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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.
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.
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:
Notice Reminders: Medicare Part D
October 12, 2010
HRB 23 - Agencies Issue PPACA Clarifications
HRB 22 - Limited PPACA Exemption for Self-Funded, Non-Federal Governmental Plans
October 5, 2010
HRB 21 - Early Retiree Reimbursement Program Updates
September 21, 2010
HRB 20 - Mini-Med Plan Relief from Annual Limit Restriction Offered
September 9, 2010
VCP Relief for Sponsors of Pre-Approved Defined Contribution Plans
The IRS, in its Summer 2010 edition of Retirement News for Employers, explains some welcome relief for plan sponsors of pre-approved defined contribution plans that failed to adopt an approved restated document, or file for a determination letter application, by the April 30th deadline. These types of plans, with some exceptions, were to have been amended for the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) restatement deadline on or before April 30, 2010.
IRS COBRA Subsidy FAQs Updated
Recently, the IRS has updated its FAQs relating to the COBRA subsidy (note Q&As AE-36 and AE 38-50). The COBRA subsidy, enacted originally on February 17, 2009, and extended several times, expired on May 31, 2010.