Bowles Rice The Benefits Brief
 
 
  Practice Area Members:
• Lesley A. Russo
  (Practice Area Contact)
• Erin C. V. Bailey
  • Lenna R. Chambers
• Lynn S. Clarke
• Jill E. Hall
  • Melody A. Simpson
 
  Bowles Rice Related
Practice Areas:
  • Employee Benefits,
  Executive Compensation &
  ERISA
  • Education
  • Commercial &
  Financial Services
  • Labor & Employment
  • Tax
 
January 2009
   
 
 

With the start of a new year, "The Benefits Brief" is ready to share timely information on recent amendments, enactments, deadlines and ERISA issues that will affect your business in the coming year.

   
 
       

NEW GUIDANCE ON ERISA FIDELITY BONDS SHOULD
    TRIGGER EMPLOYER PLAN REVIEW

By: Lenna R. Chambers
ERISA Section 412 is intended to protect employee benefit plan assets by requiring that all individuals with access to or control over plan funds and property be covered by a fidelity bond, to protect the plan from losses caused by fraud or dishonesty. On November 25, 2008, the Employee Benefit Security Administration (EBSA) issued clarifying guidance concerning the fidelity bond requirement, in the form of forty-two questions and answers addressing a range of common concerns raised by EBSA’s ERISA plan examiners. Plan sponsors and administrators should consider the guidance a reminder to review and ensure full compliance with Section 412.  MORE...
 
  Retirement & Fiduciary Protection   Executive Compensation  
 
 
 

A BUSY 2008 BENEFITS YEAR ENDS
    WITH MORE PENSION AND HEALTH
    PLAN LEGISLATION

By: Lesley A. Russo
Ending a busy year in the benefits world, in late December, Congress enacted the Worker, Retiree and Employer Recovery Act of 2008 (the “Act”). The Act is intended mainly to provide relief to new defined benefit plan funding requirements enacted by the Pension Protection Act of 2006 (“PPA”), although certain other significant retirement-related changes are included in the Act.  MORE...
 
 

ONGOING 409A COMPLIANCE
    STILL NEEDED FOR EXECUTIVE
    COMPENSATION ARRANGEMENTS

By: Lynn S. Clarke
The December 31, 2008 amendment deadline for Internal Revenue Code (“Code”) Section 409A compliance has passed, but many executive compensation arrangements still need careful planning and ongoing review to avoid the potential tax, interest and 20% penalty of 409A. MORE...
 
 
  Health & Other Benefits   Important Deadlines  
 
 
  NEW FEDERAL LAW REQUIREMENTS
    APPLY TO GROUP HEALTH PLANS

By: Jill E. Hall
Two new federal laws will likely necessitate changes to many group health plans. The first requires group health plans that provide mental health benefits to provide such benefits at the same level as surgical and medical benefits. The second law will require group health plans to continue dependent health coverage during a dependent’s leave of absence from college that might otherwise cause the dependent to lose student status.  MORE...
 
  2009 COMPLIANCE DEADLINES

By: Erin C. V. Bailey
Mark your calendar for these important upcoming compliance deadlines for 2009. MORE...
 
         

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