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IRS announces extensions and new filing system for deferred vesteds

Hodgson Russ LLP
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USA
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July 29 2011

For many years, qualified retirement plans have been required to file a Form SSA with the plan's annual Form 5500 to report participants who have separated from service with deferred benefits, but who have not yet been paid out by the end of the plan year following the year of separation

Agencies issue amendments to the PPACA claims and appeals processes

Hodgson Russ LLP
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USA
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July 29 2011

The Treasury, DOL, and the Department of Health and Human Services jointly issued amendments to the interim final rules governing the internal claims and appeals and the external review processes required under the Patient Protection and Affordable Care Act (PPACA

Treasury, IRS seek public input and comment on health care reform shared responsibility provisions

Hodgson Russ LLP
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USA
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July 29 2011

Under health care reform, employers with 50 or more full-time employees that do not offer affordable health coverage to their full-time employees may be required to make a shared responsibility payment

Department of Labor modifies effective dates for fee disclosure rules

Hodgson Russ LLP
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USA
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July 29 2011

The DOL has published final regulations modifying the applicability dates for certain fee disclosure rules

Plan administrator not obligated to provide benefit accruals for unpaid hours

Hodgson Russ LLP
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USA
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July 29 2011

Nurse participants in a hospital retirement plan were upset that their unpaid meal breaks, during which they were required to work, and an unpaid 20-40 minute period of patient status review before the official start of their shifts were not counted for benefit purposes in the hospital's retirement plans

Circuit court upholds fiduciary exception to attorney-client privilege

Hodgson Russ LLP
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USA
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July 29 2011

Plan fiduciaries should be aware that communications with benefit plan attorneys may not be privileged

Effective date of loss of grandfathered status

Hodgson Russ LLP
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USA
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July 8 2011

The FAQs clarify that if a plan adopts an amendment that causes it to lose its grandfathered status, the effective date of the loss of status will be the effective date of the amendment

401(k) plan fiduciaries possibly liable for stock fund mismanagement and excessive recordkeeping fees

Hodgson Russ LLP
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USA
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July 8 2011

In March 2010, we reported on a federal district court case in which the court ruled in favor of plan fiduciaries and the plan recordkeeper following the commencement of a lawsuit claiming mismanagement of unitized company stock funds and payment of excessive fees to the plan recordkeeper and the plan trustee

Anti-abuse rule: bona fide employment-based reasons

Hodgson Russ LLP
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USA
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July 8 2011

The interim final regulations provide that a plan will not lose its grandfathered status if, for a bona fide employment-based reason, employees are transferred from one grandfathered plan to another, even if the transferred employees would recognize a reduction in benefits or a higher cost under the new plan

Increased drug costs

Hodgson Russ LLP
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USA
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July 8 2011

The new guidance also provides that a plan will not lose its grandfathered status if a drug offered by the plan is reclassified in a more expensive tier because a generic alternative becomes available

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