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September 23, 2003 - 8,548 subscribers
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Receipt Needed for Nonprescription Drug Reimbursements, IRS Official Notes
Excerpt: "At a minimum, employees seeking reimbursement for their nonprescription drug purchases through a health flexible savings account (FSA) must present a receipt of purchase indicating the date of purchase, the amount and the name of the product, IRS official Harry Beker noted." (Thompson Publishing Group)
Employees Without Coverage Have No COBRA Rights But Fiduciaries Breached Their Disclosure Duties
Martinez v. District 1199J Nat'l Union, AFSCME, AFL-CIO (D.N.J. 2003). Excerpt: "The SPD of the group health plan in this case provided that coverage for employees would terminate 30 days after their employer discontinued contributions to the plan.... Although the court rejected the COBRA claim, it held that the plan trustees breached their ERISA fiduciary duties by failing to tell affected employees earlier about the employer delinquencies and the potential effect on plan coverage." (EBIA Weekly)
Audio Report: California Set to Adopt Health Reforms
Excerpt: "Within the next couple of weeks, California's Gov. Gray Davis is expected to sign groundbreaking legislation that would require businesses to pay for health benefits for employees. But some companies say the extra expense could put them out of business. Hear NPR's Patricia Neighmond." (National Public Radio)
Text of California Bill Mandating Employer-Sponsored Health Care
Excerpt: "The California state legislature approved a bill (SB 2) Sept. 13 that would require California employers to either pay fees to a state-run insurance pool or purchase health insurance on their own. Gov. Gray Davis is expected to sign the new 'pay or play' health care mandate into law early next month." (ERISA Industry Committee)
Towers Perrin U.S. Legislative Tracking Charts: Health and Welfare
September 18, 2003. (Towers Perrin)
Varying Quality of Care Among Health Insurance Plans Results in 57,000 Preventable Deaths Each Year
Excerpt: "Although quality of care in managed care plans is improving, more than 57,000 people in the United States die needlessly each year because they do not receive appropriate care, according to a study released last week by the not-for-profit National Committee for Quality Assurance, the Wall Street Journal reports ..." (KaiserNetwork.org)
Health Insurers Gain a Huge New Lobby
Excerpt: "Two powerful insurance groups announced [on September 22, 2003] that they would merge, forming a huge lobby that could speak with one voice on Medicare and industry regulation." (New York Times; one-time registration required)
Percentage of Private-Sector Workers Covered by
Excerpt: "Fewer than one-half of U.S. private-sector workers receive employer-sponsored health insurance, down from about two-thirds ten years ago, according to a report released Wednesday by the U.S. Bureau of Labor Statistics, the Boston Globe reports." (KaiserNetwork.org)
Debate Over Drug Reimportation Gathering Momentum
Excerpt: "The debate among lawmakers, government agencies, pharmaceutical companies and advocacy groups over prescription drug reimportation has increased in recent weeks as the practice 'seems to be gaining increasing appeal,' the Hartford Courant reports." (KaiserNetwork.org)
Direct-to-Consumer Drug Ads Do More Good Than Harm, FDA Told
Excerpt: "Widespread direct-to-consumer advertising for prescription drugs is having a generally positive effect on the medication-taking public and is not causing significant problems for doctors, a number of researchers testified yesterday before the Food and Drug Administration." (Washington Post)
Towers Perrin U.S. Legislative Tracking Charts: Human Resources
September 18, 2003. (Towers Perrin)
Links to Items on Executive Comp, Benefits in General
Survey: Most Plan To Work Into 70s
Excerpt: "The image of American retirees lounging by the pool or playing golf may disappear as nearly three-quarters of older workers say they plan to work past the traditional retirement age, a study issued Tuesday said." (Reuters via Money.CNN.com)
Communicating Benefit Changes: Do it Right or Risk Getting Burned
Excerpt: "The corporate landscape is littered with problems and bad headlines stemming from proposed benefit changes that blew up on the companies that made them." (Workforce.com)
Overview: FASB Delays Timetable on Stock Compensation Project (PDF)
4 pages. Excerpt: "The FASB on September 10, 2003 tentatively decided to delay its stock compensation project timetable by one quarter, with the release of an Exposure Draft and final standard now most likely to occur in the first and third quarters of 2004, respectively. The FASB also decided to address stock-based transactions with nonemployees and employee stock ownership plans (ESOPs) in a later 'second phase' of the project." (Frederick W. Cook & Co., Inc.)
Overview: Final Split Dollar Regulations Issued
Excerpt: "these final regulations will apply to split dollar arrangements entered into after September 17, 2003, and arrangements entered into on or before September 17, 2003 that are materially modified after September 17, 2003. There was some question after the release of the proposed regulations on what would be considered a material modification. The final regulations provide a 'non-exclusive list' of changes that will not be considered a material modification." (TaxFacts FX)
The Future of Employee Benefits: a Call for Reform
Originally published in the summer of 2002. Excerpt: "This article reviews some of the critical impediments to ERISA's continued success and summarizes a number of possible reform measures. The basic theme of this article is that it is now time for the key constituencies to review and evaluate the basic ERISA framework and how it can be improved or restructured to best balance the interests of employees and employers in the 21st century." (Aon Consulting)
Newly Posted or Renewed Job Openings
401(k)/DC Account Manager
for CNA Trust
in IL
Medical Benefits Program Director
for Management Recruiters of Wildwood
in NJ
401k Sales Representative
for Management Recruiters of Wildwood
in MI
Pensions Specialist
for Nationwide Retirement Consulting Group
in OH
Benefits Consultant
for Health Net
in CA
Newly Posted Webcasts
(Post Yours!)
Administration Before and After the QDRO
on November 18, 2003
presented by ASPA
Newly Posted Conferences
(Post Yours!)
P&I Defined Contribution 401(k) / West Coast Conference
in CA
October 12, 2003
Pensions&Investments/International Business Forum
Workers Compensation and Disability Management
in CA
January 28, 2004
International Business Forum
Handy Links:
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- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
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