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September 15, 2003 - 8,548 subscribers
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“More 12B-1 Fees Come to Market” An Interactive Audio Conference

Thursday, September 18, 2003 * 2:00-3:30 p.m. ET

Learn how to add leverage in negotiating for 401(k) plan
services! Discover how recent rulings have opened the way
for more 12B-1 fees to be used this process!  Join us on
September 18 for this interactive audio conference and learn
the details of and how to adjust to the DOL’s new ruling.

(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
California Legislature Passes Bill to Require State Contractors to Provide Domestic Partner Benefits
Excerpt: "Companies that want to do business with the state would have to offer the same benefits to domestic partners as they do to married couples, under legislation approved early Saturday by the Assembly.... The measure was sent to Gov. Gray Davis with the minimum votes needed, 41-31." (The [Monterey County] Herald)

L.A. Times Coverage: Legislature OKs Small Business Health Coverage
Excerpt: "Beginning in 2006, employers would be required to provide insurance coverage to 1 million of the state's working poor." (Los Angeles Times; one-time registration required)

More Coverage: California Legislature Passes Bill to Require Employers to Provide Health Insurance Coverage
Excerpt: "In one of the most sweeping health care changes the state has tried in recent years, the Assembly early Saturday morning approved in a 46-31 vote a bill that could extend health insurance to more than 1 million Californians. The legislation heads to Gov. Gray Davis, who now has 173 bills on his desk and has until Oct. 12 -- five days after the recall election -- to act on them." (The [San Jose] Mercury News)

Overview: OTC Drugs Reimbursable from Employers' Plans (PDF)
2 pages. Excerpt: "Revenue Ruling 2003-102 sets out two important limitations with respect to over-the-the-counter drugs. First, the cost of over-the-counter drugs continues to be non-deductible for purposes of itemizing medical deductions on an individual's personal federal income tax return (i.e., on Schedule A of Form 1040). Second, the cost of dietary supplements that are merely beneficial to the employee's health (such as vitamins) are not reimbursable under an employer's FSA or HRA." (Buchanan Ingersoll PC)

Eighth Circuit Upholds $11,550 Penalty for Failure to Supply SPD Even Though Request Not Specific (PDF)
11 pages. Excerpt: "Brown's attorney mailed two letters requesting this information on January 23, 2001 and February 7, 2001. Although these letters did not specifically ask for a 'summary plan description,' the district court found them to constitute a request for the SPD based on their language requesting information about 'all benefits.'" (U.S. Court of Appeals for the Eighth Circuit via FindLaw.com)

Prescription Drug Direct-to-Consumer Advertising: 'But Doc, I Saw It On TV!'
Excerpt: "I received here at the paper a big, fancy package from pharmaceutical giant Pfizer, the thoughtful people who bring us Viagra, explaining why direct-to-consumer, or DTC, advertising is a vital component of modern health care." (David Lazarus on SFGate.com)

ERIC Supports EEOC Rule to Exempt Retiree Health Benefits from ADEA
Press release. Excerpt: "The ERISA Industry Committee (ERIC) [on September 12, 2003] issued comments strongly supporting an EEOC proposal to exempt retiree medical benefits from the Age Discrimination in Employment Act (the 'ADEA') if an employer decides to change, alter or eliminate its employer-sponsored health benefits when pre-Medicare retirees become eligible for Medicare benefits." (ERISA Industry Committee)

Text of ERISA Industry Committee Comments to EEOC on Proposed ADEA 'Reverse Discrimination' Regs (PDF)
8 pages. Excerpt: "ERIC recommends that the exemption be modified to provide that the exemption applies to conduct that occurred before the final rule is published in the Federal Register as well as to conduct that occurs thereafter." (ERISA Industry Committee)

Text of National Council on Teacher Retirement's Comments to EEOC on Proposed 'Reverse Discrim' Regs (PDF)
Excerpt: "We recognize that the EEOC's proposal is limited to the practice of altering, reducing, or eliminating employer-sponsored retiree health benefits when retirees become eligible for Medicare or a State-sponsored retiree health benefit program. The proposal is thus a narrow exception to the Age Discrimination in Employment Act and is warranted for the reasons stated in EEOC's notice." (National Council on Teacher Retirement)


Links to Items on Executive Comp, Benefits in General

FASB Throws Down Pension Reporting Gauntlet
The nation's accounting rules-making body has outlined new rules for pension plan reporting - and while they are more complicated than current requirements, the Financial Accounting Standards Board (FASB) has eased off some of the more speculative projections they had contemplated requiring. However, the comment window is only a few weeks – and FASB has set a target date of December 15 for adopting the proposed rules as policy. (PLANSPONSOR.com; one-time free registration required)

Silicon Valley Coverage: FASB Delays Stock Options Proposal
Excerpt: "The Financial Accounting Standards Board plans to complete a draft of the new rules by March and have a final rule in place by next September, said FASB spokeswoman Sheri Thompson. Previously, FASB planned to finish the draft by the end of this year." (The [San Jose] Mercury News)

AccountingWeb Coverage: FASB Addresses, Delays Stock Option Rule Setting
Excerpt: "The Financial Accounting Standards Board met [on September 10, 2003] to address a myriad of complicated issues surrounding the expensing of stock options. The definitive decision reached at the end of the meeting: delay the issuance of rules by 6-9 months." (AccountingWeb)


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