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Attorney Spotlight

Learn about Richard Arnholt's diverse government contracts practice and why he chose to pursue a career in the legal field. Read more>

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Experience Spotlight

In June 2017, Pinnacle Financial Partners, Inc. (NASDAQ: PNFP) closed a $1.9 billion merger with BNC Bancorp (NASDAQ: BNCN) pursuant to which BNC merged with and into Pinnacle. With the completion of the transaction, Pinnacle becomes a Top 50 U.S. Bank. The merger will create a four state footprint concentrated in 12 of the largest urban markets in the Southeast. 

Bass, Berry & Sims has served Pinnacle as primary corporate and securities counsel for more than 15 years and served as counsel on the transaction. Our attorneys were involved in all aspects related to the agreement, including tax, employee benefits and litigation. 

Read more details about the transaction here.

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Thought Leadership

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Regulation A+

It seems that lately there has been a noticeable uptick in Regulation A+ activity, including several recent Reg A+ securities offerings where the stock now successfully trades on national exchanges. In light of this activity, we have published a set of FAQs about Regulation A+ securities offerings to help companies better understand this "mini-IPO" offering process, as well as pros and cons compared to a traditional underwritten IPO.

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Deadline to Amend Plans For Over-the-Counter Reimbursement and 2012 HSA and HDHP Limits

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June 8, 2011
June 30th Deadline to Amend Plans For Reimbursement of Over-the-Counter Drugs

Under the Patient Protection and Affordable Care Act, as amended (health reform), health care flexible spending arrangements (health FSAs) and health reimbursement arrangements (HRAs) may not reimburse expenses for "medicines" or "drugs" (other than insulin) purchased without a prescription. Although the change is effective for purchases made on or after January 1, 2011, IRS last year granted employers an extra six months to amend their plan documents. The June 30 deadline is fast approaching, and plans should be amended to reflect this new requirement. The amendment should not be confused with a separate amendment, required by the end of 2012, limiting annual salary reduction contributions to health FSAs to no more than $2,500 beginning in 2013. IRS has also indicated that regulations finalizing the proposed cafeteria plan regulations issued in 2007 are forthcoming. In the meantime, plan documents should accurately reflect any optional features offered under the plan (e.g., grace periods or HSA contributions).

IRS Announces 2012 HSA and HDHP Limits

For calendar year 2012, the limit on pre-tax contributions that individuals may make to a health savings account (HSA) will increase to $3,100 (for self-only coverage) and $6,250 (for family coverage). This represents increases of $50 and $100, respectively, from the 2011 limits.

The limit on annual out-of-pocket expenses under an accompanying high deductible health plan (HDHP) for 2012 is $6,050 (for self-only overage) and $12,100 (for family coverage), representing increases of $100 and $200 from 2011. Minimum annual deductibles for coverage under an HDHP remain unchanged at $1,200 for self-only coverage and $2,400 for family coverage.

Affected plan documents will need to be amended, and summary plan descriptions and participant communications updated, before the new limits go into effect.

If you have questions regarding this Alert, please contact any of the attorneys in our Employee Benefits Practice Group.

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