BenefitsLink |
 |
 |
| February 26, 2009 |
| Here are the Web's best new links about compliance and cost aspects of plan operation, design and policy. |
Today's sponsor is Employee Benefits Institute of America (EBIA)
(Click on company name or banner to learn more.)
| EBIA's In Person Seminar Series |
| EBIA's In Person seminars provide education on employee benefits topics to professionals, including TPAs, attorneys, benefits consultants, human resources managers, plan administrators, insurance professionals, and accountants. For information about CE credit, course materials, speakers, locations, and agenda details, and to register, please visit EBIA's In Person Seminars. |
[Official Guidance]
Link to IRS Web Page: 'COBRA: Answers for Employers'
Excerpt: "Q: What other information relating to the COBRA subsidy must be submitted with the Form 941 besides the entries on Lines 12a and 12b? A: No additional information relating to the COBRA subsidy is to be submitted with the Form 941, either electronically or in paper form. However, those claiming the credit must maintain supporting documentation for the credit claimed. Such documentation includes, but is not limited to: . . . ." (Internal Revenue Service)
[Guidance Overview]
IRS's Revised Payroll Tax Forms Reflect COBRA Subsidy
Excerpt: "The IRS has issued the 2009 Form 941 (Employer's Quarterly Tax Return) accessible at www.irs.gov/pub/irs-pdf/f941.pdf. The revised Form 941 reflects temporary changes made to COBRA as a result of the American Recovery and Reinvestment Act of 2009. Under the Act, the federal government will subsidize, for up to nine months from termination of employment or enactment (if later), 65% of the COBRA premium for involuntarily terminated employees and their families who elect COBRA coverage under an employer-sponsored group healthcare plan. Employers are responsible for delivering the 65% subsidy by reducing COBRA premiums, but will be reimbursed through a refundable credit on Form 941. Lines 12a and 12b have been added to the 2009 Form 941 in order for employers to claim this credit." (Blank Rome LLP)
[Guidance Overview]
What Every Employer Needs to Know (and Do) About the New COBRA Subsidy (PDF)
3 pages. Excerpt: "These provisions have implications for employers of all sizes (including those small employers who are exempt from Federal COBRA but subject to state health coverage continuation laws) -- and even the best COBRA administrator will not be able to implement these rules without significant employer involvement. Although guidance and model notices related to these rules are expected to be issued in the near future, because the subsidy is generally effective March 1, 2009, employers need to start their compliance efforts now. Outlined below are important steps you should be taking to make sure your organization complies with (and makes the most of) the new rules." (Venable LLP)
[Guidance Overview]
New Jersey Insurance Regulation Restricting Discretionary Clauses Fails to Affect ERISA Standard of Review
Excerpt: "This unpublished Third Circuit opinion provides some interesting insight on discretionary clause prohibitions. Notwithstanding New Jersey's regulation restricting use of such clauses, the Court applied an abuse of discretion standard in reviewing the case. How is that possible? New Jersey's regulation is a bit odd. Wilson Elser summarizes the law's peculiarities in a July 2007 ERISA Alert. By emphasizing the restriction in terms of 'sole' discretion, the insurance department left open the gap that MetLife took advantage of in Evans." (Health Plan Law)
Health Care Coverage Taxation in a Same-S.ex Union
Excerpt: "Can I deduct the imputed income that is added to my pay to cover my same-s.ex partner's portion of medical insurance costs? We are not in a same-s.ex marriage or civil union, but I cover him under the domestic partnership option of my employer's medical/dental insurance. The value of his coverage is added to my pay as imputed income, on which I pay substantial taxes. Can I use this amount for the year in determining my medical expense deductions, as it would exceed the 7.5-percent AGI (adjusted gross income) test?" (Bankrate.com via Yahoo! Inc.)
Health Care Regulatory Update: 2008 Year in Review
The extension listings also include fraud and abuse settlements and court decisions. (Faegre & Benson)
Insurers Balk at Payments for Autism Therapy
Excerpt: "Patient advocates called on state regulators Tuesday to force health insurers to cover certain autism treatments. Consumer Watchdog in Santa Monica sent a letter to Cindy Ehnes, executive director of the state Department of Managed Health Care, and her boss, Gov. Arnold Schwarzenegger, expressing concern about delays in resolving coverage complaints from parents of autistic children. The parents say insurers are refusing to cover needed behavioral therapy for their children. But, the parents say, when they took their complaints to the department, it sat on them for months." (Los Angeles Times via Consumer Watchdog)
CBO Testimony at Hearing on Options for Expanding Health Insurance Coverage and Controlling Costs (PDF)
33 pages. U.S. Senate Committee on Finance. Excerpt: "Chairman Baucus, Senator Grassley, and Members of the Committee, thank you for inviting me to testify this morning about the opportunities and challenges that the Congress faces in pursuing two major policy goals: (1) expanding health insurance coverage, so that more Americans receive appropriate health care without undue financial burden, and (2) making the health care system more efficient, so that it can continue to improve Americans' health but at a lower cost in both the public and private sectors. Both are complex endeavors in their own right, and interactions and trade-offs between them may arise." (U.S. Congressional Budget Office)
Obama Will Propose $634 Billion in New Taxes on Upper-Income Americans Over the Next Decade to Pay for Health Care Expansion
Excerpt: "President Barack Obama on Thursday will propose $634 billion in new taxes on upper-income Americans and cuts in government spending over the next decade to pay for his promised health-care expansion. The tax increases and spending cuts will be included Thursday in Mr. Obama's comprehensive budget blueprint, and signal his ambition to overhaul the health-care system, one of the main planks of his presidential campaign." (The Wall Street Journal)
New GASB Provision Discloses How Much We Really Spend on Public-Sector Employees
Excerpt: "In 2004, the Government Accounting Standards Board (GASB) issued its Statement 45, which required cities, towns, and states to account for their outstanding health-care and benefits costs on an accrual basis by the time five years were up. In the past, cities could accumulate massive long-term debt -- the result of the lifetime benefits that came with public-sector union pension deals -- but not disclose it on their balance sheets beyond their immediate fiscal-year costs. This lack of transparency encouraged irresponsibility in negotiations by kicking costs to the next generation and obscuring true obligations from banks and lenders. Now, local governments have to produce balance sheets that account for the full projected costs of these unfunded mandates over a 30-year period." (The Manhattan Institute)
Report on California Retiree Health Care Shows Benefits of Prefunding
Excerpt: "California State Controller John Chiang unveiled a new actuarial report that shows California faces a $48.2 billion bill to pay for retired state employees' health and dental benefits. California currently pays for state retiree health benefits on a 'pay-as-you-go' basis, meaning the costs are paid as they come due each year, according to an announcement on the report by the California Public Employees Retirement System (CalPERS). The actuarial report shows how California's annual obligation for retiree health and dental benefits would be lowered by pre-funding." (PLANSPONSOR.com; free registration required)
Kansas House Rejects Bill to Allow Small Employers to Help Employees Pay Individual Insurance Premiums
Excerpt: "The Kansas House on Friday voted 62-57 to reject a bill (HB 2287) that would have allowed small employers who do not offer employees health coverage to establish a so-called Health Reimbursement Arrangement to provide premium assistance to employees with private health coverage, the Kansas Health Institute News reports." (Kaiser Family Foundation)
Colorado Lawmakers May Ease Curbs on Job Perks: Bill Helps Small Businesses Offer Wellness Programs
Excerpt: "Perks to encourage employees to lose weight, stop smoking or otherwise improve their health have surged in popularity in recent years. But a quirk in state law prevents insurers from offering such incentives to small businesses or individuals. A bill working its way through the state legislature aims to change that. House Bill 1012, sponsored by Rep. Joe Rice, D-Littleton, and Rep. Amy Stephens, R-Colorado Springs, allows insurers to provide premium discounts or rebates as well as reduced co-payments and deductibles to businesses with fewer than 50 employees or individuals for their participation in wellness programs." (Rocky Mountain News)
[Opinion]
What Will Health Reform Do for Me?
Excerpt: "There is one poll number that may be more important to watch than any other if we have a big debate about health reform: The percentage of Americans who think that they or their families would be better off if the president and the Congress enacted major health reform legislation. It's a number that signals whether people think that health reform legislation will actually help them with the problems they are having in the current health care system. Or, whether critics of health reform are successfully playing on the public's underlying fears -- fairly or unfairly, depending on your perspective -- as they did in the last health reform debate in the early 1990s." (Kaiser Family Foundation)
EmployeeBenefitsJobs.com (Sponsor)
(Click on company name or banner to learn more.)
| EmployeeBenefitsJobs.com is where the best employers find the best candidates! |
Fill your employee benefits job openings fast by advertising on EmployeeBenefitsJobs.com. What better place to find qualified candidates?
