June 20, 2003 - 8,341 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! (Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor) Association Health Plan Bill Passes in House of Representative; On to Senate Excerpt: "The House passed a bill that would allow small businesses to band together through national trade associations to offer insurance for their employees.... The bill passed Thursday on a 262-162 vote, despite opposition from critics who said older, less-healthy workers could be left out and that the White House-backed bill would waive states' minimum coverage standards by giving oversight of group health insurance plans to the federal government." (Washington Post) Health Savings Account Legislation Moves in House of Representatives Excerpt: "House committee advanced a Republican bill on Thursday that would allow individuals to sock away $2,000 a year tax-free in health savings accounts." (New York Times; one-time registration required) JCT Description of Health Savings Account Bill (PDF) 15 pages. Excerpt: "In general, an HSA is a tax-exempt trust or custodial account created exclusively for to pay for the qualified medical expenses of the account holder and his or her spouse and dependents and that is subject to rules similar to those applicable to individual retirement arrangements. Within limits, contributions to an HSA are deductible if made by an eligible individual and are excludable if made by the employer of an eligible individual." (U.S. Congress, Joint Committee on Taxation) Senate Votes for Faster Access to Cheaper Drugs Excerpt: "Determined to attack the high price of drugs, the Senate voted overwhelmingly Thursday to give consumers speedier access to low-cost generic alternatives to treat illnesses ranging from allergies to arthritis." (Washington Post) American Benefits Council Publishes Chart Showing Medicare Proposals June 19, 2003 item. Excerpt: "The Council has prepared a comparison chart summarizing the differences in the new 'standard' Medicare prescription drug benefit under the House and Senate bills and the 'employer flexibility' alternative in the House bill that would pay 28 percent for drug claims from $250 to $5000 each year for Medicare beneficiaries who receive prescription drug coverage through their employer-sponsored retiree health plan." (American Benefits Council) Plan's Three-Year Statute of Limitations Barred Plaintiff's Suit Seeking Medical Benefits The three-year statute of limitations specified in a health care plan barred a plaintiff's lawsuit seeking review of a denial of medical benefits. This was the decision of the Third Circuit U.S. Court of Appeals in Fontana v. Diversified Group Administrators, Inc., et al. (No. 02-2337). (Spencer Benefits Reports) Links to Items on Executive Comp, Benefits in General Exec Comp Formulas Rejiggered Excerpt: "A number of companies -- including General Electric, Delta Air Lines, and Verizon Communications -- have started removing pension effects from executive compensation formulas. The reason? To ensure that executive bonuses don't suffer because of a decline in plan returns, according to an article in The Wall Street Journal." (CFO.com) Overview: Proposed Regs Issues for ISOs and Employee Stock Purchase Plans (PDF) 4 pages. Excerpt: "The special tax treatment afforded statutory stock options only applies to 'options' for the purchase of 'stock' of a 'corporation.' These definitions have been expanded by the Proposed Regulations as follows ..." (Kilpatrick Stockton LLP) U.S. Gays Head to Canada for Marriage Licenses Excerpt: "An Ontario appeals court last week declared Canada's definition of marriage, as the union of a man and woman, invalid and changed it to a union between two people." (AP via Yahoo! News) U.S. Gays Who Marry in Canada Face Hurdles Excerpt: "Gay Americans who visit Canada to marry may revel in their newfound status there, but they will come home to a confusing patchwork of overlapping jurisdictions and competing laws and are likely to face a struggle for recognition, legal experts say." (New York Times; one-time registration required) Newly Posted or Renewed Job Openings Group Health Insurance Sales/Account Management for Great West Life & Annuity in PA, TX, WA Employee Benefits Sales Representative for Great West Life & Annuity in MI, MN, NY, OH, TX Qualified Plan Consultant for Benefit Solutions Corp in IL, IN, MN, WI Vice President Medical Management National Sales for Corporate Benefit Services of America, Inc. - Third Party Administrator in FL, MN Benefits Analyst for Global Manufacturing Company Corporate offices near Detroit in MI Senior Communications Specialist for New York Life Investment Management, LLC in MA Administrative Assistant Ref. #TC-14573 for Southern California Edison in CA Benefits Consultant for Beasley & Company in OK Sr. Employee Benefits Customer Service Manager for Great West Life & Annuity in OH Team Leader, Participant Communication Team for Standard Insurance Company in OR Senior Health and Welfare Benefits Administrator for Aerojet in CA Employee Benefits Trust Officer for Regions Financial Corporation in AL FSA Manager for Seeking FSA Manager in MD Employee Benefits Trust Officer (Compliance & Training) for Regions Financial Corporation in AL Newly Posted Conferences (Post Yours!) HIPAA Compliance for Employers -- Shared Strategies and Common Challenges in LA July 29, 2003 Centers for Medicare & Medicaid Services, Workgroup for Electronic Data Interchanges, and Society for Human Resource Management Newly Posted Press Releases (Post Yours!) ARAG Group Adds Robinson as Regional Manager (ARAG Group) Handy Links:
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