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The Senate Finance Committee on October 19 released the legislative language and conference report to its sweeping health care reform bill, the America's Healthy Future Bill of 2009 (S. 1796), but the 1,500 page proposal is certain to undergo changes as Senate leaders and White House staff continue to work on merging the bill with legislation passed by the Health, Education, Labor and Pensions (HELP) Committee on July 15.
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As the open enrollment season comes into full swing, experts encourage workers to pay particularly close attention to benefit elections this year to help offset financial challenges brought on by the recession. One-in-four workers (25 percent) report that they don't pay attention to benefit changes, figuring the same benefits would roll over from the previous year or feeling that the whole process is too confusing.
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Corporate America's commitment to workers' retirement plans, measured by benefit values as a percentage of pay, has dropped consistently over the last decade, according to research by Watson Wyatt.
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On October 20, 2009, Maine Senate President Elizabeth Mitchell (D-Vassalboro) introduced "An Act to Aid in the Prevention of the Spread of H1N1 Influenza by ensuring the Provision of Earned Paid Sick Time." The bill was recently approved for introduction by the Legislative Council by a vote of 10-0 and will be taken up in the 2010 session, which begins in January.
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The IRS has announced the creation of a new web-based tool to help small business owners determine which tax-favored pension plan best suits their needs and how to keep their plans in compliance.
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The IRS has issued an announcement providing corrections to both the August AFR (Rev. Rul. 2009-22) and the September AFR (Rev. Rul. 2009-29) which contained an inaccurate date in the Note in Table 4.
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The EBSA has issued additional guidance to help plan administrators.
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