[Official Guidance] Text of Rev. Proc. 2009-21; Addresses Transportation Benefits by Conforming Earlier Procedures to Statutory Changes (PDF) 7 pages. Excerpt: "For taxable years beginning in 2009, the monthly limitation under § 132(f)(2)(A) for months beginning after February 17, 2009, regarding the aggregate fringe benefit exclusion amount for transportation in a commuter highway vehicle and any transit pass, and under § 132(f)(2)(B), regarding the fringe benefit exclusion amount for qualified parking, is $230. For January and February 2009, the monthly limitation under § 132(f)(2)(A) is $120 and the monthly limitation under § 132(f)(2)(B) is $230." (Internal Revenue Service) [Guidance Overview] DOL and IRS Provision of More Insight Into New COBRA Requirements (PDF) Excerpt: "Last week, the DOL issued model notices to be used in connection with apprising qualified beneficiaries of their new rights to COBRA subsidies. In a national webcast held on March 24, 2009, DOL representatives further clarified who gets which notice. In addition, IRS representatives provided useful information on determining the amount that assistance eligible individuals can be charged for COBRA coverage and on determining what constitutes involuntary termination." (Buck Consultants) [Guidance Overview] March Madness, COBRA Style; IRS-DOL Webinar of March 24 Brings New Information (PDF) 11 pages. Excerpt: "At the March 24 Webinar, DOL backed away from a March 20 Notice in the Federal Register which says that all persons who have experienced any type of COBRA event since September 1, 2008 have to get a notice about ARRA or their COBRA notice is incomplete. It is keeping this position only for those who get the Abbreviated General Notice kit (i.e. currently on COBRA for any type of event since September 1, 2008)." (George L. Chimento of Davis, Malm & D'Agostine, P.C.) [Guidance Overview] Model COBRA Subsidy Notices Excerpt: "To assist administrators in satisfying the notice requirements, the Department of Labor issued four model notices and accompanying forms, each of which is intended to satisfy the notice requirements as to a particular group of qualified beneficiaries." (Drinker Biddle & Reath LLP) [Guidance Overview] HITECH Act Modification of HIPAA's Privacy and Security Rules Excerpt: "The HITECH Act places additional obligations on entities traditionally covered under HIPAA and extends the new rules to traditional business associates. Specifically, the HITECH Act sets forth new rules regarding notification of data breaches and accounting and reporting requirements for data disclosures. All entities traditionally covered under HIPAA, and companies doing business with and for those entities, should be aware of the new obligations set forth in the HITECH Act." (Porter Wright Morris & Arthur LLP) [Guidance Overview] Indexed Medicare Part D Amounts for 2010 Excerpt: "The Centers for Medicare & Medicaid Services (CMS) has announced the indexed Medicare Part D standard benefit and Retiree Drug Subsidy (RDS) amounts for 2010. This Capital Checkup features charts comparing the 2010 numbers and the 2009 numbers." (The Segal Group, Inc.) Electronic Health Record Ownership Needs Clarification Excerpt: "The question of who owns electronic health data is a significant issue that must be clarified if patient records are to be successfully integrated, according to an article in the Journal of the American Medical Association, Health Data Management reports (Goedert, Health Data Management, 3/25). Paper health records have a more straightforward owner -- insurers and doctors own the actual storage system paper the information is printed on -- but 'now that digitizing information frees it from particular storage media, confusion reigns,' . . . ." (California HealthCare Foundation) Trends in Short-Term Disability Plan Design (PDF) 4 pages. Excerpt: "[This paper] examines the design and prevalence of short-term disability (STD) programs among Towers Perrin's Benefits Data Bank (BDB) participants." (Towers Perrin) Carriers Picking Up Small-Employer COBRA Cost Excerpt: "Illinois' Robert Slatyon, of Robert Slayton Associates, details how health insurance companies are stepping in to help small employers deal with the new COBRA requirements on his blog. 'I have had several of my health insurance carriers state that they would pay for the 65% subsidy and take that money off their own 941 forms,' Slayton says, referring to the IRS' quarterly reporting requirement for employers." (Employee Benefit Adviser; Registration may be required) New Research Shows Cost of Retirement Health Care Increased to $240,000 Excerpt: "A 65-year-old couple retiring this year will need about $240,000 to cover medical expenses in retirement apart from Medicare insurance, reflecting a 6.7% increase over the 2008 estimate of $225,000, according to the Boston-based firm[.] The analysis assumes that the individuals do not have health care coverage provided by their employers, but they do quality for the federal Medicare insurance." (Investment News; free registration required) [Opinion] Public Plan Health Option Won't Work Excerpt: "The 'public plan option' won't work to fix the health care system for two reasons. 1. It forgoes at least 84 percent of the administrative savings available through single payer. . . . 2. A quarter century of experience with public/private competition in the Medicare program demonstrates that the private plans will not allow a level playing field." (Physicians for a National Health Program)
