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(NEW YORK, N.Y. December 3, 2007) – Retirement plan professionals now have a helpful resource from Aspen Publishers focused on cash balance plans. The brand-new Cash Balance Plan Answer Book provides current answers to hundreds of questions in one reliable hardcover volume. Aspen Publishers, part of the Wolters Kluwer Law & Business group, is a leading information provider for legal and business professionals and law students (www.aspenpublishers.com).
“After years of uncertainty, the Pension Protection Act of 2006 (PPA) contained provisions clarifying and legitimizing these plans,” noted Daniel Schwallie, co-author of the Cash Balance Plan Answer Book. “PPA opened the door for companies to implement cash balance plans, but professionals still need advice on just how to do that.”
The Cash Balance Plan Answer Book provides reliable answers to over 500 cash balance plan questions. Logically organized in the popular Q&A format, the Cash Balance Plan Answer Book is a user-friendly guide that explains the fundamentals of cash balance plans and how and when to use them.
The Cash Balance Plan Answer Book addresses plan design and how to structure programs to meet ERISA and tax-qualification requirements. It highlights the changes enacted in PPA and covers the pros and cons of cash balance plans versus other retirement plans.
This unique resource provides support as professionals consider and implement cash balance plans, including the conversion of existing plans to cash balance. It’s filled with explanations of the law, planning tips, examples and cautions that clarify complex issues, save planning time and point out pitfalls.
In addition, the Cash Balance Plan Answer Book goes beyond answering professionals’ questions — it helps them answer everyone else’s, making it easy to explain the features and benefits of cash balance plans to executives and employees.
Daniel Schwallie, JD, Ph.D. is an attorney with Hewitt Associates’ HR Outsourcing group in the Cleveland, Ohio office. Schwallie has worked with cash balance and other hybrid plan designs for over a decade and is a member of a team within Hewitt responsible for analyzing and evaluating cash balance plan developments. He has been quoted in publications such as Business Insurance, CCH Pension Plan Guide, Chicago Tribune and Kiplinger's Business Forecasts, regarding retirement, health and welfare plan legal developments, including developments affecting cash balance plans. He has been with Hewitt since 1993. Prior to joining Hewitt Associates, Schwallie was an attorney with a Cleveland law firm and, before that, an economics professor.
Paul Rangecroft is a Principal and consulting actuary in Hewitt’s Bridgewater, N.J. office. He is a Fellow of the Society of Actuaries, an Enrolled Actuary and a member of the American Academy of Actuaries. He consults on all aspects of actuarial matters involving defined benefit, defined contribution and other postretirement benefit programs. Rangecroft plays a leadership role for Hewitt in market activities in the Northeast United States, Hewitt’s global Employee Stock Ownership Team and Hewitt’s Cash Balance and Pension Equity Plans Resource Team. Rangecroft has been a speaker at the annual Enrolled Actuaries meeting and the Society of Actuaries annual meeting on pension redesign. He earned a bachelor’s degree in mathematics and a master’s degree in statistics, both from the University of Kent at Canterbury in England. He has been with Hewitt since 1994.
Barbara J. Hogg is a Principal and Senior Retirement Consultant with Hewitt Associates based in Hewitt’s Lincolnshire, Ill. headquarters. Hogg is focused on employee behavior in retirement programs and leads Hewitt’s retirement communication business. Earlier in her career at Hewitt, she worked as an actuary – gaining knowledge in retirement plan design and helping employers develop and redesign retirement programs to meet the demands and needs of their business. Hogg is a Fellow of the Society of Actuaries. She graduated with a bachelor’s degree in Mathematics and Economics from the University of Iowa and has a master’s degree from Northwestern University in Statistics. She has been with Hewitt since 1983.
For more information or to order call 1-800-638-8437 or visit www.aspenpublishers.com. Price for the hardcover Cash Balance Plan Answer Book is $235.
Wolters Kluwer Law & Business is a leading provider of research products and software solutions in key specialty areas for legal and business professionals, as well as casebooks and study aids for law students. Its major product lines include Aspen Publishers, CCH, Kluwer Law International and Loislaw. Its markets include law firms, law schools, corporate counsel and professionals requiring legal and compliance information. Wolters Kluwer Law & Business, a unit of Wolters Kluwer, is based in New York City and Riverwoods, Ill.
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, and legal and regulatory sectors. Wolters Kluwer had 2006 annual revenues of €3.4 billion, employs approximately 18,450 people worldwide, and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit www.wolterskluwer.com.
EDITORS’ NOTE: Editorial review copies of Cash Balance Plan Answer Book are available upon request for members of the press. Contact Neil Allen, 847-267-2179 or neil.allen@wolterskluwer.com or Leslie Bonacum, 847-267-7153 or mediahelp@cch.com.
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(NEW YORK, N.Y., November 1, 2007) – Aspen Publishers has released the updated fourth edition of Bankruptcy Litigation and Practice: A Practioner’s Guide, a comprehensive reference on bankruptcy litigation topics for legal practitioners in all specialties. Aspen Publishers, part of the Wolters Kluwer Law & Business group, is a leading information provider for legal and business professionals and law students (www.aspenpublishers.com).
“Bankruptcy Litigation and Practice is a one-of-a-kind reference that delivers broad coverage to keep professionals up to date with the latest law in a variety of key areas and serves as the foundation of any well-equipped bankruptcy library,” said Mae Schaefer, product manager. “This dynamic, versatile resource supports professionals through every stage of the bankruptcy litigation process and is ideal for practitioners who are called upon to handle both personal and commercial bankruptcy.”
Updated twice annually, this reliable resource provides professionals with:
- The starting point for researching the widest range of bankruptcy litigation issues;
- A practical guide through all stages of bankruptcy litigation;
- A consolidated resource and useful tool that combines case law and analysis; and
- A bonus CD-ROM with valuable, time-saving sample forms to help navigate familiar and unfamiliar areas of bankruptcy litigation.
For the generalist and commercial law practitioner Bankruptcy Litigation and Practice clarifies basic Bankruptcy Code issues and practical features of bankruptcy litigation including consumer bankruptcies; business and corporate reorganizations; liquidations; and personal debt restructuring. For the bankruptcy professional, it serves as a sophisticated compendium of reliable forms, recent case law and statutory amendments relating to all major bankruptcy topics including automatic stay; preferences; dischargeability; executory contracts; the Chapter 11 confirmation process; appellate procedures; Chapter 13 individual debt restructurings; rights and obligations of secured and unsecured creditors and more.
