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December 22, 2003 - 8,783 subscribers
Today's sponsor: Financial Research Associates
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Made in America (sm) 2004, the Inaugural Taft-Hartley Benefits Summit Financial Research Associates’ is proud to present "Made in America (sm) 2004, the Inaugural Taft-Hartley Benefits Summit," scheduled for February 18-21, 2004 at The Caesar’s Palace in sunny Las Vegas, Nevada. We have been receiving an excellent response from the industry so far and we would love for you to be a part of this no-nonsense event! For more information or to register call 800-280-8440 or visit www.frallc.com.
(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
Text of IRS Notice 2004-2: Guidance on Health Savings Accounts (PDF)
13 pages. Excerpt: "This notice provides certain basic information about HSAs in question and answer format, without attempting to enumerate all of the specific rules that apply under section 223. The notice is divided into five parts. Part I of the notice explains what HSAs are and who can have them. Part II describes how HSAs can be established. Parts III and IV cover contributions to HSAs and distributions from HSAs. Part V discusses other matters relating to HSAs." (Internal Revenue Service)
Health Spending Accounts Explained
Includes overview of Flexible Spending Accounts, Medical Savings Accounts, and Health Reimbursement Arrangements. Excerpt: "Several options exist for employers to provide accounts that employees can use to pay for health care expenses not otherwise covered by a health plan; the options vary as to tax treatment, who can contribute, and what expenses can be covered." (U.S. Department of Labor, Bureau of Labor Statistics)
Analysis of Health Savings Accounts
Excerpt: "The new Health Savings Accounts (HSA) provision in the Medicare bill was signed into law by President Bush on December 8, 2003 and goes into effect January 1, 2004. All 250 million non-elderly Americans will now have access to a Medical Savings Account, and one that is far more attractive than the Archer MSAs that were enacted in 1996." (The Galen Institute)
Some Preliminary Thoughts on Operational Details of Health Savings Accounts
Excerpt: "[H]ow well HSAs work depends on the [IRS] regulations that come out. I'll give you my best take on these issues, but this is all gray-area stuff.... The question of duplicate coverage keeps coming up. I'll get into the specific applications below, but a lot of people seem to feel that duplicate coverage of the benefits of a high-deductible health plan (HDHP) is not permitted." (The Galen Institute)
IRS Updates Fringe Benefit Rules
Excerpt: "The latest version of [IRS Pub. 15-B] also adds a new paragraph indicating that the income exclusion for accident and health benefits applies to amounts paid by the employer to maintain medical coverage under COBRA for a former employee. According to the IRS, this is true whether the premiums are paid directly or are reimbursed to the former employee, and whether the employee's separation is permanent or temporary." (PLANSPONSOR.com; one-time registration required)
Can a Little-Known Program Lighten Elder Care Stress?
Excerpt: "The only bright spot in an otherwise dim government picture for caregivers is a separate federal program few have even heard of: the National Family Caregiver Support Program. This tiny two-year-old initiative, funded at $155.2 million in the past year, provides money to the states for several services. Among them is respite care ..." (CareerJournal.com)
Illinois to Seek Exemption to Buy Drugs From Canada
Excerpt: "Rod R. Blagojevich, the governor of Illinois, will ask the federal authorities to permit the state to ignore federal law and buy pr*scription drugs from Canada, aides said Sunday." (New York Times; one-time registration required)
Dental Care Cost Control? How I Got My Teeth Fixed in Mexico
Excerpt: "In the United States, major dental work can be financially ruinous. Without belaboring the lively political topic of why this is, I am here to report that it is possible for a US resident to save 75% or more on major dental work by the simple expedient of having it done in Mexico." (Kuro5hin)
Texas Association of Business Launches Health Care to Help Small Employers
Excerpt: "[T]he Texas Association of Business, which represents more than 140,000 Texas companies, is offering its members a cheaper option for health insurance -- a discount card." (Austin Business Journal via bizjournals.com; one-time registration required)
How To Enlist Employees In Rx Cost Control
Excerpt: "[W]hile plan sponsors must modify drug benefits to curb rising costs, many members do not understand why. In an environment where employees have ranked health care benefits, in one survey, higher than compensation by a two-to-one margin, lack of information can have significant consequences. Understanding members is the first step. The next step is communication." (BenefitNews.com)
Links to Items on Executive Comp, Benefits in General
Some Year-End Benefits Reminders (PDF)
1 page. Excerpt: "As year end approaches, we wanted to remind our clients and friends of a few upcoming deadlines and highlight a few actions you may want to consider for early next year." (Gardner Carton & Douglas)
Canadian Court Says Retroactive Benefits Should Be Paid To Partners of Deceased G*y Employees
Excerpt: "An Ontario court has ruled that the Canadian government discriminated against same-sex couples by denying pension benefits to survivors whose partners died before 1998. Benefits will now be retroactive to April 17, 1985 ..." (AP via SFGate.com)
Opinion: Las Vegas as a Workers' Paradise
Excerpt: "The hotel workers' union boosted wages and transformed dead-end jobs into middle-class careers in the very belly of the casino economy. Here's how it happened." (The American Prospect)
Opinion: the Ownership Society
Excerpt: "[President Bush] is talking about what he calls the Ownership Society. This is a bundle of proposals that treat workers as self-reliant pioneers who rise through several employers and careers. To thrive, these pioneers need survival tools. They need to own their own capital reserves, their own retraining programs, their own pensions and their own health insurance." (New York Times; one-time registration required)
Newly Posted Press Releases
Treasury Issues Guidance To Encourage Use Of New Innovative Health Savings Accounts (“HSAs”)
(Internal Revenue Service (IRS))
2004 Supplement to Governmental Plans Answer Book Now Available
(Calhoun Law Group, P.C.)
Newly Posted or Renewed Job Openings
Defined Benefit/Defined Contribution Account Manager
for National Retirement Services, Inc.
in CA, NC
Actuarial Analyst
for Pittsburgh Retirement Benefits Firm
in PA
Business Development Officer
for U.S. Bank
in OR
Relationship Manager/Sales Officer
for Heartland Financial USA, Inc.
in IA
Retirement Plan Regional Pension Service Coordinator
for Standard Insurance Company
in CO
401(k) Client Relationship Manager
for 401(k) Advisors
in CA
401(k) Enroller with Bi-Lingual Spanish Speaking Skills
for 401(k) Advisors
in CA
Regional Vice President - Retail Sales
for BISYS Retirement Services
in IL
401(k) Sr Plan Specialist
for BISYS Retirement Services
in PA
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