HHS Releases Final Rule on HIPAA Breach Notification and Business Associate Requirements
On January 17, 2013, the Department of Health and Human Services Office for Civil Rights (“OCR”) released a final rule updating several provisions the Health Insurance Portability and Accountability Act (“HIIPAA”) regulations. The final rule becomes effective on March 26, 2013. However, HIPAA covered entities and business associates will have until September 23, 2013, to […]
DOL Fines Defined Benefit Plan Advisor $1.27 Million for Failing to Disclose Fees
On August 23, 2012, the Department of Labor (“DOL”) issued a news release announcing that USI Advisors, a Glastonbury, Connecticut based fiduciary investment advisor, had agreed to pay $1.27 million to 13 pension plans to resolve alleged violations of ERISA stemming from the company’s failure to fully disclose its receipt of 12b-1 fees from the […]
PBGC Issues Guidance Increasing Premiums Beginning in 2013
On August 28, 2012, the Pension Benefit Guaranty Corporation (“PBGC”) issued Technical Update 12-1, which provides technical guidance on the effect of the Moving Ahead for Progress in the 21st Century Act (MAP-21) on PBCG premiums. Under this guidance, the flat rate per participant premium applicable to multiemployer plans is increased from $9 to $12 […]
IRS Issues FAQs Relating to Federal Tax Treatment of Same-Sex Couples
On August 4, 2012, the IRS released a set of Frequently Asked Questions and answers (“FAQs”) relating to the federal tax treatment of same-sex couples. The FAQs reiterate the IRS’s position that legally married same-sex couples may not file their tax returns using the married filing jointly or married filing separately status. The FAQs also […]
Second Circuit Court of Appeals Holds DOMA Unconstitutional
On October 18, 2012, the U.S. Court of Appeals for the Second Circuit, which covers New York, Connecticut, and Vermont, joined the U.S. Court of Appeals for the First Circuit in declaring Section 3 of the Defense of Marriage Act of 1996 (“DOMA”) unconstitutional. Windsor v. U.S., Docket No. 12-2335-cv (2nd Cir. Oct. 18, 2012). […]
IRS Releases Final Regulations on Health Insurance Premium Tax Credit for Coverage Purchased Through an Exchange
On May 18, 2012, the IRS issued final regulations under the PPACA on the federal premium tax credit that will be available to qualifying individuals who purchase health coverage through an American Health Benefit Exchange (“Exchange”), beginning in 2014. The premium tax credit will be available to directly reduce a qualifying individual’s premium for coverage […]
Agencies Release Guidance on Health Reform’s 90-Day Waiting Period Limit
On August 31, 2012, the DOL, IRS, and Department of Health and Human Services released temporary guidance relating to the Patient Protection and Affordable Care Act (“PPACA”) mandate prohibiting group health plans from imposing waiting periods for coverage of more than 90 days in plan years beginning on or after January 1, 2014. The guidance, […]
IRS Issues Guidance Regarding Determining Full-Time Employees for Purposes of Health Reform Employer Shared Responsibility Requirements
On August 31, 2012, the IRS issued Notice 2012-58 (the “Notice”), which provides guidance for employers on determining which employees are treated as full-time employees for purposes of the employer shared responsibility provisions of the Patient Protection and Affordable Care Act (“PPACA”). The employer shared responsibility provisions, which are contained in new Section 4980H of […]
Second Circuit Finds ERISA Withdrawal Liability Exception Does Not Apply Where Asset Purchaser Can Subsequently Reduce Employee Hours
On May 3, 2012, the United States Court of Appeals for the Second Circuit (the federal appellate court with jurisdiction over New York), in a 2-1 decision, confirmed an arbitration award concerning a multiemployer pension plan’s assessment of withdrawal liability. See HOP Energy, L.L.C. v. Local 553 Pension Plan, Docket No. 10-3889-cv (2d Cir. May […]
IRS Announces Termination of Letter Forwarding Program for Locating Plan Participants
On August 31, 2012, the Internal Revenue Service (“IRS”) issued Revenue Procedure 2012-35, which discontinues the IRS letter forwarding program for qualified retirement plans. Before September 1, 2012, the IRS letter forwarding program was available to assist plan administrators, plan sponsors, and qualified termination administrators of abandoned plans under the DOL’s abandoned plan program to […]