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November 10, 2003 - 8,649 subscribers
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Learn About Retirement Planning Opportunities & Challenges Facing the Tax-Exempt Employer An Interactive Audio Conference, November 18, 2003, 2:00 – 3:30 p.m. ET Recent changes in the law and regulations now give tax-exempt employers new opportunities to maximize retirement benefits for their employees. Learn from an expert in the field how to design a program that complies with the new requirements while also obtaining the most benefits for your employees. Register today and get the chance to ask your own specific questions!
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FDA Criticizes Illinois Report on Importance of Using Cheaper, Imported Drugs
Excerpt: "Unregulated importation endangers the lives of America's seniors.... In considering any proposal that affects the health of the public, it is important to consider the risks and benefits. On the 'benefit' side, your report is misinterpreted to mean that importing drugs from Canada would be a smart bargain for Illinois employees and retirees, when this is far from the truth." (U.S. Food and Drug Administration)
Opinion: On the International Drug Discount Maze
Excerpt: "When something valuable sells for two different prices, how do you stop people from paying the lowest price? And why would you want to do that? Congress is debating whether to allow Americans to buy prescription drugs from other countries, notably Canada." (Alan Reynolds in the Washington Times)
Is Obesity a 'Disease'?
Excerpt: "The rising number of Americans who are seriously overweight has triggered intense debate among scientists, advocacy groups, federal agencies, insurance companies and drug makers about whether obesity should be declared a 'disease,' a move that could open up insurance coverage to millions who need treatment for weight problems and could speed the approval of new diet drugs." (Washington Post)
2 Sides Seem Entrenched in Supermarket Management-Labor Dispute Involving Healthcare Costs
Excerpt: "For the cashiers and stockers on the picket lines, the fight to fend off large-scale concessions is a struggle to avoid being thrown into one of America's lowest castes, the working poor. But for the supermarkets, the confrontation, the biggest labor dispute in the nation in recent years, is a painful investment to ensure that they can survive against Wal-Mart and other low-cost rivals." (New York Times; one-time registration required)
In Many Recruitment Efforts, Health Benefits Act as Lure
Excerpt: "With the ranks of uninsured Americans rising sharply-- the number of Americans without health insurance increased by 2.4 million last year, according to the Census Bureau-- and with health care costs for employers rising at double-digit rates, more job seekers are taking a keen interest in the benefit packages offered by potential employers." (New York Times; one-time registration required)
House GOP Trolls for Votes on Medicare Drug Bill
Excerpt: "House Republican leaders stepped up lobbying efforts on the Medicare prescription-drug bill last week, holding meetings with rank-and-file Republicans to gauge support for the bill and count votes." (Washington Times)
Issue of Competition Causes Widest Split Over Medicare
Excerpt: "In the current debate over Medicare, no issue excites more passion than a proposal for it to compete directly with private health plans. Conservative House Republicans say they will not vote for a Medicare drug bill unless it fosters such competition, which they see as a way to slow the growth of Medicare spending. But many Democrats say they cannot vote for any bill that requires competition ..." (New York Times; one-time registration required)
Rx Depot Plans To Appeal Ruling That Shut Them Down
Excerpt: "Fred Stoops, an attorney for Rx Depot, said Friday that the Oklahoma-based storefront pharmacy chain will appeal a preliminary injunction that required the company to end operations as part of a lawsuit filed by the Justice Department, the Los Angeles Times reports ..." (KaiserNetwork.org)
Fiduciary Concerns Spur New PBM Models
Excerpt: "Plaintiffs in ERISA lawsuits accuse PBMs of shirking fiduciary responsibility by ... accepting hidden revenue streams from pharmaceutical manufacturers, promoting more expensive drugs in order to obtain a higher share of negotiated rebates, and creating pricing 'spreads' between what they pay pharmacies for dispensing medications and what they charge employers." (BenefitNews.com)
Overview: California Domestic Partner Bills Grant Same Rights As Spouses, Require Equal Benefits
Excerpt: "Senate Bill 2, enacted this year, requires employees with 200 or more employees working in California to provide or pay for health coverage for dependents-- including domestic partners-- beginning in 2006. Two additional bills enacted this year further significantly expand the rights of domestic partners." (Littler Mendelson)
New Focus of Companies' Legal Protection: Transsexuals
Excerpt: "Corporations and lawmakers are expanding protections against sexual harassment and discrimination to cover transsexuals, cross-dressers and others who fall outside the traditional notions of gender identity. In the last two years, 19 companies in the Fortune 500 -- including Bank One Corp. and Microsoft Corp. -- have banned discrimination based on 'gender identity and expression.' Sixty-five cities and counties have similar protections ...' (Reuters via Yahoo! News)
Authorizations May Cover Broad Categories of PHI Sources and Recipients, HHS Says
