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Article Index » employee benefits: 10 Most Recent Articles Report Link Health Reform Bill Passed by House Restricts Employer Curtailment, Termination of Retiree Benefit.Jackson Lewis LLP - November 18, 2009 The health reform bill that passed the House of Representatives on Saturday, November 7, contains a provision that, if enacted, would limit severely the ability of employers to curtail or terminate retiree medical benefits provided to retired individuals and their beneficiaries. Moreover, the new rule (Section 110 of H.R. 3962) would be effective upon enactment. Report Link Check Your Individual Retirement Account Agreements.Ford & Harrison LLP - November 17, 2009 A recent Department of Labor Advisory Opinion (Ad Op 2009-03A) discussed the effect of certain language that is often found in brokerage agreements that could be used in connection with Individual Retirement Accounts offered by brokerage firms. The Department advised that the language in question would result a series of "prohibited transactions," which would have the effect of invalidating the customer's IRA. Report Link Health Care Reform Passed by the U.S. House of Representatives - Future Unknown.Vedder Price - November 17, 2009 On November 7, 2009, the U.S. House of Representatives passed its version of health care reform, known
as the Affordable HealthCare for America Act (H.R. 3962). As the media has noted, this House vote is
merely one step for legislation that may or may not ever be enacted. Similar legislation is pending in the
U.S. Senate, and debate is expected to begin on the Senate’s version in the near future. Any legislation
that passes the Senate will then need to be reconciled with what the House passed, and then ultimately
passed by both chambers and signed by the President before becoming law. Report Link It's Plan Amendment Time Again.Ford & Harrison LLP - November 06, 2009 Plan sponsors should be aware of upcoming deadlines for adoption of amendments to their qualified retirement plans. Certain amendments are required by the end of the 2009 plan year (December 31, 2009 for calendar year plans), while others are required by the plan sponsor's 2009 tax-filing deadline. In some cases, there may also be amendments required to be adopted by January 31, 2010. Report Link Court Finds a Breach of Fiduciary Duty Despite Clear Statement in SPD that Employer Could Amend Retiree Medical Plan.Buchanan Ingersoll & Rooney PC - November 05, 2009 In re Unisys Corporation Retiree Medical Benefits ERISA Litigation, 579 F. 3d 220 (3d Cir. 2009), the fourth decision in the long running Unisys Corporation (Unisys) litigation, held that Unisys breached its fiduciary duty by not informing retirees that Unisys retained the right to change the terms of their retiree medical benefits. In reaching this conclusion, the court rejected Unisys' key arguments that (1) there was no need to inform the individuals of Unisys' right to amend because no amendments were being contemplated at the time, (2) the Summary Plan Description (SPD) Unisys distributed expressly stated that Unisys retained the right to amend the plan, and (3) the injunction compelling Unisys to reinstate the plan without the right to change benefits impermissibly restricted Unisys in its capacity as a settlor. The court reasoned that: in context, Unisys' statements amounted to a misrepresentation; the language in the SPD was irrelevant because Unisys did not distribute the SPD until after the individuals had retired; and the right to equitable relief trumped Unisys' rights as a settlor. Report Link IRS Employee Plans Team Audits.Ford & Harrison LLP - November 02, 2009 The Internal Revenue Service (IRS) maintains a program known as the Employee Plans Team Audit (EPTA) program, under which random audits are used to discover, and remedy, common plan problems and mistakes, and to assist retirement plan sponsors and administrators in identifying those issues. Recently, the IRS updated its list of "common plan mistakes" that have been found during EPTA audits, as well as a sample of a questionnaire used by EPTA auditors to test the system of internal controls utilized by a plan. The EPTA Program is designed to deal with large retirement plans, i.e., those covering at least 2,500 participants, but having an insight into the EPTA procedures enables administrators of plans of all sizes to avoid most common errors in plan administration. The EPTA materials can also be utilized to develop and conduct self-audits and to correct any mistakes thereby identified. Report Link Will You Be Ready For Section 409A Compliance Audits?Cooley Godward Kronish LLP. - October 30, 2009 IRS audits that cover compliance with Section 409A of the Internal Revenue Code seem a near term certainty.[1] As a result, employers should take steps now to ensure that their deferred compensation arrangements are in compliance with the documentary and operational requirements of Section 409A. Adverse tax consequences under Section 409A may include premature taxation, an additional 20% federal income tax (and possibly an additional state tax equivalent, as is the case in California), and an interest-charge tax. Report Link Retirement Plans Must Be Amended Before Year End.Littler Mendelson, P.C. - October 30, 2009 The end of the calendar year is soon approaching. For sponsors of qualified benefit plans, this means that plan amendments must be adopted and certain notices may need to be distributed. Below is a summary of the major amendments and notices that apply to most qualified retirement plans. The IRS has also released the new retirement plan limits for 2010 that are available here. During the year end flurry of activity, employers need to focus on these deadlines, notice requirements and new limits. If employers have not yet been contacted by their plan's service provider, employers should take action now to avoid being in noncompliance. Report Link Federal Court Finds ERISA-Covered Plan May Be Comprised of Individual Rather than Group Insurance Policies.Ford & Harrison LLP - October 28, 2009 Employers should be aware that an employee welfare benefit plan may be comprised of individual, rather than group, insurance policies, as illustrated by a recent federal court decision from Tennessee. In Alexander v. Provident Life and Accident Insurance Co., No. 1:09-CV-27 (E.D. Tenn. Oct. 16, 2009), the court held that a medical practice group established and maintained an employee welfare benefit plan within the meaning of section 3(1) of ERISA through the purchase of insurance for its physician employees. The opinion clarifies that if a class of employees acquires individual policies and, by virtue of their employment relationship with the employer, obtains a benefit that they could not otherwise have obtained – such as a discount on premiums payable under the policies – the employer will be deemed to have established an ERISA plan. Report Link 2010 Cost of Living Adjustments for Retirement Plans.Jackson Lewis LLP - October 23, 2009 The Internal Revenue Service has announced its cost-of-living adjustments applicable to dollar limitations for retirement plans and Social Security generally effective for Tax Year 2009 (see IR 2009-94).
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ArticlesFound: 10 ArticlesNO SUBTOPICSEmployment Law Seminars
2010 Ushers In Many Important Changes to Workplace Laws
Columbia
November 20, 2009 Fisher & PhillipsANNUAL EMPLOYMENT LAW UPDATESacramento
December 1, 2009 Shaw ValenzaMonthly Webinar: Preventing Workplace Harassment (California and National)Webinar
December 1, 2009 LittlerCalifornia Legally Required Sexual Harassment Training: It's Never Too Late to ComplySan Francisco
December 1, 2009 Fisher & PhillipsThe Constangy Management Training Center "Employment Law 201"Tampa
December 2, 2009 ConstangyCalifornia Legally Required Sexual Harassment Training: It's Never Too Late to ComplyOntario
December 2, 2009 Fisher & PhillipsAudio Conference: Employee Caregivers Dealing With DementiaAudio Conference
December 2, 2009 Young ConawayClients, Adversaries and Witnesses: The Ethics of Communication in a Fast-Paced Legal World Web CastWebinar
December 4, 2009 Ford & HarrisonTaking Executive Compensation Hostage; What To DoWebinar
December 8, 2009 Baker HostetlerPREVENTING HARASSMENT AND OTHER EEO ISSUES AT WORK: IT’S ALL ABOUT RESPECT (AB 1825 COMPLIANCE)Sacramento
December 9, 2009 Shaw Valenza |
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