Alerts Archive

  • May 09 2013

    Obamacare requires employers to provide a notice to employees regarding the opportunity to purchase health insurance through "exchanges" established by states (which currently will be 17) or by the federal government (which currently will be 33). The original deadline for the notice was March 1, 2013. The DOL late yesterday in Technical Release 2013-02 announced that the new notice deadline is October 1, 2013, which is the first day all 50 exchanges are scheduled to ...

  • Apr 19 2013

    Beginning on May 7, 2013, all U.S. employers must use the revised Form I-9 to verify the identity and employment authorization of individuals hired for employment in the United States. All employers must ensure proper completion of Form I-9 for each individual they hire for employment in the United States. This includes citizens and noncitizens. The new Form is stamped with the date "03/08/13" on the lower left corner. Although employers should begin using the ...

  • Mar 07 2013

    Late last week, the DOL released a relatively short set of "tips" for plan fiduciaries on how to select and monitor target date funds. Target date funds have become a popular investment option for participants in 401(k) plans and other plans which provide for participant directed investments. A copy of these "tips" is attached. The "tips" address some of the investment issues unique to target date funds, and we assume that the DOL will use these tips as an audit checklist ...

  • Jan 31 2013

    One provision in the Obamacare legislation requires in relevant part that applicable employers in accordance with DOL regulations provide a written notice to employees no later than March 1, 2013 informing them about (among other things) the existence of healthcare exchanges established under Obamacare, the services provided by these healthcare exchanges and the manner in which employees may contact a healthcare exchange. Last week the DOL extended this March 1 ...

  • Jan 24 2013

    Although the federal minimum wage remains at $7.25 an hour this year, 10 states have increased their minimum wage rates above this level effective January 1, 2013. These changes are generally due to required annual adjustments based on raises in the Consumer Price Index or inflation. In addition, several cities across the country, such as Albuquerque, San Francisco, and San Jose, bumped up their minimum wage rates, albeit not all effective January 1. Listed below are ...

  • Jan 09 2013

    Beginning January 1, 2013, employers are required to provide a new version of the form entitled Summary of Your Rights Under the FCRA (Summary of Rights) to individuals before taking any adverse action based on the contents of a consumer report. Fortunately, the adverse action process that employers are to follow under the Fair Credit Reporting Act (FCRA) has not changed, only the Summary of Rights form. To view a copy of the new Summary of Rights, Click here As a ...

  • Jan 03 2013

    The IRS last week released proposed regulations on the “employer shared responsibility” provisions of Obamacare which will become effective on January 1, 2014. See REG-138006-12. Very briefly, these provisions can subject a “covered” employer to a special tax if the covered employer does not offer “affordable health coverage” that provides a “minimum level of coverage” to its full-time employees and at least one of the covered employer’s ...

  • Oct 18 2012

    The IRS this morning announced the contribution and benefit limits for 2013. For example, the 401(k) contribution limit for 2013 has gone up from $17,000 to $17,500. The announcement notes that a number of the limitations have changed for 2013 because the cost-of-living index met the statutory thresholds needed for a change. To view the full announcement, Click here Please contact Jan Marsh 678.336.7135 if you want to discuss the IRS announcement in more detail.

  • Oct 16 2012

    The SEC Rule: On August 22, 2012 the SEC approved a Final Rule (Rule) requiring public companies to report and make public disclosure of so-called “Conflict Minerals”. The Rule was issued under the Dodd-Frank Act. The Rule will require publicly traded companies to adopt due diligence procedures for determining whether their products contain Conflict Minerals, and to make disclosure to the SEC and in its public reports if they do. While the Rule directly applies ...

  • Aug 28 2012

    We are sending this Alert to remind clients and friends that there is a window under the IRS's 409A correction program for correcting a 409A issue with respect to released-based severance without paying a 409A correction fee and, equally important, that this window will close on December 31, 2012. Very briefly, the IRS sees a 409A issue with any kind of open-ended provision for a released-based severance payment. For example, the IRS would see a 409A issue with the ...

  • Aug 17 2012

    Taylor English Attorneys Dianne L. Trenholm and Jonathan B. Wilson today submitted to FINRA comments in response to FINRA Regulatory Notice 12-34; Request for Comment on Regulation of Crowdfunding Activities. Crowdfunding – a new process in which small businesses and start-ups may soon be able to use Web-based “funding portals” to seek investors for private offerings of their securities -- was recently introduced to the public through the JOBS Act passed by ...

  • Jul 13 2012

    The DOL has upped the price for a service provider and a plan sponsor to come under the prohibited transaction exemption for a person who provides services to 401k plans and other deferred compensation plans subject to ERISA. Very briefly, a service provider should (absent an exemption) have made a disclosure to the plan sponsor on or before July 1 respecting its compensation and potential conflicts of interest. If a service provider failed to make such a disclosure ...

  • Jul 02 2012

    A relatively easy to read report on the individual mandate and related requirements which was prepared for the members of Congress by the Congressional Research Service and which was released to the public earlier this week. The report in relevant part seeks to explain how to compute the penalty tax for failing to comply with the individual mandate. To view the full 13 page report, Click here Please contact Jan Marsh 678.336.7135 if you would like to discuss the ...

  • May 30 2012

    The IRS this afternoon issued guidance on several FSA related matters— 1.   The Obamacare provision which limits employee contributions to FSAs to $2,500 a year will not apply to plan years which begin before 2013, 2.   The $2,500 limitation is applicable to the FSA’s plan year rather than the employee’s taxable year, 3.   A plan sponsor will have until the end of calendar year 2014 to amend its FSA to incorporate the $2,500 limit, 4.   If a plan provides for a grace period ...

  • Apr 19 2012

    The Internal Revenue Service on April 12 released a 61 page proposed regulation on the tax on group health plans which will fund Obamacare’s Patient-Centered Outcomes Research Trust Fund.   The insurance company pays the tax for an “insured” group health plan, and the plan sponsor pays the tax for a “self-insured” group health plan.  However, the proposed regulation clearly suggests that a group health plan will be treated as an “insured” group health ...

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