This article is an update for our readers on recent court decisions regarding the Defense of Marriage Act (“DOMA” or the “Act”). The constitutionality of Section 3 of DOMA has come under serious fire in recent months. Numerous federal courts have declared Section 3 of the Act unconstitutional, citing issues with both equal protection and […]
Author: Trucker Huss
The U.S. Ninth Circuit Court of Appeals has clarified two forms of equitable relief — reformation and surcharge — that may be available under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). In Skinner v. Northrop Grumman Retirement Plan B, a Ninth Circuit panel held that participants in a pension plan were […]
The Department of Labor (DOL) has recently issued Field Assistance Bulletin (FAB) 2012– 02, in a question and answer format, providing guidance on the participant fee disclosure rules. The FAB addresses various uncertainties in the final DOL regulations and provides needed clarification on a wide array of issues, including disclosure of general plan-related information and […]
On March 19, 2012, the Departments of Labor, Treasury, and Health and Human Services (the “Departments”) issued a new set of FAQs (the FAQs about Affordable Care Act Implementation, Part VIII) providing guidance on the requirement to furnish Summaries of Benefits and Coverage (“SBC”). These FAQs help address questions that were raised following the issuance […]
There have been several recent court decisions of interest in some of the well-publicized lawsuits contesting the investment selections and the fees charged in a number of large corporate 401(k) plans. Sometimes reaching very different outcomes, these decisions concern the use of retail mutual funds in large plans, alleged breach of fiduciary duties in the […]
Most business owners expect that when they purchase the assets of another business, as opposed to purchasing the shares of a corporation, they are shielded from most, if not all, of the selling business’s existing liabilities. Those liabilities — accounts payable, any existing legal claims against the business, etc. — should remain with the selling […]
Over a period of three days, from March 26 through March 28, 2012, the United States Supreme Court heard a historic series of oral arguments addressing the constitutionality of the Patient Protection and Affordable Care Act (the “Act”). The Court addressed the following issues which are discussed briefly below: Does the Court have jurisdiction to […]
IRS 2011 Cumulative List The Internal Revenue Service (the “Service”) has released Notice 2011– 97, which contains the 2011 Cumulative List of Changes in Plan Qualification Requirements (the “2011 Cumulative List”) described in Section 4 of Revenue Procedure 2007– 44. The 2011 Cumulative List is to be used by plan sponsors and practitioners submitting determination […]
Final Regulations Issued for the Summary of Benefits and Coverage, Uniform Glossary and Notice of Modification Required Under the Patient Protection and Affordable Care Act On February 14, 2012, the Departments of Labor, Health and Human Services (“HHS”), and the Treasury (the “Agencies”) published final regulations related to Public Health Service Act section 2715(d) (4) […]
On February 3, 2012, eighteen months after announcing an interim final rule, the Department of Labor (“DOL”) published a final rule (“Final Rule”) adopting disclosure requirements for retirement plan service providers under Section 408(b)(2) of the Employee Retirement Income Security Act of 1974 (“ERISA”). The Final Rule requires “covered service providers” to disclose certain information […]
On January 3, 2012, the IRS published Notice 2012- 9, restating and amending its previous interim guidance on how to comply with the Form W-2 reporting requirements enacted as part of the Patient Protection and Affordable Care Act (the “Affordable Care Act”). The notice is available at: http://www.irs.gov/pub/irs-drop/n-12-09.pdf. Background Section 9002 of the Affordable Care […]
On November 15, 2011, the San Francisco Health Care Security Ordinance (the “Ordinance”) was significantly amended by the City of San Francisco (the “City”) to: Mandate that health reimbursement account contributions be available to employees for a minimum of two (2) years measured from the date of contribution, thereby eliminating Section 125 health flexible spending […]
On October 25, 2011, the Department of Labor (DOL) issued a final regulation regarding the rendering of investment advice by a fiduciary to participants and beneficiaries in participant-directed individual account plans and individual retirement plans (e.g., plans subject to the Employee Retirement Income Security Act of 1974, as amended (ERISA).1 The final regulation, effective for […]
The Internal Revenue Service has announced the annual cost-of-living adjustments applicable to dollar limitations for pension plans and other items for Tax Year 2012. For the first time in three years the increase in the cost-of-living index met the statutory thresholds that triggered the adjustment of many of the limitations: Limitations that Have Increased Limitations […]
At a recent meeting of the American Bar Association (“ABA”), a committee (“Committee”) sponsored by the ABA’s Tax Section proposed several changes to the Internal Revenue Code (“Code”). These changes are designed to simplify administration of tax-qualified retirement plans and IRAs and to curb perceived abuses associated with these retirement vehicles. The Committee anticipates that […]
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