Excerpt: "A single HIPAA authorization form may allow multiple entities to use or disclose an individual's protected health information (PHI), according to the U.S. Department of Health and Human Services (HHS). The agency also clarified issues regarding the scope, time period and other aspects of authorizations required by HIPAA's privacy rules." (Thompson Publishing Group)
Decision Support Tools Pave Way for Consumer-Driven Healthplan Designs
Excerpt: "Consumer-driven health plans are ramping up for rapid growth, poised to attract 2.7 million members and $16 billion in premiums by 2005, according to Forrester Research Inc. The plans are likely to grab 24% of the health insurance market and $413 billion in premium income by 2010, as 40% of PPO and point-of-service plan members switch coverage." (BenefitNews.com)
Opinion: the Health Care Cost-Coverage Conundrum
Excerpt: "American health care-- often lauded as the best in the world-- is too expensive and growing more so every day. As a result, too many Americans go without vital medical care ... How we finance health care and our leaders' pervasive unwillingness to confront the difficult trade-offs inherent in containing health care costs and expanding health insurance to more Americans contribute to the seemingly intractable nature of the cost-coverage conundrum." (Center for Studying Health System Change)
Links to Items on Executive Comp, Benefits in General
Text of Restated List of 'Listed Transactions' Issued by IRS (PDF)
4 pages; to be published in the I.R. Bulletin on 12/8/2003. Excerpt: "Transactions that are the same as or substantially similar to transactions described in the list below have been determined by the Service to be tax avoidance transactions and are 'listed transactions' ... [T]axpayers may need to disclose their participation in these listed transactions ... and promoters (or other persons responsible for registering tax shelter transactions) may need to register these transactions ..." (Internal Revenue Service)
House OKs Simultaneous Receipt of Disability, Retirement Checks for Veterans
Excerpt: "The House voted yesterday to allow 250,000 veterans to collect both disability and retirement benefits at the same time, a compromise solution to a problem that has affected veterans since 1891." (Washington Times)
Text of IRS First Quarterly Update to 2003-2004 Priority Guidance Plan (PDF)
26 pages; 11/3/2003. Excerpt: "Retirement Benefits ... 1. Guidance on phased retirement arrangements. 2. Guidance on distribution rules for rollover contributions. 3. Guidance updating Rev. Rul. 81-100. 4. Proposed regulations under section 401(a)(4) for cash balance plans. 5. Regulations under section 401(a)(9) on required minimum distributions.... [more.]" (Internal Revenue Service)
Text of Minor Correction to Final Regs Under Code sec. 482 on Compensatory Stock Options (PDF)
2 pages. Excerpt: "On page 51173, column 3, in the preamble, under the paragraph heading 'Other Comments', paragraph 2, line 5, the language 'account for in the context of QCSAs is' is corrected to read 'account in the context of QCSAs is'." (Internal Revenue Service)
TIAA-CREF CEO to Get $9 Million in 2003
Excerpt: "Pension fund giant TIAA-CREF revealed its chief executive's total pay package for the first time Friday, saying Herbert M. Allison Jr. will earn at least $9 million this year." (AP via Washington Post)
Boston Globe Scrutinizes Benefits Provided for Part-Time Directors of Non-Profit Organizations
Excerpt: "A survey taken earlier this year by the Council on Foundations, a Washington trade group, found that about 15 percent of independent and family foundations pay health care benefits, retirement benefits, or both to board members. The council said the 'vast majority' of board members who take such benefits are part timers." (Boston Globe)
Older Workers Soon Might Be In Big Demand
Excerpt: "With the baby boomers approaching retirement, more will be leaving the nation's workforce than there are young people to replace them, creating worries of a critical worker shortage that could enhance the value of old-timers." (The Philadelphia Inquirer)
Newly Posted or Renewed Job Openings
Retirement Plan Specialist
for Diversified Investment Advisors
in MI
Pension Administrators
for Alliance Benefit Group of Illinois, Inc.
in IL
Employee Benefits Consultant
for Plante & Moran, PLLC
in MI
Compliance Analyst
for Transamerica-The Winning Organization
in CA
Plan Service Team Specialist
for ICMA Retirement Corporation
in DC
401(k) Pension Administrator
for Penservco, Inc.
in FL
Newly Posted Webcasts
(Post Yours!)
Financial Education is VITAL to Your Company - Learn Why
on November 19, 2003
presented by The EDSA Group, Inc.
Disease Management: Employer/Employee Benefits
on November 19, 2003
presented by International Foundation of Employee Benefit Plans
Newly Posted Events
(Post Yours!)
B3: Health Care and Insurance Plans - Design and Management
in Virginia on August 2, 2004
presented by WorldatWork
B3: Health Care and Insurance Plans - Design and Management
in Arizona on November 3, 2004
presented by WorldatWork
B3A: Health Care and Insurance Plans - Financial Management
in Illinois on November 18, 2004
presented by WorldatWork
Newly Posted Press Releases
(Post Yours!)
MK Recruiting Sees an Increase in Candidate Searches
(MK Recruiting)
Employers gain online reporting access for their 125 FSA and or HRA plans
(BusinessPlans, Inc. - myCafeteriaPlan.com)
Consumer Group Announces Contest for Health Care Cost-Savings Strategies
(Foundation for Taxpayer and Consumer Rights (FTCR))
Nearly One-Half of Americans Polled Believe Obese Workers Are Discriminated against on the Job; Employment Law Alliance Survey Reflects Attitudes toward the Working Overweight
(Employment Law Alliance)
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- Employee Benefits Library
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