In addition, only Bankruptcy Litigation and Practice delivers instant access to:
- An exclusive collection of key bankruptcy litigation resource materials;
- Practical insights into the bankruptcy court system;
- A consolidated presentation and analysis of bankruptcy provisions common to all cases; and
- Reliable, practice-based coverage of Chapter 7, 11, 12, and 13 cases.
Thomas J. Salerno is the chair of the Reorganization and Restructuring Group of Squire, Sanders & Dempsey, LLP, resident in the Phoenix office, and also co-chairs the firm’s International Insolvency Practice Group. He has extensive experience representing both creditors and debtors in complex litigation and bankruptcy proceedings, pre- and post-bankruptcy workouts and financial restructurings. Salerno graduated from Rutgers University and Notre Dame Law School, where he served as editor of the Notre Dame Law Review.
Jordon A. Kroop is a partner in the Reorganization and Restructuring Group of Squire, Sanders & Dempsey, LLP, resident in the Phoenix office. He represents corporate debtors, official committees and significant creditors, including secured lenders, commercial lessors and financial institutions, in some of the largest Chapter 11 cases in the nation. Kroop is a graduate, magna cum laude, of Brown University and the University of Virginia School of Law.
For more information or to order the one-volume, loose-leaf Bankruptcy Litigation and Practice: A Practitioner’s Guide with bonus CD-ROM, call 800-638-8437, click here or visit www.aspenpublishers.com. Price is $395. Any new edition or supplement issued within three months of purchase of the main edition will be sent free of charge.
Wolters Kluwer Law & Business is a leading provider of research products and software solutions in key specialty areas for legal and business professionals, as well as casebooks and study aids for law students. Its major product lines include Aspen Publishers, CCH, Kluwer Law International and Loislaw. Its markets include law firms, law schools, corporate counsel and professionals requiring legal and compliance information. Wolters Kluwer Law & Business, a unit of Wolters Kluwer, is based in New York City and Riverwoods, Ill.
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, and legal and regulatory sectors. Wolters Kluwer had 2006 annual revenues of €3.4 billion, employs approximately 18,450 people worldwide, and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit www.wolterskluwer.com.
EDITORS’ NOTE: Editorial review copies of Bankruptcy Litigation and Practice: A Practitioner’s Guide are available upon request for members of the press. Contact Neil Allen, 847-267-2179 or neil.allen@wolterskluwer.com or Brenda Au, 847-267-2046 or brenda.au@wolterskluwer.com.
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(NEW YORK, N.Y., October 31, 2007) – Aspen Publishers has acquired two long-established independent study aid lines for law students: Blond’s Law Guides and Friedman’s Practice Series. Both series will publish under the Aspen brand and will begin a regular revision cycle. Aspen Publishers, part of the Wolters Kluwer Law & Business group, is a leading information provider for legal and business professionals and law students (www.aspenpublishers.com).
“The Blond’s Law Guides series fits perfectly with our Emanuel Law Outline series and Casenote Legal Briefs. Friedman’s Practice Series ensures our leadership position in the development of print and online essay tutorials in core curriculum and bar preparation subjects,” said Steve Errick, Aspen Publishers Legal Education managing director.
Blond’s Law Guides are a black letter and case summary study aid that students use during the semester to support class preparation in core legal subjects. They offer case summaries from leading casebooks as well as thoughtful summary outlines.
Friedman’s Practice Series offers students insights into writing essay exams in core courses. The general editor of the series, Professor Joel Friedman of Tulane University School of Law, has selected exams from professors around the country and includes analysis and answers to help students understand how to analyze and write an exam in core subjects.
“By joining the Aspen family of products, Blond’s Law Guides and Friedman’s Practice Series will receive the support and attention needed to achieve the success these well-established series of study aids deserve,” explains Ross Elgart, president, StoreLaw and general editor, Blond’s Law Guides and Friedman’s Practice Series.
Currently available under the Aspen Publishers imprint are eight topics in both the Blond’s and Friedman’s series: Civil Procedure, Constitutional Law, Contracts, Criminal Law, Criminal Procedure, Evidence, Property and Torts.
“I am honored to add Ross Elgart and Joel Friedman to our family of distinguished authors and scholars. This acquisition helps further our corporate mission to be the first choice provider of resources and workflow tools to help ensure students success in law school,” adds Rick Kravitz, executive vice president of business development, Wolters Kluwer Law & Business.
For more information about a Blond’s or Friedman’s title, please call 1-800-638-8437 or visit www.aspenpublishers.com.
Please note that returns of non-Aspen edition titles should be directed to Storelaw.com or wherever the original purchase was made.
Wolters Kluwer Law & Business is a leading provider of research products and software solutions in key specialty areas for legal and business professionals, as well as casebooks and study aids for law students. Its major product lines include Aspen Publishers, CCH, Kluwer Law International and Loislaw. Its markets include law firms, law schools, corporate counsel and professionals requiring legal and compliance information. Wolters Kluwer Law & Business, a unit of Wolters Kluwer, is based in New York City and Riverwoods, Ill.
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, and legal and regulatory sectors. Wolters Kluwer had 2006 annual revenues of €3.4 billion, employs approximately 18,450 people worldwide, and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit www.wolterskluwer.com.
EDITORS’ NOTE: Editorial review copies of a Blond’s Law Guides or Friedman’s Practice Series title are available upon request for members of the press. Contact Neil Allen, 847-267-2179 or neil.allen@wolterskluwer.com or Leslie Bonacum, 847-267-7153 or mediahelp@cch.com.
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(RIVERWOODS, ILL., October 30, 2007) – For most people, the “spring-forward, fall-back” rules of daylight savings time will just mean gaining an hour of sleep this weekend, but for some shift workers, it will mean more dollars in their paychecks, notes CCH, a part of Wolters Kluwer Law & Business and a leading provider of human resources information and software (hr.cch.com).
The end of daylight savings time requires clocks to be moved backward one hour at 2:00 a.m. on Sunday, November 4. Shift workers who are on duty at that time and who normally work an eight-hour shift will actually work — and will be entitled to pay — for nine hours. They may also end up working more than 40 hours in the week, entitling them to overtime pay under the Fair Labor Standards Act.
“In some states, such as California, employees also become entitled to overtime pay by working more than eight hours in a single day, even if their total working hours in the week are 40 or less,” noted Heidi Henson, JD, CCH workplace analyst.
On the second Sunday in March, clocks will be moved forward one hour at 2:00 a.m., returning to daylight savings time. Shift workers on duty at that time will actually work one hour less, for a total of seven hours of work.
Wolters Kluwer Law & Business is a leading provider of research products and software solutions in key specialty areas for legal and business professionals, as well as casebooks and study aids for law students. Its major product lines include Aspen Publishers, CCH, Kluwer Law International and Loislaw. Its markets include law firms, law schools, corporate counsel and professionals requiring legal and compliance information. Wolters Kluwer Law & Business, a unit of Wolters Kluwer, is based in New York City and Riverwoods, Ill. The Wolters Kluwer Law & Business human resources site is hr.cch.com.