|
Links to Items on Executive Comp, Benefits in General
The State of the Workplace for Les.bian, G.ay, Bise.xual and Transg.ender Americans 2007-2008 (PDF)
38 pages. Excerpt: "This ninth installment of The State of the Workplace report shows that job protections and benefits for les.bian, g.ay, bise.xual and transg.ender employees have surged in recent years, at large businesses and other private employers such as law firms and universities. In particular, protections against employment discrimination on the basis of gender identity have expanded rapidly. Today, the more successful a business (as defined by the annual Fortune 500 ranking of gross revenue) the more likely it is to include protections for LGBT employees . . . ." (Human Rights Campaign Foundation)
Layoffs Slow, but More Salary and Benefits Cuts to Come
Excerpt: "A new update to an ongoing series of surveys conducted by Watson Wyatt shows that most companies have already made most of the sweeping changes they intend to, although many expect to make further cost-cutting changes this year, such as salary and hiring freezes, and reduced 401(k) matching contributions." (Watson Wyatt Worldwide)
Newly Posted Events
"457 Plans: More Retirement Funds for Government/Tax-Exempt Employees" Web Seminar
Nationwide on March 17, 2009
presented by SunGard Relius
Best Practices for Wellness Programs: How to Motivate Employees to Make Lifestyle Changes
Nationwide on April 9, 2009
presented by Thompson Interactive, A Division of Thompson Publishing Group
COBRA Premium Subsidy Program: What This Means for Employers
in District of Columbia on March 30, 2009
presented by Thompson Interactive, A Division of Thompson Publishing Group
COBRA Workshop
in Utah on April 15, 2009
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
COBRA/HIPAA Compliance Workshop
in Florida on March 24, 2009
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Compliance Assistance Seminar
in Texas on March 13, 2009
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Health Benefits Laws: Compliance Assistance Seminar
in Kansas on May 20, 2009
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Health Benefits Laws: Compliance Assistance Seminar
in North Dakota on June 3, 2009
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Health Benefits Laws: Compliance Assistance Seminar
in Alabama on August 12, 2009
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Health Benefits Laws: Compliance Assistance Seminar
in California on September 2, 2009
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
HIPAA Workshop
in Utah on April 16, 2009
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
IRS Issues Comprehensive Auto-Enrollment Guidance
Nationwide on March 12, 2009
presented by Convergent Retirement Plan Solutions, LLC
IRS Issues Comprehensive Auto-Enrollment Guidance
Nationwide on March 17, 2009
presented by Convergent Retirement Plan Solutions, LLC
MEWA Workshop for Insurance Professionals and ERISA Service Providers
in New York on June 10, 2009
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Retirement Plan Compliance Assistance Seminar
in Illinois on June 24, 2009
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Retirement Plan Compliance Assistance Seminar
in Georgia on July 9, 2009
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Reviewing the McKay Hochman EGTRRA Prototype Plan Document - 3 Parts
Nationwide on March 24, 2009
presented by McKay Hochman Co.
The Latest on EGTRRA Restatements and Plan Termination Review Webcast
Nationwide on March 18, 2009
presented by National Institute of Pension Administrators
Voluntary Fiduciary Correction Program Workshop
in Utah on April 14, 2009
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Newly Posted Press Releases
Company Layoff Plans Expected to Decline, Watson Wyatt Survey Finds
Watson Wyatt
U.S. Department of Labor Sues Closed Seatoma Convalescent Center to Give 401(k) Participants Access to Almost $14,000 in Retirement Funds
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
IRS Releases Information to Help Employers Claim COBRA Coverage Credit on Payroll Tax Form
Internal Revenue Service (IRS)
Lump-Sum Distribution Rollovers, by Age Group
Employee Benefit Research Institute (EBRI)
Allegiant Funds Added to CPI Retirement Platform
CPI Qualified Plan Consultants, Inc.
New Study Finds 2.5 Million U.S. Jobs, $358 Billion Economic Impact From State And Local Pensions
National Institute on Retirement Security
New “Savings” Stimulus Campaign Calls on Business to Support Long-Term Financial Health of America’s Workforce
Perspective Partners
Newly Posted or Renewed Job Openings
(Post a Job | View All Jobs |
RSS Feed )
Pension Administrator
for Pension Administration Firm located in Westchester, NY
in NY
Senior ERISA Consultant
for CBIZ Tofias
in MA
Vice President & Chief Pension Actuary
for MBM Advisors, Inc.,
in TX
Request for Proposal (RFP) Specialist
for Prudential Financial
in CT
Defined Contribution Plan Administrator
for Dunbar, Bender & Zapf, Inc.
in PA
EmployeeBenefitsJobs.com (Sponsor)
(Click on banner to learn more.)
| EmployeeBenefitsJobs.com is where the best employers find the best candidates! |
Handy Links:
- View Today's Active Message Threads
- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
Subscribe to the BenefitsLink Retirement Plans Newsletter, Too!
Sign-up form is at https://benefitslink.com/newsletter (free).
This newsletter is sent to you each workday except federal holidays.
This email has been published by:
BenefitsLink.com, Inc.
1298 Minnesota Avenue, Suite H
Winter Park FL 32789
(407) 644-4146
Fax: (407) 644-2151
David Rhett Baker, J.D., Editor
Copyright 2009 BenefitsLink.com, Inc.; except that you can forward this email in full (including this boilerplate part) or otherwise reprint this email in full (including this boilerplate part) without obtaining our permission.
Anyone can receive these emails; just have them sign up at this web page: https://benefitslink.com/newsletter/
Other useful links: