| The BenefitsLink Newsletter - Welfare Plans Edition |  |
March 26, 2001
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Protecting Patient Data
Excerpt: "The Bush administration, already under pressure from the health-care industry, heard new calls [Thursday, March 22] to weaken Clinton privacy regulations aimed at sharply restricting how hospitals, doctors and other providers use personal information in patients' medical files." (Washington Post)
Lobbyists Go Full Tilt in Bid to Ease Patient Privacy Rules
Excerpt: "A broad coalition of hospitals, HMOs, insurers and pharmaceutical companies has launched an intensive campaign to persuade the Bush administration to scale back [HIPAA privacy regs]. The lobbying effort appears to be one of the largest ever undertaken to block implementation of a federal health care regulation. It reflects the strength of private-sector opposition to the new rule, as well as the vulnerability of Clinton-era initiatives to reconsideration or reversal by the Bush team." (Los Angeles Times)
Report on HIPAA's Current Status and Some Practical Recommendations for What to Do Now
March 2001. Excerpt: "What Should We Be Doing About HIPAA Right Now?This question has been on everyone's lips since the change in administration and the re-opening of the final privacy regulations for comment. These events have encouraged interest groups to press for amendments and delays. Meanwhile, covered entities are faced with the questions of how to move forward with their compliance efforts and at what pace." (Davis Wright Tremaine LLP)
IRS Issues Final COBRA Regulations
Excerpt: "In 1999, the IRS issued both proposed and final regulations regarding continuation of group health coverage under COBRA. Recently, the IRS issued another set of final regulations, which finalize (with limited modifications) the 1999 proposed COBRA regulations and amend the 1999 final COBRA regulations. There are specific effective dates for specific provisions, but the regulations generally become effective for qualifying events occurring on or after January 1, 2002." (Watson Wyatt)
IRS Releases Final Transportation Regulations
Excerpt: "The value of qualified transportation fringe benefits is excluded from an employee's gross income, as long as it is within a statutory monthly limit.... [T]he IRS recently issued final regulations that provide employers with 'one-stop shopping' for qualified transportation plans. In addition to addressing all issues presented in previous guidance, the final regulations specifically clarify the 'availability' of vouchers, advance transit passes and qualified parking." (Watson Wyatt)
Lawmaker Calls for Telecommuting Czar to Assist Federal Agencies
Excerpt: "Rep. Frank Wolf, R-Va., last week called for a telework czar to see that legislation requiring more telecommuting in the federal workforce is actually implemented. During a hearing Thursday before the House Government Reform Subcommittee on Technology and Procurement Policy, Wolf told officials from the Office of Personnel Management and the General Services Administration that their agencies were barriers to increased telecommuting among federal employees." (GovExec.com)
Top Employee Benefit Identified for Candidates Entering Work Force From College
Excerpt: "Stock option? Or flex time? For college students about to graduate into the work world, the top fringe benefit for that first job is a flexible work schedule, according to Jobtrak.com, a Los Angeles-based online job listing service for students and recent graduates." (Silicon Valley/San Jose Business Journal)
Keeping Employee Productivity Up With Onsite Gourmet Food
Excerpt: "Taking time to go out to lunch in the middle of the workday is not an option for most busy Silicon Valley workers and executives. To keep them from starving, or simply snacking on vending-machine junk food, many local companies, big and small, are providing lunch on site." (Silicon Valley/San Jose Business Journal)
Health Coverage Could Go Way of 401(k)
Excerpt: "There's a movement among frustrated employers, besieged by double-digit increases in health insurance premiums, to increasingly turn over preventative-care money, decision-making and a lot of incentives to stay healthy to employees." (StarTribune.com)
Bush and HMOs: Myth vs. Reality (Report from a Trial Advocacy Organization)
Excerpt: "The Center for Justice & Democracy is a non-profit, non-partisan public interest organization that works to educate the public about the importance of the civil justice system, and fights to protect the right to trial by jury and an independent judiciary for all Americans." (The Center for Justice & Democracy )
Health Policy Proposal: a Flexible Benefits Tax Credit For Health Insurance (PDF)
Excerpt: "This essay outlines a concept for a 'flexible benefits' tax credit for expanding health insurance coverage and other purposes such as retirement savings plans (with potential withdrawals for higher education, first-home ownership, and catastrophic medical expenses). Two examples are presented." (Health Affairs)
President Offers "Helping Hand" with Prescription Drugs
Excerpt: "Figuring out the best way to provide affordable prescription drugs to America's seniors has been hotly debated for several years, and today's escalating drug costs have focused even more attention on the issue.... In late January, President Bush made good on his promise, sending Congress his proposal to help states help their seniors. Known as 'Extending an Immediate Helping Hand,' the proposal marks the opening of this year's congressional Medicare reform debate." (Watson Wyatt)
Online Collection of Managed Care Book Titles
MCOExecutives.com is not affiliated with BenefitsLink. (MCOExecutives.com)
Strategic Management of Pharmaceutical Expenses
Excerpt: "The rapid release of new drugs, expanded indications for existing therapies, and increased annual expenditures for pharmaceutical products represent a formidable challenge to pharmacy managers. A strategic approach to managing pharmaceutical expenses is critical to fulfilling organizational financial objectives, gaining support from the medical staff to ensure appropriate drug use, and maintaining the viability of the pharmacy department." (Medscape; free registration required)
2000 Form 5500 Changes
Excerpt: "The 2000 Form 5500 has some new features, including changes in ERISA Filing Acceptance System (EFAST) processing, a new EFAST help line and financial reporting requirements for certain plan investments." (Watson Wyatt)
Executive Pay in the Land of Opportunity
Excerpt: "Executive pay in the United States reflects one of the founding values of our country: It is the land of opportunity. This year's report on executive pay reinforces this belief and confirms findings from previous years; namely, that there is a correlation between executive pay programs and company performance." (Watson Wyatt)
Treasury Secretary To Sell Alcoa Stock
Excerpt: "Bowing to critics, Treasury Secretary Paul O'Neill said Sunday he will sell his extensive aluminum company stock to avoid possible conflicts. O'Neill, hammered for two months for keeping about $100 million in stock and stock options from Alcoa Inc., said the decision frees him to focus on all economic issues." (Associated Press, via Yahoo! News)
Recent Equity Compensation and Qualified Retirement Plan Developments
March 1, 2001. Excerpt: "... recent developments in the application of employment taxes to ESPPs and ISOs and Cooley's response to Nasdaq's proposal to require stockholder approval of officer and director stock option plans. In addition: ... upcoming deadlines for GUST amendments, new regulations on summary plan descriptions, a revised IRS compliance program available for correcting [qualified plan] defects ... and recent DOL guidance on payment of retirement plan expenses." (Cooley Godward LLP)
Newly Posted or Renewed Job Openings (Post Yours!)
| Senior Benefit Communication & Project Specialist | for The TJX Companies, Inc. in MA |
| Pension Plan Administrator | for Ralcorp Holdings, Inc., a leader in the store brands food industry in MO |
| VP of Benefits | for Leading Financial Services Company in NY |
| Health and Welfare Associate Consultant | for Arlen Group in CA |
| IRA Product Manager | for Fidelity Investments in MA |
| Senior Administrative Analyst | for University of California, Office of the President, Human Resources and Benefits in CA |
| ERISA or Association Benefit Consultant | for Fidelity Benefit Administrators, Inc., Bradenton in FL |
| Senior Marketing Coordinator - Pension Direct | for Invesmart in OH |
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