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| September 5, 2008 |
| Here are the Web's best new links about compliance and cost aspects of plan operation, design and policy. |
Today's sponsor is ALM
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| Complete Benefits Law Guidance from Law Journal Press |
| The nation's workforce and health care system are constantly evolving and so are the legal issues. Law Journal Press helps you handle any benefits law question with up-to-date, authoritative books on all aspects of the field. Get legal and practical advice from leading experts on everything from COBRA to ERISA, "contingent" employees to family and medical leave, and more. Browse our product listings for detailed information and special offers. |
[Guidance Overview] Enhanced Mental Health Parity Legislation Awaits Action During 110th Congress's Final Days
Excerpt: "Although less burdensome than previous proposals to enhance the mental health parity requirements, the compromise bill still would significantly broaden the scope of those requirements. If enacted, many employers likely would need to change their group health plan designs in order to comply." (Deloitte via BenefitsLink.com)
[Guidance Overview] IRS Will Treat Child of Divorced Parents as the Dependent of Both for Certain Health and Fringe Benefits
Excerpt: "The IRS has carved out a limited exception to IRC § 152(e) which – after changes made by the Gulf Opportunity Zone Act of 2005 and Working Families Tax Relief Act of 2004 (WFTRA) – requires the custodial parent to release the claim to the exemption in order for the non-custodial parent to claim the child as a dependent. IRS has stated that, for purposes of certain enumerated health and fringe benefits, it will treat the child as a dependent of both parents regardless of whether the custodial parent releases the claim to the exemption. IRS Revenue Procedure 2008-48." (Deloitte via BenefitsLink.com)
Employee Assistance Programs Incorporate Large Range of Offerings - Including Legal, Financial, Wellness and Stress Issues
Excerpt: "The EAP of the 21st century, when effectively implemented, is not merely the referral service of the past, but rather a start-to-finish case management and return-to-work program for employees suffering from critical issues like depression and disability." (Employee Benefit News; free registration required)
Backers of Ohio Sick-Leave Initiative Pull Issue from Ballot
Excerpt: "Supporters have pulled the plug on an Ohio ballot initiative that could have made the state the first to require employers to provide paid sick leave. The union-backed coalition Ohioans for Healthy Families said it has decided to remove the issue from the November 4 ballot, ending its effort to get the initiative before voters. The coalition said it was backing out because of intense opposition to the measure." (Workforce Management; free registration required)
Workers' Compensation: Benefits, Coverage, and Costs, 2006
Excerpt: "[This 88-page report provides] the only comprehensive national data on this largely state-run program. The study provides estimates of workers' compensation payments -- cash and medical -- for all 50 states, the District of Columbia, and federal program providing workers' compensation." (National Academy of Social Insurance)
Wrap Documents and ERISA Compliance
Excerpt: "A wrap document, also referred to as a wrap plan, provides a plan sponsor with an ERISA compliant employee benefit welfare plan document and meets two important purposes. A wrap document wraps itself around, and incorporates by reference, the insurance certificates, policies, contracts, booklets and other benefit descriptions provided by insurance carriers to comply with the required content under ERISA. The wrap document groups all the benefit plans together to form one plan. This results in a reduction of Form 5500 filings." (SunGard)
New York State to Audit State Employees', Retirees' Dependents to Ensure Eligibility in Health Care Plan
Excerpt: "The New York state Department of Civil Service this fall is planning to launch an investigation to ensure that the 1.2 million state employees, dependents and retirees who receive health insurance under the New York State Health Insurance Program are eligible for their coverage, the Albany Times Union reports. According to the Times Union, thousands of people receiving coverage though the program might not be eligible, such as former spouses and adult children." (Kaiser Family Foundation)
Sponsored by: Employee Benefits Institute of America (EBIA)
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| EBIA Adds a One-Two Punch to Your Employee Benefits Library! |
| Our Cafeteria Plans manual is the nation’s #1 resource for cafeteria plan sponsors and administrators. The Cafeteria Plans manual provides detailed coverage of all legal requirements for cafeteria plans, health FSAs, and DCAPs. Our Consumer-Driven Health Care manual is the country's best HSA and HRA Guidebook. With both manuals, subscribers get EBIA's top-notch analysis, copies of critical source documents, examples, administration tips, and sample documents. For more information, visit our manuals page. |
| (Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor) |
Links to Items on Executive Comp, Benefits in General
[Guidance Overview] Welfare Plan Violated ERISA § 204(g); Amendment Adopted with Intent To Penalize the Exercise of Accrued Rights under a Pension Plan (PDF)
At page 3 of 5. Excerpt: "After several unsuccessful attempts to amend the merged pension plan to limit lump sum payments, the trustees amended the welfare plan to preclude payment of retiree welfare benefits for participants who elected a lump sum payment from the pension plan." (Proskauer Rose)
