December 9, 2005 Today's sponsor: The International Foundation's Introduction to HSAs and HRAs Online Course (Click on company name or banner to learn more.)
Workers Lose Benefits Lawsuit: Denial of Sick-Leave Swap May Trigger Exodus of State Employees Excerpt: "Third District Judge William Barrett's veteran lead clerk left her job recently, a result of legislative tinkering with state employee benefits. But Barrett said that loss would not influence his consideration of a state employees' lawsuit to block the end of a program that allows the state's 25,000 workers to trade unused sick leave for post-retirement medical coverage." (The Salt Lake Tribune) Des Moines Register Series Examines Health Care Costs Excerpt: "The Des Moines Register recently published a series of articles, editorials and opinion pieces that examined how health care costs affect Iowa residents. The complete series, titled 'U.S. Health Care: Critical Condition,' is available online. [Links to each article, editorial and opinion piece are available on this target page.]" (Kaiser Family Foundation) Overview: Guidance Concerning LM-10 Reporting and Disclosure Obligations under LMRDA (PDF) 5 pages. Excerpt: "Among the significant changes, the new DOL guidance sets forth compliance requirements for first-time filers, including filing deadlines and years for which LM-10 reports must be filed. The guidance also outlines a new de minimis exception and seeks to clarify which financial transactions must be reported." (Morgan, Lewis & Bockius LLP) Links to Items on Executive Comp, Benefits in General Text of IRS Notice 2005-94: Suspension of Withholding Requirements for Sec. 409A Deferrals in 2005 (PDF) Excerpt: "This Notice suspends employers' and payers' reporting and wage withholding requirements for calendar year 2005 with respect to deferrals of compensation within the meaning of § 409A ... [F]uture published guidance may require an employer or payer to file a corrected information return and to furnish a corrected payee statement reporting any previously unreported amounts includible in gross income under § 409A." (Internal Revenue Service) IRS Releases 409A Payroll Reporting Guidance Excerpt: "The IRS has released Notice 2005-94 which provides for suspension of employer and payer reporting and wage withholding requirements with respect to deferrals of compensation under § 409A for calendar year 2005. The notice also provides no assertion of penalties against service providers in certain circumstances." (The ERISA Industry Committee) Text of IRS Notice 2005-99: Valuation of Stock-Based Compensation Under Cost Sharing Arrangements (PDF) Excerpt: "Treas. Reg. § 1.482-7(d)(2)(iii)(B) provides an elective method of measurement and timing that is applicable for taking certain options on publicly traded stock into account as intangible development costs of a controlled participant in a qualified cost sharing arrangement (QCSA). This notice extends that elective method to certain stock-based compensation commonly referred to as 'restricted shares' or 'restricted share units.'" (Internal Revenue Service) Overview: Proposed 409A Regulations for New Deferred Compensation Law (PDF) 5 pages. Excerpt: "While the proposed regulations incorporate many of the issues that the IRS addressed in a previously issued Notice (Notice 2005-1), they also provide guidance on the scope of Section 409A and clarify the rules for deferral elections and distributions under plans subject to Section 409A." (von Briesen & Roper, s.c.) Navigating the Proposed 409A Regulations -- General Rules (PDF) 26 pages. Excerpt: "On September 29, 2005, the Department of Treasury released proposed regulations pertaining to Code Section 409A. In general, the proposed regulations incorporate the guidance provided in IRS Notice 2005-1 and provide substantial additional guidance. The proposed regulations are voluminous (reaching 238 pages) and provide a number of clarifications regarding the application of Code Section 409A." (Gardner Carton & Douglas LLP) Newly Posted Events Roth 401(k) Regulations Presentation and Annual Business Meeting in Kentucky on December 14, 2005 presented by ASPPA Benefits Council of Greater Cincinnati Newly Posted Press Releases New Retirees: One-Third Go Back To Work, Putnam Study Shows (Putnam Investments) Pension Reporter Government Forms System from DATAIR - Year 2005 Forms Released (DATAIR Employee Benefit Systems, Inc.) A Book Only A Pension Expert Could Love. (412iCompany, The) NADART Announces Automatic Enrollment Option for 401(k) Plans (NADART) Newly Posted or Renewed Job Openings 401(k) Compliance Analyst for AccuRecord, Inc. in NY Senior Defined Benefits Administrator for The Rosen Group in DC, MD, VA Benefits Manager for The Rosen Group in DC, MD, VA Client Services and Administrator Officer for Fulton Financial Corporation in PA 401 (k) Plan Administrator for Polycomp Administrative Services, Woodland Hills (LA) and Roseville (Sacramento) in CA 410(k) Administrator (Part-time or Full-time) for Long Island Pension Consulting Firm in NY Associate Manager, Investment Research & Strategy for Advised Assets Group (AAG) in CO Defined Contribution Administrator for Pension Plan Professionals, Inc. in FL Manager Processing Team for Administaff in TX Handy Links:
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