April 2, 2010 – Late Wire at Manufacturing.net
Toyota taught us how to build a successful lean production system, and now it’s teaching manufacturers what to do -- or what NOT to do -- when faced with massive recalls ... continue
April 2, 2010 – NAM – “Did You Know”?
Watching at home you might not realize it, but the 2010 NCAA Final Four at Lucas Oil Stadium in Indianapolis would not be possible without the work of American manufacturers. Lucas Oil Stadium was built with parts and materials manufactured in the USA. These products range from the hardwood on the basketball court, to the video scoreboards to the seats to the less visible products such as the steel, concrete, roof cables, insulation, bathroom fixtures, cabinets, countertops, electrical and lighting fixtures, and even the climate control system.
The United States is the world’s largest manufacturing economy, producing 21 percent of global manufactured products. Nearly 12 million Americans work directly in manufacturing – about 10 percent of the overall workforce. At the National Association of Manufacturers we’re proud to be the voice of all manufacturing in America.
While you watch the Final Four, we hope you will notice the products that make the tournament possible.
April 2, 2010 – Today in Manufacturing.net
Nation’s economy posted its largest job gain in three years in March, while the unemployment rate remained at 9.7 percent for the third straight month... continue
April 2, 2010 – Stoel Rives LLP
The health care reform legislation passed by Congress places significant new responsibilities on employers, group health plans, insurers, and individuals. This alert gives a brief overview of the most significant issues affecting employers and group health plans, in order of effective date.
Effective Immediately
- Qualifying small businesses that have fewer than 25 full-time employees and whose employees have average annual wages less than $50,000 may be eligible for tax credits to purchase health insurance for their employees.
- Coverage for dependent children may qualify for tax-free status through the taxable year in which the child turns age 26.
Effective Date Dependent upon Issuance of Regulations
- Employers with more than 200 employees must automatically enroll employees into health insurance plans offered by the employer.
Effective June 20, 2010
- A temporary reinsurance program will reimburse participating employment-based plans for a portion of the cost of providing health coverage to early retirees and eligible dependents (ending January 1, 2014).
Effective for Plan Years Starting October 1, 2010 or Later
- Plans cannot place lifetime dollar limits on coverage.
- Adult children must be covered until age 26 (for grandfathered plans*, adult children must only be covered if they do not have access to their own employer-sponsored coverage).
- Annual dollar limits on coverage must comply with guidance from the Secretary of Health and Human Services. The Secretary must issue such guidance on annual limits by June 20, 2010.
- Plans cannot have pre-existing condition exclusions for children under age 19.
- New plans** must provide preventive services and immunizations without any cost sharing.
- New plans must meet internal and external review procedure standards for claim determinations.
- Nondiscrimination rules formerly applicable only to self-funded group health plans are now applicable to new insured group health plans.
Effective January 1, 2011
- Employers must report the value of employer-provided health coverage on each employee’s W-2 form.
- Nonprescription drugs cannot be reimbursed tax-free through a health savings account (HSA).
- Nonprescription drugs cannot be reimbursed through health reimbursement arrangements or health flexible spending accounts (FSA).
- The tax on HSA distributions not used for qualified medical expenses will increase to 20 percent.
Effective 24 months after enactment (March 2012)
- Plans must provide participants with a four-page summary of benefits, in accordance with regulations that must be issued within 12 months of enactment (March 2011).
- Plans must provide notice 60 days before plan changes.
Effective January 1, 2013
- The Medicare Part A (hospital insurance) tax rate on earnings over $200,000 ($250,000 for married couples filing jointly) will increase from 1.45 percent to 2.35 percent (only the employee portion is increased, not the employer portion), and there will be a 3.8 percent tax on unearned income for high-income taxpayers.
- There will no longer be a tax deduction for employers who receive Medicare Part D retiree drug subsidy payments.
- Health FSA contributions will be limited to $2,500 annually.
Effective January 1, 2014
- Plans cannot have pre-existing condition exclusions for adults (age 19 and over).
- Plans cannot have annual dollar limits.
- Employers will be required to separately report the value of an employee’s health benefits to the federal government (in a form to be developed).
- Waiting periods for coverage will be limited to 90 days.
- Employers can offer employees rewards of up to 30 percent of the value of coverage for participating in wellness programs and meeting certain health-related standards.
- Children must be covered until age 26 even if they have access to their own employer-sponsored coverage.
- Employers that have more than 50 employees and do not offer coverage must pay a $2,000 fee per full-time employee (excluding the first 30) if any of their full-time employees receive a premium tax credit.
- Employers that have more than 50 employees and offer coverage but have at least one full-time employee receiving a premium tax credit must pay a $2,000 fee per full-time employee or $3,000 fee per employee receiving the tax credit (whichever is less).
- Employers that offer coverage must offer low-income employees a “free choice voucher” that the employee can use to apply the value of the employer-provided coverage to the cost of enrolling in a state-based Health Benefit Exchange.
Effective January 1, 2018
- An excise tax will be imposed on health insurance issuers and plan administrators of employer-sponsored health plans with aggregate values that exceed $10,200 for individual coverage and $27,500 for family coverage. The tax will be equivalent to 40 percent of the value of the plan that exceeds the threshold amounts. Vision and dental coverage will not be counted as part of value of employer-sponsored coverage if it is provided under a separate policy, certificate, or contract of insurance.
CHINA STEELMAKERS WANT CHANGE IN IRON ORE PRICES
April 2, 2010 – Late Wire at Manufacturing.net
Beijing has been trying to use China's status as world's biggest steel producer to force global iron ore suppliers to cut prices at a time of intense demand ... continue
U.S. ANGRY OVER OBSTACLES TO CHINESE MARKET
April 2, 2010 – Today in Manufacturing.net
China is increasingly using discriminatory rules to reduce access to previously open areas of its economy and promote its technology industries, U.S. business group said... continue
OBAMA WELCOMES JOBS REPORT
April 2, 2010 – Late Wire at Manufacturing.net
President Obama told workers at a plant that makes high-tech battery components that his aggressive -- if unpopular -- policies helped add jobs ... continue
RECENT FICA CASE - POSSIBLE REFUND OPPORTUNITY AND DEADLINE
April 2, 2010 – Holland and Hart
A recent federal court case may result in a change in payroll tax laws. But to take advantage of the change (if it occurs), employers need to act before April 15, 2010.
The new case was issued by the U.S. District Court (Western District of Michigan, Southern Division) in the Quality Stores, Inc. case. The case deals with FICA taxes as applied to so-called "supplemental unemployment compensation benefits" or "SUBs" payable under a plan. In general, they are paid to an employee due to the employee's involuntary separation from employment as a result of a reduction in workforce, the discontinuance of a plant or operation, or other similar conditions encountered by the employer.
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UAMPS MEMBERS SUPPORT ENERGY EFFICIENCY, RENEWABLE RESOURCES
April 2, 2010 – Utah Business
A recent Dan Jones survey of Utah Associated Municipal Power Systems (UAMPS) customers showed strong support for both energy efficiency measures, and renewable resources. UAMPS commissioned the survey, which included 400 customers living in UAMPS members’ service areas. Highlights of the survey include: 80 percent support or strongly support their utilities using renewable resources like solar, wind and landfill gas as sources of electrical power.
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UTAH INNOVATION AWARDS PROGRAM FINALISTS NAMED
April 2, 2010 – Utah Business
Thirty innovations have been selected as finalists or honorable mention recipients in the eighth annual Utah Innovation Awards, presented by Stoel Rives LLP and the Utah Technology Council. This statewide program, the first of its kind and sponsored by Utah Business magazine, Webb Audio Visual Communications, Las Vegas MGM Grand, and Stage 12, is designed to recognize innovations and the Utah companies that created them. Winners will be announced, and finalists and honorable mention recipients will be honored at a special Awards Luncheon on Thursday, April 29, 2010 at the Marriott City Center.
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