Pension plans which need 2013 pension valuation results certified by March 31st can now move forward.
On August 31, 2012 the Internal Revenue Service ("IRS") issued guidance on how to determine if an employee is a "full-time" employee for purposes of complying with the employer shared responsibility (aka "pay or play") rules that take effect in 2014.
At the end of June 2012, Congress passed the bill called "Moving Ahead for Progress in the 21st Century (MAP-21)" and on July 6, 2012, President Obama signed the legislation. In addition to the highly-publicized transportation and student loan provisions, the new law quietly contained changes to the current pension funding rules.
The Internal Revenue (IRS) and related Regulations require that a "cafeteria" or 125 plan and certain health and welfare benefit plans undergo annual nondiscrimination testing to ensure that, in general, they do not discriminate in favor of highly compensated employees, highly compensated individuals and/or key employees (as these terms are defined in the IRC).
Findley Davies is pleased to provide you with the 2011/2012 Sample Annual Employee Benefits Notice (Annual Notice).
Recently HIPAA was amended by the section of the American Recovery and Reinvestment Act of 2009 entitled the Health Information Technology for Economic and Clinical Health Act ("HITECH").
Final regulations implementing the Genetic Information Nondiscrimation Act took effect on January 10, 2011.
Not only does the PPACA require that you amend your group health plan documents, it also requires that you amend your Section 125 Cafeteria Plan documents.
The Pension Benefit Guaranty Corporation issued proposed regulations under ERISA Section 4062(e) which define the reporting of and liability relating to the cessation of certain operations by employers that sponsor defined benefit pension plans.
On July 16, 2010, the Department of Labor (DOL) released interim final regulations relating to disclosure of retirement plan fees collected by service providers.
Funding relief for defined benefit pension plans was signed by the President on Friday, June 25, 2010.
The Patient Protection and Affordable Care Act and the Health Care and Education Affordability Reconciliation Act will impact employer-provided retiree medical programs.
After review of comments received on proposed rules, the SEC issued final rules on December 16, 2009, relating to enhanced disclosure requirements applicable to proxy statements of all public companies.
How Updates to New COBRA Provisions Affect Your Organization
The Department of Defense Appropriations Act amended ARRA on December 19, 2010, to extend the COBRA premium reduction eligibility period and increase the maximum period for receiving the subsidy for individuals who lost their health care coverage due to an involuntary termination of employment.
Equalizing mental health and substance abuse benefits may lead to integration with EAP services (and possibly FMLA administration).
GINA Updates: DOL and HHS Rules Impact Health Risk Assessments
This bulletin outlines prohibited actions, sample HRA questions, and action steps for employers to respond to the GINA updates.
American Recovery and Reinvestment Act Changes to HIPAA Rules
This bulletin provides guidance with tips for employers to stay in compliance with these new regulations.
To access the Privacy and Security Training Presentation provided by Findley Davies, click on the link below:
Compensation Related Proxy Disclosure Enhancements
The Securities and Exchange Commission (SEC) issued proposed rules relating to enhanced compensation disclosure requirements applicable to proxy statements for all public companies. It is anticipated that final rules would be effective with the 2010 proxy season.
The IRS continues to crack down on excess compensation within not-for-profit organizations. Now is the time to review your compensation policy to ensure your organization is in compliance and avoid Intermediate Sanction penalties.
Employer Owned Life Insurance
Many businesses own life insurance contracts that insure the lives of key employees in the organization. The IRS has recently issued Notice 2009-48 which describes the IRS’s interpretation of IRC §101(j) and, in effect, creates standards for evaluating whether the death benefit received by an employer from a life insurance contract will be taxable or not.
Impact of the Lilly Ledbetter Fair Pay Act of 2009
The Lilly Ledbetter Fair Pay Act of 2009 (the Fair Pay Act) expressly overruled the U.S. Supreme Court’s decision in Ledbetter v. Goodyear Tire & Rubber Co.
Pension Funding Guidelines
IRS Provides Pension Funding Guidelines Which Could Save Some Plan Sponsors Significant Cash Contributions in 2009 or 2010.
2009 Compensation Trends Report
Employers have been responding to the current economic enviroment by making substantive changes to both the level and structure of direct compensation delivered to executives and employees.
Engaging Employees through Effective Communication
In a time where we are faced with doing more with less, the most essential part of your business is your top talent. And right now, your top performers are more valuable than ever. Ensuring that they are engaged and motivated is going to be what sets your organization apart and gets you through to the other side of this economic crisis. How do you keep your employees productive and give them a sense of security and control in an otherwise uncontrollable environment? It’s time to refine and execute a comprehensive communication strategy. This bulletin discusses ways to do that.
COBRA Down, CHIP to Go
Just as employers are coping with the new COBRA provisions within the American Recovery and Reinvestment Act of 2009 (ARRA) the federal government will impose additional requirements relating to the Children’s Health Insurance Program effective April 1, 2009.
New COBRA Provisions
On February 17, 2009, President Obama signed the American Recovery and Reinvestment Act of 2009 (aka the “Stimulus Bill”). The purpose of this bulletin is to outline the new COBRA provisions that go into effect March 1, 2009. As you read this, please keep in mind the Department of Labor will be releasing in March certain guidance relating to model notices and other reporting and disclosure requirements. That means we will be supplementing this bulletin with more relevant and practical information as it emerges.
Urgent COBRA Alert-January 27, 2009
This week, the U.S. House of Representatives will vote on the American Economic Recovery and Reinvestment Tax Act (H.R. 598). This bill, which includes the President's economic stimulus package, will also significantly expand employers' COBRA obligations.
Silence is Not an Option
Growing levels of stress and anxiety about the economic turbulence can impact your employees and their job performance. Now is the time to step up employee communications to help motivate everyone to work together toward the same goals and outcomes. Here are some key considerations for your communication strategy.
Required Minimum Distribution Changes for 2009
In December 2008, former President Bush signed into law the “Worker, Retiree, and Employer Recovery Act of 2008” (“the Act”). Under the Act, the required minimum distribution (RMD) rules for defined contribution (“DC”) plans, including 403(b) plans and 457(b) plans of state and local government, are suspended for 2009.
The Worker, Retiree, and Employer Act of 2008
The Worker, Retiree, and Employer Recovery Act of 2008 (Act) passed both the House and the Senate as of December 11, 2008 and was signed into law on December 22, 2008. This Act includes Pension Protection Act of 2006 (PPA ’06) technical corrections as well as short-term pension relief provisions.
Executive Compensation Rules Under Emergency Economic Standardization Act
The Emergency Economic Stabilization Act (EESA), enacted October 3, 2008, sets forth specific executive compensation rules that apply to senior executive officers (SEO) of public or private financial institution participating in the Troubled Asset Relief Programs (TARP) established by the US Treasury.
Impact of Economic Crisis on Your Pension Plans
The economic crisis brought about by the credit crunch resulting from aggressive lending practices and the even more aggressive packaging of debt instruments will have an impact on corporate and other employers in many different ways.