Puerto Rico
The effects of the Pension Protection Act of 2006 (PPA) on Puerto Rican plans depend on whether such plans are qualified under the Puerto Rican Internal Revenue Code (PRIRC) or dual-qualified under the PRIRC and the U.S. Internal Revenue Code.
United States of America
On April 21, Hewitt submitted comments to the Pension Benefit Guaranty Corporation (PBGC) on a proposed rule to amend the PBGC's regulation on Annual Financial and Actuarial Information Reporting under ERISA Section 4010 to implement the provisions of the Pension Protection Act of 2006.
The Centers for Medicare and Medicaid Services has issued final regulations addressing Medicare Part D and the Retiree Drug Subsidy (RDS).
On April 17, 2008, the IRS issued additional final regulations on comparable contributions to health savings accounts (HSAs).
Hewitt submitted comments to the Department of Labor regarding proposed revisions to the FMLA and recent expansions of military family leave.
Final Equal Employment Opportunity Commission (EEOC) regulations enable employers to coordinate retiree medical plans with Medicare without violating the Age Discrimination in Employment Act.
Employers covered by the FMLA are required to display a new FMLA poster that outlines leave options for qualifying family members of military personnel.
On March 28, 2008, Hewitt submitted comments to the Internal Revenue Service regarding the agency's proposed regulations on the measurement of assets and liabilities for pension funding purposes that apply to single employer defined benefit plans.
On March 26, 2008, Hewitt submitted comments to the Internal Revenue Service (IRS) regarding the agency's proposed rules providing guidance on changes to sections 411(a)(13) and 411(b)(5) of the Internal Revenue Code for certain hybrid defined benefit retirement plans.
The House passed the Paul Wellstone Mental Health and Addiction Equity Act and included language from the Genetic Information Nondiscrimination Act. The bill will now go to conference committee to attempt to be reconciled with a similar Senate mental health parity bill.
This Hewitt Special Report provides a detailed summary of the proposed FMLA regulations and their potential impact on employers.
While budgetary issues remain a top concern, governors identified health care reform as a top agenda item in their 2008 State of the State addresses. In addition, governors highlighted other employment issues such as immigration reform, minimum wage, and same-sex relationships.
Hewitt Associates submitted comments to the Internal Revenue Service (IRS) regarding IRS Notice 2007-100, "Transition Relief and Guidance on Corrections of Certain Failures of a Nonqualified Deferred Compensation Plan to Comply with section 409A(a) in Operation."
On February 12, 2008, Hewitt submitted comments to the Department of Labor (DOL) Employee Benefits Security Administration regarding the DOL's proposed fee disclosure regulations relating to the definition of a reasonable contract or arrangement under Section 408(b)(2) of the Employee Retirement Income Security Act (ERISA).
A variety of significant health and human resources issues are expected to be addressed during the 2008 state legislative sessions.