[Guidance Overview] Year-End Bonuses and the All-Events Test: Time to Review (PDF)
3 pages. Excerpt: "Due in large measure to FIN48, a number of taxpayers have begun reexamining their methods of accounting for executive and employee performance and incentive bonuses (generically 'year-end bonuses'). These reviews focus upon determining whether the taxpayer may accrue a federal tax deduction for year-end bonuses for the tax year in which the employee performs the related services." (Miller & Chevalier Chartered)
[Guidance Overview] Section 409A Compliance Deadline
Excerpt: "This client alert is intended to bring to your attention certain decisions and actions that must be taken by December 31, 2008 with regard to all plans of nonqualified deferred compensation subject to Internal Revenue Code Section 409A." (Baker & McKenzie LLP)
[Guidance Overview] Employee Stock Purchase Plans: IRS Update to Rules and Reporting Requirements (PDF)
4 pages. Excerpt: "In July, the Internal Revenue Service proposed regulations that would provide a comprehensive set of rules governing stock options issued under employee stock purchase plans. Earlier in the month, IRS issued proposed regulations relating to ESPP and incentive stock option (ISO) information reporting requirements. In the [target] article, the authors summarize key changes in both regulatory proposals. [Reproduced with permission from Pension & Benefits Reporter.]" (The Bureau of National Affairs, Inc. via Groom Law Group)
Low-Cost, High-Value Benefits Can Aid Retention in a Difficult Economic Climate
Excerpt: "With each blow to the economy, workers grow even more concerned that their jobs are at stake. But by using a little ingenuity, employers can beef up their benefits offerings with low-to-no-cost perks that can improve morale. . . . Karen J. Johnson, DVM, of Banfield Pet Hospital in Portland, Ore., says that her 400-person office allows around 40 pets each day to come into the office. 'It's a huge morale booster for the team member who brings their pet ... [and] it's a good social interaction for the team members.' Johnson cites studies crediting pet interaction with lower stress, increased productivity and improved staff relations." (Employee Benefit News; free registration required)
SEC Proposes to Adopt International Accounting Standards
Excerpt: "On Aug. 27, the Securities and Exchange Commission (SEC) voted unanimously to propose a road map for shifting U.S. companies from U.S. Generally Accepted Accounting Principles (U.S. GAAP) to International Financial Reporting Standards (IFRS). The move to a global accounting language is intended to improve the comparability and transparency of financial reporting worldwide. It will also have important implications for U.S. employers in how they account for employee benefit and stock plans." (Watson Wyatt Worldwide)
IRS's Notice Delaying Effective Date of Smartcard Guidance for Transportation Benefits
Excerpt: "The Internal Revenue Service (IRS) has released Notice 2008-74, delaying the effective date of Revenue Ruling 2006-57 which provides guidance to employers on the use of smartcards, debit, or credit cards, or other electronic media to provide qualified transportation fringes under sections 132(a)(5) and (f) of the Code." (International Foundation of Employee Benefit Plans)
[Opinion] Two Interesting But Different Cases - Both Related to Broad Impact ERISA Has Across the Workplace
Excerpt: "[I]n this first one, you find the story of the Third Circuit concluding that certain death benefits were not pension, but instead welfare, benefits, which did not vest and could be revoked, despite long time practice and the reliance of employees on the benefit as part of retirement planning. . . . In the second story, you see the potential reach of ERISA in an attempt, ultimately rejected by the court, to have it reach and protect what was otherwise allegedly illegal conduct in providing fringe benefits . . . ." (Stephen Rosenberg of The McCormack Firm, LLC)
Newly Posted Events
Multistate Taxation Reporting And Compliance
Nationwide on September 24, 2008
presented by HRTrainingCenter.com
The Open Enrollment Challenge: Strategies For Success
Nationwide on October 1, 2008
presented by HRTrainingCenter.com
Understanding Your Fiduciary Responsibilities Under ERISA/Voluntary Fiduciary Correction Program Workshop
in Tennessee on September 25, 2008
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Newly Posted Press Releases
Employers Oppose Proposed New Pension Accounting Rules Despite Desire for Change, Watson Wyatt Survey Finds
Watson Wyatt
Profit Sharing/401k Council of America Announces National 401(k) Day 2008
Profit Sharing/401(k) Council of America (PSCA)
Aon Consulting, FEI Canada and CFERF Release Pensions Study Results
Aon Consulting
Newly Posted or Renewed Job Openings
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Defined Contribution Administrator
for Merit Benefits Group, Inc.
in IL
Enrolled Actuary
for Creative Plan Designs, Ltd.
in NY
Education Specialist – Field Presenter
for Charles Schwab & Co.
in ANY STATE
Retirement Services Senior Relationship Manager
for Charles Schwab & Co.
in AZ
Retirement Plans Recordkeeper/Tester
for The Standard
in TX
RVP/External Wholesaler - Massachusetts/Rhode Island
for Transamerica Retirement Services
in MA, RI
Compliance Director
for MassMutual Financial Group
in CT
Senior Compliance Analyst
for Administaff
in TX
Handy Links:
- View Today's Active Message Threads
- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
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