file the certification with the Secretary." (Winston & Strawn LLP)
[Guidance Overview] IRS Auditors Provide Tips and Trends on Retirement Plan Compliance
Excerpt: "The U.S. Internal Revenue Service provides compliance trends and tips for qualified retirement plans from their Employee Plans Team Audit (EPTA) Program Web pages. These pages highlight plan mistakes that IRS plan auditors see recurring in large case audits and voluntary compliance submissions. The trends are now categorized by plan types including multiemployer plans, 401(k) plans, defined benefits plans and 403(b), 457 and other governmental plans." (International Foundation of Employee Benefit Plans)
[Guidance Overview] Office of Labor Management Standards Extends Comment Period for Proposed Regulations on LM-2 and LM-3 Forms
Excerpt: "The regulations were issued on April 21, 2009 and orginally, the comment period was scheduled to end on May 21, 2009. The new deadline is June 22, 2009. The notice of proposed rulemaking proposes to withdraw a rule published in the Federal Register on January 21, 2009, pertaining to the filing by labor organizations of the Form LM-2, an annual financial report required by the Labor-Management Reporting and Disclosure Act of 1959, as amended (LMRDA)." (International Foundation of Employee Benefit Plans)
[Guidance Overview] Guide to New Form 5500 Schedule C Reporting and Disclosure Rules Including Gifts and Gratuities (PDF)
10 pages. Excerpt: "A number of questions have been raised by the new rules governing Form 5500 Schedule C and related gifts reporting. This question and answer guide provides background information for CIEBA members. CIEBA wishes to thank Morgan, Lewis and Bockius, LLP for preparing this educational resource. This Guide is general in nature and does not constitute legal advice on any specific matter." (The Committee on Investment of Employee Benefit Assets)
DOL Will Seek Public Comment on Draft Request Form for COBRA Subsidy Denial Reviews
Excerpt: "The Department of Labor (DOL) and CMS have prepared draft application forms for individuals to request federal review of COBRA premium subsidy denials. Certain people electing COBRA due to a recent involuntary job loss are eligible for the premium subsidy and can seek federal review if denied the subsidy. The DOL must finish its review within 15 days of receiving a completed form. Official publication of the draft forms is expected in late May and will include a public comment period." (Mercer LLC)
[Official Guidance] Text of 'IRS Retirement News for Employers' -- Spring 2009 Edition (PDF)
14 pages. Excerpt: "The EP Team Audit (Large Case Program) web pages have been updated to include: EPTA Trends and Tips (now organized according to plan type): Common Trends Across All Plan Types; Multiemployer Plan Trends; 401(k) Plan Trends; Defined Benefit Plan Trends; 403(b) Tax-Sheltered Annuity Plan, 457 Plan and Governmental Plan Trends; 'EPTA Trends and Tips' includes links to videos on the EPTA program and on finding, fixing and avoiding plan errors; Internal Controls Questionnaire - Examples of questions asked by EP examiners to understand the system procedures and internal controls; Taxpayer Documentation Guide - This guide, developed by EPTA agents and outside practitioners, provides a comprehensive list of documents that need to be made available for examination." (Internal Revenue Service)
Reporting of COBRA Subsidy
Excerpt: "'Joseph Tiberio, IRS Program Manager, Employment Tax Policy, has confirmed that the IRS will not require COBRA subsidy payments to be reported on Form W-2 or Form 1099.'" (Attorney B. Janell Grenier via Benefitsblog.com)
[Guidance Overview] PBGC Termination Premium Not an Unsecured, Dischargeable Bankruptcy Claim
Excerpt: "An employer that terminated a defined benefit plan while undergoing a Chapter 11 bankruptcy reorganization could not avoid paying a termination premium to the PBGC by calling the termination premium an unsecured, pre-petition claim that was dischargeable under the Bankruptcy Code, the U.S. Court of Appeals in New York City (CA-2) has ruled in PBGC v. Oneida." (Wolters Kluwer)
[Guidance Overview] PBGC Grants Small Plan Reporting Relief for Missed Quarterly Contributions
