http://www.elinfonet.com/fedindex/8 Employment law articles discussing employee benefit issues, including those under ERISA. Fri, 10 Feb 2012 03:02:16 EST en-us http://www.elinfonet.com/newscount.php?popID=11781 Article: 11781 Thu, 09 Feb 2012 00:00:00 EST webmaster@elinfonet.com (Employment Law Information Network) SRZ successfully represented the International Ladies’ Garment Workers’ Union (“ILGWU”) Death Benefit Fund, the UNITE HERE Staff Retirement Plan, their fiduciaries, Amalgamated Services Corp., Amalgamated Life Insurance Co., Alicare Inc. and individual defendant Michael Hirsch against a claim for more than $1.7 million in attorneys’ fees stemming from an ERISA action. http://www.elinfonet.com/newscount.php?popID=11780 Article: 11780 Thu, 09 Feb 2012 00:00:00 EST webmaster@elinfonet.com (Employment Law Information Network) The Department of Labor (“DOL”) has issued a final regulation intended to permit investment providers to impart investment advice to retirement plan participants and IRA beneficiaries. Congress has been concerned that individuals do not have enough access to professional investment advice to make informed decisions because, for years, rules have restricted access to investment advice. As a result, workers make investment mistakes that cost billions of dollars in forgone income. The DOL’s final rule seeks to enhance retirement security by improving workers’ access to quality investment advice and to reduce poor investment decisions by the 60 million active participants holding $2.2 trillion in retirement assets. http://www.elinfonet.com/newscount.php?popID=11774 Article: 11774 Wed, 08 Feb 2012 00:00:00 EST webmaster@elinfonet.com (Employment Law Information Network) On February 3, 2012, the Internal Revenue Service (IRS), published its Interim Report on Section 401(k) Compliance Check Questionnaire (“Interim Report”). The Interim Report is significant because, according to the IRS, 401(k) plans have become the most prevalent form of retirement plans in the United States – with more than 500,000 401(k) plans covering approximately 60 million Americans. http://www.elinfonet.com/newscount.php?popID=11772 Article: 11772 Wed, 08 Feb 2012 00:00:00 EST webmaster@elinfonet.com (Employment Law Information Network) On February 3, 2012, the U.S. Department of Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) issued proposed regulations that would exempt the purchase of a “Qualified Longevity Annuity Contract” (“QLAC”) from the account balance that would have to be distributed under the minimum distribution rules of Internal Revenue Code Section 401(a)(9). http://www.elinfonet.com/newscount.php?popID=11767 Article: 11767 Tue, 07 Feb 2012 00:00:00 EST webmaster@elinfonet.com (Employment Law Information Network) Last week, at a Joint Meeting of the IRS's top officials with ERISA/tax attorneys and accountants from across the country, the IRS announced a pilot program that targets companies with at least 2,500 participants. Colleen Patton, the IRS's Area Manager for the Pacific Coast, says the pilot program has rolled out in her region, and the IRS expects to expand the program across the nation's remaining four geographic areas (Northeast, Mid-Atlantic, Great Lakes, and Gulf Coast). http://www.elinfonet.com/newscount.php?popID=11758 Article: 11758 Tue, 07 Feb 2012 00:00:00 EST webmaster@elinfonet.com (Employment Law Information Network) Employers that sponsor participant-directed individual account plans, such as 401(k) plans, must comply with two new sets of rules governing fee and other disclosures intended to ensure that plan participants can make informed investment decisions. It is imperative that plan sponsors understand and comply with these new disclosure requirements. Although the compliance deadlines have been extended (see http://www.dol.gov/ebsa/newsroom/fs408b2finalreg.html), plan sponsors should take advantage of this extension to ensure that they are in compliance with the new rules. http://www.elinfonet.com/newscount.php?popID=11747 Article: 11747 Fri, 03 Feb 2012 00:00:00 EST webmaster@elinfonet.com (Employment Law Information Network) Two new studies just out highlight the extraordinary problems now facing the United States health system, and some of the consequences that could befall the country if critical parts of health reform are stripped away. http://www.elinfonet.com/newscount.php?popID=11730 Article: 11730 Wed, 01 Feb 2012 00:00:00 EST webmaster@elinfonet.com (Employment Law Information Network) On January 20, 2012 various federal agencies released their regulatory agendas for the coming year. These documents describe which rules agencies such as the U.S. Department of Health and Human Services (HHS) and the Department of Labor’s Employee Benefits Security Administration (EBSA) intend to develop and/or issue in proposed and final form within the next 12 months. The agencies also released information on longer-term regulatory actions. A number of these regulatory efforts address changes made by the Affordable Care Act. http://www.elinfonet.com/newscount.php?popID=11683 Article: 11683 Mon, 23 Jan 2012 00:00:00 EST webmaster@elinfonet.com (Employment Law Information Network) On December 19, 2011, the Centers for Medicare and Medicaid ("CMS") published a proposed rule implementing the "sunshine provisions" in Section 6002 of the Patient Protection and Affordable Care Act ("PPACA"). These provisions require (i) applicable manufacturers to report annually to CMS certain payments or transfers of value provided to physicians or teaching hospitals and (ii) applicable manufacturers and applicable GPOs to report annually certain physician ownership and investment interests. The primary effect of the sunshine provisions is to require many life sciences companies to track and make known most of their financial arrangements with physicians. The proposed rule establishes procedures for data collection and reporting to CMS and for publishing by CMS. CMS will publish a final rule in the months ahead, and comments on the proposed rule are due on February 17, 2011. Thus, the rule is subject to change, particularly in those areas in which CMS is seeking comments, although persons may submit comments on any aspect of the proposed rule. http://www.elinfonet.com/newscount.php?popID=11661 Article: 11661 Wed, 18 Jan 2012 00:00:00 EST webmaster@elinfonet.com (Employment Law Information Network) Among other things, 2012 will be the year of the Department of Health and Human Services ("HHS") Office of Civil Rights ("OCR") pilot audit program to assess compliance with the Health Insurance Portability and Accountability Act ("HIPAA") Privacy and Security Rules and Breach Notification standards. The American Recovery and Reinvestment Act of 2009, in Section 13411 of the HITECH Act, required that HHS conduct periodic audits to monitor and ensure compliance with HIPAA. OCR will implement this requirement through a pilot program of 150 audits from November 2011 through December 2012, including an initial wave of 20 audits that will inform how the remaining audits will be conducted. OCR has established a HIPAA Audit Program website.