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December 24, 2003 - 8,783 subscribers
Today's sponsor: Financial Research Associates
(Click on company name or banner to learn more.)
“Made in America (sm) 2004, the Inaugural Taft-Hartley Benefits Summit" Financial Research Associates’ is proud to present "Made in America (sm) 2004, the Inaugural Taft-Hartley Benefits Summit," scheduled for February 18-21, 2004 at The Caesar’s Palace in sunny Las Vegas, Nevada. We have been receiving an excellent response from the industry so far and we would love for you to be a part of this no-nonsense event! For more information or to register call 800-280-8440 or visit www.frallc.com.
(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
Overview: IRS Issues First Round of Guidance on Health Savings Accounts (PDF)
5 pages. Excerpt: "While the Notice does not address several of the more complex HSA issues (later guidance will), it is very helpful in that it restates many provisions of the Medicare Pr*scription Drug Improvement and Modernization Act of 2003 (the Act) and provides some clarification on a few basic HSA compliance matters." (Alston + Bird LLP)
FDA: Too Costly to Legalize Drug Imports
Excerpt: "As millions of Americans turn to Canada for cheaper pr*scription drugs, the Food and Drug Administration's top pharmacist said Tuesday that it would take hundreds of millions of dollars to set up a legal, safe program to import the medicines." (AP via Las Vegas Sun)
Counterfeit Drug Concerns a Smokescreen, Say State Officials
Excerpt: "New attempts by major drugmakers to block distribution of counterfeit medicines are actually ploys to prevent reimportation of cheaper medicines into the United States, state and city officials told Reuters ..." (Reuters via Medscape; one-time registration required)
Opinion: the Downside of Drug Reimportation
Excerpt: "More sober assessments put Illinois' savings at less than a third of what the governor is touting. But even these may not materialize if reimported drugs cause any harm or injury. Should this happen, the state may find itself on the hook for millions of dollars in legal fees and liability costs." (Shikha Dalmia in the Chicago Tribune; one-time registration required)
Medicare Law Might Limit Drug Discounts for Insurers
Excerpt: "Two provisions buried deep in the nearly 700-page Medicare drug law may limit the discounts that insurers and pharmacy benefit managers can get from drug makers - and, therefore, how far the new drug benefit for the elderly will stretch, executives say." (New York Times; one-time registration required)
Employer's Bankruptcy Does Not Stay COBRA Claims Against Plan or its Administrator, Court Rules
Excerpt: "Despite an employer's bankruptcy proceedings, ERISA claims related to a late COBRA election notice can proceed because they only involve the plan and the plan administrator -- not the employer, a federal district court in Indiana ruled. Therefore, the claims do not fall under a bankruptcy code provision that stays legal claims against bankrupt employers." (Thompson Publishing Group)
U.S. Court of Federal Claims Issues Decisions Affecting Severance Plans
Excerpt: "The court said in one case that one employer's severance payments were made due to voluntary departures and were not exempt from employment taxes. In the other decision, the court held that another employer's severance payments are not nonqualified deferred compensation. In both cases, the court said the employers' severance payments were subject to Social Security and Medicare (FICA) taxes." (Thompson Publishing Group)
OPM Looks Into Offering a Tax Break for Federal Employees Via Health Savings Accounts
Excerpt: "The OPM announcement was made in tandem with the Treasury Department's publication of guidelines to make the tax break available to U.S. citizens Jan. 1. HSAs were created by a provision in the legislation recently signed by the president that provides a pr*scription drug benefit to the Medicare program." (Washington Post)
The ABCDs of Medicare Reform
Articles include Medicare milestones; All seniors gain benefits; Providers get help in caring; Opening door to choices; Flawed program needs fixing; Hospitals' holiday wishes come true; Quality initiative gets serious; Niche facilities hit; Health Plans' Future Under New Medicare Law; PBMs get new role; Docs take a deep breath. (Modern Healthcare)
Stampede of Diabetes as U.S. Races to Obesity
Excerpt: "Many people seem to think they don't have to worry about a preventable disease that does not, at the outset at least, have serious consequences and that can be treated. One such disease was long called adult-onset diabetes. There are two things wrong here: first, this disease does indeed have very serious consequences despite the availability of numerous drug therapies, and second, it is no longer an ailment that occurs almost exclusively in adults." (New York Times; one-time registration required)
Links to Items on Executive Comp, Benefits in General
Opinion: Bush's 'Ownership' Scam
Excerpt: "In President Bush's upcoming State of the Union address, we will hear a lot about something called an 'ownership society.' The idea is that American workers aspire to be owners -- of stock for their retirement, homes, businesses, good health insurance, and skills they need to navigate multiple changes of jobs and careers. It sounds just great. Take a closer look, however ..." (Robert Kuttner in the Boston Globe)
Angel: 'I Bring You Good News of Great Joy That Will Be For All the People'
Excerpt: "Merry Christmas to all of our readers from BenefitsLink! The updates on our Benefits Buzz page and our email newsletters will return on December 29." (The Gospel According to Luke)
Newly Posted Press Releases
FASB Issues Accounting Standard to Improve Disclosures about Pension and Other Postretirement Benefit Plans
(Financial Accounting Standards Board (FASB))
Newly Posted or Renewed Job Openings
Financial Control/401 (k) Specialists
for Constantin Control Associates
in PA
Specialist II - FMLA Benefits Administration
for Blue Cross and Blue Shield of Florida, Inc.
in FL
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
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