Excerpt: "On April 30, 2009, the PBGC issued Technical Update 09-3 to provide reporting relief for small plans where a required quarterly contribution for the 2009 plan year is not timely made and the failure is not motivated by financial inability. For plans with fewer than 25 participants for the prior year, the reporting requirement is waived. For plans with at least 25 but fewer than 100 participants for the prior year, only a single simplified notice must be filed with the PBGC for the 2009 plan year ? by the time the first missed-quarterly reportable event report would otherwise be due." (Deloitte via BenefitsLink.com)
[Guidance Overview] HHS Guidance on Safe Harbor from Data Breach Notification Requirements
Excerpt: "The Guidance describes what is essentially a 'safe harbor' from within which covered entities and business associates need not comply with ARRA's data breach notification requirements. At its center, the Guidance establishes an encryption and destruction standard for health information, and explains that covered entities and business associates will not be subject to ARRA's data breach notification requirements for breaches of data that is encrypted or destroyed in accordance with this standard. Although the Guidance raises more questions than answers, it does offer a process-oriented approach. Entities and business associates covered by the Guidance should take careful note of its provisions, and, if needed, provide input to HHS. The Guidance solicits comments, which must be made before May 21, 2009." (Davis Wright Tremaine LLP)
[Guidance Overview] July 1, 2009 Implementation for New Medicare Secondary Payer Reporting
Excerpt: "Group health plans that are not voluntarily sharing data with the Centers for Medicare & Medicaid Services (CMS) will need to confirm that they are able to comply with the new reporting requirements scheduled to go into effect beginning July 1. The responsible reporting entity is typically the plan's insurer or third party administrator ? however, where the plan is self-insured and self administered, the plan administrator or fiduciary is required to report. Specific data is required to enable CMS to verify that benefits are accurately being paid where the Medicare is a secondary payer." (Deloitte via BenefitsLink.com)
[Guidance Overview] ARRA Required Changes in HIPAA Compliance
Excerpt: "The American Recovery and Reinvestment Act passed at the end of February contains a number of changes to HIPAA privacy and security rules. Among the most important changes are new notification obligations in cases of breaches of protected health information (PHI). Upon discovering a breach of unsecured PHI, health plans will now be required to notify affected individuals and -- if more than 500 individuals are affected -- the Department of Health and Human Services (HHS) and prominent media outlets serving the area. Health plans will also be required to maintain and submit annually to HHS a log of all breaches." (Faegre & Benson)
[Official Guidance] Disaster Relief Announcement 09-07 Relating to PBGC Deadlines in Response to Severe Storms and Flooding in Georgia
Excerpt: "Pension Benefit Guaranty Corporation ('PBGC') is waiving certain penalties and extending certain deadlines in response to the severe storms and flooding that occurred on March 26, 2009, in Georgia." (Pension Benefit Guaranty Corporation)
[Official Guidance] Disaster Relief Announcement 09-08 Relating to PBGC Deadlines in Response to Severe Storms and Flooding in Indiana
Excerpt: "Pension Benefit Guaranty Corporation ('PBGC') is waiving certain penalties and extending certain deadlines in response to the severe storms and flooding that occurred on March 8, 2009, in Indiana." (Pension Benefit Guaranty Corporation)
[Official Guidance] DOL, HHS Request Nominations for Members of New Children's Health Insurance Program Working Group (PDF)
