Headlines about "International, expatriate issues"

Gathered from the web by the editors at BenefitsLink.com.
Health, Financial Incentives and Retirement in Spain
Excerpt: "Unlike previous literature, we find that (i) financial incentives, when measured adequately, exert a greater impact on retirement behaviour than health shocks, and (ii) initial health stock plays a more important role than health shocks in determining retirement decisions. We also perform simulations of a recently enacted reform of pension incentives and show how its expected effects compare to those of health improvements." (Tinbergen Institute via Social Science Research Network)

[Guidance Overview] Changes to Puerto Rico Plans Impact Annual Limits and Transfers from Dual-Qualified Plans (PDF)
3 pages. Excerpt: "Recently, the Puerto Rico legislature passed a new law increasing the pre-tax contribution limits for Puerto Rico qualified plans. This change affects both dual-qualified and solely qualified plans and increases the limit over the next five years. In addition, a recent revenue ruling issued by the Internal Revenue Service (IRS) changes the U.S. tax treatment for dual-qualified plans that spin off assets into solely qualified plans." (The Vanguard Group)

Global Impact: Healthcare Planning for an Ageing World
Excerpt: "This article is based on ideas from the 2008 report of the World Economic Forum (the Forum) - The Future of Pensions and Healthcare in a Rapidly Ageing World: Scenarios to 2030. It contains references to scenarios that relate to the Forum report, which explores the effects of a rapidly ageing population and the projected economic and social conditions on pensions and health care under each of the three main scenarios." (Mercer LLC)

Multinational Employers May Have Obligations Under IRC Section 409A
Excerpt: "Section 409A requires companies that receive personal services from a U.S. tax-paying employee to: Document, in advance of the services, any arrangement used to defer receipt of any of the compensation earned by the worker and follow specific rules when making any elections to further defer that compensation. Document, in advance, when such deferred compensation can be paid and follow strict rules that limit the circumstances under which the worker can be paid such deferred compensation. Limit the types of funding arrangements that can be used to make payment." (Faegre & Benson LLP)

Global Health Management: Discovering Value and Savings
Excerpt: "Throughout the world, leaders of multinational companies – and their shareholders – are becoming increasingly concerned about rising health care costs and the impact on their companies' futures and fortunes. Their concerns have merit, as total health care costs in developed nations likely will double faster than previously thought. Before a company embarks on a global approach to managing health benefits, it should carefully identify and evaluate the specific issues that will affect outcomes. Without a thorough understanding of the total global picture, companies may incur unnecessary costs, and their solutions may become nothing more than a reactive Band-Aid." (Mercer LLC)

Taiwan's Labor Insurance Pension System Reformed
Excerpt: "New revisions to labor laws in Taiwan will take effect on January 1, 2009, and will enable workers to receive a regular monthly pension after retiring. Premiums are expected to double by 2028, resulting in a jump in the effective cost for employers of providing labor insurance." (Watson Wyatt Worldwide)

Paying Workers to Go Abroad for Health Care
Excerpt: "In an effort to control rising costs, a small but growing number of insurers and employers are giving people the choice to seek treatment in other countries, a practice known as medical tourism. Until recently, most Americans who traveled abroad for medical care were uninsured, or were seeking procedures not covered by insurance, such as cosmetic dentistry or aesthetic surgery. Now, a handful of plans are beginning to cover treatment overseas for heart surgery, hip and knee replacements and other major surgical procedures." (The Wall Street Journal)

Curbs on Foreign-Paid Nonqualified Deferred Compensation Pass Senate; Enactment May Be Near
Excerpt: "A Senate-passed tax 'extenders' package would impose harsh tax rules on nonqualified deferred compensation (NQDC) paid by some foreign companies to US taxpayers, generally effective for services performed after 2008. The bill would cover NQDC paid by a foreign company unless substantially all of its income is effectively connected with a US trade or business or subject to a comprehensive foreign income tax. US taxpayers would be taxed when the NQDC vests, even if payments are not yet due. Though the House favors an extenders bill that offsets tax breaks, the NQDC curbs may yet pass Congress." (Mercer LLC)

