| BenefitsLink Welfare Plans Newsletter |   |
February 13, 2003 - 8,072 subscribers
Today's sponsor: BeneCom Associates, LLC
(Click on company name or banner to learn more.)
BeneCom Associates, LLC, for one-stop benefit communications Since 1992, BeneCom has produced benefit communications, including enrollment materials, SPDs, benefit statements, newsletters and more, for companies large and small, nationwide. So if you've been looking for an independent benefit communications specialist, look no further. Click above for more information, or give us a call at (860) 674-2626, Ext. 11, or (770) 461-5559. We're here to help.
(Help BenefitsLink to provide this newsletter at no charge to you -- our sponsors pay your way. Remember to visit them periodically; we try to make sure their products and services will be of interest to you. Thanks! --Editor)
Retirees Losing Health Benefits In Bankruptcies of Former Employers
Excerpt: "The nation's persistent economic slump and rash of corporate scandals that have drained cash from pension plans and 401(k) accounts are eating into yet another piece of retirees' livelihood: their health benefits." (AP via New York Times; one-time registration required)
Bethlehem Steel Retirees Eye Health Coverage Options
Excerpt: "The two tax credits, both of which are worth 65 percent of a retirees' monthly health-care premiums, were authorized last August as part of a trade law supported by the Bush administration. The first tax discount, a traditional tax credit, already exists; it has been in effect since Dec. 1. It allows retirees between the ages 55 and 65-- those who have not yet qualified for Medicare-- to subtract 65 percent of the cost of their health-care premiums from their tax bills." (Lebanon [Pa.] Daily News)
AARP, UnitedHealth Group Launch New Health Insurance Plan for 50- to 64-Year-Olds in 10 States
Excerpt: "AARP and UnitedHealth Group have launched a new health insurance plan in 10 states for individuals ages 50 to 64, the Washington Post reports. The Medical Advantage Plan costs between $142 and $362 per month, based on the age of participants and their scores on a questionnaire." (KaiserNetwork.org)
Audio Excerpt: Bethlehem Steel Retirees Could Lose Health Benefits
Excerpt: "Days after announcing it will sell nearly all of its assets to International Steel Group in a $1.5-billion deal, Bethlehem Steel asks a bankruptcy court to allow it to end health and insurance benefits for its 95,000 retirees and their families by March 31. NPR's Jack Speer reports.' (Feb. 12, 2003) (National Public Radio)
Court Distinguishes Knudson and Holds That Health Plan is Entitled to Constructive Trust
Excerpt: "Bauhaus v. Benson is an important decision because it highlights the distinction recognized by the Supreme Court in Great-West Life v. Knudson, which is that a plan fiduciary's claim is authorized under ERISA if a defendant in the action is control of the disputed funds and the plan fiduciary is entitled to those funds under the terms of the plan." (Lawrence & Russell)
Witnesses, Senators in Hearing Disagree Over Causes of High Medical Malpractice Rates
Excerpt: "Doctors, patients and insurance experts testifying before a Feb. 11 joint hearing of the Senate Judiciary and Health, Education, Labor and Pensions committees agreed that sharply rising medical malpractice insurance premiums are responsible for the 'health care crisis' facing 12 states and threatening 30 others but could not reach consensus on the source of the increase or how to slow it, the AP/Baltimore Sun reports." (KaiserNetwork.org)
Opinion: Mandatory Health Insurance for Individuals Won't Work
Excerpt: "Mandatory self-insurance-- which would compel all Americans to purchase health insurance (much like all drivers are required to purchase auto insurance) with public subsidies going to those who cannot afford the cost-- has emerged as the flavor of the month in health reform." (The American Prospect)
Links to Items on Executive Comp, Benefits in General
Another Question is Answered in the Stock Options, Restricted Stock and Other Long-Term Employment Incentives Q&A Column
We're a start-up company that's thinking about issuing options with a vesting start date before the date of grant. Is there any problem with this? (BenefitsLink.com)
'On Demand' Employee Benefit Communications
Excerpt: "On Demand is based on a communications management process that looks at your participant information requirements and finds the most efficient, cost-effective way to produce and deliver information to the intended audience. This article explains how the On Demand process works and its advantages for managing employee benefit communication needs." (Aon Consulting)
Big Severance Packages for Top Execs are an Exception, Survey Finds
Excerpt: "Despite headlines announcing multi-million dollar severance packages to departing CEOs, the vast majority of companies worldwide limit exiting executives to four or fewer weeks of severance pay for each year of service, and only a quarter or fewer of employers offered perks such as financial planning, retirement planning, secretarial support or use of office space." (SmartPros)
Citigroup Chief Is Getting Options in Lieu of a Bonus
Excerpt: "In taking a pay cut last year, Mr. Weill had plenty of company on Wall Street. Most securities firms sharply reduced the bonuses of most of their employees and executives." (New York Times; one-time registration required)
Newly Posted or Renewed Job Openings
Senior Retirement Plan Conversion Coordinator
for Fifth Third Bank
in OH
Regional Vice Presidents of Sales - MidWest & CA
for Horizon Behavioral Services
in ALL STATES
Paralegal
for ING U.S.Financial Services
in CT
Retirement Plan Services Representative
for American Funds
in IN
Benefits Consultant
for Search Firm
in MA
Compliance Trainer
for T. Rowe Price
in MD
Newly Posted Webcasts
(Post Yours!)
Patient Access Crisis: The Role of Medical Litigation
on February 11, 2003
presented by KaiserNetwork.org
Newly Posted Conferences
(Post Yours!)
26th Annual Conference & Exposition of the SHRM Global Forum
in CA
March 31, 2003
Society for Human Resource Management
34th Annual Conference & Exposition of the Employment Management Association
in NV
April 23, 2003
Society for Human Resource Management
55th Annual SHRM Conference & Exposition
in FL
June 22, 2003
Society for Human Resource Management
Newly Posted Press Releases
(Post Yours!)
DATAIR enhances DB Software to accommodate tiered formulas by class or name
(DATAIR Employee Benefit Systems, Inc.)
ABA Praises Issuance of DOL Advisory Opinion on Overdraft Protection Services
(American Bankers Association)
PLASTIC STRENGTHENS FSAs: EMPLOYER REAPS $225,000 IN FICA SAVINGS
(Evolution Benefits)
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
Copyright 2003 BenefitsLink.com, Inc.; except that you can forward this email in full (including this boilerplate part) or otherwise reprint this email in full (including this boilerplate part) without obtaining our permission.
Published by:
BenefitsLink.com, Inc.
https://benefitslink.com/about.html
1298 Minnesota Avenue, Suite H
Winter Park FL 32789
(407) 644-4146
Fax: (407) 644-2151
Editor and Publisher: David Rhett Baker, J.D.
Housekeeping: