On October 10, 2003, Governor Davis signed Assembly Bill 17 (“AB-17”), which made California the first state in the nation to prohibit its contractors from discriminating in the provision of benefits
Author: Trucker Huss
Recently several clients have contacted our firm asking for an explanation of the “new deferred compensation legislation.” They’ve been pleasantly surprised to learn that to date no such legislation has been enacted. However, two pieces of proposed legislation, the “National Employee Savings and Trust Equity Guarantee Act” (“NESTEG”) and the “American Jobs Creation Act of […]
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 2004. The increases that will affect the most plans are the increase in limitations on deferrals and catch-up contributions, and the increase in the maximum compensation limit. EGTRRA Limitation Increases The Economic […]
On October 5, 2003, Governor Davis signed Senate Bill 2, the “Health Insurance Act of 2003” (“SB2”). This new law creates a purchasing pool to provide health care coverage “for all working Californians and their families that is not tied to employment with an individual employer.” The law requires employers either to contribute to the […]
The Internal Revenue Service (“IRS”) recently published new proposed regulations1 under Sections 421, 422, and 424 of the Internal Revenue Code (the “Code”) regarding statutory stock options. The new proposed regulations supplant a previous set of proposed regulations issued almost twenty years ago (on February 7, 1984, to be precise)2 and update the existing final […]
In Black & Decker Disability Plan v. Nord, 123-S.-Ct. 1965 (2003), the Supreme Court overturned the Ninth’s Circuit’s application of the “treating physician rule” to ERISA disability cases
The Internal Revenue Service (“IRS”) recently issued Revenue Ruling 2003–102 which allows a Health Flexible Spending Account (FSA) or a Health Reimbursement Arrangement (HRA) to reimburse participants for expenses incurred for eligible non-prescription medicines and drugs, subject to certain limitations. Revenue Ruling 2003–102 states that Internal Revenue Code (“Code”) section 105 (which provides that certain […]
In November 2002, the Department of Labor (“DOL”) issued Field Assistance Bulletin 2002–3 (“FAB 2002–3”) to fill a perceived gap in guidance on float, hoping that plan fiduciaries will review their plans for compliance and take steps to protect themselves from overcompensating their service providers. FAB 2002–3 provides guidance to financial service providers and plan […]
Courts have recently decided a number of new cases involving cash balance plans. The issues involved are major, and the decisions, if upheld, could have drastic implications for all cash balance plans. This article analyzes the possible effects of the two most significant cases: Cooper v. The IBM Personal Pension Plan, 2003–2 USTC P 50,596 […]
Introduction In June 2003, the Internal Revenue Service (the “IRS “) issued Revenue Procedure 2003–44 (the “Revenue Procedure “) in order to simplify and streamline the Employee Plans Compliance Resolution System ( “EPCRS “). EPCRS is a program designed to encourage plan sponsors to correct certain qualification failures, and to facilitate the process, while allowing […]
A recent federal district court decision highlights the potential protection that can be provided against liability for breach of fiduciary duty under ERISA by the “settlor function” doctrine when plan investment decisions are incorporated into the terms of the plan document by amendment. Tatum v. R.J. Reynolds Tobacco Company On December 10, 2003, the U.S. […]
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