2 pages. Excerpt: "[T]he Children's Health Insurance Program Reauthorization Act of 2009 (CHIPRA) . . . directs the Secretary of Health and Human Services and the Secretary of Labor to jointly establish a Medicaid, CHIP, and Employer-Sponsored Coverage Coordination Working Group ('the CHIP Working Group'). . . . The purpose of the Working Group shall be to: [d]evelop a model coverage coordination disclosure form for plan administrators of group health plans to complete for purposes of permitting a State to determine the availability and cost-effectiveness of coverage available under group health plans to employees who have family members who are eligible for premium assistance offered under a State plan under titles XIX or XXI of the Social Security Act (the Act) and to allow for coordination of coverage for enrollees of such plans." (U.S. Department of Labor, U.S. Department of Heatlh & Human Services)
SEC Considering Change to CEO Pay Disclosure Rules
Excerpt: "The Securities and Exchange Commission is considering changing a formula that critics say often allows public companies to low-ball in regulatory filings just how much top executives are paid. At issue is how companies report in a summary compensation table found in their annual proxy statements the totals for stock options and stock awards, which often make up most of top executives' pay. When the rules were last revised three years ago, the SEC directed companies to include a figure that is based only on how much of a charge against earnings is taken each year for the portion of those awards that vested during the year." (The Washington Post; free registration required)
PBGC Provides Small Plan Reporting Relief for Missed 2009 Quarterlies
Excerpt: "The Pension Benefit Guaranty Corporation (PBGC) issued Technical Update 09-3 to provide reporting relief from part 4043 requirements if a required quarterly contribution is not timely made and failure to make the contribution is not motivated by financial inability. Reporting is waived if the plan has fewer than 25 participants and is simplified if the plan has at least 25 but fewer than 100 participants." (International Foundation of Employee Benefit Plans)
[Guidance Overview] New HIPAA Breach Notification Requirements' Guidance
Excerpt: "A notice of a breach of Unsecured PHI generally is required to include, among other things, (1) a description of the breach, (2) steps that affected individuals should take to protect themselves from potential harm that could arise out of the breach, (3) a summary of what the applicable covered entity is doing to investigate the breach, to mitigate potential losses, and to prevent additional breaches from occurring, and (4) steps that can be taken to obtain additional information." (Bond, Schoeneck & King, PLLC)
[Guidance Overview] IRS Confirms No Information-Reporting Requirement for COBRA Subsidy
Excerpt: "Employers will not need to report temporary COBRA premium assistance to eligible individuals on an information return or Form W-2, an IRS spokesperson told CCH on April 24. Recent news reports had indicated that the Service would not require information reporting. The IRS intends to update frequently asked questions (FAQs) on its website to reflect this treatment, the spokesperson added." (Wolters Kluwer)
Intranet Posting of Form 5500 Pension Information Required for 2008 Plan Year
Excerpt: "Defined benefit plan sponsors will be required to post Form 5500 actuarial information (Schedule SB or MB) on their internal website for employees starting later this year. The Pension Protection Act requirement is effective for the 2008 plan year even though Form 5500 e-filings are not required until the 2009 plan year. Pending further guidance, calendar-year plans filing the 2008 Form 5500 in July 2009 would be well-advised to post the required information on their intranet by October. Posting is not required if a plan sponsor doesn't maintain an intranet site for employee communications." (Mercer LLC)
[Guidance Overview] FTC as Enforcer: Proposed Data Breach Notification Rule for Personal Health Records
Excerpt: "Notification of a breach must be made 'without unreasonable delay' but in no event later than within 60 calendar days of learning of the breach. PHR vendors and PHR-related entities must provide notice to each individual who is a citizen or resident of the United States whose unsecured PHR identifiable information was acquired by an unauthorized person as a result of such breach of security and to the FTC. Third-party service providers must provide notice of a breach of security to a senior official at the applicable PHR vendor or PHR-related entity." (Davis Wright Tremaine LLP)