Medical Tourism Represents a $2.1 Billion Business, Study Shows
Excerpt: "The same economics that outsourced call centers and manufacturing jobs overseas may soon hit health care in a big way. A recent Deloitte study forecasts that the number of people turning to 'medical tourism' -- traveling internationally for medical care -- will increase from 750,000 to 6 million by 2010, an eightfold increase. If the actual increase is even half that, one thing is clear: It will be insurers and employers driving the change, not individual workers." (Pittsburgh Post-Gazette)

[Guidance Overview] Incentives to boost voluntary contributions to pensions introduced in Russia
Excerpt: "The Russian government will match voluntary contributions made to individual pension accounts, according to new regulations effective from October 1, 2008. The state will also put into place tax incentives for employers and employees, effective from January 1, 2009, in an effort to stimulate voluntary pension savings." (Watson Wyatt Worldwide)

[Guidance Overview] Brazilian Workers to Have Longer Paid Maternity Leave
Excerpt: "The length of paid maternity leave has increased from 120 days to 180 days, according to a new regulation approved by the Brazilian Congress on September 3, 2008." (Watson Wyatt Worldwide)

Profiles of International Health Systems
Excerpt: "These profiles review the major features of the countries' health coverage, financing and service delivery policies and provide links to articles with more information." (Kaiser Family Foundation)

[Guidance Overview] Webcast and Podcast: Keeping Global Stock Plans in Tune With the Times
Excerpt: "Changes in accounting rules and best practices have prompted organizations to rethink their 'one size fits all' approach to granting equity incentives across borders." (Towers Perrin)

World Economic Forum and Mercer Report on an Ageing Population and the Impact on Business
Excerpt: "The ratio of elderly persons to the working age population will dramatically increase in coming years in many parts of the world. With a declining labor force, an ageing population and looming health care and pension benefits, employers will play a critical role in shaping public policy and addressing these concerns. The World Economic Forum, in partnership with Mercer, has just published 'The Future of Pensions and Healthcare in a Rapidly Ageing World: Scenarios to 2030'. The report addresses important questions such as: What will the state of pensions and health care look like in the year 2030, taking key drivers and critical uncertainties into account? What might be the role of governments, the private sector and individuals in the year 2030?" (Mercer LLC)

The Future of Pensions and Healthcare in a Rapidly Ageing World – Scenarios to 2030 (PDF)
115 pages. Excerpt: "The World Economic Forum's report The Future of Pensions and Healthcare in a Rapidly Ageing World – Scenarios to 2030, indicates that new forms of collaboration between key stakeholders – individuals, financial institutions, healthcare providers, employers, and governments - will be critical to finance the ongoing well-being of current and future generations in a sustainable manner." (World Economic Forum)

Medical Tourism Business Projected To Grow Eightfold by 2010, Study Finds
Excerpt: "The number of people in the U.S. who plan to travel abroad for medical care, where the costs for various medical and surgical procedures often are comparatively lower, is projected to increase by eight times by 2010, according to a recent study by the Deloitte Center for Health Solutions, the Pittsburgh Post-Gazette reports." (Kaiser Family Foundation)

International and Cross-Border Retirement and Fringe Benefit Plans: IRS Advisory Committee Survey Seeks Opinions of Employers, Administrators, Practitioners, Consultants
2-page Word survey questionnaire; September 30 deadline. Excerpt: The IRS Advisory Committee on Tax Exempt and Government Entities (TE/GE) (the 'ACT') is undertaking a study to identify international and cross-border activities, issues, challenges, impediments and barriers in connection with the design, coverage, portability, and tax administration of US employee retirement (qualified and non-qualified) and fringe benefit plans. (IRS Advisory Committee on Tax Exempt and Government Entities)

International and Cross-Border Retirement and Fringe Benefit Plans: IRS Advisory Committee Survey Seeks Opinions of Employers, Administrators, Practitioners, Consultants
2-page Word survey questionnaire; September 30 deadline. Excerpt: The IRS Advisory Committee on Tax Exempt and Government Entities (TE/GE) (the 'ACT') is undertaking a study to identify international and cross-border activities, issues, challenges, impediments and barriers in connection with the design, coverage, portability, and tax administration of US employee retirement (qualified and non-qualified) and fringe benefit plans. (IRS Advisory Committee on Tax Exempt and Government Entities)

[Guidance Overview] Canadian Federal Appeal Court Rules on Distribution of Pension Surplus (PDF)
1 page. Excerpt: "The appeal court overturned a lower federal court judgment (Cousins v. Attorney General of Canada and Marine Atlantic Inc.) and ruled that there was no statutory requirement to distribute a proportionate share of surplus on a partial termination of a pension plan." (Towers Perrin)

International Update, September 2008, Recent Developments in Foreign Public and Private Pensions
Excerpt: "This monthly publication covers recent developments in foreign private and public pensions, social security, and retirement." (U.S. Social Security Administration)

[Guidance Overview] Global Retirement Update, September 2008 (PDF)
Excerpt: "Our Global Retirement Update summarizes recent legislative developments and trends related to retirement and financial management and highlights recently passed and pending legislation that may require employers to take action to comply with new rules or review existing plans. It is published monthly in PDF format." (Hewitt Associates)

Social Security Programs Throughout the World: Europe, 2008
Excerpt: "This report, which is part of a four-volume series, provides a cross-national comparison of the social security systems in 44 countries in Europe. It summarizes the five main social insurance programs in those countries: old-age, disability, and survivors; sickness and maternity; work injury; unemployment; and family allowances." (U.S. Social Security Administration)

General Health Insurance System Established in Turkey
Excerpt: "A new social security and general health insurance law is expected to provide basic health services to the Turkish population. The changes will come into effect on October 1, 2008." (Watson Wyatt Worldwide)

Canadians Getting Retirement Financial Advice More Likely to be Optimistic about Nest Egg
Excerpt: "About two-thirds of near-retirees in Canada (45 to 59 years old in 2007) say they will have a big enough retirement nest egg to maintain their standard of living when they stop working. That was a key conclusion of a new research report released by Statistics Canada, a Canadian government agency. According to the agency, that sense of optimism about one's retirement finances was tied to whether the respondent was getting financial advice . . . ." (PLANSPONSOR.com; free registration required)

[Guidance Overview] New Philippine Employee Savings Plan Approved (PDF)
2 pages. Excerpt: "The Philippine government has approved legislation that provides workers with the opportunity to establish supplementary savings with a Personal Equity and Retirement Account (PERA). Philippine President Gloria Macapagal-Arroyo signed the bill into law August 23. The new account is similar to a Roth IRA in the U.S., in that contributions are not tax-deductible, but the earnings accumulate tax-free, and distributions are tax-exempt." (Towers Perrin)

International and Cross-Border Retirement and Fringe Benefit Plans: IRS Advisory Committee Survey Seeks Opinions of Employers, Administrators, Practitioners, Consultants
2-page Word survey questionnaire; September 30 deadline. Excerpt: "The IRS Advisory Committee on Tax Exempt and Government Entities (TE/GE) (the 'ACT') is undertaking a study to identify international and cross-border activities, issues, challenges, impediments and barriers in connection with the design, coverage, portability, and tax administration of US employee retirement (qualified and non-qualified) and fringe benefit plans. . . [T]he ACT is particularly interested in the views of stakeholders, such as employers, administrators, trustees, custodians, practitioners and consultants regarding these issues [and asks for your views on or before September 30, 2008]." (IRS Advisory Committee on Tax Exempt and Government Entities)

Britain Considers Bigger Role for Private Health Insurance
Excerpt: "In Britain, long the home of publicly funded health care, the health system may be taking on a more private-sector look, with employers potentially picking up more of the tab. Top government officials are discussing a policy proposal known as 'top-ups' for the National Health Service in England and Wales, which would allow insurers to offer NHS patients coverage for treatment, particularly expensive drugs, not covered by the service." (Workforce Management; free registration required)

[Guidance Overview] Clarification on the Protocol to Canada-U.S. Income Tax Convention
Excerpt: "The new rules are designed to facilitate movement of employees between Canada and the United States by eliminating a possible deterrent for cross-border commuters and those on temporary work assignment. These changes are discussed in more detail . . . ." (Mondaq)

