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July 25, 2003 - 8,417 subscribers
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“How To Survive A Pension Plan Audit” audio conference 7/29/03 * 2:00 p.m. ET The IRS is gearing up for renewed efforts in auditing pension and benefit plans. Prepare for the possibility of a potential audit, and avoid facing possible plan disqualification and incurring financial penalties by attending this important audio conference featuring IRS National Director of Employee Plans Examinations (TE/GE), Preston Butcher.
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House OKs Importation of Lower-Cost Drugs
Excerpt: "The House approved legislation early Friday allowing Americans to purchase prescription medicine abroad, voting 243-186 after a clash that pitted the hope of lower prices against the fear of counterfeit drugs. The vote marked a defeat for the pharmaceutical industry, which spends millions lobbying Congress ..." (New York Times; one-time registration required)
House Passes Prescription Drug Reimportation Bill: Roll Call of Votes
Excerpt: "The 243-186 roll call Friday by which the House passed legislation permitting the importation of prescription drugs from Canada, the European Union and other nations." (AP via The Minneapolis Star Tribune)
American Medical Association: Drug Reimportation Is Wrong Prescription
Excerpt: "'The American Medical Association (AMA) believes that current reimportation legislation under consideration by Congress, the Pharmaceutical Market Access Act, H.R. 2427, could severely undermine both safety and efficacy,' AMA President Donald J. Palmisano, MD, JD said." (American Medical Association)
CMS Promises Leniency for "Good Faith" EDI Compliance Efforts
Excerpt: "Health plans and other covered entities will not be fined immediately for not meeting the Oct. 16 compliance deadline for HIPAA's transactions and code sets (TCS) rules if they have made 'good faith efforts to comply,' according to July 24 guidance from the Centers for Medicare and Medicaid Services (CMS), the agency responsible for TCS enforcement." (Thompson Publishing Group)
CMS Issues New HIPAA Electronic Transactions and Code Set Compliance Materials
Excerpt: "There are 83 days left until the October 16, 2003 compliance date for electronic transactions and code sets. [New] HIPAA Electronic Transactions and Code Set Compliance Materials ... Questions to ask Vendors, TPAs or Clearinghouses (PDF, 157KB); Steps Toward HIPAA compliance (PDF, 123KB); HIPAA Resources (Microsoft Word, 278KB) Guidance Document (PDF, 82KB)" (Centers for Medicare & Medicaid Services)
Tax-Advantaged Accounts for Health Care Expenses: Side-by-Side Comparison (PDF)
6 pages. Excerpt: "The House-passed Medicare prescription drug bill ... includes ... health savings accounts (HSAs) and health savings security accounts (HSSAs).... [B]oth accounts can be distinguished from Archer medical savings accounts (MSAs) ... health care flexible spending accounts (FSAs) and health reimbursement accounts (HRAs) that some employers now offer. While the five accounts have some features and objectives in common, they differ in important respects." (The Galen Institute)
Achieving Lower Drug Costs for Seniors
Excerpt: "[S]eniors can significantly lower their costs for these prescription drugs using prudent shopping techniques highlighted in the recent NCPA study 'Shopping for Drugs.'" (National Center for Policy Analysis)
Advice for Mothers Before They Return to Employment
Excerpt: "As more women stop work these days to raise kids, then jump back into the work force after a few years, they're forgetting a crucial step: Planning for it." (CareerJournal.com)
Links to Items on Executive Comp, Benefits in General
Text of Rev. Rul. 2003-98 on Corporate Deductions Due to Disposition of Nonstatutory Stock Options (PDF)
4 pages; scheduled to be published in IRB 2003-34 dated August 25, 2003. Excerpt: "ISSUE: Under § 83 of the Internal Revenue Code, in the situations described below, which corporation is entitled to deduct the compensation income includible in Employee's gross income as a result of Employee's exercise or disposition of a nonstatutory option?" (Internal Revenue Service)
IRS Issues Form 5500 Filing Tips
Excerpt: "The IRS is offering a list of filing tips for Form 5500 filers, in an effort to address common areas of confusion and to prevent common filing errors." (CCH Pension and Benefit News)
FASB Statements Now Online, Free to View
Excerpt: "The links below will allow you to view the full text of all FASB Statements of Financial Accounting Standards issued since the FASB's inception in 1973. For your convenience we also have included a separate link to view the Summary (as available) and Status page for each FASB Statement." (Financial Accounting Standards Board)
Online: the Hay Benefits Advisor, Summer 2003
12 pages; articles include 'Debit/Credit Cards in Employee Benefits: Paper or Plastic?', 'DOL's Proposed COBRA Rules Require Major Overhaul of COBRA Notices and Procedures,' 'DOL Opens the Door for Charging Retirement Plan Expenses to Individual Participant Accounts,' 'IRS Supplements 2002 Split Dollar Regulations,' 'DOL Yields Little on Timing of Contributions to Multiemployer Plans,' more. (HayGroup)
IRS 2003-2004 Priority Guidance Plan Includes Many Employee Benefits Projects (PDF)
23 pages; EB items include phased retirement arrangements, distribution rules for rollover contributions, proposed regulations under section 401(a)(4) for cash balance plans, required minimum distributions, annuity plans under section 403(b). (Internal Revenue Service)
Tax Advisers Lose Another Layer of Client-Adviser Privilege
Excerpt: "In the continuing battle between tax advisers and the IRS regarding turning over taxpayer records of those involved in tax shelters, it seems the advisers are losing. A federal appeals court ruled yesterday that BDO Seidman must turn over the names of clients who purchased certain tax shelters from the firm." (AccountingWeb)
Newly Posted or Renewed Job Openings
Pensions/"IRA" Plan Administrators
for Raintree Associates, LTD.
in
Assistant Manager
for Leading Broker Dealer
in NY
Retirement Plan Sales Consultant
for Invesmart
in WA
Operations Manager
for Established TPA firm
in CA
Compliance Specialist
for MBM Advisors Inc.
in TX
Newly Posted Press Releases
(Post Yours!)
PBGC Moves to Assume Responsibility for Thunderbird Mining Pension Plan
(Pension Benefit Guaranty Corporation)
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