IRS ISSUES UPDATED 402(F) NOTICES AS PART OF VARIOUS RETIREMENT INITIATIVES By: Melody A. Simpson
At long last, the Internal Revenue Service has issued not one, but two updated model 402(f) notices for use by employers in informing their employees of options relating to eligible rollover distributions. These model notices are “safe harbor” explanations which are deemed to satisfy the notice requirements of § 402(f) of the Internal Revenue Code (“Code”). One model notice applies to a distribution from a designated Roth account, and the other model notice applies to a distribution from any other plan. MORE...
409A HEATS UP FOR EXECUTIVE PAY AS IRS BEGINS COMPLIANCE AUDITS By: Lynn Clarke
Michael Melbinger, in his Executive Compensation blog on the Winston & Strawn LLP website, has sounded an important alarm for executive compensation arrangements by noting that a wave of IRS “Information Document Requests” have gone out, signaling the beginning of compliance audits under Internal Revenue Code (“Code”) Section 409A. MORE...
GOING “HITECH”: COMPLYING WITH NEW HEALTH INFORMATION PRIVACY AND SECURITY RULES
By: Lenna Chambers
The Health Information Technology for Economic and Clinical Health Act (“HITECH Act”), enacted as part of the American Recovery and Reinvestment Act of 2009, suggests that a new era marked by increased enforcement of health information privacy laws is upon us. Make sure your operations are HIPAA-compliant to avoid significant monetary penalties, and don’t forget that HIPAA regulations require that you update your Privacy and Security policies, procedures and documents and provide workforce training to keep up with all of these changes. MORE...
By: Lesley A. Russo
As we enter the fourth quarter of 2009, both retirement plans and health plans have multiple year-end (or earlier) issues or deadlines to consider. Most require in depth analysis of current practices and likely changes to those practices for 2010, although some will not yet require actual plan amendments; others will require plan amendments before year-end as well. MORE...
