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Health & Welfare Plans Newsletter
December 22, 2009 
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[Guidance Overview]
COBRA Subsidy Law Extended and Expanded
Excerpt: "President Obama signed into law on Dec. 21 an extension and expansion of a COBRA premium subsidy law that was due to expire on Dec. 31. The extension means new compliance obligations for employers, as that the program now runs through Feb. 28, 2010, the subsidy period is expanded by six months and new notice requirements must be met within a tight timeframe." (Thompson Publishing Group Inc.)
[Guidance Overview]
COBRA Subsidy Extension
Excerpt: "Group medical plan sponsors should be aware of four critical components in the extending legislation . . . .' (Holland & Hart LLP)
[Guidance Overview]
U.S. Walmart Decision Reinvigorates Stale Litigation Involving 401(k) Plan Fee Challenges
Excerpt: "The WAL-MART appeal found that the following were viable claims to be decided by the trial court: Whether WAL-MART should have negotiated to use institutional mutual funds instead of retail funds, which typically have higher fees. Whether WAL-MART should have avoided funds with 12b-1 fees, which allegedly benefit the fund companies, not the participants. Whether WAL-MART was required to disclose its fund selection process and revenue sharing to participants, and whether revenue sharing is an improper kickback." (Osler, Hoskin & Harcourt LLP)
[Guidance Overview]
Year-End Reminders for Health and Welfare Plans: 2009
Excerpt: "As an eventful 2009 draws to a close, this Update highlights federal developments affecting health and welfare plans, including new restrictions on the use of genetic information, coverage expansions, the COBRA subsidy program, new rights for military families, parity requirements for mental health coverage, Medicare secondary payer reporting, and changes in HIPAA privacy and security provisions made by the HITECH Act." (Mercer LLC)
[Guidance Overview]
Election Notice Mailed to Address Provided by Employee Satisfies COBRA Notice Obligation
Excerpt: "EBIA Comment: This COBRA claimant had little chance to win a case involving her own failure to provide a complete address on her initial enrollment form. Employers and COBRA administrators should not, however, draw the conclusion that relying on an address in an enrollment form always will be sufficient. The good faith compliance standard (a court-created standard that draws from COBRA's legislative history) relies on the qualified beneficiary's 'last known address.'" (Employee Benefits Institute of America)
Dependent Care and Workplace Policies in Our Economy
Excerpt: "Phoebe Taubman, a fellow at Equal Justice Works with A Better Balance: The Work and Family Legal Center has written an issue brief for the American Constitution Society, entitled Free Riding on Families: Why the American Workplace Needs to Change and How to Do It. . . . Taubman describes how paid leave, discrimination protection for caregivers, workplace flexibility, and workplace equity would bring our policies up to date with our needs." (Workplace Prof Blog)
Employers Take Note: Appeals Process Expanded, Reinsurance for Early Retirees in Health Reform
Excerpt: "This series will look at features of the legislation already passed in the House (H.R. 3962) and the bill being considered in the Senate (H.R. 3590). These are features likely to survive in health reform legislation and which will directly affect employers. Today an expansion of the employee appeals process and the establishment of a reinsurance program for early retirees are discussed." (Wolters Kluwer)
Employers Anxious About Retiree Medical Promises: ISCEBS/Towers Perrin Survey Findings (PDF)
6 pages. Excerpt: "A weak economy and uncertainty about the direction, timing, or impact of national health care reform have plan sponsors in a quandary as to how to address the rising cost and continuing administrative burden of their retiree medical plans. These findings are from a new survey from ISCEBS and Towers Perrin. The survey also revealed a sense of urgency about the need to make changes to costly retiree medical plans, an urgency compounded by the historical lack of marketplace solutions for pre-Medicare retirees, creating further anxiety among plan sponsors." (International Society of Certified Employee Benefit Specialists)
Coca-Cola Gets OK for Innovative Captive Benefits Funding Plan
Excerpt: "The Coca-Cola Co. has received tentative authorization from the Labor Department for its groundbreaking approach to funding retiree health care benefits through a special trust and its captive insurance company. The tentative authorization, which will be published in Tuesday's Federal Register, came after months of discussions between Labor Department officials and Coca-Cola, its consultants and legal advisers." (Business Insurance)
Employers React to H1N1 Threat
Excerpt: "In response to the H1N1 flu threat, employers around the globe are taking steps such as distributing hand sanitizers (94%), implementing more frequent or intensive office cleaning (64%), and providing educational sessions (54%)." (PLANSPONSOR.com)
2009 Versions of HSA Reporting Form 8889 and Publication 969
Excerpt: "EBIA Comment: The absence of significant changes in these 2009 releases is what we expected, given that the rules governing HSAs, HRAs, and health FSAs have remained relatively stable this year. It will be interesting to see what changes may emerge in 2010 as part of any health care reform proposals that may be enacted, and to see whether the final cafeteria plan regulations will be issued." (Employee Benefits Institute of America)
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Executive Compensation; Benefits in General
[Guidance Overview]SEC's Final Guidance on Executive Compensation Disclosure (PDF)
7 pages. Excerpt: "[C]ompanies should not expect a liberal transition period for these new rules. Unlike SEC comments to proxy statements in the last two years in which the Staff allowed companies to correct disclosure in future proxy filings, the SEC has recently indicated, in a November 2009 speech by the deputy director, that the Staff will require companies to prepare amended filings if they determine that a company's disclosures or lack of disclosures do not materially comply with these new proxy rules, which are generally effective immediately." (Morgan, Lewis & Bockius LLP)
[Guidance Overview]
Comverse Technology Agrees to Settlement of Stock Options Backdating Charges
Excerpt: "Comverse Technology has agreed to pay $225 million to settle a securities class action over backdated stock options. According to The American Lawyer, the settlement agreement still has to be approved in federal court. Under the agreement, Comverse will pay $165 million by selling auction rate securities back to UBS, or if that doesn't work, the company will pay with a mixture of cash and stock." (PLANSPONSOR.com)
Webcasts and Conferences
The 5 Things That Every 401(k) Committee Must Address in the Coming Monthsin California on January 19, 2010
presented by Western Pension & Benefits Conference, San Diego Chapter
(Click to post your webcast or conference)
Press Releases
PSCA 2009 401(k) and Profit Sharing Plan Eligibility Survey ReleasedProfit Sharing/401(k) Council of America (PSCA)
Employers Anxious About Retiree Medical Promises
International Society of Certified Employee Benefit Specialists (ISCEBS)
U.S. Retirement Announces Alliance With Financial Independence Group
U.S. Retirement Partners
Towers Perrin/Watson Wyatt Announce Shareholder Approval of Merger
Towers Perrin and Watson Wyatt
eRollover Appoints Tim Harrington Chairman and CEO
eRollover
Statement of Phyllis C. Borzi on COBRA Subsidy Extension
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
(Click to post your press release)
Newly Posted Employee Benefits Jobs
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