New Rules for Nonqualified Plans on the Horizon
Efforts to impose new restrictions on nonqualified deferred compensation plans and certain stock compensation arrangements are gaining momentum in Congress. Pension Security Act Moves Through House
On May 14, the House approved the Pension Security Act by a vote of 271-157. Prompted by the Enron scandal, the bill is similar to legislation approved by the House in April 2002. IRS Issues Guidance on Debit/Credit Cards for Health FSAs and HRAs
In a long-awaited revenue ruling, the IRS has approved the use of debit or credit cards to
reimburse qualified medical expenses from health Flexible Spending Accounts and Health Reimbursement Arrangements.
New Study on Disclosure of Stock Option Expense: Substance Matters More Than Form
Requiring companies to recognize stock-based compensation as an expense may not exert the downward effect on stock prices that many have feared, according to a recent analysis by Watson Wyatt Worldwide. DOL Gives Relief on Plan Loans to Executives and Directors
In Field Assistance Bulletin 2003-1, the U.S. Department of Labor provides some resolution to the potential conflict between the Sarbanes-Oxley Act of 2002 and ERISA. Ratification of U.S.-U.K. Tax Treaty Is Good News for Expatriate Employees
The United States and United Kingdom have finally ratified their 2001 tax treaty, providing
significant relief for expatriate employees in both countries, but particularly for U.S. participants in British “approved pension schemes.” Supreme Court to Determine Whether ADEA Prohibits “Reverse” Age Discrimination
The Supreme Court has agreed to hear Cline v. General Dynamics, to determine whether the Age Discrimination in Employment Act prohibits employment or benefit practices that favor older workers over younger workers within the protected class. IRS Publishes Second White Paper on Determination Letter Program
The IRS recently published its second white paper on the determination letter program for qualified retirement plans. IRS Clarifies Treatment of Certain Medical Expenses
The IRS has released two revenue rulings that clarify which types of cosmetic-type treatments and over-the-counter treatments and supplies are “qualified medical expenses” and thus eligible to be paid or reimbursed under a medical plan.
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