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The Spencer’s Benefits Reports is a summary of the week's news items posted in the WHAT'S NEW pages of Spencer’s Benefits Reports Online. For questions regarding this email service, contact Customer Service at (800)449-9525.
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In Rev. Rul. 2008-45, the Internal Revenue Service holds that if sponsorship of a qualified retirement plan is transferred from an employer to an unrelated taxpayer and the transfer is not in connection with a transfer of business assets, operations, or employees, then the transfer violates the exclusive benefit rule of IRC Sec. 401(a)(2)…
The Massachusetts Connector, which administers the state’s Health Care Reform Act, recently released new guidance on the law’s minimum creditable coverage (MCC) requirements. The guidance provides clarification regarding the medical benefits that must be offered, employee cost sharing, annual benefit limitations, preventive care, and high-deductible health plans (HDHPs)…
The Department of Labor has obtained a default judgment against Woodford Memorial Hospital of Versailles, Ky., that removes the hospital as the fiduciary of its retirement and thrift plan and that appoints an independent fiduciary to oversee the collection, management, and liquidation of assets for the benefit of the plan’s participants. The default judgment was entered by the U.S. District Court for the Eastern District of Kentucky, in Chao v. Woodford Memorial Hospital, Inc. (Civil Action No. 08-21-KSF)…
Potentially preventable medical errors that occur during or after surgery might cost employers nearly $1.5 billion a year, according to new estimates by the Department of Health and Human Services’ (HHS) Agency for Healthcare Research and Quality (AHRQ)…
In six recent disaster relief announcements, the Pension Benefit Guaranty Corporation waives certain penalties and extends certain deadlines for entities affected by the severe storms, flooding, and tornadoes that recently occurred in Indiana, Wisconsin, West Virginia, Nebraska, Illinois, and Missouri. The relief provided by the announcements applies to entities such as plan administrators and contributing sponsors located in any of the affected counties in the six states. In all of the cited cases, the filing deadline has been extended to Aug. 29, 2008…
The Department of Labor has obtained a consent judgment that requires the union Sindicato de los Empleados de Equipo Pesado, Construcción y Ramas Anexas de Puerto Rico, Inc., to pay $70,986 in restitution to the Plan de Bienestar de los Empleados de Equipo Pesado Construcción Ramas Anexas de Puerto Rico, Inc. The consent judgment was entered by the U.S. District Court for the District of Puerto Rico, in Chao v. Plan de Bienestar (Civil Action No. 08-1596 (FAB))…
According to Mercer, the percentage of all employers offering a consumer-driven health plan (CDHP) grew by one percentage point, from 6% to 7%, in 2007. Mercer also found that enrollment in CDHPs jumped from 3% to 5% of all covered employees, reflecting growing enrollment in existing plans, as well as the establishment of new plans. Here is a spotlight of other CDHP and health savings account (HSA) news…
The Pension Benefit Guaranty Corporation has published a request for proposals (RFPs) to form strategic partnerships with outside firms to assist the agency in carrying out the new investment policy adopted by the PBGC’s board of directors earlier this year. The new policy directs 10% of the PBGC’s assets (currently about $5.5 billion) to private equity and real estate investments…
On May 22, Maryland Gov. Martin O’Malley signed the Flexible Leave Act into law. The law covers employers with 15 or more employees working in Maryland, and applies only to employers that already provide some form of paid leave. The law’s provisions take effect on Oct. 1, 2008…
Benefits costs rose at 0.6% and compensation increased 0.7% for the period from March 2008 to June 2008, according to the most recent Employment Cost Index from the Department of Labor’s Bureau of Labor Statistics (BLS). In the last quarter’s BLS statistics, benefits costs also rose at a slightly slower pace than salaries…
The Pension Benefit Guaranty Corporation has announced that it has assumed trusteeship of the four underfunded pension plans maintained by Auburn Memorial Hospital, a nonprofit medical center in Auburn, N.Y. Together, the four plans cover more than 1,500 workers and retirees…
The Department of Labor has obtained a consent judgment that requires Phoenix-based Hyacinth Corporation and the company’s president to restore $125,000 owed to participants in the firm’s money purchase pension plan. The consent judgment was entered by the U.S. District Court for the Central District of California, in Chao v. Richard Ashburn (Civil Action No. CV 08-CV-04215-FMC-FFM)…
The Internal Revenue Service has issued final regulations that provide new mortality tables to be used in determining present value or making any computation for purposes of applying certain pension funding requirements. The final regulations, which reflect provisions of the Pension Protection Act of 2006 (PPA), appeared in the July 31 Federal Register…
By a vote of 40-0, the House Energy and Commerce Committee’s subcommittee on health has approved H.R. 2851, which would amend ERISA, the Internal Revenue Code, and the Public Health Service Act to ensure that dependent students who take a medically necessary leave of absence do not lose health insurance coverage. The bill was introduced by Rep. Paul Hodes (N.H.), along with 43 cosponsors…
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