Dutch Companies Seeking to Improve Reward Programs (PDF)
2 pages. Excerpt: "Employers in the Netherlands recognize the need to make improvements in their reward programs and are looking for ways to do so, according to a recent Towers Perrin survey of 60 Dutch companies representing a variety of industries. The survey comes at a time when the Dutch labor market is on the verge of fundamental change. Over the next decade, companies will be faced with more work and a smaller workforce, making it even more important to have effective reward strategies in place to meet ongoing business demands." (Towers Perrin)

In Singapore, Stock Option Tax Exempted for Employees of Qualifying Start-Ups
Excerpt: "Employees of qualifying start-up companies will enjoy a 75 percent tax exemption on gains from stock options or share ownership plans under the Equity Remuneration Incentive Scheme (ERIS). ERIS will be available between February 16, 2008 and February 15, 2013." (Watson Wyatt Worldwide)

Parental Leave Extended in Korea
Excerpt: "A revision to labor and gender equality law will allow couples to take parental leave for up to two years. This amendment came into effect on June 22, 2008." (Watson Wyatt Worldwide)

New Multiple Fund Scheme System Created for Latin America's Colombia
Excerpt: "New legislation will allow Colombia's contributors to its defined contribution retirement system access to more investment options. The new regulation, which will come into effect in 2010, aims to more accurately align risk profiles with returns and to increase the return on investment received by workers." (Watson Wyatt Worldwide)

Managing Contribution and Capital Market Risk in a Funded Public Defined Benefit Plan: Impact of CVaR Cost Constraints
Excerpt: "Using a Monte Carlo framework, we analyze the risks and rewards of moving from an unfunded defined benefit pension system to a funded plan for German civil servants, allowing for alternative strategic contribution and investment patterns. In the process we integrate a Conditional Value at Risk (CVaR) restriction on overall plan costs into the pension manager's objective of controlling contribution rate volatility." (Pension Research Council; registration required to download fulltext of paper)

What Can Countries in Other Regions Learn from Social Security Reform in Latin America?
Excerpt: "The experiences of Latin America . . . offer some general lessons for countries in other parts of the world. These lessons relate to changes in labor market incentives accompanying reforms and how workers react to them, government actions that have met with success in managing the transition to funded pensions, and the expectations of individuals from social security systems. Latin America's reforms suggest that the most effective approach is to keep payroll taxes low, governments solvent, and social security systems focused on providing reasonable insurance against poverty in old age." (Social Science Research Network)

Czech Republic Retirement Age to Gradually Increase
Excerpt: "A new law recently passed by parliament will progressively increase the retirement age. It will also increase the number of years employees must contribute to a pension before they are eligible to make withdrawals." (Watson Wyatt Worldwide)

In Italy, Employee Benefits and Pension Regulations Modified
Excerpt: "New regulations passed recently will require employers to revise the amount of benefits they pay their employees. The laws, which modify working time specifications, resignation procedures and phased pension payments, aim to cut bureaucracy and simplify procedures." (Watson Wyatt Worldwide)

SSA's International Update, August 2008
Recent developments in foreign public and private pensions. (U.S. Social Security Administration)

Filipinos Get New Retirement Plan
Excerpt: "PRESIDENT Arroyo yesterday signed into law the Personal Equity and Retirement Account which gives employees in the private and public sector an incentive to save money which they can use when they retire. The scheme encourages savings by granting tax breaks to employees, particularly migrant Filipino workers, on products that will be listed under the Pera system." (Manila Standard Today)

[Guidance Overview] Assessing the Implications for Asian Plans of IASB's Preliminary Views on Changes to IAS 19 (PDF)
Excerpt: "This paper describes some of the significant implications of the [International Accounting Standards Board's] thinking for plans typically found in major Asian markets, focusing on two of the themes highlighted in the Discussion Paper -- the definition of contribution-based promises, and the measurement approaches outlined for these promises." (Towers Perrin)

Globalisation and Health Care
Excerpt: "Over 45m Americans are uninsured, and many millions more are severely underinsured. Such people may find it cheaper to fly abroad and pay for an operation out of their own pockets than to find the money for deductibles or 'co-payments' charged for the same procedure at home. Arnold Milstein of Mercer, a consultancy, calls them America's 'medical refugees'." (The Economist)

The Coming Boom in Medical Travel Could Help Both Rich and Poor
Excerpt: "Tens of millions of middle-class Americans are uninsured or underinsured and soaring health costs are pushing them and cost-conscious employers and insurers to look abroad for savings (see article). At the same time the best hospitals in Asia and Latin America now rival or surpass many hospitals in the rich world for safety and quality. On one estimate, Americans can save 85% by shopping around and the number who will travel for care is due to rocket from under 1m last year to 10m by 2012 -- by which time it will deprive American hospitals of some $160 billion of annual business." (The Economist)

Argentina Approves Its First Nationwide Gay Rights Measure - the Right to Claim Deceased Partners' Pensions
Excerpt: "[S]ame-sex couples must prove they have been living together for at least five years to receive the benefit." (The Press Association)

[Guidance Overview] Hewitt's Global Retirement Update, August 2008 (PDF)
3 pages. Excerpt: "[Hewitt's] Global Retirement Update summarizes recent legislative developments and trends related to retirement and financial management and highlights recently passed and pending legislation that may require employers to take action to comply with new rules or review existing plans." (Hewitt Associates)

Medical Tourism: Health Care Free Trade (PDF)
2 pages. Excerpt: "BlueShield of California has a health plan, Access Baja, designed for Americans and Mexicans who choose to receive medical care in northern Mexico. In 2007, BlueCross BlueShield of South Carolina established Companion Global Healthcare, a network of foreign-based hospitals that includes internationally accredited medical facilities in Singapore, Thailand, Turkey, Costa Rica and Ireland. Denver-based BridgeHealth International also has a provider network of offshore hospitals, clinics and physicians." (National Center for Policy Analysis)

[Guidance Overview] In Portugal, New Voluntary Plan Offers Saving Opportunities for Employees (PDF)
Excerpt: "Employees who are registered with the Portuguese social security system are eligible to participate in a new, voluntary defined contribution plan backed by the government. The new plan, which became available March 1, 2008, is known as the Regime Publico de Capitalização (the Public Capitalization System). It is intended to complement private pension plans and compensate for inadequate social security benefits, which the government has been seeking to address with a series of reforms dating back to 2002." (Towers Perrin)

Increased Popularity of Medical Tourism Affects Health Care Provider Revenue
Excerpt: "More U.S. patients have begun to travel abroad or visit retail clinics for medical services, practices that could reduce expenses for consumers and health insurers but also could cost physicians and hospitals billions of dollars in revenue annually, the AP/San Francisco Chronicle reports." (Kaiser Family Foundation)

In United Kingdom, Changes to Automatic Enrollment Expected
Excerpt: "The Pensions Bill will require employers, beginning in 2012, to automatically enroll employees between ages 22 and the state pensionable age into a 'qualifying' retirement scheme. The latest round of parliamentary debates on the bill has revealed further details about this new obligation." (Watson Wyatt Worldwide)

Video: Defined Contribution Retirement Plans Around the World
Excerpt: "Leaders from Mercer's retirement and investment consulting businesses that specialize in defined contribution plans gathered from around the world in New York in March of this year. To take advantage of having our global DC consulting leaders together, Mercer produced a three-part video series in a panel format . . . . [Each segment runs 15 minutes.]" (Mercer LLC)

'Benefits Quarterly,' 3rd Quarter 2008, Executive Summaries of Articles
Articles are titled: The Supreme Court Gives a 'Green Light' to Individual 401(k) Lawsuits; FMLA Expanded for Leaves Related to Family Members Serving in the Military; Nationwide Savings Plan Automatic Enrollment Getting Associates PREPared for Retirement; Work Options for Older Americans: Employee Benefits for the Era of Living Longer; Alternatives to Cash in Ensuring the Solvency of Defined Benefit Pension Funds; Lessons From Pension Reform in the Americas; and, The Future of Retirement: An Exploration and Comparison of Different Scenarios. (International Society of Certified Employee Benefit Specialists)