Links to Items on Executive Comp, Benefits in General[Guidance Overview]W-4 Revisions May Be Needed to Work out Stimulus Credit Excerpt: "In February, the Internal Revenue Service has released new withholding tables that incorporate the new 'Making Work Pay' credit - a provision of the American Recovery and Reinvestment Act of 2009. In its announcement, released with the tables, the IRS asked employers to start using the new withholding tables as soon as possible but not later than April 1, and said workers will not need to fill out a new W-4 withholding form to get the credit . . . . However, tax analysts at Thomson Reuters point out that IRS Publication 15-T included a notice for employers to distribute to employees concerning the changes in income tax withholding, and certain employees . . . are advised in the notice that they may need to file a new Form W-4 with their employer . . . ." (PLANSPONSOR.com; free registration required) Stock Options Adjusted at Some Public Companies After Share Prices Fall Excerpt: "Executives at dozens of public companies, including Starbucks, Google, Intel and smaller enterprises like Composite Technology, are taking steps to lower the prices that their employees would have to pay to convert options into stock. The moves are usually described as important for retaining employees, especially as stock options that vest over several years look utterly worthless in the current market. With prices plunging across a variety of industries, companies also often assert that stock price movements are not really a reflection of employee performance." (The New York Times; free registration required) House Passes Bill Levying 90% Tax on Bonuses Handed Out by TARP Recipients: Similar Senate Bill Forthcoming Excerpt: "The bill covers any bonuses that are retention payments, incentive payments, or other bonuses which are in addition to any amount payable to such individuals for services performed by such individuals at a regular hourly, daily, weekly, monthly, or similar periodic rate. The bill's taxation provisions apply to bonuses received on or after January 1, 2009. Bonuses will not be taxed at this rate once a TARP recipient has repaid TARP monies owed to the Treasury in excess of $5 billion. This House bill is designed to reclaim taxpayer money used to pay for bonuses at a dozen or so companies, including AIG, Fannie Mae, Freddie Mac, Citigroup, and Bank of America." (Baker & Hostetler LLP) Annual Statistical Supplement to the Social Security Bulletin, 2008 Excerpt: "The Supplement is a major resource for data on our nation's social insurance and welfare programs. The majority of the statistical tables present information about programs administered by the Social Security Administration -- the Old-Age, Survivors, and Disability Insurance program, known collectively as Social Security, and the Supplemental Security Income program. In addition, data are presented on the major health care programs -- Medicare and Medicaid -- and social insurance programs, including workers' compensation, unemployment insurance, temporary disability insurance, Black Lung benefits, and veterans' benefits. The Supplement also includes program summaries and legislative histories that help users of the data understand these programs." (U.S. Social Security Administration) Attorney Phyllis Borzi Nominated to Head Employee Benefits Security Administration Excerpt: "Until January 1995, [Phyllis] Borzi served as pension and employee benefit counsel for the U.S. House of Representatives, Subcommittee on Labor-Management Relations of the Committee on Education and Labor. She was on the Committee staff for 16 years. . . . . Borzi has published numerous articles on ERISA, health care law and policy and retirement security issues and is a frequent speaker on programs sponsored by legal, professional, business, consumer and state and local governmental organizations. An active member of the American Bar Association, Borzi is the current chair of the ABA's Joint Committee on Employee Benefits . . . ." (The White House) Webcasts and Conferences(Click to post your webcast or conference)"Found Money" in Your Health & Welfare Benefit Plans: What to Ask from Your Outsourced Benefits Administrator Nationwide on April 16, 2009 presented by TRI-AD Ponzi Schemes Are Out There: What's A Plan Fiduciary to Do? in New York on April 16, 2009 presented by WEB (Worldwide Employee Benefits Network ), New York Chapter Voluntary Fiduciary Correction Program Workshop in New York on April 28, 2009 presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA) Press Releases(Click to post your press release)Two Union Officers Indicted For Embezzling Over $300,000 In Union Funds U.S. Department of Labor, Employee Benefits Security Administration (EBSA) Equity Compensation Panel Discussion to Focus on FAS 123R Best Practices for Private Companies Two-Step Software, Inc. Treasury Outlines Framework For Regulatory Reform U.S. Department of Treasury ftwilliam.com Announces The Release Of Software For The Annual Funding Notice ftwilliam.com Mercer Announces Expanded Distribution of Defined Contribution Administration Services Mercer Renaissance Life and Health Insurance Company of America Debuts Individual Dental Insurance for Retirees Renaissance Life and Health Insurance Company of America Shore Bancshares Applies to Repay TARP Funds Shore Bancshares, Inc. Employee Benefits Jobs(Click to post your job opening | View all jobs | RSS feed of all jobs )Account Manager - Employee Benefits for Hanna Global Solutions in CA Pension Administrator for Jordan & Associates in CA Plan Document Specialist for Nova 401(k) Associates in TX EmployeeBenefitsJobs.com (Sponsor) (Click on banner to learn more.)
Handy Links:
Subscribe to the BenefitsLink Retirement Plans Newsletter, Too! Sign-up form is at https://benefitslink.com/newsletter (free). This email has been published by:
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: |