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February 10, 2011 Retirement Plans Newsletter  |  Advertise  |  Unsubscribe  |  Past Issues

[Official Guidance]
Text of IRS Announcement 2011-14: Breast Pumps and Lactation Supplies Are Medical Expenses (PDF)
"[B]reast pumps and supplies that assist lactation are medical care under [Code section] 213(d) of the Internal Revenue Code because, like obstetric care, they are for the purpose of affecting a structure or function of the body of the lactating woman. Therefore, if the remaining requirements of section 213(a) are met (for example, the taxpayer's total medical expenses exceed 7.5 percent of adjusted gross income), expenses paid for breast pumps and supplies that assist lactation are deductible medical expenses. Amounts reimbursed for these expenses under flexible spending arrangements, Archer medical savings accounts, health reimbursement arrangements, or health savings accounts are not income to the taxpayer." (U.S. Internal Revenue Service)


ftwilliam.com launches their DB(k) plan document. (advert.)

Sponsored by ftwilliam.com

The DB(k) document is available under any volume submitter 401(k) plan (prototype or IDP format) included in the retirement document package. See how to create a DB(k) and learn about issues raised by these new document types in our technical update.


[Guidance Overview]
Health Care Coverage for Adult Children Raises Tax Issues
"[U]ntil California conforms to federal tax law, California employers are in the unenviable position of including the value of coverage for adult children who do not meet tax dependent status in the employee's income for state tax purposes but not federal tax purposes." (Reish & Reicher)

[Guidance Overview]
DOL Sheds Light on Break Time for Nursing Mothers Law; Asks Employers for Input
"The 'reasonableness' of the break time provided to nursing mothers necessarily includes consideration of the duration of each break and the frequency of breaks needed to express breast milk." (Neal, Gerber & Eisenberg LLP)

Non-Discrimination Requirements Halted by IRS Until After Either Regulations or Other Guidance Have Been Issued
"Until then, the delay gives employers some additional time to look at their non-grandfathered health plans and look to alternative arrangements, if necessary." (Reish & Reicher)

Don't Forget to Amend Your Cafeteria Plans
"Cafeteria plans with health flexible spending accounts may need to be amended to address [new limitations and] any such amendments must be adopted no later than June 30, 2011." (Reish & Reicher)

Getting Public Employees More Active in Their Health
"While wellness and preventative programs' success may be hard to measure so far, it is fair to say that any push -- be it tied to an incentive or disincentive -- is a push in the direction of cost containment and healthier employees." (Governing)

Study Finds Flaws in Individual Mandate Alternatives Currently Under Discussion
"The study, produced by the Center for American Progress, concludes that some alternative policies would leave millions of Americans without insurance." (Henry J. Kaiser Family Foundation)

Post Office Says Pre-Funding Retiree Health Care Reason for Loss for First Quarter of the Fiscal Year
"Without the requirement [to make advance payments to cover expected health care costs for future retirees], the post office said it would have had a net profit of $226 mil.lion for the quarter." (PLANSPONSOR.COM)

[Opinion]
Health Care Reform and the Supreme Court: It's All in the Timing
"The longer the wait before the case hits the court docket, the better the chances are that any of the justices - but most importantly in terms of the eventual verdict, the five thought to be the working conservative majority - might leave the bench." (The Wall Street Journal)


The Most Complete, Current, Easy-to-Use HSA Resource Available! (advert.)

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Health Savings Account Answer Book answers every HSA question... clarifies every HSA issue... in a format that's quick and easy to use. It tells you virtually everything you have to know to profit from HSAs.


Benefits in General; Executive Compensation

[Guidance Overview]
U.S. Agencies Propose Joint Rulemaking on Incentive-Based Compensation for Financial Institutions
"A particularly significant provision of the proposed rules is a requirement to defer at least 50 percent of incentive compensation for executive officers of certain larger financial institutions for at least three years." (PricewaterhouseCoopers LLP)

[Guidance Overview]
Final Say-on-Pay Rules Delay Requirements for Smaller Reporting Companies and TARP Participants (PDF)
"[T]he SEC adopted a temporary two-year phase-in for companies meeting the definition of a smaller reporting company." (Vedder Price P.C.)

Federal Employees: Pension COLAs and Pay Adjustments Since 1969 (PDF)
"Federal retirement and disability benefits are indexed to price increases as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers . . ., whereas pay adjustments for civilian federal workers are indexed to wage and salary increases in the private sector, as measured by the Employment Cost Index . . . ." (U.S. Congressional Research Service)

Florida Cities Face Underfunded Retirement Benefits
"The worst offenders -- Bradenton, Hollywood, Hialeah, Miami, Cape Coral and Titusville -- owe retirees between one and four times in health care benefits than the money they now spend on their total budgets." (St. Petersburg Times)

Work Flexibility vs. Stimulating Work
"How important is having job flexibility for family needs vs. having challenging, stimulating work? It is a kind of trade-off faced by countless jugglers . . . ." (The Wall Street Journal)

Press Releases


Employee Benefits Jobs

Retirement Plan Coordinator in PA for Hefren-Tillotson

Retirement Plan Administrator in UT for HCS Retirement Services LLC

Daily Valuation Plan Administrator in ANY STATE, FL, GA, NC, SC for Ingham Retirement Group

Client Relationship Manager in OH for Transamerica Retirement Services Corporation

Internal Sales Consultant in CA for Dedicated Defined Benefit Services LLC

Post Your Job on EmployeeBenefitsJobs.com

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Webcasts and Conferences

2011 NIPA Annual Forum & Expo
in Nevada on May 1, 2011 presented by National Institute of Pension Administrators

Cash Balance Summit 2011
in Nevada on March 5, 2011 presented by Payden/Kravitz

COBRA and Affordable Care Act Compliance Workshop
in California on February 24, 2011 presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)

COBRA and Affordable Care Act Workshop
in California on March 2, 2011 presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)

HIPAA and Affordable Care Act Workshop
in California on March 3, 2011 presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)

Secretary of Labor to Host Live Web Chat on Department’s Fiscal Year 2012 Budget Request
Nationwide on February 14, 2011 presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)


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