On February 4, 2009 President Obama signed the Children’s Health Insurance Program Reauthorization Act of 2009 (the “Act”) into law. The State Children’s Health Insurance Program (previously referred to as “SCHIP” and now as “CHIP”) is a joint federal and state program intended to provide health coverage for lowincome children and pregnant women who have […]
Author: Trucker Huss
On February 17, 2009, President Obama signed the American Recovery and Reinvestment Act of 2009 (the “Act”). This economic stimulus package includes the following three new rights for qualified beneficiaries who become eligible for COBRA coverage following an involuntary termination of employment which occurs at any time during the period from September 1, 2008 through […]
In a victory for plan sponsors and administrators, the Supreme Court ruled recently in Kennedy v. Plan Administrator for DuPont Savings and Investment Plan, 129 S.Ct. 865 (2009), that retirement plans may rely on the plan terms and beneficiary designation forms in determining the proper recipient of survivor benefits. The ruling resolves a split among […]
This newsletter provides an overview of the following seven areas of executive compensation: Applicable to Most Employers The IRS correction program for certain operational violations of Internal Revenue Code section 409A (“Section 409A”). Reporting obligations for incentive stock options (including ESPP grants) that must be made by January 31. The U.S. Department of Labor Top-Hat […]
In our May 2008 issue, we discussed the potential implications that the May 15, 2008 California Supreme Court (the “Court”) decision regarding the ability of same-sex couples to get married under the laws of the State of California could have on qualified pension plans, health and welfare plans, and non-qualified deferred compensation plans (collectively, “plans”). […]
The Internal Revenue Service (the “IRS”) has released the 2008 Cumulative List of Changes in Plan Qualification Requirements (the “2008 Cumulative List”). In general, the Cumulative List identifies the changes in qualification requirements that must be taken into account when an application for an opinion, advisory or determination letter is submitted and reviewed by the […]
On August 22, 2008, the Department of Labor (“DOL”) issued proposed regulations and a proposed class exemption which implement the statutory prohibited transaction exemption for the provision of investment advice under the amendments made by the Pension Protection Act of 2006 (“PPA”) to the Employee Retirement Income Security Act of 1974 (“ERISA”) and the Internal […]
On October 17, 2008, the Massachusetts Health Insurance Connector Authority (“Connector”) issued final regulations establishing minimum creditable coverage standards for health plans. These final regulations are effective January 1, 2009. Background Pursuant to the Massachusetts Health Care Reform Act (the “Act”), which became effective July 1, 2007, Massachusetts residents age 18 and older must have […]
Amid a background of 401(k) fee litigation brought by plan participants, and Congressional fee disclosure proposals, the Employee Benefits Security Administration of the Department of Labor (“DOL”) has released proposed regulations under ERISA section 404(a) (“proposed regulations”) that would require enhanced disclosure by plan fiduciaries of information concerning investment alternatives and fees to participants in […]
On September 30, 2008, a three-judge panel of the U.S. Court of Appeals for the Ninth Circuit ruled that the San Francisco Health Care Security Ordinance (“Ordinance”) is not preempted by ERISA, in Golden Gate Restaurant Association v. City and County of San Francisco. This decision reverses the District Court’s ruling, issued on December 26, […]
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 2009. With only one exception, the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment: The limitation on annual benefits under a defined benefit plan is increased from […]
The U.S. Supreme Court’s recent ruling in Metropolitan Life Insurance v. Glenn (“MetLife”) attempted to answer two questions concerning ERISA benefits litigation, both of which have been a source of disagreement among the circuit courts of appeals: Does an entity that both funds benefits and decides claims operate under a conflict of interest? If such […]
The Schedule C accompanying the Form 5500 for the 2009 plan year for large plans will be markedly different from the Schedule C previously required. On November 16, 2007, the Department of Labor (“DOL”) published a new Schedule C, effective for the 2009 plan year, which requires significantly more disclosure of service provider fees and […]
On May 21, 2008, in an effort to protect individuals from discrimination on the basis of their genetic information, President Bush signed into law the Genetic Information Nondiscrimination Act (“GINA”) (H.R. 493). One of the primary goals of GINA is to promote genetic research by reducing fears that an individual’s genetic information may be used […]
On June 17, 2008, the Heroes Earning Assistance and Relief Tax Act of 2008 (HEART) (Pub. L. 110-245) was signed into law by the President. The HEART Act deals principally with the tax treatment of military personnel, with provisions applying to a wide range of Internal Revenue Code (“Code”) provisions. This article will deal primarily […]
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