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, and legal and regulatory sectors. Wolters Kluwer had 2006 annual revenues of €3.4 billion, employs approximately 18,450 people worldwide, and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit www.wolterskluwer.com.
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(RIVERWOODS, ILL., October 29, 2007) – Highly-paid wage earners will see a moderate increase in the wage base on which Social Security taxes are due for 2008, according to CCH, a leading provider of tax, benefits and payroll law information and software and a part of Wolters Kluwer Law & Business (hr.cch.com). The 2008 wage base of $102,000 is $4,500 higher than the 2007 amount, and the maximum additional Social Security tax that might be collected on someone earning above the 2007 wage base is $279. This increase in the wage base matches the one for 2002 as the largest in dollars and cents ever. However, as a percentage, the 4.6 percent increase is only slightly higher than the average increase of 4.1 percent during the 19 years that the 6.2 percent Social Security tax rate has been in effect.
The tax increase will show up in the amount of FICA (Federal Insurance Contribution Act) tax deducted next year from the paychecks of those earning above the 2007 wage base. Although the tax rate for the Old-Age, Survivors and Disability Insurance (OASDI) portion of FICA has held steady at 6.2 percent since 1990, the amount of wages subject to the tax can, and usually does, increase each year, based on a national wage index. The taxes paid by employees are matched by identical amounts paid by employers into the Social Security system.
The tax rate for the “Hospital Insurance,” or Medicare, portion of FICA is 1.45 percent, and it applies to every dollar of earnings. This amount also is matched by employers.
“Taxes for self-employed individuals use the same earnings base, but the rates are double those of employees, since the self-employed must also pay the ‘employer’ portion of the taxes,” said Avram Sacks, JD, CCH Social Security law analyst.
“This means that high-earning, self-employed individuals may owe as much as $558 in additional self-employment tax in 2008,” Sacks said. “However, they can recoup some of this amount through a deduction on their federal income tax.”
About 12 million workers will be affected by the higher wage base in 2008.
The wage base for 2008 is $300 less than the estimated increase published in the 2007 Annual Report of the Board of Trustees of the Federal OASDI Trust Funds issued in April of this year. The 2008 wage base reflects national average wages for 2006, the variable upon which the 2008 wage base formula is based. The 2006 national average wage index of $38,651.41 is 4.6 percent higher than the 2005 national average wage index, and the second highest increase since 2000; however, the increase in national average wages is just slightly higher than the average increase of 4.1 percent over the past 19 years.
“The 4.6 percent increase is relatively close to the 4.8 percent increase predicted by the Social Security trustees in their April report,” Sacks noted.
“The wage base also is a benefits base,” Sacks noted. “Only earnings up to the wage base are considered in calculating Social Security benefits. As a result, those who pay more now should receive more later. Some private pensions also use the amount of ‘covered compensation’ – that is, compensation up to the wage base – in calculating their benefits as well.”
There will be an increase of $100 next year in the amount of wages a domestic worker can earn without being subject to FICA taxes. In 2008, you can pay a domestic worker, such as a maid or nanny, up to $1,600 without having to wrestle with federal withholding on wages.
Wolters Kluwer Law & Business is a leading provider of research products and software solutions in key specialty areas for legal and business professionals, as well as casebooks and study aids for law students. Its major product lines include Aspen Publishers, CCH, Kluwer Law International and Loislaw. Its markets include law firms, law schools, corporate counsel and professionals requiring legal and compliance information. Wolters Kluwer Law & Business, a unit of Wolters Kluwer, is based in New York City and Riverwoods, Ill. The Wolters Kluwer Law & Business human resources site is hr.cch.com.
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, and legal and regulatory sectors. Wolters Kluwer had 2006 annual revenues of €3.4 billion, employs approximately 18,450 people worldwide, and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit www.wolterskluwer.com.
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(NEW YORK, N.Y., October 22, 2007) – Aspen Publishers’ TeachingLaw.com, a new interactive, electronic approach to Legal Research and Writing by Diana Donahoe of Georgetown University has now been adopted by professors at 15 law schools in its first year of release. The comprehensive electronic coursebook package includes content, courseware and interactive, multi-media materials. Aspen Publishers, part of the Wolters Kluwer Law & Business group, is a leading information provider for legal and business professionals and law students (www.aspenpublishers.com).
The online coursebook is now being used at:
- Case Western Reserve University Law School;
- Franklin Pierce Law School;
- Georgetown University Law Center;
- Massachusetts School of Law;
- Northeastern University School of Law;
- Northwestern University School of Law;
- Rutgers University School of Law, Camden;
- Texas Tech University School of Law;
- Thomas Jefferson School of Law;
- University of La Verne College of Law;
- University of Mississippi School of Law;
- Wake Forest University School of Law;
- Washburn University School of Law;
- Western New England College School of Law; and
- Whittier Law School.
“I designed TeachingLaw.com to help create a more dynamic classroom environment,” said Donahoe. “Professors now have a tool to make effective, in-class use of electronic course materials.”
“The adopters recognize the need to present legal research and writing with a focus on the learning style of today’s law student. These professors and students alike are moving forward into a new electronic paradigm with this coursebook,” explains John Chatelaine, sales and training coordinator for TeachingLaw.com.
To view an interactive demonstration, download the TeachingLaw.com brochure (PDF) or learn more about the author, visit www.TeachingLaw.com/demo. To request a free live demonstration, e-mail legaledu@wolterskluwer.com.
Wolters Kluwer Law & Business is a leading provider of research products and software solutions in key specialty areas for legal and business professionals, as well as casebooks and study aids for law students. Its major product lines include Aspen Publishers, CCH, Kluwer Law International and Loislaw. Its markets include law firms, law schools, corporate counsel and professionals requiring legal and compliance information. Wolters Kluwer Law & Business, a unit of Wolters Kluwer, is based in New York City and Riverwoods, Ill.
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, and legal and regulatory sectors. Wolters Kluwer had 2006 annual revenues of €3.4 billion, employs approximately 18,450 people worldwide, and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit www.wolterskluwer.com.
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(RIVERWOODS, ILL., October 18, 2007) – Social Security beneficiaries in 2008 will see a relatively modest increase in their monthly checks, according to CCH, a leading provider of tax, benefits and payroll law information and software and a part of Wolters Kluwer Law & Business (hr.cch.com). As a result of inflation, an increase of 2.3 percent will be applied to this coming year’s benefits, starting with December 2007 benefits, which are paid in January 2008. This is the smallest increase in four years.
