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On May 13, 2010, the U.S. Departments of Labor, Treasury, and Health and Human Services (Agencies) issued guidance for providing health care coverage to young adult children until age 26. In addition to the Interim Final Regulations, the Department of Labor issued a Fact Sheet and a series of 21 Frequently Asked Questions and Answers. The Internal Revenue Service also issued Notice 2010-38, which provides details on the exclusion from taxable income for the value of employer-provided health care coverage and benefits for an adult child until the end of the taxable year in which the child attains age 26.

Introduction

 On May 13, 2010, the U.S. Departments of Labor, Treasury and Health and Human Services (“Agencies”) issued guidance for providing health care coverage to an adult child until age 26. In addition to the Interim Final Regulations, the Department of Labor issued a Fact Sheet and a series of twenty-one Frequently Asked Questions and Answers. Following is a summary of the highlights of the guidance. The IRS also has issued Notice 2010-38, which provides details on the exclusion from taxable income for the value of employer-provided health coverage and health care benefits for an adult child until the end of the taxable year in which the child attains age 26.

On March 23, 2010, President Obama signed into law the Patient Protection and Affordable Care Act (PPACA), which contains a number of items that will affect employer group health plans and health care providers in the coming months and years.  Certain provisions under PPACA were further modified by the Health Care and Education Tax Credit Reconciliation Act of 2010 (Reconciliation ...

New regulations clarify Mental Health Parity Act

Please click here for a complete PDF of the issue.

Law Letter, Issue 3, 2009

December 2009

On December 23, 2008, then President Bush signed into law the Worker, Retiree and Employer Recovery Act of 2008 (Act). The Act responds to the recent economic downturn and provides relief for certain participants and beneficiaries of employer-sponsored defined contribution plans and for companies that sponsor these plans. The Act also includes technical corrections to the Pension Protection Act of 2006 (PPA) and provides limited relief from the defined benefit pension plan funding rules enacted by the PPA.

The Internal Revenue Service announced the cost-of-living adjustments applicable to the dollar limitations for retirement plans for the 2009 tax year.

On August 17, 2006, President Bush signed into law the Pension Protection Act of 2006 (Act), a comprehensive reform of the nation’s private retirement system. This summary will explore some of the highlights of the provisions of the 907-page Act that particularly affect defined contribution plans. Subsequent articles will address how the Act affects plan design changes, cash balance plans and the funding of defined benefit plans