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October 2008 |
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With 2009 just a few months away, there are various amendments, updates and deadlines that you need to be aware of for the upcoming tax season that impact areas of Employee Benefits and Executive Compensation.
We hope that the timely information in this issue of "The Benefits Brief" will be of great value for you and your business. Enjoy! |
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 THE DEVIL IS IN THE DETAILS
By: Lesley A. Russo
With amendments to executive benefit plans and agreements required by December 31, 2008 to avoid significant tax penalties under Internal Revenue Code Section 409A (see lead article in this edition of "The Benefits Brief" for an overview of IRC 409A), now is the time to make sure that all required election or beneficiary designation forms for executive benefit plans and agreements are in place, complete, and current. MORE... |
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MEDICARE SECONDARY PAYER REPORTING REQUIREMENTS
By: Jill E. Hall
In late 2007, President Bush signed into law the Medicare, Medicaid and SCHIP Extension Act of 2007 (“the Act”) which sets forth new Medicare Secondary Payer (“MSP”) data-reporting requirements in Section 111. The new reporting requirements affect employer-sponsored group health plans and require that information necessary to ensure proper coordination of benefits with the Medicare program is reported to the Department of Health and Human Services (“DHHS”). MORE... |
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YEAR END COMPLIANCE DEADLINES
ARE FAST APPROACHING
By: Lynn S. Clarke
Year end IRS compliance deadlines are fast approaching and prompt action may be needed right now to meet them. Plans requiring amendment must be identified and reviewed, amendments drafted, vendors identified (and new contracts with them signed), and Board approvals obtained, all before year-end. MORE... |
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