The 2.3-percent cost-of-living adjustment, or COLA, will produce an estimated monthly benefit of $1,079 for all retired workers in 2008, $35 a month more than in 2007. However, $2.90, or 8.3 percent, of that increase will be eaten up by a rise in the standard premium paid by beneficiaries enrolled in Medicare Part B in 2008. With a total monthly Medicare Part B standard premium of $96.40 in 2008, Social Security beneficiaries enrolled in Medicare Part B will see that average $35 benefit increase reduced to $32 after rounding required by law. A relatively small number of Medicare Part B enrollees with higher incomes, about 5 percent, will pay a higher premium based on their income. Medicare Part B enrollees in the highest income bracket (i.e., those filing individual tax returns greater than $205,000 or joint returns greater than $410,000) will pay a total monthly premium in 2008 of $238.40.
A typical married couple, both receiving benefits, can expect to find $1,761 in their monthly benefit checks in 2008, $48 more than the comparable 2007 benefit, while the average widow or widower living alone will receive an average benefit of $1,041, an increase of $33. These amounts do not reflect deductions for Medicare premiums.
A gradual rise in full retirement age began in 2000 resulting from amendments in 1983 to the Social Security Act, increasing full retirement age from age 65 to age 67. The only individuals attaining full retirement age in 2008 will be individuals born in 1942 attaining age 65 and 10 months. For such individuals, the maximum possible benefit remains at $2,116, as determined in 2007, which is increased to $2,164 in 2008 on account of the 2.3 percent cost-of-living adjustment.
The maximum benefit payable to someone born in 1943 who still wishes to retire upon reaching age 65 in 2008 is $2,030. However, if someone born in 1943 waits until they reach their full retirement age of 66 in 2008, their maximum benefit will be $2,185 plus the 2008 COLA, which will be announced in October 2008. Full retirement age will remain at age 66 for the next 12 years for individuals born in 1943 through 1954.
The Social Security COLA is applied to several types of benefits: retirement, disability, survivors – such as children and widow(er)s – and to the maximum family benefit, which is the maximum that can be paid if more than one family member is receiving benefits based on one wage earner’s account.
“The increase is largely driven by an increase in food, beverage, shelter and medical costs,” said Avram Sacks, JD, CCH Social Security law analyst. Shelter costs (not including energy) contributed to about 46 percent of the increase, while food/beverage and medical costs contributed 31 percent and 10 percent , respectively, to the overall increase. The overall increase was less than last year’s 3.3 percent cost-of-living adjustment primarily due to the tremendous slow-down in the cost of petroleum-based energy commodities. For the 12 months ending August 2006, there was a 15.1 percent increase, while for the same 12-month period ending in 2007, there was a 2.5 percent decline.
“The magnitude of the increase was not expected by the Board of Trustees of the Federal Old-Age, Survivors and Disability Insurance (OASDI) Trust Fund last March,” said Sacks. “At that time, they predicted a 1.4 percent increase, just under two-thirds of the actual figure based on the rise of the Consumer Price Index for Urban Wage Earners and Clerical Workers from the third quarter of 2006 through the third quarter of 2007.”
The amounts that certain Social Security beneficiaries can earn without having their benefits reduced – “Retirement Test Exempt Amounts” in Social Security terminology – also will go up next year.
Workers under full retirement age who are receiving benefits can earn up to $13,560 in 2008, or $1,130 per month, without having their benefits reduced. This is an increase of $600 annually over the 2007 limit.
A modified test applies to workers who reach the full retirement age of 66 in 2008. In each month before they reach full retirement age, these individuals may earn up to $3,010 without having their benefits reduced. Once they reach full retirement age, benefits are no longer subject to any retirement test.
“This is an increase of $140 over the 2007 monthly limit for these workers,” Sacks noted.
An “earnings test” for beneficiaries at full retirement age through age 69 was abolished by legislation in 2000. Beneficiaries age 70 and older have not been subject to benefit reductions based on earnings since 1983.
The amount of monthly earnings in 2007 that will give rise to a presumption that a disability beneficiary is no longer disabled – that is, the amount that’s deemed sufficient to demonstrate an ability to engage in “substantial gainful activity” is $940, an increase of $40 from 2007. A higher threshold of $1,570 per month applies to blind beneficiaries.
Disability beneficiaries may work for as many as nine months during any 60-month period without affecting their rights to receive benefits. This is known as “trial work.” In 2008, a disabled beneficiary who works will not be treated as having engaged in trial work for any month in which his or her earnings are no more than $670, an increase of $30 over the 2007 limit.
There is no trial work period for Supplemental Security Income (SSI) disability beneficiaries. However, if an SSI beneficiary is working, has only earnings and doesn’t pay expenses in order to work, the person may earn up to $1,359 per month in 2008 before the person’s SSI federal cash benefits stop. The amount was $1,331 in 2007. This is based on an exclusion of $85 per month (assuming the person has no other income) for the first $85 dollars of monthly earned income, plus a monthly deduction of $1 for every $2 earned thereafter. SSI beneficiaries in states that provide a supplement to the federal SSI benefit can earn even more before cash payments stop. However, if an individual has earnings of $940 or more in 2008, then the person would be considered to be engaging in “substantial gainful activity” and would probably not be eligible for SSI disability benefits, unless he or she is blind.
Wolters Kluwer Law & Business is a leading provider of research products and software solutions in key specialty areas for legal and business professionals, as well as casebooks and study aids for law students. Its major product lines include Aspen Publishers, CCH, Kluwer Law International and Loislaw. Its markets include law firms, law schools, corporate counsel and professionals requiring legal and compliance information. Wolters Kluwer Law & Business, a unit of Wolters Kluwer, is based in New York City and Riverwoods, Ill. The Wolters Kluwer Law & Business human resources site is hr.cch.com.
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, and legal and regulatory sectors. Wolters Kluwer had 2006 annual revenues of €3.4 billion, employs approximately 18,450 people worldwide, and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit www.wolterskluwer.com.
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(RIVERWOODS, ILL., October 16, 2007) – CCH, a leading provider of securities, tax and business law information and software and a part of Wolters Kluwer Law & Business, has released the third edition of its free booklet, CCH Journalists’ Guide to Writing About Securities. Wolters Kluwer Law & Business is a leading supplier of specialized business compliance information and software, whose leading brands include CCH and Aspen Publishers.
CCH Journalists’ Guide to Writing About Securities provides an overview of the securities industry and its regulation to help journalists understand the fundamentals and report on securities-related topics. This easy-to-read guide discusses federal securities laws, the Securities and Exchange Commission and industry regulation. In addition, it provides SEC contact information.
Authored by CCH securities expert, James Hamilton, JD, LLM, CCH Journalists’ Guide to Writing About Securities has been updated to reflect significant changes by the SEC and PCAOB in disclosures involving the internal control over financial reporting regime, as well as major SEC revision to public offering disclosures. The new edition also reflects the SEC’s complete overhaul of executive compensation disclosure.
The booklet also outlines complimentary services CCH provides for working journalists, such as research support, access to knowledgeable topic experts, reference materials, fact checking and e-mail news service.
For a free print copy of CCH Journalists’ Guide to Writing About Securities, contact Leslie Bonacum at CCH through e-mail at mediahelp@cch.com or phone 847-267-7153. Reporters may also request a copy through the CCH Press Center located at cch.com.
Wolters Kluwer Law & Business is a leading provider of research products and software solutions in key specialty areas for legal and business professionals, as well as casebooks and study aids for law students. Its major product lines include Aspen Publishers, CCH, Kluwer Law International and Loislaw. Its markets include law firms, law schools, corporate counsel and professionals requiring legal and compliance information. Wolters Kluwer Law & Business, a unit of Wolters Kluwer, is based in New York City and Riverwoods, Ill.
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, and legal and regulatory sectors. Wolters Kluwer had 2006 annual revenues of €3.4 billion, employs approximately 18,450 people worldwide, and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit www.wolterskluwer.com.
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(RIVERWOODS, ILL., October 10, 2007) – Two-thirds of U.S. workers who call in sick at the last minute do so for reasons other than physical illness, according to the findings of the 17th annual CCH Unscheduled Absence Survey. CCH is a leading provider of human resources and employment law information and services and part of Wolters Kluwer Law & Business (hr.cch.com).
The 2007 CCH Survey found that while 34 percent of people call in sick to work at the last minute due to “personal illness,” 66 percent are taking time off to deal with personal or family issues.
“Most people today are juggling the demands of busy personal and professional lives, and are trying to do their very best in both places,” said CCH Employment Law Analyst Pamela Wolf, JD. “Organizations need to stop the tug of war with people for their time, and become a partner to employees to help them, and the business overall, be more successful.”
Employers, however, have failed to make significant headway against the costly absenteeism problem that takes billions of dollars off the bottom line for U.S. businesses. The nation’s largest employers estimate that unscheduled absenteeism costs their businesses more than $760,000 per year in direct payroll costs, and even more when lower productivity, lost revenue and the effects of poor morale are considered.
According to the 2007 CCH Unscheduled Absence Survey, conducted for CCH by Harris Interactive®, the absenteeism rate was 2.3 percent in 2007, down slightly from 2.5 percent last year.
The CCH Survey also found that for many employers, it’s no surprise when employees are likely to be no-shows. More than two-thirds (68 percent) report finding a discernable pattern in unscheduled absences, with 37 percent of organizations reporting the most noticeable pattern is people calling in sick on Mondays and Fridays, followed by 17 percent recognizing the most noticeable pattern occurring around holidays such as Christmas or the Fourth of July and 13 percent reporting their most noticeable pattern of unplanned absences occurs during flu and hay fever seasons.
The CCH Unscheduled Absence Survey, conducted by CCH for the past 17 years, is the definitive survey on absenteeism in the workplace, measuring the rate, cost and reasons associated with unscheduled absence in the U.S.
The survey found that Personal Illness accounts for only 34 percent of unscheduled absences, while 66 percent of absences are due to other reasons, including Family Issues (22 percent), Personal Needs (18 percent), Entitlement Mentality (13 percent) and Stress (13 percent).
The challenge for both employees and employers is that, for many people, demands on the home front have changed at the same time demands of the workplace have increased.
“Many employees today are asked to give 110 percent on the job – to do more with fewer staff, work long hours and handle work-related issues after hours from home,” said Wolf. “But these workers may also be part of dual-earning families, or they may be single parents or caregivers for aging parents. They are willing to go the ‘extra mile’ for the company, but they are also taking back the time when they need it to care for themselves and their families,” said Wolf.
The cost of this tacit give-and-take arrangement is too high to go unchecked, according to CCH.
“Unscheduled absenteeism is a problem that no organization can afford to ignore – either from a cost or productivity standpoint. With the appropriate programs in place, businesses can significantly reduce the number of last minute no-shows, improve the work environment for all employees and realize substantial savings,” said Wolf.
One of the first steps in partnering with employees is offering an appropriate range of work-life and absence control programs.
“Traditional sick leave and inflexible time-off policies may put an employee in the position of having to conjure up a cold and take off an entire day when they really just needed two hours to take a parent to a pre-arranged medical appointment,” noted Wolf.
By offering a range of programs, employers can reduce last minute no-shows, benefiting both the business and the employees who keep it running.
The CCH Survey examined a wide range of work-life programs and asked employers to report on the programs they use and their effectiveness in controlling unexpected time off.
On a scale of 1 to 5 (with 5 being most effective), the work-life programs rated highest for reducing unscheduled absences are Alternative Work Arrangements (3.6), Telecommuting (3.5), Compressed Work Week (3.3), Leave for School Functions (3.2) and Flu Shot Programs (3.2).
Of the work-life programs offered by employers, the top five in use are Employee Assistance Plans (72 percent), Flu Shot Programs (66 percent), Wellness Programs (60 percent), Leave for School Functions (54 percent) and Alternative Work Arrangements (54 percent).
“This blend of programs, focusing on flexibility and good health, is a promising sign that employers are trying to partner with employees to help them balance the personal and professional aspects of their lives,” said Wolf.
She notes, however, that companies can be even more effective. Overall, survey results indicate that companies remain challenged in making sure they have the most effective programs in place to meet employee needs. In some cases, the CCH Survey found that the programs employers view as most effective in combating unscheduled absenteeism are not the programs that are most used.
“The fact that two of the programs that companies rated as most effective – Telecommuting and Compressed Work Week – are not also among the most used signals the need for employers to step back and assess if they have the right programs in place for their people,” said Wolf.
The 2007 CCH Unscheduled Absence Survey found that U.S. companies offer an average of 9 work-life programs, down from 11 in 2006. And, while the majority of employers still offer an array of different programs, the survey also found a decrease in the number of employers offering specific work-life programs. Four out of the five most effective programs showed a decline in use. Among programs seen as “most effective,” Flu Shots is the only program to see an increase in usage, now offered by two-thirds (66 percent) of employers, up from 64 percent.
With health care costs continuing to climb in the U.S., employers may be trying to offset these high costs by eliminating programs that are perceived as being “nice to have,” versus “need to have.”
“Some organizations view work-life programs as a soft benefit that can be taken away without much pain, but this short-term view can have negative, far-reaching consequences – on unscheduled absences, employee morale, recruiting and retention and the bottom line,” warns Wolf. “Employers need to fully consider the real costs of eliminating these programs before taking action.”
| Work-life Program |
Effectiveness Rating
(1: Not Very Effective to 5: Very Effective) |
Percent Use |
| Alternative Work Arrangement |
3.6 |
54% |
| Telecommuting |
3.5 |
53% |
| Compressed Work Week |
3.3 |
45% |
| Flu Shot Programs |
3.2 |
66% |
| Leave for School Functions |
3.2 |
54% |
| Emergency Child Care |
3.1 |
32% |
| Job Sharing |
3.0 |
38% |
| On-site Child Care |
2.9 |
32% |
| Employee Assistance Plans |
2.9 |
72% |
| Wellness Programs |
2.9 |
60% |
Employers report they use an average of 5 absence control programs, down from 6 in 2006. Disciplinary Action remains the single-most used absence control program, with 89 percent of surveyed organizations reporting use. The other leading absence control programs in use are Yearly Review (82 percent), Verification of Illness (74 percent), Paid Leave Banks (60 percent) and No Fault (59 percent).
The survey found that Paid Leave Banks (also known as Paid Time Off) continue to be the most effective absence control program, with a 3.6 rating. Paid Leave Banks / PTO provide employees with a single bank of hours to be used as they see fit, instead of managing separate days for sick, vacation and personal time. Other top programs include Disciplinary Action and Buy Back (3.4), Bonus (3.3) and Verification of Illness (3.2).
The survey again found a lack of alignment between what programs employers are using and what they determine to be most effective. For example, Paid Leave Banks / PTO were not used by 40 percent of companies surveyed. Another two of the most effective programs, Buy Back and Bonus programs, were the least used by companies.
“Year in and year out, employers report that Paid Leave Banks work best to combat unscheduled absenteeism,” said Wolf. “They offer employees more flexibility in how they use their time off, which enables them, and the business, to plan for most absences.”
It’s a win-win situation, yet Paid Leave Banks / PTO has never taken the top spot in terms of what organizations use.
“Some employers fear they are losing control if they give employees more opportunity to manage their time,” she said. “But, the fact is, it is better for businesses to work with their employees to plan for absences than to be blindsided by them.”
Wolf also warns that organizations need to ensure that the absence control programs they favor do not have unintended consequences.
“Disciplinary Action, for example, is very popular with employers, and can be effective, but it can also drive the wrong behavior if it encourages employees to call in sick with a made-up excuse or to come to work sick – a costly problem known as presenteeism,” she said.
| Absence Control Program |
Effectiveness Rating
(1: Not Very Effective to 5: Very Effective) |
Percent Use |
| Paid Leave Banks |
3.6 |
60% |
| Disciplinary Action |
3.4 |
89% |
| Buy Back |
3.4 |
53% |
| Bonus |
3.3 |
51% |
| Verification of Illness |
3.2 |
74% |
| Yearly Review |
2.9 |
82% |
| No Fault |
2.9 |
59% |
| Personal Recognition |
2.6 |
57% |
It’s probably no surprise that the more unhappy employees are, the more reasons they’ll find not to come to work. The effect of morale is reflected in the 2007 CCH Unscheduled Absence Survey, which found that organizations with Good/Very Good morale experienced a 2.0 percent unscheduled absence rate while those reporting Poor/Fair morale had a rate of 2.7 percent.
Morale influences the reasons people call in sick at the last minute, with 70 percent of unscheduled absences attributed to reasons other than Personal Illness for organizations with Poor/Fair morale, compared to 62 percent for those with Good/Very Good morale.
Organizations reporting Poor/Fair morale were more likely to experience unscheduled absenteeism due to Entitlement Mentality (17 percent) and Stress (15 percent) than organizations reporting morale as Good/Very Good (11 percent and 10 percent, respectively).
Employers are well aware of the effect morale plays on absenteeism. According to the CCH Survey, more than twice as many employers (44 percent) with Poor/Fair morale consider absenteeism to be a serious problem, while 21 percent of organizations with Good/Very Good morale share this concern. Additionally, 27 percent of organizations with Poor/Fair morale report that absenteeism has risen in the past two years, while only 12 percent with Good/Very Good morale report an increase. The future outlook is also pessimistic for employers with Poor/Fair morale, with 36 percent predicting an increase in unscheduled absenteeism in the next two years; 19 percent of employers with Good/Very Good morale share this concern.
With 66 percent of the workforce calling in sick for reasons other than illness, and the disconnect between programs employers use and those that are most effective, the CCH Survey shows that companies have the opportunity to improve the success of their absence management programs.
“The first step to implementing an effective absence management program is to have a good understanding of your employee population and their needs,” said Wolf.
But, surprisingly, most employers don’t seem to consider the changing needs of their workforce when it comes to helping people manage their professional and personal lives. Given the demographics of the working population are starting to change dramatically as the Baby Boomers begin retiring and the millennials are entering the workforce, a whole new generation with an entirely different outlook and set of expectations is emerging.
Yet, the CCH Survey found 79 percent of employers do not anticipate that changing workforce demographics will affect the work-life or absence control programs they have in place. That’s a red flag for CCH’s Wolf.
“Organizations can’t just stand still and hope the same programs they had in place 10 years ago will be effective for the next generation of employees, or for older workers who are remaining in the workforce longer,” she said. “Businesses that want to do something to control chronic unscheduled absenteeism need to act now.”
The challenge is for a business to balance its performance goals with what else is important to its people and implement the right mix of effective work-life and absence control practices that meets these needs.
CCH recommends that organizations take the following five steps to ensure they have effective programs in place.
- Capture and analyze information about absence trends and patterns:
- Involve management, HR and employees in the process.
- Research work-life and absence control program options and best practices.
- Evaluate program options:
- Assess programs compared with employee and business needs:
- Conduct program cost-benefit analysis;
- Evaluate effectiveness, benefits and costs of current programs;
- Evaluate opportunities, benefits and costs for implementing new programs, as well as eliminating ineffective programs.
- Communicate programs and policies:
- Issue advance information and guidance to managers to help them be effective in talking to their teams and administering the programs;
- Issue all-employee communications with information about programs and guidance on how they can be used most effectively;
- Annually reissue communications to remind employees of programs and policies in place, and their effective use.
- Formally reevaluate employee and business needs and effectiveness of absence management programs every three to five years, or more often if major changes occur within the organization.
On the other side of the absenteeism issue, employers are faced with the problem of presenteeism – when employees come to work even though they are ill. While employees are well-meaning, their good intentions may have ill effects as they deliver lower productivity and also pose contagion risks to other employees and perhaps customers.
