401k Plan Changes

Tax Treatment of Refunds Changing for 2008 Beginning with the 2008 plan year, ADP and ACP refunds attributable to the 2008 plan year are taxable in the year of distribution. Therefore, for the 2008 plan year, refunds distributed between January 1, 2009 and March 15, 2009 are taxable in 2009, the year distributed (as opposed to the year contributed). Also …

COBRA Model Notices Released

 The US DOL has released, on their website, the model notices for COBRA subsidy. The Department of Labor has just released their model notices for the COBRA subsidy available under the American Recovery and Reinvestment Act (ARRA). There are two formats of the General Notice, one full and the other abbreviated. Also drafted by the DOL and on their webpage …

DOL COBRA Subsidy Model Notices Due This Week

The Sectretary of Labor must release model notices for the subsidized COBRA program no later than thirty (30) days after the date of enactment (2/17/09) of the American Recovery and Reinvestment Act of 2009. This week will culminate the 30 days, therefore the model notification should be released by the 19th of March. As a reminder, employers have sixty (60) days from enactment …

Unemployment by the number

While reading daily about the¬†jobless claims¬†still rising I can across an article that opened my eyes about the number of claims that have been made. More than 651,000 jobs were cut in February. This added to the unemployment rate which is currently at 8.1%. Here are some stats available by the Census Bureau. 651,000 Jobs were cut in February. This …