Business Insights, Research & Perspectives

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December 16, 2010

HRB 25 - State Tax Treatment of Older-aged Dependent Coverage

December 16, 2010 --  As 2010 comes to a close, issues relating to the taxability of health coverage provided to older-aged dependents must be pondered.  As part of the Patient Protection and Affordable Care Act, health plans that provide coverage for dependents must allow a dependent child to remain on the plan until he/she reaches his/her 26th birthday.

December 7, 2010

2011 Limits: Qualified Transportation and Medicare Parts A and B

Qualified Transportation Expenses

December 7, 2010

Retirement Plan Reminders

In-Plan Roth Conversions

November 17, 2010

HRB 24 - Amendment to Grandfathered Health Plan Rules

November 17, 2010 --  Five months ago, the Departments of HHS, Labor, and Treasury (“Agencies”) issued interim final regulations relating to grandfathered health plans (see CBIZ Health Reform Bulletin, Grandfathered Health Plans 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).

November 9, 2010

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. 

November 9, 2010

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.

November 9, 2010

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

  • Annual Medicare Part D Notices. The annual notices of creditable and noncreditable coverage to Medicare-eligibles must be provided no later than November 14, 2010.  Notices to be used on or after January 1, 2009, as well as Creditable Coverage Guidance, are all available on-line from the CMS website, or can be viewed from these links:
    • Model Individual Creditable Coverage Disclosure Notice (English or Spanish)
    • Model Individual Non-Creditable Coverage Disclosure Notice (English or Spanish)
  • Disclosure Notice to CMS.  An annual report, Creditable Coverage Disclosure Form, must also be submitted to CMS describing whether the prescription drug coverage is creditable or not creditable.  This filing must be accomplished electronically, and is due within 60 days of the commencement of the plan year.  For details about this notice, see CMS guidance and/or Form Instructions and Screen Shots.


October 15, 2010

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:

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