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On December 1, 2016, Parker Hannifin Corporation and CLARCOR Inc. announced that the companies have entered into a definitive agreement under which Parker will acquire CLARCOR for approximately $4.3 billion in cash, including the assumption of net debt. The transaction has been unanimously approved by the board of directors of each company. Upon closing of the transaction, expected to be completed by or during the first quarter of Parker’s fiscal year 2018, CLARCOR will be combined with Parker’s Filtration Group to form a leading and diverse global filtration business. Bass, Berry & Sims has served CLARCOR as primary corporate and securities counsel for 10 years and served as lead counsel on this transaction. Read more here.

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Securities Law Exchange BlogSecurities Law Exchange blog offers insight on the latest legal and regulatory developments affecting publicly traded companies. It focuses on a wide variety of topics including regulation and reporting updates, public company advisory topics, IPO readiness and exchange updates including IPO announcements, M&A trends and deal news.

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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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