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934 Matching News Items

1.  Groom Law Group Urges IRS to Expand Determination Letter Program
Groom Law Group Link to more items from this source
June 20, 2018
"[Groom Law Group submitted letters] recommending consideration of the following plans as applicants for updated determination letters: [1] Plans with a cash balance or similar benefit formula whose last determination letter was before the effective date of the final IRS hybrid plan regulations. [2] Plans that address income replacement and inflationary pressures through adoption of a variable annuity feature. [3] Traditional pension plans that convert to a cash balance-type formula. [4] Plans that undergo major changes that otherwise make certain compliance testing unnecessary -- such as safe harbor 401(k) plans. [5] Plan changes accompanying significant workforce adjustments, such as downsizings or corporate separations. [6] Corrective plan amendments submitted as part of an EPCRS submission. [7] Governmental plans where there has been a significant change in the governing state or local law."
2.  Groom Law Group Comments on FBAR Filing Requirement for Pension Plans (PDF)
Groom Law Group Link to more items from this source
Oct. 9, 2009
20 pages. Excerpt: We write to respond to the Treasury's request for comments regarding FBAR and the accompanying instructions. As noted in our July 29, 2009 letter and discussed in more detail below, the policy goals of FBAR ? to detect and prevent taxpayers from hiding assets offshore toavoid income taxes or launder money ? are not advanced by requiring U.S persons to file an FBAR with respect to 'foreign financial accounts' held by or for the benefit of Plans. Nevertheless, Treasury may expect at least a 40 percent increase in annual FBAR filings (nearly 75,000 additional filings) from Plans qualified under Code section 401(a), which would test IRS's already limited resources to indentify violators. Thus, we respectfully make the following recommendations[.]
3.  Groom Law Group Comments on FBAR Filing Requirement for Plans (PDF)
Groom Law Group Link to more items from this source
Aug. 3, 2009
3 pages. Excerpt: Groom Law Group submitted [this] letter to the Internal Revenue Service (IRS) to request a temporary suspension of the Report of Foreign Bank and Financial Accounts form (FBAR) filing requirement for pension plans beyond the current September 23, 2009 deadline.
4.  Pension Provisions of the US Model Tax Treaty: Comments by Groom Law Group
Groom Law Group Link to more items from this source
July 14, 2009
Excerpt: The comments include the possible elimination of the clause applying the 'lesser of' the benefit limits of the two countries for certain corresponding pension plans as unnecessary and difficult to administer, a broader provision for nondiscrimination in the taxation of pension investments in a manner similar to the European Commission, extending the third-state pension provision found in the US-Belgium tax treaty to other tax treaties, and granting greater portability of pensions between corresponding plans of different treaty countries.
5.  Groom Law Group Comment Letter to DOL on Proposed Revisions to Form 5500 Annual Return/Report for Multiple Employer Plans (PDF)
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] Link to more items from this source
Jan. 13, 2015
5 pages. "We recommend that the [DOL] limit the requirement to include an attachment listing all employers to multiple employer defined benefit plans, which were the focal point of the legislation. At a minimum, we believe the Department should not require other types of plans, i.e., defined contribution and group health and welfare plans, to include any employer (or employee) contribution information, and should make such relief applicable to 2014 plan year filings."
6.  In Remembrance of Theodore R. Groom
Groom Law Group Link to more items from this source
Nov. 29, 2021
"On November 26, 2021, Groom Law Group lost its founder, friend and leader, Theodore R. Groom. In 1975, Ted co-founded Groom and Nordberg, which evolved to become Groom Law Group, Chartered, the nation's foremost benefits, retirement and healthcare law firm.... In the 1970s, Ted was instrumental in the development of [ERISA], particularly its landmark fiduciary responsibility provisions.... We remember Ted as a mentor, teacher, trusted colleague and friend, as a man who loved the law, and, most of all, as a man who loved and supported his family, friends and colleagues."
7.  Groom Presentation: Overview of Health Care Reform
Groom Law Group Link to more items from this source
Jan. 15, 2010
32 page PDF. Excerpt: Groom Law Group hosted a dial-in for our clients and friends of the firm on Wednesday, January 13th to discuss where health care reform stands at the beginning of 2010. The presentation compared and summarized the key provisions of Senate and House legislation in the areas of insurance market reform, the individual and employer mandates, the Exchange provisions, and tax 'revenue raisers.' A recording of the call is available until February 13th.
8.  Groom Comments on 2009 Suspension of Required Minimum Distribution Rules (PDF)
Groom Law Group Link to more items from this source
Jan. 30, 2009
5 pages. Excerpt: Groom Law Group submitted the attached letter to the IRS to request additional clarifying guidance with respect to the 2009 suspension of the required minimum distribution rules for defined contribution plans described in Code section 401(a), 403(b) plans, governmental 457(b) plans, and IRAs provided under the Worker, Retiree, and Employer Recovery Act of 2008.
9.  Groom Comments on Proposed IRS 403(b) Prototype Plan Program (PDF)
Groom Law Group via 403bwise Link to more items from this source
June 16, 2009
6 pages. Excerpt: Firm has specific comments on: vesting, selected church plan rules, employer contributions, cash limit, hardship distribution and disability definition.
10.  Federal Law Update for Teacher Retirement Plans (PDF)
Calhoun Law Group, P.C. and Groom Law Group, via National Council on Teacher Retirement Link to more items from this source
Dec. 13, 2004
At pp. 8-69 of 69-page document.
