Welfare Plans Edition
January 11, 2001
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IRS Issues Final Qualified Transportation Fringe Benefit Regulations
Excerpt: "These final regulations provide rules to ensure that transportation benefits provided to employees are excludable from gross income. These final regulations reflect changes to the law made by the Energy Policy Act of 1992, the Taxpayer Relief Act of 1997, and the Transportation Equity Act for the 21st Century. These final regulations affect employers that offer qualified transportation fringes and employees who receive these benefits." (Internal Revenue Service)
State Laws on Review of HMO Coverage Denials Might Get U.S. Supreme Court Scrutiny
Excerpt: "Signaling an interest in the rights of medical patients, the U.S. Supreme Court asked the Justice Department for input on a Texas requirement that managed-care organizations submit to outside doctor review when they refuse to pay for medical procedures." (Bloomberg)
Will Aging Boomers Finally Spark Disability Insurance and Long-Term Care Insurance Sales?
Excerpt: "Every baby boomer in the United States is at least 36 years old. Joints are making strange cracking noises. Eyes that could once handle the fine print with ease are well on their way to needing bifocals. The insurance agents and brokers who sell disability insurance and long-term care insurance are hoping the boomers will finally begin to protect themselves against the possibility that they may someday face more than minor aches and pains." (National Underwriter Company)
In Baseball, Quirky Perks Can Outweigh the Dollars
Excerpt: "So you thought that you found the greatest gifts under the Christmas tree last month? Check out the stash of goodies that sporting Santas have recently brought America's worshiped, wealthy warriors: Private jets. Stadium and hotel luxury suites. Private office space. Country club memberships. Exotic cars. Masseuses. Vibrating beds. Jersey number guarantees. The right to surf in the offseason." (Sacramento Bee)
Health Care Policy Recommendations to the 107th Congress (PDF)
Excerpt: "The Council urges Congress to resist expanded financial liability for health coverage decisions-- especially under differing state law standards. [The Council recommends that Congress give serious consideration to the approach taken last session by] Senators John Breaux (D-LA) and Susan Collins (R-ME) [who] recommended future Patients' Bill of Rights legislation be based on the many consensus provisions the House and Senate bills had in common ..." (American Benefits Council)
Employer-Sponsored Prescription Drug Benefits: A Closer Look
The attitudes and practices of employers on prescription drug benefits is analyzed in a 20-page report. Survey results show rising drug prices and increased utilization have prompted employers to consider changes in plan design, particularly as it effects employee cost sharing. (International Society of Certified Employee Benefit Specialists)
Feds May Give Consumers Advice On Long-Term Care Insurance
Excerpt: "The federal Health Care Financing Administration may give consumers tips on shopping for private long-term care insurance. The agency has hired The MEDSTAT Group to develop and test five marketing programs it might be able to use to educate consumers about long-term care basics." (National Underwriter Company)
(Following also appears in Retirement Plans Edition)
IRS Notice Provides Interim Guidance, 'Clarification' of Split-Dollar Arrangement Tax Treatment
Excerpt: "The Treasury Department and Internal Revenue Service (IRS) are reviewing the Federal income tax treatment of so-called 'split-dollar' arrangements for the purchase of life insurance contracts. This notice clarifies prior rulings ... provides taxpayers with interim guidance on the tax treatment of split-dollar arrangements pending publication of further guidance, and requests taxpayer comments on the interim guidance and a number of unresolved issues." (Internal Revenue Service)
Proposed Regs Cover Transfer Of Surplus Pension Assets For Retiree Medical Expenses
Excerpt: "Under IRC Secs. 401(h) and 420, it is permissible to transfer surplus assets from a defined benefit pension plan to provide current retiree medical coverage. As amended by the Tax Relief Extension Act of 1999... Sec. 420(c)(3) requires that such a transfer satisfy a minimum cost requirement.' This provision is aimed at preventing an employer making a transfer of surplus pension assets from subsequently significantly reducing the number of retirees covered or the cost of such coverage." (Spencernet)
Employers, Workers Clash Over Benefits Concerns
Excerpt: "Although rising healthcare costs is the top benefits priority for employers, rank-and-file workers are more concerned with retirement issues, a recent survey has found." (National Underwriter Company)
American Benefits Council Presents Recommendations to the 107th Congress
Press release. Excerpt: "— Today, the American Benefits Council submitted a policy paper to the Bush transition team outlining policy recommendations on a range of employee benefits issues. “Key benefits issues – from managed care reform to pension coverage to prescription drugs -- will be among the most pressing matters facing our new president." (American Benefits Council)
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| Recordkeeping Administrator #121056 | for Stratevest Group in ME |
| Marketing Consultant (Conversion & Case Management) | for WESPAC Plan Services, Inc. in CA |
| Pension Technician | for Midwest Pension & Profit Sharing Services in MN |
| Client Manager | for Benefit Services Corporation, a subsidiary of METLIFE in GA |
| Legal Assistant | for McCready and Keene, Inc., Pension Consulting Firm in IN |
| Benefits Specialist | for Manley Associates Inc. in NY |
| Plan Services Associate | for The Todd Organization of Washington, D.C. in DC, MD |
| Everything You Need to Know About HIPAA, COBRA and the New DOL Claims and SPD Regs But Are Afraid to Ask | in DC on February 7, 2001 presented by Capital Chapter ISCEBS |
| Does Privatizing Really "Fix" Social Security? | in DC on March 22, 2001 presented by Capital Chapter ISCEBS |
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