Cleveland Law Library Weblog

SEC to Amend Recently Enacted Executive Comp Rules

The SEC "is altering the requirements for disclosing the value of stock option awards and giving firms more flexibility in how they report those expenses."  SEC Amends Rules on Disclosing Executive Compensation by Donna Block, The Deal, Dec. 27, 2006.  See also SEC Amends Executive Compensation Disclosure To More Closely Align With FAS 123R, Press Release 2006-219 and our prior post:  New SEC Rules on Executive Compensation.

Ohio Supreme Court Library Research Guides

The Ohio Supreme Court Library has posted research guides on the web, including How to Find an Ohio Case, Ohio and Federal Legislative History and Government Documents. See Law Library Information Series.  The guides contain active links to information on the web.  Similar research guides can be found on the Cleveland Law Library's FAQ page.  For example, see the FAQs on How to Find an Ohio Case, Ohio Forms and Basic Ohio Legal Materials (including Ohio legislative history).

Ohio Supreme Court Requires One Scan Ready Copy

Effective Feb. 1, 2007, if a document is filed with the Ohio Supreme Court, one of the copies required must be "scan ready".   The document must be one-sided and must not be stapled or bound.  The document can be held together by a clip or rubber band.   See Rules of Practice of the Ohio Supreme Court, Rule VIII, Section 5, Number and Form of Copies.  Download ruleviiisect5amend_1225061.pdf

New Ohio Law for Small Business Health Care Benefit Plans

The governor signed HB 5, "to permit small employers to offer health care plans without benefits otherwise required by statute, to provide for the operation of health savings accounts consistent with federal laws, and to limit the amount of copayments and deductibles paid by persons insured by health benefit plans". The law will allow small employers to participate in collective purchasing arrangements for health care.  Additionally, a system is created to regulate discount medical plan organizations.  See Governor's Press Release, 12/22/06; Ohio Health Care Initiatives by Chuck Kallendorf, Cincinnati Law Library Blog. 

Taft Signs Bill to Regulate Heir Hunters, Unclaimed Funds Finders

The governor signed Sub. HB 83, which provides a procedure by which the probate court can review agreements where a beneficiary pays a percentage of their inheritance to a third party.  Am Sub. SB 223, also signed into law, will require registration of unclaimed funds finders with the director of commerce. (See new ORC 169.16).  See Governor's Press Release, 12/22/06.   See our prior post: Legislature Passes Bill to Regulate "Heir Hunters"

Guidance for Pension Benefit Statements

DOL Field Assistance Bulletin No. 2006-03 provides guidance for pension benefit statements, which employers must now issue under the Pension Protection Act of 2006.  As regulations pertaining to the Pension Protection Act of 2006 are not yet in place, the Field Assistance Bulletin was necessary for guidance in the interim.  The Bulletin recognizes that employers may need some time to adjust to the requirements of the Act.  For example, the information required by the pension benefit statements may come in multiple documents, at least for now, because there may be multiple services providers and multiple sources of information.  The Bulletin covers such issues as whether statements can be furnished via electronic media, dates for furnishing statements and more.   Source: Pension Protection Act Regulatory Guidance by Chuck Kallendorf, Cincinnati Law Library Blog, Dec. 22, 2006. 

Commercial Insurance Policy Transferrable to New Owners

The Ohio Supreme Court held that a commercial general liability insurance policy was transferrable to a new business owner, even though the policy had an anti-assignment clause, if the covered loss already occurred.  The court limited such recoveries to situations where the predecessor and successor companies specifically contracted to transfer the coverage.    Pilkington N. Am. Ins. v. Travelers Cas. & Sur. Co. (Dec. 20, 2006), 2006-Ohio-6551,  see also  Environmental Cover Transfers to New Owners by Roberto Ceruceros, Business Insurance, Dec. 21, 2006. 

Reviewing Pensions for Compliance with New Laws

For a great article on how employers sponsoring retirement and deferred compensation plans can ensure compliance with current law changes, see Year-End Employee Benefits And Executive Compensation Checklist by Nancy L. Ober, Littler Mendelson, P.C., Dec. 15, 2006.  The article points out that certain actions that must take place by December 31, 2006 and there are new requirements and opportunities effective at the beginning of the 2007 plan year.

The laws discussed include final 401(k)/401(m) regulations; the Pension Protection Act of 2006; deferred compensation rules and hurricane relief legislation.

Judge Rules Tic Tac Fruit is Game of Chance

The Franklin County Common Pleas Court ruled that Tic Tac Fruit is a game of chance, and is prohibited by Ohio's gambling laws.  Forthcoming versions of the game might rely more on the skill of the player.  See Judge Says Barroom Video Games by Julie Carr Smyth, Associated Press, Akron Beacon Journal, Dec. 20, 2006.  See our prior post:  AG Opinion Says Tic Tac Fruit is Game of Chance. 

Historic Preservation Tax Credit Approved

The Ohio General Assembly passed a two year pilot program for historic preservation tax credits.  The bill awaits the governor's signature.  See  HB 149.  Source: Cuyahoga Planning Commission Weblog, Dec. 19, 2006.