[Guidance Overview] The Imminent New Mandatory Medicare Secondary Payer Reporting Rules (PDF)
5 pages. Excerpt: "We recommend the following steps for each provider of liability or no-fault insurance, workers' compensation programs or insurance, and each person who self-insures such risks, including TPAs: Become familiar with the MMSEA reporting requirements. Determine whether you are a Responsible Reporting Entity. Design a process to capture required information. Register online with the Medicare Coordination of Benefits Contractor before June 30, 2009. Begin testing." (Drinker Biddle Reath LLP)
[Guidance Overview] Another Question is Answered in the 401(k) Plans Q&A Column
What is the legal authority for the requirement to file a Form 1099-R? (BenefitsLink.com)
[Guidance Overview] Approaching Enforcement Date for 'Red Flags Rule' Raises Questions for Some 401(k) Plan Sponsors
Excerpt: "Plan sponsors that are considered 'financial institutions' or 'creditors' (as defined below) may be subject to the Red Flags Rule on and after May 1, 2009, with respect to employee benefit plans that offer plan loans or feature individual accounts. The Red Flags Rule requires certain entities to establish a written program to prevent, detect, and mitigate identity theft associated with certain types of accounts. A 401(k) plan or other benefit plan could fall within the scope of the regulations. The [target page] Q&As explain the Red Flags Rule, provide guidance on determining whether the Rule applies to an entity, and outlines the Rule's requirements." (Pillsbury Winthrop Shaw Pittman LLP)
[Opinion] Describing the Plan Investment and Funding Policies in Required Notice Is Problematic
Excerpt: "New disclosure requirements for defined-benefit pension plans could pose problems for CFOs not paying close attention, a benefits attorney told CFO.com. Time is running out to get a handle on an amendment to the Pension Protection Act of 2006 that requires plan sponsors to describe an investment policy and a funding policy for their plans, among other new disclosures they must make. The disclosures must be included in notices to plan participants, their beneficiaries, labor organizations, and the Pension Benefit Guaranty Corporation by April 30, except for plans with fewer than 100 participants, which have at least three more months." (CFO.com)
[Guidance Overview] Deadlines, Extensions and the DFVC Program; EFAST2
Excerpt: "The following FAQs address the issues relating to deadlines, extensions and the Delinquent Filing Voluntary Compliance Program." (SunGard)
GASB Seeks Comments on Pension Accounting and Reporting for Pension Plans (PDF)
Excerpt: "The Governmental Accounting Standards Board (GASB) has issued an Invitation to Comment (ITC) on Pension Accounting and Financial Reporting. The topics considered in the ITC include the process on which pension accounting and financial reporting should focus; recognition of liabilities and expenses; measurement of unfunded pension obligations; the use of actuarial methods; and reporting by government employers in costsharing multiple-employer pension plans and reporting by pension plansthemselves." (National Conference on Public Employee Retirement Systems)
[Guidance Overview] Second Circuit Rules Bankrupt Companies Must Pay Substantial Pension Termination Fees (PDF)
Excerpt: "In a recent reversal of a Bankruptcy Court decision, the U.S. Court of Appeals for the Second Circuit upheld a law which could further burden financially distressed companies attempting to reorganize and exit bankruptcy. The Second Circuit ruled that 'termination premiums' owed to the Pension Benefit Guarantee Corp. ('PBGC') are not pre-petition claims which may be discharged under the Bankruptcy Code." (Winston & Strawn LLP)
Improving Executive Compensation Disclosure: Why the SEC Rules Don't Fit in a Down Market
