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February 21, 2003 - 8,036 subscribers
Today's sponsor: NCEO
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Our Bookstore now carries books published by the NCEO! The National Center for Employee Ownership (NCEO), a nonprofit membership and research organization that provides information on broad-based employee stock plans, now has over a dozen of its most popular publications available for purchase in the BenefitsLink bookstore. Topics range from employee stock ownership plans (ESOPs) to stock options to employee stock purchase plans (ESPPs).
(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
HHS Establishes New Office of HIPAA Standards (PDF)
The Office of Health Insurance Portability and Accountability Act Standards is under the agency's Centers for Medicare & Medicaid Services (CMS). (U.S. Department of Health and Human Services)
Overview: Workers at Companies Hurt By Imports Get COBRA Tax Relief
Excerpt: "The new health insurance benefits are of interest to thousands of steel industry retirees who have lost or are in danger of losing company-paid health benefits.... The main program is a refundable tax credit for 65 percent of the cost of certain qualified health insurance." (The [Pittsburgh] Post-Gazette)
Court Stops Administration's Medicare Drug Discount Card
The U.S. District Court for the District of Columbia has once again stopped the Bush Administration's second attempt to implement a Medicare-endorsed prescription drug discount card administered by the nation's major pharmacy benefit management firms. The case is National Association of Chain Drug Stores and National Community Pharmacists Association v. Tommy G. Thompson and Thomas A. Scully (Civil Action No. 01-1554). (SpencerNet)
More Employers Telling New Hires: 'Move Yourself'
Excerpt: "Simply put, relocation packages just ain't what they used to be." (The Christian Science Monitor)
Hartford Courant Examines Reaction to Bush's Association Health Plan Proposal
Excerpt: "The Hartford Courant on Feb. 18 examined the debate surrounding a Bush administration proposal to allow small businesses to buy into association health plans not regulated under state law. Although the plan would 'break with common Republican philosophy' by transferring regulation from state insurance departments to the federal Department of Labor, the administration is 'pushing ahead' with the plan ..." (KaiserNetwork.org)
Q&As on HIPAA Health Data Security Rule (PDF)
At pages 2 and 3 of 3-page document. Excerpt: "The Security Rule requires entities covered by HIPAA, such as employer-sponsored group health plans, to take reasonable and appropriate steps to secure electronic protected health information while it is in their custody and when it is in transit." (Miller & Chevalier, Chartered)
Answers to Frequently Asked HIPAA Questions
Excerpt: "HIPAA (The Health Insurance Portability and Accountability Act) includes far-reaching new 'administrative simplification' rules that will dramatically impact how employers and their health plan vendors use, disclose, transmit, and secure health information. Following are a number of questions and answers that will help you assess the impact HIPAA will have on your organization." (Mercer Human Resource Consulting)
Key Union Warns CalPERS About More Healthcare Rate Hikes
Excerpt: "The state workers' union with the most clout in the California Public Employees' Retirement System put pension fund trustees on notice Wednesday that they would fight any health insurance premium increases next year unless CalPERS can prove the rate hikes would lead to better care." (The Sacramento Bee)
Proposals Would Allow 'Bare Bones' Health Insurance Policies for Small Employer Groups in Washington
Excerpt: "Sweeping proposals to allow insurance companies that cover small businesses to deny treatments and raise premiums quietly gained momentum in the Legislature this week.... They would expand small-business exemptions to mandates that they cover a range of treatments, from breast cancer care to mental health services." (The Seattle Post-Intelligencer)
States Increase Efforts to Stop Online Prescriptions by Doctors without Seeing Patients
Excerpt: "Attempts to stop U.S. doctors and pharmacies from issuing prescriptions online without physical examinations often have amounted to tortuous, low-speed chases through cyberspace after elusive targets." (The Baltimore Sun)
Links to Items on Executive Comp, Benefits in General
Second-Tier Accounting Firms Poised to Move Up
Excerpt: "In light of the changes in the accounting profession in the last year, CFO.com weighs in this month with a special report about the current state of the industry. The report looks at how these changes have affected the second-tier, or Group B, accounting firms, such as Chicago-based Grant Thornton or Seattle-based Moss Adams." (AccountingWeb)
Watson Wyatt Publishes Online Year 2003 ERISA Reporting Calendars
Excerpt: "Plan administrators of single and multiemployer pension and welfare benefit plans can visit the updated calendars for concise information on where, when and how to file annual and special reports with the DOL, IRS and PBGC. Information on how and when to disclose tax and benefit information to U.S. plan participants, beneficiaries and alternate payees is also available." (Watson Wyatt's Insider)
Plans Could Forgo Legal Claims In Some Litigation Settlements; EBSA Proposes a Class Exemption
The Department of Labor's Employee Benefits Security Administration (EBSA) has issued a proposed class exemption from ERISA's prohibited transaction restrictions for certain transactions engaged in by an employee benefit plan in connection with the settlement of litigation. Notice of the proposed exemption was published in the February 11 Federal Register. (SpencerNet)
The Enron Debacle: Lessons for Tax Policy
Excerpt: "[I]f we wish to discourage excessive concentration of retirement plan investments in employer stock--and there seem to be good reasons to do so-- we need to recognize that even if we adopt provisions that encourage more prudent diversification behavior in some types of plans, we are providing the juiciest tax benefits to employee stock ownership plans (ESOPs)-- plans that can invest solely (and must invest primarily) in employer stock." (Jane G. Gravelle, published by the Urban-Brookings Tax Policy Center)
Executive Compensation: Update from Washington (PDF)
3 pages. Excerpt: "[N]ew proposals to change the tax rules in [the deferred compensation] area continue to come from different sources, most recently from the Joint Committee on Taxation as part of its report on its investigation of Enron, and more can be expected." (Miller & Chevalier, Chartered)
Overview: FASB Issues New Disclosure Standard on Stock-Based Compensation
Excerpt: "In December 2002, the Financial Accounting Standards Board (FASB) issued FAS 148, Accounting for Stock-Based Compensation--Transition and Disclosure, which amends FAS 123, Accounting for Stock-Based Compensation. FAS 148 provides alternative methods of transition for companies that voluntarily adopt the fair-value method of accounting for stock-based employee compensation ..." (Watson Wyatt's Insider)
GE to Disregard Pension Earnings When Calculating Company Profits for Purposes of Exec Comp
Excerpt: "In a move that could have a significant impact on top-level pay at General Electric Co. (GE, news), the company has agreed to determine senior executive compensation without regard to any income generated by the pension plan, Friday's Wall Street Journal reported." (Dow Jones via Quicken Brokerage)
Working for Uncle Sam: Overview of Pay and Benefits
Excerpt: "The federal government offers a variety of forms of compensation to its employees. In many cases the total value of this compensation may substantially exceed the value of a private sector employer's offering, even if the basic government salary is lower." (Washington Post)
Commentary: Bethlehem Steel Sends Strong Message About Pension and Health Benefit Security
Excerpt: "Bethlehem's financial troubles, affecting present and future retirees, sound a cautionary note for hundreds of thousands, maybe millions of American autoworkers, pilots, and others who presume-- mistakenly-- that money set aside by their companies to cover pension and health-care benefits will be there no matter what." (Doron Levin on Bloomberg.com)
Target Corp. Decides to Expense Its Stock Options
Excerpt: "Target Corp. said Thursday that it will begin recording the value of stock options and stock-based compensation as an expense, making it the first Minnesota company to do so." (StarTribune.com)
Newly Posted or Renewed Job Openings
Account Executive
for Transamerica-The Winning Organization
in CA
Enrolled Actuary
for Mand Marblestone & Danziger, P.C.
in PA
Defined Benefit Administrator
for Senex Group in Woodland Hills
in CA
Newly Posted Conferences
(Post Yours!)
Benefits Communication and Technology Institute
in NV
April 14, 2003
International Foundation of Employee Benefit Plans
Certificate Series - Retirement Plan Basics
in WI
April 24, 2003
International Foundation of Employee Benefit Plans
Certificate Series - Investment Basics
in WI
April 28, 2003
International Foundation of Employee Benefit Plans
Certificate Series - Investment Basics
in WI
April 28, 2003
International Foundation of Employee Benefit Plans
Certificate Series - 401(k) Plans
in WI
April 30, 2003
International Foundation of Employee Benefit Plans
Davis-Bacon Act and DOL Training Program
in IL
April 10, 2003
Associated Prevailing Wage Contractors, Inc. in cooperation with Associated General Contractors of America and Foundation Sortware, Inc.
Health Plans, HIPAA, and COBRA Update
in ALL STATES
April 9, 2003
ALI-ABA (American Law Institute-American Bar Association)
Newly Posted Press Releases
(Post Yours!)
Intara's New Self Service Benefits Enrollment System Exceeds Launch Expectations
(Intara)
eePulse Helps InterFirst Improve Customer Satisfaction
(eePulse, Inc.)
CNA TRUST HIRES JIM HUENNEKENS AS VP, REGIONAL SALES DIRECTOR FOR MIDWEST
(CNA Trust)
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