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October 10, 2002 - 7,425 subscribers
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8th Circuit: Oral Notice of COBRA Continuation Rights Sufficient (PDF)
Chestnut v. Montgomery, No. 02-1243 (8th Cir. 10/8/2002). Excerpt: "The district court concluded that sufficient oral notice satisfies the statutory requirement, noting that [29 U.S.C.] sec. 1166(a)(1) expressly provides for written notice when coverage under a group plan commences, but sec. 1166(a)(4) only provides that the administrator 'shall notify' in the case of a qualifying event. We agree." (U.S. Court of Appeals for the Eighth Circuit, via FindLaw.com)
MHPA Extension Discrepancy Creates Dilemma for Insured Plans
Excerpt: "[I]nsured plans preparing or negotiating their coverage for 2003 should review their policies to ensure that they do comply with mental health parity requirements ..." (Thompson Publishing Group)
Group Touts Advantages of Self-Funded Association Health Plans for Small Employers
Excerpt: "Federally regulated, self-funded Association Health Plans would help expand the small group market and allow small employers to enjoy many of the advantages that larger employers currently have. They would lower direct costs by reducing regulatory compliance costs, lowering administrative expenses and increasing marketing efficiencies." (National Center for Policy Analysis)
Tape Available: Perspectives In Regulatory and Enforcement Issues In the Healthcare Industry
$24 (two tapes), sold by the ABA. From the 2002 Annual Meeting of the ABA's Section of Business Law. (American Bar Association, Section of Business Law)
Links to Items on Executive Comp, Benefits in General
Analysis: Prohibition on Personal Loans to Directors and Executive Officers of Public Companies (PDF)
8 pages. Excerpt: "[T]he Sarbanes-Oxley Act of 2002 prohibits U.S. and non-U.S. public companies from making or arranging for a personal loan to any director or executive officer of the company ... Loans maintained on July 30, 2002 are 'grandfathered,' provided that they are not renewed or materially modified ... Caution is needed in interpreting the rule as it may apply to a number of common transactions involving executive officer and director compensation and benefits." (Sutherland Asbill & Brennan LLP)
Commentary: Scrambled Nest Eggs for Executives
Excerpt: "Ideas kicking around Congress and the Financial Accounting Standards Board (FASB) could leave many law-abiding senior executives with less than they planned to have at retirement.... Marvin Rotenberg, national director of retirement services at Fleet Private Clients Group, suggests removing company stock from a 401(k) and donating the shares to a charitable trust as a way of slashing tax bills." (CFO.com)
The Modern Tax History of Split Dollar Life Insurance
Excerpt: "[T]he now celebrated Rev. Rul. 64-328 ... articulated the basic tax rules that governed split dollar insurance for over 30 years. The principles set forth in that ruling continue, in some respects, to govern split dollar today." (Silverstein and Mullens: A Division of Buchanan Ingersoll)
New Ways to Retain and Reward Employees: Looking Beyond Stock Options
Excerpt: "More and more tech firms may be thinking outside the options box soon. Critics argue that stock options are not the only or the best way to provide a carrot to employees, and political momentum for options accounting reform is growing.... Even if options don't incite executives to commit fraud, they have drawbacks." (The Wharton School of the University of Pennsylvania)
Tape Available: Roadmap of Executive Compensation
$24 (two tapes), sold by the ABA. From the 2002 Annual Meeting of the ABA's Section of Business Law. (American Bar Association, Section of Business Law)
Tape Available: Employee Benefits In Business Failure and Restructuring
$24 (two tapes), sold by the ABA. From the 2002 Annual Meeting of the ABA's Section of Business Law. (American Bar Association, Section of Business Law)
Tape Available: Developments In Equity Compensation
$12, sold by the ABA. From the 2002 Annual Meeting of the ABA's Section of Business Law. (American Bar Association, Section of Business Law)
Tape Available: Annual Update on Employee Benefits & Executive Compensation Developments
$12, sold by the ABA. From the 2002 Annual Meeting of the ABA's Section of Business Law. (American Bar Association, Section of Business Law)
Newly Posted or Renewed Job Openings -
401k Client Relationship Manager / Bi-lingual
for Great West Life & Annuity
in TX
401k Client Relationship Manager
for Great West Life & Annuity
in DC, FL, IL, KS, MA, MI, MN, NC, OH, VA, WA
Pension Coordinator
for Directors Guild of America - Producer Pension and Health Plans
in CA
Project Manager
for The Paragon Consulting Group
in NJ
Sr. Functional Analysts - Pension
for Seurat Company
in FL
Trust Business Development Representative
for Regions Financial Corporation
in GA
Administrator: Defined Contribution Retirement Plans - Part or Full Time
for BSW Benefit Plans Plus, L.L.C.
in MO
Retirement Member Services Manager
for San Diego County Employees Retirement Association
in CA
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