Excerpt: "Changes to the executive compensation disclosure rules made during Christopher Cox's tenure as chairman of the Securities and Exchange Commission (SEC) vastly improved disclosures, particularly in the enhanced Compensation Discussion and Analysis (CD&A) section. However, in reviewing the 2008 stock price performance of our clients, we have found the reporting rules require these companies to significantly overstate the value of executive compensation earned. The overstatement will make the inevitable criticism of executive pay practices that arises each proxy season far worse than it should be. In an effort to blunt the critics, companies might shift from shareholder-friendly equity compensation programs to less effective cash-based programs." (Watson Wyatt Worldwide)
[Guidance Overview] Office of Labor Management Standards Delays and Withdraws Regulations on LM-2 and LM-3 Forms
Excerpt: "The Department of Labor's Office of Labor Management Standards (OLMS) delays the effective date and proposes to withdraw new rules on LM2/LM3 financial disclosure forms. Comments on the proposed rule must be received on or before May 21, 2009." (International Foundation of Employee Benefit Plans)
[Official Guidance] Disaster Relief Announcement 09-05 Relating to PBGC Deadlines in Response to Severe Storms and Flooding in Minnesota
Excerpt: "Pension Benefit Guaranty Corporation ('PBGC') is waiving certain penalties and extending certain deadlines in response to the severe storms and flooding that occurred on March 16, 2009, in Minnesota." (Pension Benefit Guaranty Corporation)
[Official Guidance] Disaster Relief Announcement 09-06 Relating to PBGC Deadlines in Response to Severe Storms and Flooding in North Dakota
Excerpt: "Pension Benefit Guaranty Corporation ('PBGC') is waiving certain penalties and extending certain deadlines in response to the severe storms and flooding that occurred on March 24, 2009, in North dakota." (Pension Benefit Guaranty Corporation)
[Guidance Overview] Modifications to Form 5500 and Schedules: EFAST2
Excerpt: "In addition to familiarizing themselves with the new electronic filing procedures, 5500 preparers will need to understand the changes to the Form 5500 and the schedules as well as the Form 5500-SF. The following FAQs describe the elimination of certain schedules, the modifications to the Form 5500 and schedules, and the requirements to be eligible for the new Form 5500-SF." (Sungard)
[Guidance Overview] New Medicare Secondary Payer Reporting Obligations for Workers' Compensation Plans
Excerpt: "Beginning July 1, 2009, many employers and insurance companies will be required to report claims for workers' compensation claimants that are also Medicare beneficiaries to the Centers for Medicare and Medicaid Services (CMS) and become subject to a $1,000 per day per claimant penalty for failure to comply with this mandatory reporting requirement." (Littler Mendelson P.C.)
[Guidance Overview] San Francisco's Health Care Security Ordinance Filing Deadline (PDF)
4 pages. Excerpt: "Every covered employer is required to provide information to San Francisco on an annual basis regarding its health care expenditure compliance. April 30, 2009, is the due date for the first Annual Report Form ('ARF'). This information must be reported on the Office of Labor Standards Enforcement's Health Care Security Ordinance mandatory annual reporting form, which will be mailed to all businesses registered to do business in San Francisco. Please note that only one ARF is to be filed for all entities within the same 'group of controlled corporations' (as defined for purposes of income tax filing)." (Jones Day)
[Guidance Overview] 5500 Electronic Filing Procedures: EFAST2 ? The Steps
Excerpt: "Probably one of the most significant challenges under EFAST2 for 5500 preparers will be the actual electronic filing. The steps vary depending on whether the 5500 preparer is using IFILE or a third-party web-based system. [These] FAQs address the issues relating to the steps in filing electronically." (Sungard)
[Guidance Overview] PBGC Finalizes Rules for 4010 Reporting
Excerpt: "The PBGC recently published final regulations on ERISA section 4010 reporting requirements. PPA made two key changes to these requirements, changing the rules about the information that filers must provide and about who must file. Here, we review the PBGC's final rules." (JPMorgan Chase & Co.)
[Guidance Overview] 401(k) Corrective Distributions Must Be Reported on Form 1099-R As Taxable to Recipient in Year of Distribution
Excerpt: "Beginning in 2009, corrective distributions must be reported on Form 1099-R as taxable to the recipient in the year of distribution. The payer, the IRS explains, must complete Form 1099-R by: Stating the amount of the distribution in Box 1; Reporting the taxable amount of the distribution in Box 29; and Classifying the distribution as taxable in the year distributed by using Code 8 in Box 7." (Wolters Kluwer)
[Guidance Overview] Form 5500 Extension Request and the IRS Response
Excerpt: "One of the more dreaded phone calls an administrator can receive is that from a client informing the administrator that the client has received a letter from the IRS or from the DOL. Recently, we have received several calls from clients informing us that some of their Form 5500 extension requests (Form 5558) were rejected because the forms were unsigned. Of course, the IRS letters were sent improperly. The IRS modified the Form 5558 instructions a few years ago to eliminate the requirement that the form be signed when a plan sponsor is requesting an extension for a Form 5500 . . . ." (Sungard)
EBSA Requests Extensions of Information Collection Relating to Plan Assets, Summary Annual Reports, Terminated Individual Account Plans, and National Medical Support Notices
Excerpt: "The Employee Benefits Security Administration (EBSA) has issued four separate notices requesting the extension of existing information collection deadlines. The notices relate to the definition of plan assets with respect to participant contributions, the national medical support notice, summary annual reports, and the termination of individual account plans. Comments on the extensions are due by May 26." (International Foundation of Employee Benefit Plans)
[Guidance Overview] EFAST2: Attachments and Plan Audits
Excerpt: "Preparing, managing and filing the attachments and the plan audits presents one of the more significant changes in Form 5500 filing and it presents one of the more difficult challenges. The following FAQs address the requirements for including attachments and the plan audit with the Form 5500 filing." (Sungard)
[Guidance Overview] Preparing for and Understanding the New Medicare Reporting Requirements
Excerpt: "Because most companies have already developed reporting policies in workers' compensation cases, they simply need to formalize and expand those policies to include group health plans, liability insurance (including self-insurance), and no-fault insurance as well. The sooner a Medicare eligible claimant or covered individual can be identified by an Insurer, the easier it will be to coordinate with CMS and guarantee that Medicare's interests are protected in the settlement -- thereby relieving the Insurer of any liability to Medicare." (Troutman Sanders LLP)
[Guidance Overview] San Francisco Employer Health Mandate Upheld: 2008 Employer Filing Required by April 30 (PDF)
2 pages. Excerpt: "On March 9, the U.S. Court of Appeals for the Ninth Circuit denied a request for a rehearing on the validity of the employer health spending requirement under San Francisco's Health Care Security Ordinance. The Supreme Court has just denied a request to halt enforcement of the law. Thus, affected employers should prepare the first annual employer reporting form, which must be filed by April 30, 2009." (Buck Consultants)
[Official Guidance] Technical Update on ERISA Section 4010 Reporting; Alternative Form-of-Payment Assumption for Determining Benefit Liabilities
Excerpt: "On March 16, 2009 (at 74 FR 11022), PBGC published in the Federal Register a final rule that amends PBGC's regulation on Annual Financial and Actuarial Information Reporting (29 CFR Part 4010) to implement amendments made to ERISA section 4010 by the Pension Protection Act of 2006 and to make other changes. The final rule is effective April 15, 2009." (Pension Benefit Guaranty Corporation)
Union Asks Government to Intervene on New Tax Tables for Pensioners
Excerpt: "In a letter to lawmakers and U.S. Treasury Secretary Timothy Geithner, the American Federation of State, County and Municipal Employees, AFL-CIO (AFSCME) has asked for a change in the Internal Revenue Service directive to apply new withholding tables to pension payments." (PLANSPONSOR.com; free registration required)
[Guidance Overview] 403(b) Plan Document Requirement: Eight Things Tax-Exempt Organizations and Public Schools Must Address
Excerpt: "Until this year, 403(b) plans that were ERISA plans nevertheless had only minimal financial reporting obligations on Form 5500. New Department of Labor regulations (independent of the new 403(b) tax regulations) effective for 2009 now impose on ERISA 403(b) plans the same reporting requirements applicable to (for instance) 401(k) plans. Notably, 403(b) plans with more than 100 participants must supply an audited financial statement as part of their filing. Form 5500 schedules themselves have been expanded to collect new and detailed information about plan arrangements with insurance companies and other service providers. These schedules may need to include information relating to annuity contracts held by former employees. Affected employers must engage an accountant for the plan, and ensure they have systems in place to obtain, track and report the required information." (Sonnenschein Nath & Rosenthal LLP)
[Guidance Overview] IRS's Guidance Regarding COBRA Subsidy Reporting Requirements
Excerpt: "The information outlined [in the target page] highlights recent Internal Revenue Service ('IRS') guidance on the reporting requirements employers must follow to obtain reimbursement of the COBRA subsidy from the government." (McGuireWoods LLP)
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