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February 25, 2013

On February 5, 2013, the Department of Labor released its final rule implementing amendments to the Family and Medical Leave Act (FMLA) as a result of the National Defense Authorization Act for Fiscal Year 2010 and the Airline Flight Crew Technical Corrections Act. The effective date of the amendments is March 8, 2013. The changes to the FMLA are discussed below.

February 20, 2013
February 19, 2013

Kutak Rock attorneys C. David McDaniel and Geoffrey D. Neal have published an article in the Winter 2013 issue of The Arkansas Lawyer magazine titled "JOBS Act Seeks to Ease Restrictions on Access to Capital for Small and Medium-Sized Businesses."  A link to the article, which is reprinted with the permission of the Arkansas Bar Association, is included.

February 18, 2013
February 4, 2013

On January 31, 2013, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released the interim rule for the CDFI Bond Guarantee Program. Under this new program, eligible Community Development Financial Institutions (CDFIs) or their designees will issue bonds that are guaranteed by the Federal government and use the bond proceeds to extend credit to the broader CDFI industry for community development purposes and for long term community investments.

February 1, 2013

A group health plan that provides prescription drug coverage to Medicare eligible individuals must make two annual disclosures. This Client Alert concerns the first annual disclosure that goes to the Centers for Medicare & Medicaid Services (“CMS”) and is due 60 days after the beginning of the plan year. For calendar year plans, plan sponsors must complete and submit the annual CMS disclosure by March 1, 2013.

January 30, 2013
January 24, 2013

The SEC has approved NYSE and Nasdaq rules regarding compensation committee and compensation adviser independence which will be applicable to all listed companies other than controlled companies. The new rules were approved substantially as proposed.

January 23, 2013

This newsletter describes the impact of federal budget “sequestration” on direct pay bonds and the redemption provisions such sequestration may trigger and is intended to remind clients and attorneys of Kutak Rock LLP to review transaction documents for direct pay bonds to determine whether the possibility of sequestration gives rise to the opportunity (or threat) of extraordinary mandatory or optional redemption.

January 18, 2013

The Internal Revenue Service (the “IRS”) has finally released correction procedures to fix operational plan errors in 403(b) plans.  For many years, there was no clear guidance for sponsors of 403(b) plans to correct operational plan errors—i.e., errors due to the plan not being operated pursuant to its terms.  On December 31, 2012, the IRS released Revenue Procedure 2013-12, which expands certain existing qualified plan correction procedures to 403(b) plans.

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