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Delay in W-2 Reporting Requirements
Excerpt: "The IRS also issued a draft W-2 Form for 2011, which would allow employers to voluntarily provide information about the cost of coverage. The IRS stated it plans to publish guidance on this requirement later this year."
(Baker, Donelson, Bearman, Caldwell & Berkowitz, PC)
Form W-2 Health Coverage Reporting Optional for 2011
Excerpt: "EBIA Comment: Employers have been waiting for guidance on the Form W-2 reporting requirement, and the one-year delay is a relief. But we hope the guidance slated for later this year addresses some of the many open issues regarding the new requirement, not the least of which is how to determine the cost of coverage."
(Employee Benefits Institute of America)
Small Businesses Should Prepare for Employees' Elder Care Emergencies
Excerpt: "Full-time workers who are also caregivers cost employers $33.6 bil.lion a year, according to a study released by the MetLife Mature Market Institute and the National Alliance for Caregiving in 2006. The cost comes from absenteeism, workday interruptions, work leaves and cutbacks in hours, among other factors. Some workers quit altogether when faced with parents' illnesses, causing employers to spend money to replace them."
(Los Angeles Times)
Health Law's New Patient-Centered Outcomes Board Takes Shape
Excerpt: "The Washington Post reports on a new entity: the Board of Governors of the Patient Centered Outcomes Research Institute. . . . Created by the health-care overhaul law, it's one of the newest and least known panels in government. But the work of its 21 members, if successful, could increase the public's knowledge of medical treatments for everything from attention deficit and hyperactivity disorder to cancer."
(Henry J. Kaiser Family Foundation)
Why a Different Rule for ERISA Claims?
Excerpt: "Federal Judge William M. Acker, Jr., clearly spells out the issue by pointing out that Firestone v. Bruch, 489 U.S. 101 (1989) , seems more intent on preserving the willingness of insurance companies to maintain lower premiums for employers, than to afford stricken employees with the help Congress apparently intended them to have."
(Uscher, Quiat, Uscher & Russo, P.A.)
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Benefits in General; Executive Compensation
Form 1099 Series Penalty Increased
Excerpt: "On September 27, 2010 President Obama signed The Small Business Jobs and Credit Act of 2010 (H.R. 5297) (SBJCA), which primarily provides tax cuts and better access to credit for small businesses. Section 2102 of the law increases the penalty for not timely filing or furnishing the Form 1099 series."
(McKay Hochman Co.)
Substantiation Requirements Relaxed for Employer-Provided Cell Phones (PDF)
3 pages. Excerpt: "This issue has been a source of widespread frustration for several years, with industry groups criticizing the treatment as outdated and out of sync with the widespread use, and considerably reduced costs, of cell phone technology today."
(Drinker Biddle & Reath LLP)
FDIC Guidance on the Payment of Severance by 'Troubled' Institutions and Covered Companies
Excerpt: "The bottom line is that the new guidance prohibits a troubled institution from making, or agreeing to make, any severance payments unless the payments fall within one of the three permissible payments that a troubled entity may make - and even then, the institution must receive prior supervisory approval to make the payments."
(Michael S. Melbinger via Winston & Strawn LLP)
ERISA Summary Plan Description Requirements
Excerpt: "Although the summary plan description must be drafted in accordance with two Department of Labor regulations, it does not have to be called 'The Summary Plan Description.' This article describes the general content and distribution requirements of the summary plan description."
Employee Ownership Update for October 15, 2010
NCEO Executive Director Corey Rosen discusses the following: President Obama says employee ownership should be encouraged. A new report from the Treasury finds ESOPs held about 15% of the total assets in non-government corporate retirement plans in 2007. A new NCEO issue brief examines wellness programs in employee ownership companies. Facebook and Zynga have announced they will charge employees substantial fees to sell shares on secondary markets.
(National Center for Employee Ownership)
Webcasts and Conferences
Legal Update 2010
in Michigan on November 18, 2010
International Society of CEBS - West Michigan Chapter
Newly Posted Employee Benefits Jobs
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