Thirty-eight percent of employers reported that presenteeism is a problem in their organizations. Of significant concern is that of the employers who said presenteeism is a problem, 87 percent report that sick employees who show up to work are suffering from short-term illnesses such as cold and flu, which can be easily spread.
“The cost of presenteeism may be hidden, but it is extremely high,” said CCH Employment Law Analyst Brett Gorovsky, JD. “The upward spiral begins with lost productivity and climbs from there – with increased safety and quality risks, and of course the risk of infecting others. Those people then also either miss work, or come to work sick where they are a risk to others and their diminished productivity, quality and attention to safety continue the costly cycle.”
Solving the presenteeism problem means that employees need to take personal responsibility and employers need to ensure that workplace culture and policies do not encourage the wrong behavior.
“Employers need to discourage the hero worker, whose cough used to be a badge of honor,” said Gorovsky. “This short-sighted approach is bad for business, as well as for employees.”
The 2007 CCH Survey asked employers what they are doing to reduce presenteeism. A majority of organizations (54 percent) report that they send sick employees home, while 40 percent educate employees on the importance of staying home when sick and 34 percent foster a culture that discourages employees from coming to work sick. Thirty percent of employers say they use telecommuting programs as another way to deter presenteeism.
At the same time employers are combating presenteeism, there is a concern that some traditional absence control and sick day policies may actually encourage the behavior.
“Organizations with traditional sick-day policies enforced by disciplinary action are making it difficult for employees to do the right thing,” said Gorovsky.
If, for example, an organization allows each employee five sick days a year, and takes disciplinary action on the sixth absence, an employee who has been wiped out with the flu for several days early in the year may choose to come to work ill rather than risk the discipline. The CCH Survey found that fear of discipline was the reason that nearly half of employers (49 percent) say sick employees are on the job.
Other reasons employees show up for work even though they are sick: 65 percent have too much work / deadlines; 56 percent say there is no one available to cover their workload; 55 percent don’t want to use vacation time; and 49 percent want to save sick time for later in the year.
Some employees can offset the risk of a poor health year if their employer allows them to carry over the sick days that they didn’t use in healthier years. Only 42 percent of organizations surveyed, however, allow employees to carry over sick time from one year to the next – a decline from 44 percent last year.
Having paid sick leave and PTO programs are effective ways employers can help manage presenteeism. Sixty-nine percent of employers reported having paid sick leave or paid time off in place as preventive measures to help control presenteeism.
The issue of presenteeism grows even more serious when the possibility of a pandemic is considered. In addition to taking steps to ensure employees don’t come to work sick under any circumstances, a growing number of employers are implementing pandemic plans. Twenty-seven percent of companies report they have a plan in place in the event that a large percentage of employees become ill. That represents almost a 100 percent increase since 2006, when only 14 percent of companies surveyed had such plans.
The 2007 CCH Unscheduled Absence Survey covering 317 human resource executives in U.S. companies and organizations of all sizes and across major industry segments in 48 states was conducted online by Harris Interactive® (www.harrisinteractive.com), a leading global market research and consulting firm, from June 28 through July 17, 2007. The survey reflects experiences of randomly polled organizations with an estimated total of nearly one million employees. The CCH Human Resources Management Ideas & Trends newsletter sponsored the survey.
The data were weighted to reflect industry distribution as represented in the Society for Human Resource Management and by size based on U.S. census company size data. In theory, with probability samples of this size, one can say with 95 percent certainty that the overall results have a sampling error of +/-5.5 percentage points. Sampling error for the various sub-sample results is higher and varies. This online sample was not a probability sample.
Mean absence rates were calculated by dividing total paid-unscheduled absence hours by total paid-productive hours. Scheduled absences, such as vacation, legal holidays, jury duty, personal time and bereavement leave, were not included. Costs to companies only reflect the direct payroll costs for absent employees; the associated costs of overtime pay for other employees, hiring temporary employees to cover for absent workers, low morale and lost productivity add to the considerable financial impact on an organization.
To order the CCH Human Resources Management Ideas & Trends newsletter containing the 2007 CCH Unscheduled Absence Survey, call 1-888-CCH-REPS and ask for offer number 0-5256-401 or purchase from the CCH Online Store at http://onlinestore.cch.com. Price is $42.95 plus tax, shipping and handling.
Wolters Kluwer Law & Business is a leading provider of research products and software solutions in key specialty areas for legal and business professionals, as well as casebooks and study aids for law students. Its major product lines include Aspen Publishers, CCH, Kluwer Law International and Loislaw. Its markets include law firms, law schools, corporate counsel and professionals requiring legal and compliance information. Wolters Kluwer Law & Business, a unit of Wolters Kluwer, is based in New York City and Riverwoods, Ill. The Wolters Kluwer Law & Business human resources site is hr.cch.com.
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, and legal and regulatory sectors. Wolters Kluwer had 2006 annual revenues of €3.4 billion, employs approximately 18,450 people worldwide, and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit www.wolterskluwer.com.
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(RIVERWOODS, ILL., October 3, 2007) – The important guidance that the U.S. Securities and Exchange Commission provides through Comment Letters is now easier to navigate and use in the online environment of the CCH Internet Research NetWorkTM in SEC Staff Comment Letters from Wolters Kluwer Law & Business (business.cch.com). Now available as a stand-alone product as well as part of the Federal Securities Regulation Integrated Library, SEC Staff Comment Letters provides insight into the minds of SEC staffers as they communicate what they expect companies to disclose in their filings. Wolters Kluwer Law & Business is a leading provider of specialized business compliance information and software, whose leading brands include CCH and Aspen Publishers.
SEC Staff Comment Letters is a collection of all staff comment letters and issuer responses made available by the SEC dating from August, 2004 to the present. This database reproduces the text of letters describing questions or concerns the staff has about a particular SEC filing. The database also reproduces the text of the issuer’s response to those comments.
“With a database of over 50,000 letters that continues to grow rapidly, we’ve added new organizational features to SEC Staff Comment Letters so that users can expedite and simplify their research,” said Peggy L. Hayner, product manager.
A major new feature is the organization of letters by category. Categories include: registrations; proxy materials; periodic and current reports; Williams Act filings (mergers and acquisitions); mutual funds; and other filings. Documents are sorted in most-recent-to-oldest order based on the public availability date.
Within each category, the user is able to search by all documents or by specific document types. For example in registrations, the forms are separately listed from 8-A to 10-SB, F-1 to F-80, S-1 to S-20, SB-1 and SB-2. Forms and schedules are similarly broken out for ease of searching the other categories.
Additional search options include date searching based on public availability date, citation searching and searches by company name (using the full-text searching capability). Forms and schedules include handy links to the text of the source form or schedule to allow for quick reference to SEC disclosure requirements.
“SEC comment letters are extremely valuable because of the granular guidance they offer to companies and the accountants and attorneys tasked with preparing or reviewing corporate financial statements, MD&A and other SEC disclosures,” said Wolters Kluwer Law & Business Principal Analyst Jim Hamilton, JD, LLM. “Now they can save research time in accessing this important resource.”
For more information or to subscribe to SEC Staff Comment Letters, call 1-888-224-7377 to speak with a Sales Representative. More information about the new SEC Staff Comment Letters can also be found at onlinestore.cch.com.
SEC Staff Comment Letters with its new organization and functionality will remain available to current Federal Securities Law Reporter customers at no additional cost for the remainder of 2007 and until renewal of the Federal Securities Law Reporter subscription in 2008. SEC Staff Comment Letters will continue to be a part of the complete Federal Securities Regulation and Corporate Governance Integrated Libraries.
Wolters Kluwer Law & Business is a leading provider of research products and software solutions in key specialty areas for legal and business professionals, as well as casebooks and study aids for law students. Its major product lines include Aspen Publishers, CCH, Kluwer Law International and Loislaw. Its markets include law firms, law schools, corporate counsel and professionals requiring legal and compliance information. Wolters Kluwer Law & Business, a unit of Wolters Kluwer, is based in New York City and Riverwoods, Ill.
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has 2006 annual revenues of €3.7 billion, employs approximately 19,900 people worldwide and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit www.wolterskluwer.com.
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(NEW YORK, N.Y., October 2, 2007) – Now there’s a loose-leaf resource from Aspen Publishers for anyone involved with a private employee benefit plan subject to audit by the Employee Benefits Security Administration (EBSA) of the Department of Labor (DOL). Written by three former DOL auditors, the Insider’s Guide to DOL Audits provides practical advice and unique guidance on managing an audit from start to finish. Aspen Publishers, part of the Wolters Kluwer Law & Business group, is a leading information provider for legal and business professionals and law students (www.aspenpublishers.com).
“The DOL has a better than 50 percent success rate when it comes to launching investigations that lead to penalties — and the DOL launches about 6,000 investigations per year,” notes co-author Frank J. Bitzer, a recipient of a Special Award of Merit for obtaining the fastest criminal indictment in DOL history. “The DOL itself provides little guidance on the audit process, so even the most seasoned employment professionals and legal practitioners can use assistance when dealing with the Department.”
Insider’s Guide to DOL Audits stands out as the one source that shows how to deal with EBSA investigators before, during and after an audit; how to avoid and or remedy prohibited transactions and remedy them when they are found; and how to avoid 502(l) penalties. It begins with a detailed examination of the structure and functions of the EBSA and its departments and continues with thorough treatments of both civil and criminal enforcement, including a chapter devoted to special ESBA enforcement projects. High-interest topics such as party-in-interest transactions, investment fees, self-dealing, kickbacks and fiduciary duty are all examined in depth.
The experienced authors also provide case studies and examples from their own experience representing the government — and clients — during DOL audits. Extensive forms, checklists and directories make this a uniquely useful resource.
Frank J. Bitzer, Esq., CEBS, is currently ERISA Legal Counsel and Assistant Vice President, Fifth Third Bancorp. Formerly, Bitzer was with the EBSA. He received a Special Award of Merit for obtaining the fastest criminal indictment in DOL history. He has published numerous articles on ERISA in a number of trade publications, including Aspen Publishers’ Journal of Pension Benefits, Spencer’s Research Reports, and other publications. Bitzer also served as editor and co-author of the ERISA Question-and-Answer column on BenefitsLink.Com. Bitzer is a frequent lecturer on ERISA fiduciary issues to various trade industry groups, bar associations and IRS employee sessions across the country.
Edward A. Schutzman is an employee benefits expert and institutional trust consultant and served as the Bancorp Risk Manager for the Institutional Client Group of the Investment Advisors division of Fifth Third Bancorp for over three years. Prior to joining Fifth Third, Schutzman was District Supervisor of the Detroit District Office of the EBSA and a Senior Investigator with EBSA’s Cincinnati Regional Office. During his sixteen-year tenure with the DOL, Schutzman conducted, coordinated and supervised hundreds of civil and criminal investigations of virtually every kind of employee benefit plan and plan service provider. Schutzman has assisted in civil litigation, provided expert testimony in criminal prosecutions and proceedings, and acted as liaison with federal, state and local law enforcement and regulatory agencies, including the U.S. Attorney, Department of Justice, FBI, IRS, SEC, the Office of Inspector General for various federal agencies, and insurance and financial institutions departments.
Nicholas W. Ferrigno, Jr., is a Member of the law firm of Greenebaum Doll & McDonald PLLC and concentrates his practice in employee benefits law and litigation as Chair of the Firm’s ERISA Controversy Team. He was recently named by Law & Politics as a Kentucky Super Lawyer and as a Cincy Leading Lawyer by Cincy Magazine. Ferrigno previously served with the U.S. Department of Labor - Employee Benefits Security Administration, and is a nationally recognized lecturer on the topic. Ferrigno is a past Chair of the Employee Benefits Committee of the Cincinnati Bar Association, co-founder and past President of the ASPPA (American Society of Pension Professionals and Actuaries) Benefits Council of Greater Cincinnati and serves on the Great Lakes Area Tax-Exempt/Government Entities Council of the Internal Revenue Service.
For more information or to purchase the one-volume loose-leaf Insider’s Guide to DOL Audits, call 1-800-638-8437 or visit www.aspenpublishers.com. Price is $249. Any new edition or supplement issued within three months of purchase of the main edition will be sent free of charge.
Wolters Kluwer Law & Business is a leading provider of research products and software solutions in key specialty areas for legal and business professionals, as well as casebooks and study aids for law students. Its major product lines include Aspen Publishers, CCH, Kluwer Law International and Loislaw. Its markets include law firms, law schools, corporate counsel and professionals requiring legal and compliance information. Wolters Kluwer Law & Business, a unit of Wolters Kluwer, is based in New York City and Riverwoods, Ill.
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has 2006 annual revenues of €3.7 billion, employs approximately 19,900 people worldwide and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit www.wolterskluwer.com.
EDITORS’ NOTE: Editorial review copies of Insider’s Guide to DOL Audits are available upon request for members of the press. Contact Neil Allen, 847-267-2179 or neil.allen@wolterskluwer.com or Leslie Bonacum, 847-267-7153 mediahelp@cch.com.