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Business Insights, Research & Perspectives

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January 7, 2010

COBRA Subsidy Extended

Congress has given plan administrators and COBRA continuees a Christmas present in the form of extending the COBRA subsidy that is part of theDepartment of Defense Appropriations Act of 2010 (“DOD Act”, HR 3326).  President Obama signed this Act on December 19, 2009. 

January 7, 2010

2009 Form M-1 Filing

The DOL has released the 2009 edition of the Form M-1 Filing Packet.  If you sponsored a multiple employer welfare arrangement (MEWA) in 2009, make certain that you file the Form M-1 annual report by March 1, 2010 (an automatic 60-day extension to May 3, 2010 can be requested). 

January 7, 2010

Extension of Deadline to Adopt Certain Retirement Plan Amendments

The Pension Protection Act of 2006 (“PPA”, Public Law 109-280) as subsequently amended by the Worker, Retiree, and Employer Recovery Act of 2008 (“WRERA”, Public Law 110-458), require several changes to qualified plans.  Many of these changes were required to have been made by December 31, 2009 for calendar year plans. 

January 7, 2010

IRS Provides Relief for NQDC Plan Document Failures

Code Section 409A governs taxation of nonqualified deferred compensation.  It provides specific rules relating to funding and distribution (also see409A Documentation Limited Relief from the Oct 2007 Benefit Beat).  The IRS just issued Notice 2010-6, providing a voluntary document correction program for failures occurring in these plans. 

December 3, 2009

Form 5500 Updates

Schedule C Guidance

December 3, 2009

IRS Pilot Project Aims to Reduce Identity Theft

In an effort to address identity theft issues, the IRS and Treasury Department have started a 2-year pilot project for 2009-2010 (IRS Notice 2009-93), that would permit, but not require, the use of a truncated Social Security Number (SSN) number on paper copies of the Form 1098 series, the Form 1099 series, and the Form 5498 series.  The pilot project is only available for paper filings of these types of payee statements.  It would allow SSNs, or other 9-digit IRS tax identifying number, to be truncated by replacing the first five digits of the 9-digit number with asterisks or Xs (for example, a social security number 123-45-6789 would appear on the paper payee statement as ***-**-6789 or XXX-XX-6789).

December 3, 2009

DOL Investment Advice Withdrawn Altogether

On November 19, 2009, the DOL announced that it was withdrawing its rules relating to investment advice (see prior Benefit Beat articles: Investment Advice Regulations Postponed…Yet Again! and Investment Advice Regulations Postponed Again).

December 3, 2009

DOL Updates its Employment Guide

The DOL recently released its updatedEmployment Law Guide.  This Guide is made available to employers to provide general overview information and compliance assistance of the various laws administered and enforced by the DOL, including:

December 3, 2009

Retiree Health Plan Flexibility Under Fire

The national health care reform debate is in full swing.  It is far too early to project what might, or might not, come out of this debate.  However, for those who sponsor, or are contemplating adopting, a retiree health benefit, one point bears watching.

November 5, 2009

COBRA Subsidy Extensions Proposed

At least two bills have recently been introduced in Congress that would extend the COBRA subsidy period:

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