11.  DOL Weighs in Again on Select Group Requirement for Top Hat Plans (PDF)
Groom Law Group via Bloomberg BNA Pension & Benefits Daily Link to more items from this source
Sept. 29, 2015
"While there is very little guidance in the legislative history of ERISA on this Select Group requirement, exploring the guidance from federal court cases is important in determining the landscape of the Select Group issue. With the exception of the DOL's recent amicus brief, most of the useful guidance on this issue has come from [several] federal court cases ... The courts have taken varied and sometimes conflicting approaches[.]"
12.  New Rules Regarding Account-Based Group Health Plans Could Have Some Employers Cheering
Groom Law Group Link to more items from this source
June 25, 2019
"[T]he Final Regulations clarify that the employee classes are to be applied using a common law employer standard and not on a controlled group basis.... [E]mployers will need to analyze whether practices that are acceptable in some spheres (such as providing for enhanced HRA contributions as a wellness incentive for individuals with a health factor under HIPAA) are permissible when offered in connection with an ICHRA.... [E]mployers interested in using an ICHRA to avoid all employer mandate penalties will likely need to contribute larger amounts to ensure that the individual coverage is otherwise 'affordable' for the participants (although a minimal contribution would shield against the big penalty associated with not offering coverage)."
13.  Applicability of the Embedded Maximum Out-of-Pocket Limit to Large Group and Self-Funded Plans (PDF)
Groom Law Group Link to more items from this source
May 20, 2015
"Despite the lack of clarity on this issue, it appears that the Departments do intend to require large group and self-funded plans to comply with the 'embedded MOOP' requirements implemented in the [2016 Notice of Benefit and Payment Parameters]. The Departments are primarily relying on the cross-reference in section 2707(b) of the Public Health Service Act to extend the embedded MOOP requirement to large group and self-funded plans."
14.  Group Health Plan Excise Tax Reporting Obligations Coming in 2010
Groom Law Group Link to more items from this source
Oct. 14, 2009
Excerpt: With the publication of final regulations on excise tax reporting, effective January 1, 2010, employers who sponsor group health plans now will be required to report and pay excise taxes for failing to satisfy certain federal group health plan mandates, unless timely corrected. In addition, excise tax reporting is required if comparable employer contribution rules are not satisfied for health savings accounts (HSAs) and Archer medical savings accounts (MSAs). Failure to file the excise tax return and pay the excise tax on or before the required due date will result, under Internal Revenue Code section 6651, in penalties and related interest unless the failure to timely file or pay is due to reasonable cause and not to willful neglect.
15.  Canadian Court Rejects Multiemployer Plan's ERISA Controlled-Group Liability Claims (PDF)
Groom Law Group Link to more items from this source
May 14, 2017
"The court held that ERISA cannot be applied to hold Canadian entities liable for multiemployer withdrawal liability simply because those entities are owned by a common parent.... The decision marks one of the few instances to date that a court has analyzed ERISA's reach across the U.S. border, and may make it more difficult for multiemployer plans and the PBGC to seek payment from foreign entities of liabilities associated with underfunded multiemployer and single employer plans." [Walter Energy Canada Holdings, Inc. (Re), 2017 BCSC 709, May 1, 2017]
16.  Controlled Group Liability Early Warning Program, Premiums, and Other PBGC Developments Affecting Plan Sponsors (PDF)
Groom Law Group Link to more items from this source
Jan. 12, 2017
"This memo provides a summary of [1] a recent court decision rejecting PBGC's attempts to expand the types of entities liable for termination liabilities, [2] PBGC's recent guidance on its Early Warning Program, [3] the Participant and Plan Sponsor Advocate's 2016 report, and [4] changes to the premium filing instructions."
17.  IRS Modifies Cafeteria Plan Rules to Allow Certain Employees to Drop Employer-Provided Group Health Plan Coverage (PDF)
Groom Law Group Link to more items from this source
Sept. 30, 2014
"This modification of the irrevocable election rules provided by the Notice does not apply to cafeteria plan elections to contribute to a flexible spending arrangement. [Notice 2014-55] applies to cafeteria plan elections to contribute to group health plans that provide minimum essential coverage. This means that cafeteria plan elections for stand-alone dental and vision plans or critical illness plans (which are excepted benefits and do not provide minimum essential coverage) cannot be changed based on this guidance."
18.  As Retiree Drug Subsidy Program Becomes Less Attractive, Employers Consider Using 'Group Waiver Program'
Groom Law Group Link to more items from this source
Apr. 11, 2012
"Employers who currently receive a federal tax subsidy for providing retiree prescription drug coverage under the retiree drug subsidy program, or RDS, will no longer be able to take a deduction for that subsidy as of 2013 ... Therefore, many employers are considering an alternative subsidy program referred to as the Employer Group Waiver Program, or EGWP, as an attractive way to achieve significant plan savings and are weighing the benefits of the EGWP against the RDS."
19.  IRS Updates Guidance On Form W-2 Reporting of Group Health Plan Coverage
Groom Law Group Link to more items from this source
Feb. 17, 2012
[T]he FAQs, while streamlined, include a helpful chart that details the type of coverage taken into account for 'DD' reporting.
20.  IRS Guidance on Form W-2 Reporting of Group Health Plan Coverage (PDF)
Groom Law Group Link to more items from this source
Jan. 6, 2012
The Notice will apply until further guidance is issued. Many of the new rules are characterized as 'transitional relief' and the Notice states that these rules may change in future guidance. However, as with Notice 2011-28, any future guidance will be prospective only and will not be applicable earlier than January 1 of the calendar year beginning at least6 months after the guidance is issued.
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