WHA Financial Solutions' Compliance
Corner newsletter contains valuable information on timely compliance
and regulatory issues. Each newsletter is archived by date at www.whafs.com.
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Reminder: Medicare Part D
Disclosure to CMS
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Plans offering prescription drug
coverage must complete an online Disclosure of Creditable Coverage to the
Centers of Medicare and Medicaid Services within 60 days of the beginning
of the plan year. Calendar year plans need to comply by February 29,
2008.
Click here to
view the online disclosure form and Instruction Booklet
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FMLA is Expanded to
Include Military Related Leave
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On
January 28, 2008, President Bush signed the National Defense
Authorization Act for 2008 into law which immediately amended The Family
and Medical Leave Act of 1993 (FMLA) to include two new military related
leaves for service members and their families.
- Active Duty Leave requires
eligible employers with eligible employees to provide up to 12 weeks
of unpaid leave a year, as the time is related to an employee's
service member spouse, child, or parent's active duty or impending
call to active duty. This category of leave is not effective until
final regulations are released. However, the Department of Labor
encourages employers to comply in the interim.
- Caregiver Leave provides eligible
family members (including a "nearest blood relative") up
to 26 weeks of unpaid leave to care for a service member who has a
"serious illness or injury."
Click here for more information
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Court Rules LTD
Plan's Denial Letter is Deficient
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In Saffron
v. Wells Fargo, the Ninth Circuit Court ruled that the denial letter
issued by Wells Fargo's long term disability was deficient. The letter
stated that the claimant could appeal the denial and provide
"objective medical information," which does not meet the
federal guidelines regarding adverse benefit determinations. The ruling
serves as a reminder that adverse determinations must instruct a claimant
on how to "perfect the claim," what additional information is
needed from the claimant, and why the information is needed. The
determination should be written in a manner to facilitate the claimant's
understanding.
Click here for
more information
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IRS Addresses
Pre-approved and Individually Designed Retirement Plan FAQs
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The
IRS has added a new section to their website with Frequently Asked
Questions related to pre-approved and individually designed retirement
plans. Topics include when should a Form 8905 be filed, when must
amendments be adopted, and examples of cycle changing events.
Click here for
more information
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WHA Financial
Solutions, Inc.
800-362-7121
or 608-274-1820
The
information included in WHA Financial Solutions' Compliance Corner is
intended for general information purposes only. This information
does not and is not intended to constitute legal advice. Any
decisions whether to implement these ideas should be made by the reader
in consultation with professional financial, tax, and legal counsel.
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