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Business Insights, Research & Perspectives

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March 2, 2011

IRS Issues Guidance on 403(b) Plan Termination Provisions

In Revenue Ruling 2011-7, the IRS begins to clarify how a 403(b) plan can be terminated and how a distribution can occur on a tax-favored basis.  A 403(b) plan can be sponsored by not-for-profit entities and public schools.

March 2, 2011

Delay of Service Provider Fee Disclosure

Last summer, the DOL issued interim final regulations relating to service provider fee disclosure (see Retirement Plan Fee Disclosure Continuum, from the August 2010 edition of Benefit Beat).  These rules are part of a 3-prong effort by the DOL to ensure that retirement plan sponsors and participants have the requisite information to make informed plan decisions.  The service provider rules specifically require that service providers disclose certain information to plan sponsors. 

February 9, 2011

Benefit Plans Impacted by Evolving World of Recognized Relationships

The landscape of recognized relationships continues to evolve.  Illinois becomes the newest in the line of states sanctioning “alternative relationships” to traditional marriage between a man and a woman. 

February 9, 2011

COBRA Process Important

Several recent court decisions remind us of how important it is to have a COBRA procedure that is well documented and followed meticulously.

January 31, 2011

2010 Tax Relief/Job Creation Act

President Obama signed a multi-billion dollar tax cut package, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Relief Act) (P.L. 111-312), on December 17, 2010.

January 10, 2011

HRB 30 - Limited Relief for Debit Card Purchases of OTC Medications

January 10, 2011 --  As part of the Patient Protection and Affordable Care Act, over-the-counter (OTC) medications, excluding insulin, cannot be reimbursed from medical spending accounts, such as flexible medical spending accounts, health reimbursement arrangements, or health savings accounts, unless a prescription for the OTC medication has been issued.  Medical supplies, such as crutches, band-aids, or blood sugar test kits, can continue to be reimbursed from medical spending accounts, without a prescription.  According to IRS Notice 2010-59, after January 15, 2011, debit cards can no longer be used for the purchase of these items, given the complexity of proving (substantiating) the prescription (see

January 5, 2011

Qualified Transportation Limit Clarified

Shortly after last month’s Benefit Beat was published, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Public Law 111-312; enacted 12/17/10).   This law extends the mass transit benefit that was enhanced by the American Recovery and Reinvestment Act of 2009, through 2011. What this means is that the mass transit benefit amount mirrors the qualified parking amount through December 31, 2011. This was followed by an IRS pronouncement (Revenue Procedure 2011-12) which clarifies that the exclusion amount for transportation in a commuter highway vehicle, any transit pass, and parking for 2011 is $230.

January 5, 2011

2010 Form M-1 Filing

The DOL has released the 2010 edition of the Form M-1 Filing Packet. If you sponsored a multiple employer welfare arrangement (MEWA) in 2010, make certain that you file the Form M-1 annual report by March 1, 2011 (an automatic 60-day extension to May 3, 2011 can be requested).

January 5, 2011

Extension of Health Coverage Tax Credit Available for Certain Individuals

The Trade Act of 2002 established a premium assistance program to individuals whose jobs are lost due to foreign trade-related agreements, with the purchase of COBRA or other health coverage. The assistance is in the form of a refundable tax credit, equaling 65% of the health premium.  The American Recovery and Reinvestment Act of 2009 (ARRA) increased the tax credit from 65 to 80%, and provided an extension of the credit through December 31, 2010.  Two days before the credit would have expired, Congress passed and President Obama signed the Omnibus Trade Act of 2010 (H.R. 6517) extending the HCTC provision through February 13, 2011.

December 23, 2010

HRB 29 - Agencies Issue Additional PPACA Clarifications

December 23, 2010 --  In their on-going effort to assist employers in complying with the Patient Protection and Affordable Care Act (PPACA) and other laws, the issuing Agencies (DOL, HHS and IRS) have just provided some sub-regulatory guidance, in the form of Questions and Answers. Of particular note, are the following:
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