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December 16, 2010
HRB 25 - State Tax Treatment of Older-aged Dependent Coverage
December 7, 2010
2011 Limits: Qualified Transportation and Medicare Parts A and B
Qualified Transportation Expenses
Retirement Plan Reminders
In-Plan Roth Conversions
November 17, 2010
HRB 24 - Amendment to Grandfathered Health Plan Rules
November 9, 2010
2011 limits applicable to MSAs, LTC premium, adoption assistance programs and Social Security
In Revenue Procedure 2010-40, the IRS released 2011 limits relating to MSAs, LTC premium, adoption assistance programs, and Social Security wage base. Following are amounts applicable to tax years beginning in 2011. Please note that the 2011 annual limits applicable to health savings accounts were released earlier this year (see No Change in Cost of Living Adjustments for HSAs,Benefit Beat, 6/7/10).
Plan Communication Important
In a recent case (Madhuri Kasireddy, Plaintiff, v. Bank of America Corporation Corporate Benefits Committee,No. 09C7940, US District Court, N.D. Illinois, Eastern Division, 10/13/10),the importance of diligence in plan communication is underscored.
2011 Pension and Retirement Plan Limits
The 2011 plan limits, applicable to defined benefit and defined contribution plans, have been issued by the IRS (highlights below). You will note that there are no adjustments for 2011. The cost of living index remains unchanged from 2010; thus, there are no increases for 2011.
Participant Level Fee Disclosure Regulations Finalized
The DOL’s Employee Benefit Security Administration (EBSA) has been engaged in a 3-prong approach to ensure adequate fee disclosures payable by retirement plans. The first prong came in the form of Schedule C reporting requirement; these requirements took effect for the 2009 plan year. The second prong relates to fee disclosure to plan sponsors. On July 16, 2010, the DOL issued interim final regulations addressing fee disclosure matters by service providers (see Retirement Plan Fee Disclosure Continuum, Benefit Beat, 8/5/10). The third prong relates to participant level fee disclosures. On October 20, 2010, EBSA issued final regulations, a Fact Sheet, and a Model Chart, relating to participant level fee disclosure.
October 15, 2010
Notice Reminders: Medicare Part D
Highlights of the Small Business Jobs Act
On September 27, 2010, President Obama signed the Small Business Jobs Act of 2010 (“SBJA”, P.L. 111-240). This law includes a couple of provisions, specific to employee benefit plans. Following are highlights of this new law: