The Department of Labor report summarizes the 15,000 comments it received from workers, employers, and other interested parties in response to its request for information on the Family and Medical Leave Act.
United States of America
On February 1, 2008, the Treasury Department and the Internal Revenue Service (IRS) released Revenue Ruling 2008-7, which provides guidance on the application of the accrual rules for defined benefit pension plans under section 411(b)(1) of the Internal Revenue Code (the "Code"). These rules are often referred to as the "backloading" rules.
February 5, 2008 marked the 15th anniversary of the signing of the Family and Medical Leave Act (FMLA).
On February 6, 2008, Hewitt submitted comments to the Internal Revenue Service (IRS) regarding the agency's proposed rule on automatic contribution arrangements in qualified plans under Internal Revenue Code section 401(k), as well as similar cash or deferred arrangements under sections 403(b) and 457(b).
President Bush submitted a $3.1 trillion FY2009 budget proposal to Congress, which includes numerous items with human resources implications.
The IRS has published proposed regulations on the rights of participants to diversify holdings in employer stock.
President Bush signed into law the National Defense Authorization Act, which, among other things, amends the Family Medical Leave Act (FMLA) to provide leave to family members of military personnel.
Hewitt summarizes the discussion of HR-related topics from President Bush's January 28 speech.
The IRS has issued proposed regulations on cash balance and other hybrid defined benefit pension plans. The benefits community has long awaited the release of these regulations, which provide guidance on some of the most important provisions in the Pension Protection Act of 2006 affecting defined benefit plans.
Hewitt has prepared a summary of, and commentary on, IRS Notice 2007-100, which provides guidance on the correction of operational errors in a nonqualified deferred compensation plan to comply with Internal Revenue Code section 409A.
The U.S. Department of Labor (DOL), Internal Revenue Service, and Pension Benefit Guaranty Corporation have jointly issued a notice adopting revisions to Form 5500 (Annual Return/Report of Employee Benefit Plan) and its instructions, as well as adding a new Short Form 5500.
Michael Powers, Hewitt Global Practice Leader for Executive Compensation and Corporate Governance, testified December 5, 2007 before the U.S. House Committee on Oversight and Government Reform.
The U.S. District Court for the Western District of Wisconsin dismissed claims that Deere & Co. breached its ERISA fiduciary duties by allegedly failing to adequately disclose 401(k) plan fee information to 401(k) plan participants and by paying excessive fees to the trustee and investment advisor of Deere's 401(k) plans.
On May 22, 2007, the IRS published final regulations on exceptions to the Internal Revenue Code's general rule that qualified plans be established and maintained primarily for the purpose of providing benefits after retirement.
On May 31, 2007, the PBGC issued proposed rules for the calculation of variable rate premiums reflecting the requirements of the Pension Protection Act of 2006.