Defined Benefit Plan Closings to Increase in United Kingdom
Excerpt: "More than 40 percent of U.K. defined benefit (DB) pension schemes are expected to have closed to future accruals within the next five to 10 years, up from the current 6 percent, according to a new survey. The proportion of DB schemes open to entrants is predicted to decrease from 25 percent to 18 percent in the next two years." (Watson Wyatt Worldwide)

[Guidance Overview] In Chile, New Retirement Savings Vehicle Opens Another Option for Employers
Excerpt: "The recently approved pension system reform includes the creation of Collective Voluntary Pension Savings (ahorro provisional voluntario colectivo or APVC), with some characteristics that are very similar to the 401(k) retirement savings system in the United States. The new plan will allow employers to complement the savings of their employees through an external fund administrator." (Watson Wyatt Worldwide)

In Canada, New Disclosure Rules Expected for Executive Compensation
Excerpt: "Requirements for disclosing companies' executive compensation policies are expected to change by the end of 2008. If approved, the new regulations would be enforceable starting in the 2009 proxy season and would require substantial changes to how executive compensation is calculated and recorded for many employers." (Watson Wyatt Worldwide)

Disease Management Programmes for Major Depression: Making the Financial Case (PDF)
44 pages. The report is geared to depression management in the United Kingdom. (Milliman)

A Discussion of the Current State of Defined Benefit Plans in the United Kingdom (PDF)
6 pages. Excerpt: "In this 'Perspectives' we share the main findings of research Towers Perrin commissioned in association with the Economist Intelligence Unit (EIU), and how it is affecting UK pension schemes." (Towers Perrin)

[Guidance Overview] SSA's International Update on Recent Developments in Foreign Public and Private Pensions, July 2008
2 pages. (U.S. Social Security Administration)

Defined Contribution Plans in Europe
Excerpt: "In this article, we will discuss defined contribution (DC) plans across Europe and introduce some common themes as well as cultural differences that will help multinational plan sponsors find opportunities to streamline their DC plan designs and plan management practices across borders." (Mercer LLC)

UK Pension Officials Delay Longevity Rules
Excerpt: "The U.K. Pensions Regulator is delaying the introduction of changes to the way longevity is treated in the retirement plan funding regime. A news release put out by the U.K. regulator said changes will not apply until the beginning of the next defined benefit plan valuation cycle starting in September 2008. This will impact valuations and follow-up recovery plans that must be submitted to the regulator by underfunded plans due from September 2008 to December 2009." (PLANSPONSOR.com; free registration required)

Are Pan-European Pension Plans the Answer?
Excerpt: "In this article, the authors take a look at why the Pan-European Pension (or IORP) Directive to establish cross-border pension plans has not taken hold in Europe and how multinationals, despite the perceived barriers of this communal initiative, can potentially benefit from these plans." (Mercer LLC)

Mercer's Global Retirement Perspective: Benefits in a Time of Recession
Excerpt: "Pensions are now very much on organizations' core-business agendas and fiduciaries and management committees need to get up to speed. 'This is the way benefits management has always been done' is no longer a valid excuse for poor practices. The way ahead is clear: Align your benefit plan's governance framework with that of the sponsoring company and aspire to world-class governance. From this vantage point, look at the overall impact of benefit plans on corporate finance, employee motivation and talent management." (Mercer LLC)

In Turkey, Retirement Age Increased and Early Retirement Cut Back
Excerpt: "The minimum retirement age will increase gradually and some early retirement schemes will be eliminated under recent reforms that will take effect on October 1, 2008. The government's objective is to ensure the financial sustainability of the social security system." (Watson Wyatt Worldwide)

The links shown above have been gathered from the web by the editors at BenefitsLink.com. Each article's publisher is shown above in parentheses. Opinions expressed in each article are those of the article's publisher, not necessarily those of BenefitsLink.com, Inc. or any web site that displays these headlines in a "frame." You should contact the listed publisher for copyright information about any particular article or to inquire into the right to use the article in any manner.