The BenefitsLink Newsletter - Welfare Plans Edition | |
April 18, 2001
Today's sponsor: Reish Luftman McDaniel & Reicher (click)
Have questions about ... qualification failures, when and
how to correct, a plan's right to participate in EPCRS?
You'll want The Plan Correction Answer Book. It's a
comprehensive guide to the IRS remedial programs,
written by attorneys Fred Reish and Bruce Ashton, of
Reish Luftman McDaniel & Reicher. Click on the link to
order!
No Relief from the Supreme Court on the ADEA and Retiree Health Plans
Excerpt: "Last August, in Erie County Retirees Assoc. v. County of Erie, Pennsylvania, the Third Circuit Court of Appeals held that the Age Discrimination in Employment Act (ADEA) applies to retirees and retiree health plans. As long as that ruling stands, employers in Pennsylvania, New Jersey, Delaware and the Virgin Islands who offer their over-65 retirees less coverage than their under-65 retirees may be violating the ADEA (unless their plan meets the safe harbor test)." (Watson Wyatt)
Commentary: Are Lawyers Running America?
(Originally published 7/17/2000.) Excerpt: "Their lawsuits are setting policy on guns, tobacco and now HMOs. Who elected them?" (Time.com)
CalPERS Members May Face Increased Drug, Office-visit Fees
Excerpt: "After trimming millions of dollars from its total health care bills by rejecting all initial bids from HMOs seeking to insure its 1.2 million members in 2002, the California Public Employees' Retirement System is now looking to save even more by raising the fees members pay for drugs and office visits." (Sacramento Bee)
CalPERS Health Premiums Set To Rise 6 Pct; Co-Pays Up Also
Excerpt: "A committee at CalPERS, the nation's largest pension fund, recommended a 2002 health benefits package Tuesday that includes eight managed care plans, a 6 percent increase in premiums and higher co-payments for members. CalPERS, which stands for the California Public Employees' Retirement System, provides retirement and health benefits to 1.1 million state government employees and dependents." (Reuters via Excite News)
A Hassle a Day Under Managed Care Keeps Docs Away From Patients
Excerpt: "Primary care doctors are being interrupted each day with 'managed-care hassles' that can eat up as much as 40 minutes or more--cutting into quality time with patients, according to a new survey.... 26 physicians [were asked] to keep diaries and fill out a questionnaires after seeing patients.... nearly one in four visits resulted in an interruption or 'hassle' due to managed-care red tape or inadequacies." (Reuters via Yahoo! News)
(Following items also appear in Retirement Plans Edition)
Spencer Survey of Benefits Managers Is Underway
Charles D. Spencer & Associates, Inc., continues to collect information for its 2001 Spencer survey of benefits managers and employee benefits departments. This 8th biennial survey requests information concerning compensation, organization, and functional responsibilities of corporate employee benefits departments. The information provided will be collated and published by Charles D. Spencer & Associates, Inc. All survey participants receive a copy of the published survey at no charge. (SpencerNet)
Unhappy Investors Sound Off At Sprint Annual Meeting, Question Executive Benefits
Excerpt: "The investment fund represented by Hitchcock sponsored a proposal requiring that shareholders give approval to any future severance agreements that exceed 200 percent of a senior executive's base salary. The proposal was defeated, but the preliminary count on Tuesday did show the measure garnering more than 33 percent approval." (Reuters via Excite News)
Cisco's Option Plan Opens Door For Others To Make Adjustments
Excerpt: "Cisco Systems' disclosure this week that it will grant new stock options to help compensate employees for options that are currently worthless is interesting for two reasons. One, it could mean that Cisco execs think their company's stock price has bottomed. Two, it could encourage other battered tech companies to reprice or supplement underwater options." (San Francisco Chronicle)
Some Suffer Tax Hangovers From Microsoft Option Spree
Excerpt: "Now that Microsoft's stock has fallen to about half its peak, Seattle is abuzz with other stories, those of Microsoft employees deep in debt and filing for bankruptcy." (New York Times; free registration required)
Newly Posted or Renewed Job Openings (Post Yours!)
Newly Posted Conferences (Post Yours!)
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