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| Health & Welfare Plans |
HEART Act Affects Qualified Plans, Health FSAs, and Military Differential Pay - 08/08
Employee Benefits and Executive Compensation
August 11, 2008
Richard L. Arenburg
Christopher J. Rylands
In June, the President signed the Heroes Earnings Assistance and Relief Tax Act ("HEART Act") into law. The HEART Act amends certain provisions that were added by the Uniformed Services Employment and Reemployment Rights Act of 1994.
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409A Update: Action Required by December 31, 2007 - 10/07
Employee Benefits and Executive Compensation
October 2, 2007
Richard L. Arenburg
Armin G. Brecher
Paul F. Concannon
Edmund Emerson III
Jennifer Faucett
Castles R. Hollis
Christopher J. Rylands
Steven G. Schaffer
on September 10, 2007, the IRS issued Notice 2007-78 (the "Notice") and granted limited relief for bringing nonqualified deferred compensation plans into written compliance with Section 409A of the Internal Revenue Code. However, the Notice still requires most major decisions be made and documented before December 31, 2007.
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Reminders for HIPAA Compliance - 03/24/06
Employee Benefits & Executive Compensation
March 24, 2006
Edmund Emerson III
Christopher J. Rylands
Steven G. Schaffer
Sponsors of small health plans (plans with under $5 million in annual receipts) required to comply with the HIPAA Privacy Rule must be in compliance with the HIPAA Security Rule by April 20, 2006.
The HIPAA Privacy Rule requires group health plans to remind participants of the availability of the plan's Notice of Privacy Practices (the "Privacy Notice"), as well as how to obtain a copy, every three years. Health plan sponsors may satisfy this requirement by distributing the reminder or Privacy Notice annually.
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Application of Deferred Compensation Rules under Code Section 409A to Separation Pay Arrangements - 02/06/06
Employee Benefits & Executive Compensation
February 6, 2006
Edmund Emerson III
Steven G. Schaffer
The Treasury Department and the Internal Revenue Service have issued proposed regulations regarding the application of Section 409A of the Internal Revenue Code to nonqualified deferred compensation plans or arrangements.
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2006 Cost-of-Living Adjustments Announced 10/21/05
Employee Benefits & Executive Compensation
October 21, 2005
Edmund Emerson III
Steven G. Schaffer
The Internal Revenue Service has recently announced the cost-of-living adjustments applicable to dollar limitations for tax-qualified retirement plans. The limits are generally effective January 1, 2006 (or in some cases applicable, for plan years beginning on or after January 1, 2006).
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Hurricane Katrina Relief: IRS Announcement and New Legislation Provide Guidance and Relief for Affected Employees With Assets in Qualified Retirement Plans - 10/14/05
Employee Benefits & Executive Compensation
October 14, 2005
Richard L. Arenburg
Armin G. Brecher
Paul F. Concannon
Edmund Emerson III
Castles R. Hollis
Steven G. Schaffer
Effective September 15, 2005, certain qualified plans may make loans and hardship distributions to employees or former employees affected by Hurricane Katrina which otherwise would not be permitted under existing plan terms.
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Non-Qualified Deferred Compensation Plans - 10/04
Emp. Benefits & Exec. Compensation
Richard L. Arenburg
Armin G. Brecher
Paul F. Concannon
Castles R. Hollis
Steven G. Schaffer
On October 22, 2004, President Bush signed the American Jobs Creation Act which has created the need for significant changes to many nonqualified deferred compensation plans and arrangements before the end of 2004.
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