September 5, 2002 - 7,007 subscribers Today's sponsor: WorldatWork (Click on company name or banner to learn more.) Our Bookstore now carries books published by WorldatWork! WorldatWork, the professional association for compensation, benefits and total rewards professionals, now has more than 30 select publications appearing for sale in the BenefitsLink.com bookstore. What Every Employer Needs to Know About the HIPAA Privacy Rules (PDF) 11 pages. Excerpt: "To assist you in developing a strategy for bringing your health benefit plans into compliance by April 14, 2003 (a year later for certain 'small' plans), we have prepared this detailed question-and-answer guidance. This guidance incorporates the final version of the Privacy Rules and also draws on our experience advising clients on these issues over the past several years." (Gardner Carton & Douglas) 2002 Employee Health Benefits Survey Excerpt: "Sharply rising health care costs and the downturn in the economy have resulted in higher premium contributions and cost-sharing requirements for workers, and cutbacks in the scope of health benefits offered by firms, according to the 2002 Annual Employer Health Benefits Survey released today by the Kaiser Family Foundation and the Health Research and Educational Trust.... Premiums increased 12.7%, the highest increase since 1990. Single premiums are now, on average, $3,060 ..." (Kaiser Family Foundation) Reduction In Health Benefits For Early Retirees Was Not a Breach of Contract, Court Rules An employer did not commit a breach of contract when it reduced retiree health benefits for retirees who previously had signed a contract as part of an early retirement incentive program. This was the decision of the Eighth Circuit U.S. Court of Appeals in Stearns v. NCR Corporation, et al. (Nos. 01-1896). (Spencernet) Use of 'Hospitalist' Doctors Brings Down Costs in Birmingham, Alabama Excerpt: "Thanks to an emerging physician practice catching hold in Birmingham, patients are spending less time in the hospital. Hospitals are saving money. And primary care doctors are making more money and spending less time traveling.... It's all because of a new breed of physicians known as 'hospitalists,' who spend the bulk of their workday in hospitals caring for inpatients." (Birmingham Business Journal via bizjournals.com; free registration required) Consumer-Driven Health Plans Not Yet Being Widely Adopted Excerpt: "Despite the talk about consumer-driven health plans as the next step to alleviate runaway health care spending, employers have not embraced the trend as quickly as some industry analysts had hoped. Many are intrigued by the new 'do-it-yourself' style of health plans being pitched by Aetna, Humana and UnitedHealth Group.... But according to some estimates, fewer than 100,000 U.S. workers are covered by such plans this year." (Dow Jones News Service via the Atlanta Journal-Constitution) Links to Items on Executive Comp, Benefits in General (These items appear in both editions of the BenefitsLink Newsletter) SEC Publishes Final Rules for Reports and Trading by Officers, Directors and Principal Shareholders Excerpt: "[A]cquisitions pursuant to Qualified Plans, Excess Benefit Plans, Stock Purchase Plans and the reinvestment of dividends or interest pursuant to broad-based dividend or interest reinvestment plans ... will remain exempt from Section 16(a) reporting. In contrast, transactions pursuant to non-qualified deferred compensation plans and other dividend or interest reinvestment plan transactions ... will be reportable on Form 4 within two business days after the date of execution." (Securities and Exchange Commission) New CEO for International Foundation of Employee Benefit Plans; Altobelli Retires After 14 Years Press release. Excerpt: "The International Foundation of Employee Benefit Plans announced that Michael Wilson has been hired as the new chief executive officer. Wilson begins his post on September 9, following the retirement of current CEO John A. Altobelli.... During Altobelli's tenure, the Foundation has grown from a $9 million to a $24 million budget. The number of programs offered expanded from 35 in 1988 to over 100 today." (International Foundation of Employee Benefit Plans) Newly Posted or Renewed Job Openings - Retirement Plan Consultant - Portland, ME for Invesmart, Inc in ME Pension Education Consultant for Diversified Investment Advisors in AL, AR, CT, FL, GA, LA, MA, ME, MS, NC, NH, NY, RI, SC, TN, VA, VT Retirement Plan Administrator for T. Charles & Associates, Inc. in CA Account Executive/Client Services for Diversified Investment Advisors in IL Newly Posted Conferences (Post Yours!) A Serious Look at Next Strategies for Health Care Cost Containment in GA on September 12, 2002 presented by The Segal Company Opportunities & Challenges: Stock Options in Today's Economy in CA on September 24, 2002 presented by National Center for Employee Ownership Introduction to ESOPs in IL on October 9, 2002 presented by National Center for Employee Ownership Introduction to ESOPs in MN on October 10, 2002 presented by National Center for Employee Ownership Introduction to ESOPs in IA on October 22, 2002 presented by National Center for Employee Ownership Introduction to ESOPs in MO on October 23, 2002 presented by National Center for Employee Ownership Introduction to ESOPs in NE on October 24, 2002 presented by National Center for Employee Ownership Subscribe to the Retirement Plans Edition, too (click)
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