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January 18, 2012 Get Retirement News  |  Advertise  |  Unsubscribe  |  Past Issues  |  Search

Employee Benefits Jobs

Senior Stock Plan Administrator
for BTHR Solutions in MA

Senior Plan Administrator
for IRON Financial in IL

Quality Assurance Analyst
for Tegrit Administrators in SC

Operations & Withdrawal Processing Associate
for IRON Financial in IL

Senior Plan Administrator
for Mercer Advisors in AZ

401(k) DB/DC Administrator
for Nicholas Pension Consultants in CA

Management and Program Analyst
for Federal Retirement Thrift Investment Board in DC

VP, Strategy and Risk Management
for Prudential in CT, NJ

Senior Retirement Specialist
for Brooks Brothers in CT

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Webcasts and Conferences

401(k) Rekon Advisor Symposium- Portland
in Oregon on February 14, 2012 presented by 401(k) Rekon

401(k) Rekon Advisor Symposium- Schaumburg
in Illinois on February 16, 2012 presented by 401(k) Rekon

NY CLE Program: Ethical Dilemmas in Executive Compensation and Benefits
in New York on February 16, 2012 presented by WEB (Worldwide Employee Benefits Network ), New York Chapter

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[Guidance Overview]
How to Handle Medical Loss Ratio Rebates: Guidance for Insured Plans Subject to ERISA
"Insurance companies will report data in June 2012, and pay rebates in August 2012. Plan sponsors with insured arrangements should be alert for communications from their insurance carriers during the summer of 2012, and should be prepared to address rebate distribution." (The Segal Group, Inc.)

A Practical Guide to Help Employees Prepare For Retirement   [Advert.]

Sponsored by IFEBP (International Foundation of Employee Benefit Plans)

Help your employees plan for retirement with Ready or Not, 39th Edition. This best-selling workbook provides advice by encouraging workers to save and helping them make the difficult choices concerning when, where and how to retire. Purchase Now!

[Guidance Overview]
HHS Commences HIPAA Pilot Audit Program
"The vast majority of covered entities and business associates will not be audited in 2012, but they can expect the audit program to provide lessons on compliance risks and best practices. They will likely need to update their staffing, policies and procedures, training, and business associate agreements accordingly. They may also gain insight into the audit methodologies and begin preparing for potential audits in 2013 and beyond." (Cooley LLP)

Health Care Reform Update, January 17, 2012 (PDF)
Read this week's update on health care reform legislation, regulations, and initiatives. (ML Strategies, LLC)

$4.1 Mil.lion Health and Wellness Center Being Built for Chattanooga Employees
"[The administrator of personnel for Chattanooga] said the health clinics, the pharmacy and the fitness center all have seen heavy use, and the city has seen savings of more than $10 mil.lion over the last five years in health care costs." (Chattanooga Publishing Company, Inc.)

Cash Out of Paid Time Off May Be Tax Trap
"PTO plan designs run the spectrum from strict use-it-or-lose-it plans to plans that allow employees to accumulate days, months or even years of PTO over their careers. Unfortunately employers often overlook laws that prohibit or restrict certain plan designs or that create unintended tax consequences." (Poyner Spruill LLP)

Massachusetts Residents without Health Insurance to Face Higher Penalty in 2012
"Under the guidelines . . . the maximum penalty this year for those with incomes that exceed 300% of the federal poverty level will be $105 for each month that an individual is not covered by health insurance, or $1,260 a year." (Business Insurance)

Six Don'ts for Small Employers When Choosing Group Health Coverage
"1. Don't go it alone. Whether it's insurance brokers or your state insurance department, reach out to experts for help." (Reuters via Employee Benefit News)

Benefits in General; Executive Compensation

[Guidance Overview]
Tax Reporting Deadline Rapidly Approaching for Incentive Stock Options and Employee Stock Purchase Rights
"While these filings are required only once per year, please note that each Form 3921/3922 may report only one transaction. As a result, employers may need to prepare multiple forms for a single employee." (Jones Day)

[Guidance Overview]
IRS Hikes 2012 Vehicle Values
"Employers with fleets of vehicles will be glad to know that the IRS has made it possible for them to determine the value of making them available for use in 2012. The IRS on Jan. 17 released the maximum vehicle values for use with the special valuation rules for employer-provided cars, trucks and vans in 2012." (Thompson Publishing Group)

[Guidance Overview]
Employer's Deduction for Flight Crew Meals Limited because De Minimis Rule Did Not Apply
"This [Chief Counsel Advice memorandum] illustrates how fringe benefit exclusions can sometimes overlap. When exclusions are provided under Code § 132 and another section of the Code, a priority rule typically makes the Code § 132 exclusion unavailable. But there are a few exceptions, including one that preserves the Code § 132(e) de minimis fringe exclusion despite the availability of other Code exclusions. While in this instance it mattered little to employees which exclusion applied, it made a substantial difference to the employer." (Thomson Reuters/EBIA)

[Guidance Overview]
IRS Mileage Rate Remains Unchanged
"Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be 55.5 cents per mile for business miles driven. The rate for business miles driven is unchanged from the mid-year adjustment that became effective on July 1, 2011." (Barker Olmsted & Barnier)

Estimates of Federal Tax Expenditures for Fiscal Years 2011-2015
"The Joint Committee staff has made its estimates . . . based on the provisions in Federal tax law as enacted through January 10, 2011. Expired or repealed provisions are not listed unless they have continuing revenue effects that are associated with ongoing taxpayer activity. Proposed extensions or modifications of expiring provisions are not included until they have been enacted into law." (The Joint Committee on Taxation)

Employee Ownership Update for January 17, 2012
NCEO Executive Director Loren Rodgers discusses Iowa's ESOP initiative, research finding that shared capitalism companies are among the best to work for, Mitt Romney and the ESOP at Bain, employee ownership in the UK, the DOL's plans to re-propose its fiduciary regulations, and the NCEO board election. (National Center for Employee Ownership)

Employment Rate Among Older Workers Reduced, Not Increasing
"By the time the recent recession began, in 2008, Americans were already well into a reversal of the 20th-century trend toward earlier and earlier retirement. The employment rate for older women started rising in the mid-1980s, and for older men soon afterward. The effects were most pronounced among people 65 and older, but were noticeable for those in their early 60s as well. In 1994, 43 percent of people ages 60 to 64 were employed; by 2006, 51 percent were." (Bloomberg L.P.)

Explaining Plan Changes: Lessons from the Supreme Court in CIGNA v. Amara (PDF)
The lessons go beyond cash balance plan conversions and may apply to changes plan sponsors make in reaction to the health reform law. (Employee Relations Law Journal via Steptoe & Johnson LLP)

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Fax (407) 644-2151

Jeanette Hull, News Editor
David Rhett Baker, J.D., Editor and Publisher
Lois Baker, J.D., President
Holly Horton, Business Manager

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