Tag: benefits

Protect Your Data: Identity Thieves Hit from Where You Least Expect

A 39-month prison sentence was handed down Feb. 1 for an Alabama woman who had pleaded guilty to stealing more than 4,000 patient records from a Birmingham hospital. A federal district court sentenced Chelsea Catherine Stewart to 15 months for wrongfully obtaining individual health information in violation of HIPAA, along with an unrelated bank fraud attempt […]

American Airlines in Bankruptcy Threatens to End $1B in Pensions

When American Airlines and its parent company, AMR Corp., filed for bankruptcy in November, many industry watchdogs dismissed the event as a chance for the airline to restructure and bring down costs. Which is why the developing skirmish between the #3 airline carrier and the Pension Benefit Guaranty Corporation (PBGC) since then has been like […]

IRS Wants to Offer RMD Relief for Longevity Annuity Contracts in 403(b)/457, Other Retirement Plans

Guidance on how longevity annuity contracts purchased under 403(b) and eligible 457 retirement plans — as well as certain other retirement plans — can comply with the required minimum distribution (RMD) rules under Code Section 401(a)(9) was proposed Feb. 3 by the IRS. Code Section 401(a)(9) prescribes rules for a qualified trust under which the […]

Welcome Home, Soldier: Your Obligations to Returning Troops and Their Families

There are two primary laws that will come to bear, the Uniformed Services Employment and Reemployment Rights Act (USERRA), the subject of this article, and Family and Medical Leave Act (FMLA), the subject of a future article. Besides those legal responsibilities, many employers will also consider that they have a broader ethical obligation to those […]

EBSA Releases Final Rule on Fee Disclosures (extends effective date to July 1)

The U.S. Department of Labor (DOL)’s Employee Benefits Security Administration (EBSA) issued the final rule for pension and 401(k) plan fee disclosures on Feb. 2. The announcement was jointly made with the U.S. Department of Treasury, which issued a proposal at the same time to reduce regulatory burdens on retirement incomes. Secretary of Labor Hilda […]

Reemployment Rights of Returning Vets: What You Need to Know

Basically, you must reemploy a service member returning from military duty if he or she meets five criteria: The employee must have held a civilian job He or she must have given you proper notice of the impending military service, unless notice was unreasonable or impossible The cumulative period of service must not have exceeded […]

Retirement Plan Task Force Issues Model Disclosure Form for Public School 403(b) Plans

The “first ever transparency standards for disclosure of fees and services in the public school 403(b) marketplace,” were launched Feb. 1 by partners of the 403(b) Transparency Taskforce, which include the National Education Association (NEA), the National Tax Sheltered Accounts Association (NTSAA) and The American Society of Pension Professionals & Actuaries (ASPPA). The issue of […]

Disenrolling Dependents Was Proper After Member Ignored Document Requests

A plan participant’s disregard of health plan requests to verify dependent eligibility was a proper basis of a plan’s action to remove his dependents from coverage and garnish wages to recover about $23,000 in benefits overpayments, a federal court ruled in Muhammad v. Ford Motor Co., 2012 WL 95298 (E.D. Mich., Jan. 12, 2012). The […]

Washington Could Be Seventh State to Allow Same-sex Marriage

Legislation is wending its way through both chambers of the Washington State legislature that if enacted would make Washington the seventh state where same-sex marriage is legal. It could happen: a sufficient number of Senators for passage in that chamber have said they would vote for it if it reaches the Senate floor, and Gov. […]