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October 29, 2003 - 8,609 subscribers
Today's sponsor: EBIA's Tax Savings Calculator
(Click on company name or banner to learn more.)
Announcing EBIA's Tax Savings Calculator! EBIA's new Tax Savings Calculator is the first of its kind--a "must have" tool for every employer that sponsors a cafeteria plan or transportation plan and for anyone else that designs or administers plans. This powerful, easy-to-use tool allows employees to estimate their federal tax savings that arise from making a wide variety of pre-tax salary reductions, and it also compares DCAP vs. DCTC savings. For details, please click above!
(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
Even Largest Employers Now Cut Health Insurance
Excerpt: "Large employers, which since World War II have provided comprehensive health insurance to most American workers, are scaling back coverage. In a few cases, they're doing away with it altogether. That's sparking labor unrest and swelling the ranks of the uninsured." (Christian Science Monitor)
What to Expect from Consumer-Directed Health in 2004
Excerpt: "While some consultants expect that their clients will continue to take a wait-and-see approach, others say interest in the plans is picking up steam." (Inside Consumer-Directed Care via AISHealth.com)
Options Eyed for High Health Insurance Costs In Florida
Excerpt: "While a task force set up by Gov. Jeb Bush and a House select committee currently debate the issue, Maine and California are cutting ambitious pathways toward what could lead to universal health-insurance coverage in their states. Their legislation was approved this year, and signed by their respective governors." (Tallahassee [Fla.] Democrat via the Coalition for Taxpayer and Consumer Rights)
GOP Anxious About Prescription Drug Bill
Excerpt: "Many House Republicans know few details about the final Medicare prescription-drug legislation being crafted, which will make it hard for party leaders to sell it to their colleagues when the bill emerges." (Washington Times)
Opinion: Prescription Drug Price Controls Could Be Lethal
Excerpt: "If the price of the drug is not sufficiently high to cover the cost of the original investment, the company will not have the funds for research and development of other lifesaving drugs." (Richard W. Rahn in the Washington Times)
Prices and Availability of Pharmaceuticals: Evidence From Nine Countries
Excerpt: "The U.S. market structure, with its higher prices for on-patent products and strong generic competition, appears more favorable to innovation than markets elsewhere." (Health Affairs)
Some Small Employers Embrace Self-Funding, But Experts Warn That Risks Abound
Excerpt: "Some insurers say small companies can benefit from self-funding-- but other experts warn that the risks may be too great for these firms.... When an employer chooses to self-fund benefits, it essentially acts as the insurance company for its employees, paying for most health expenses that workers and dependents might incur. If the claims cost is lower than expected, the company might save money by self-funding ..." (Managed Care Week via AISHealth.com)
RFP for Research Contract: Efficacy of Specific Prescription Drugs or Categories of Drugs
Excerpt: "The Committee on Health Benefits Systems Research is seeking proposals for research that would measure the impact of specific drugs and/or categories of drugs on total medical costs. Using either publicly available databases or those accessible to the researcher, it is envisioned that the researcher will apply or develop risk adjustment techniques that would segment insureds or participants in prescription drug benefit plans according to particular drug usage." (Society of Actuaries)
RFP for Research Contract: Linking Quality and Cost: An Analysis of the Hospital Quality Information Initiatives Measures
Excerpt: "The Committee on Health Benefits Systems Research is seeking proposals for research that would examine the measures used in the Hospital Quality Information Initiative and how those process measures may be linked to cost measures." (Society of Actuaries)
Form 5500 Frequently Asked Questions
Q: An employee-pay-all group long term disability plan covers 228 employees. Is it necessary to file a Form 5500 for this plan or is it exempt from filing because it is not an employer plan? The tests to determine whether a plan is an 'employee benefit plan' under Title I of ERISA--and hence subject to the reporting and disclosure requirements--are based on the definition at ERISA Sec. 3(1).... (SpencerNet)
Links to Items on Executive Comp, Benefits in General
Text of Milliman USA Comments on FASB Exposure Draft on Disclosure of Post-Retirement Liabilities (PDF)
9 pages; 10/27/03. Excerpt: "Because we are not accountants, we cannot speak directly to the issue of what should constitute generally accepted accounting practices. However, as actuaries and financial consultants heavily engaged in the preparation, use, and policy appraisal of financial statements, we offer experience and expertise that the FASB might find helpful in developing a revised Statement." (Milliman USA)
Opinion: NYSE Pay Committee's Ignorance Is All Too Common
Excerpt: "Hard on the heels of the headlines about Richard Grasso's pay, some members of the New York Stock Exchange's compensation committee defended themselves by proclaiming they didn't really understand all the goodies their former chief executive officer was getting. This defense isn't unique to the NYSE. It is heard at other companies whose compensation committees find themselves in similar circumstances." (Graef Crystal on Bloomberg.com)
Some Employers May Be Due Employment Tax Refund
Excerpt: "As a result of the CSX decision, some companies may be due refunds of Social Security, Medicare and unemployment taxes they had made on severance payments to separated employees following a layoff or termination. The court ruled such amounts are supplemental unemployment compensation benefits (SUCBs) and thus are not wages subject to payroll taxes." (Journal of Accountancy)
A Better Way to Name Cells in Microsoft Excel
Excerpt: "Although it takes a little more work initially to create names, it should be clear they make formulas easier to write and to read. This is especially true in large spreadsheets where you may have scores of references." (Journal of Accountancy)
Newly Posted or Renewed Job Openings
Benefits Analyst
for CPE
in CA
401(k) Client Relationship Manager
for Great West Life & Annuity
in CA
Employee Benefits Paralegal / Administrator
for Iris Bashi Associates, LLC
in NJ
Controller/Financial Manager
for Plumbers Local Union No.1 Welfare Fund
in NY
Sr. Consultant, Health & Welfare Actuary
for Mellon Human Resources & Investor Solutions
in CA
Account Manager
for Delaware Investments
in PA
Qualified Plan Administrator
for Pension Services Corporation
in MO
Retirement Plan Analyst - Compliance
for Invesmart
in WA
Newly Posted Webcasts
(Post Yours!)
The Long-Term Outlook for Stock Option Plans
on November 12, 2003
presented by Hewitt Associates LLC
Newly Posted Conferences
(Post Yours!)
Cross-Tested Plan Specialty Workshop
in CA, CO, CT, DC, FL, GA, IL, IN, LA, MA, MI, MN, MO, MS, NC, NE, NJ, NM, NV, NY, OH, OR, PA, TN, TX, UT, WI
November 4, 2003
SunGard Corbel
NCPERS 2004 Legislative Conference
in DC
February 10, 2004
National Conference on Public Employee Retirement Systems
Annual Benefits Fair and Trade Show
in MA
June 10, 2004
New England Employee Benefits Council
Newly Posted Press Releases
(Post Yours!)
IRS Grants Form 5500, Other Tax Relief for Victims of California Wildfires
(Internal Revenue Service)
Premier Annuity Distributes New Wealth Transfer Products
(Keenan & Associates)
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
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