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January 19, 2004 - 8,783 subscribers
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Group Health Plan Changes in Medicare Pr*scription Drug Improvement and Modernization Act of 2003
Excerpt: "The Medicare Pr*scription Drug Improvement and Modernization Act of 2003 (the 'Act') brought a number of changes that affect employer sponsored group health plans. There were changes to the Medicare Secondary Payer provisions, the enactment of the subsidy provision for the employer sponsored pr*scription drug benefits for certain retirees who are Medicare eligible, and the enactment of certain tax incentives for health and retirement security, including health savings accounts." (Attorney Greta E. Cowart of Haynes and Boone LLP)
Bush Looks at New Health Care Initiative, Advisers Say
Excerpt: "President Bush is expected to propose a health care initiative in his State of the Union address to help the uninsured and the underinsured, White House advisers said on Friday." (New York Times; one-time registration required)
Minnesota Governor Meets With FDA Officials To Explain Drug Reimportation Proposal
Excerpt: "Minnesota Gov. Tim Pawlenty (R) on Thursday met with five FDA officials in Washington, D.C., to discuss the legal liability, potential penalties and the possible agency response to a proposal to reimport lower-cost U.S.-manufactured pr*scription drugs from Canada for state residents, the St. Paul Pioneer Press reports." (KaiserNetwork.org)
Some U.S. Generic Drugs a Better Buy Than Canadian Imports
Excerpt: "Americans who buy drugs in Canada in hopes of saving money could pay significantly more for certain medicines than if they had purchased generic versions at home, according to new research by the Food and Drug Administration." (AP via Washington Times)
PBM Reimbursement Practices Contributing to Rising Drug Costs, Study Says
Excerpt: "The disparity between the amounts that pharmacy benefits managers charge clients and reimburse pharmacies is 'contributing to the rapid rise in health care costs,' according to a pilot study in the Journal of the American Pharmacists Association, the Newark Star-Ledger reports." (KaiserNetwork.org)
Retiree Health Benefit Liabilities Underestimated by Corporate America
Excerpt: "Look at the recent surveys on trends in health care costs, and they all point way up. Too bad many companies are ignoring those predictions when tallying the future expenses of their retirees' benefits.... While so much attention in recent years has gone to the drain on corporate coffers by pension plans, the potential hit from other post-retirement employee benefits, or OPEB plans, is just getting noticed." (AP via Washington Post)
Disability Plan Once Maintained by Employer Remains Subject to ERISA After Becoming Employee Pay-All
Excerpt: "We found this case interesting because it illustrates a point that could be overlooked by an employer wishing to insulate a voluntary insurance arrangement from ERISA.... The federal trial court concluded that the arrangement was subject to ERISA because, by originally paying the premiums, the employer had 'established or maintained' the arrangement within ERISA's definition of employee welfare benefit plan." (Employee Benefits Institute of America (EBIA))
Explicit Waiver of Life Insurance Benefits by Former Spouse in Divorce Decree Not Preempted by ERISA
Excerpt: "The life insurance in question here was provided through an ERISA plan and the participant named her husband as the beneficiary. When the couple divorced, the divorce decree provided that any life insurance naming the husband as beneficiary would become payable to the participant's estate or to a beneficiary designated after the divorce. The participant died without changing the beneficiary." (Employee Benefits Institute of America (EBIA))
Plan's Choice of Law Provision Does Not Override Application of ERISA
Excerpt: "In this coordination of benefits (COB) case, the trial court held that an ERISA plan's choice of law provision requiring the application of state law could not override ERISA.... The carrier acknowledged that under the controlling legal rule, the COB provision in an ERISA plan will control when an insurance policy and an ERISA plan contain conflicting COB clauses. The carrier argued, however, that this rule did not apply because the plan contained a choice of law provision ..." (Employee Benefits Institute of America (EBIA))
Opinion: States Must Lead the Way on Universal Health Coverage Issue
Excerpt: "More than 43 million Americans may now be uninsured, but no one expects a national health care system similar to Canada's to be adopted any time soon. The obstacles, not least the fierce opposition of the $300 billion insurance industry, make such an enormous change politically untenable." (David Lazarus on SFGate.com)
Physician Group Unveils Health Care Reform Proposal To Expand Health Coverage to More U.S. Residents
Excerpt: "The American College of Physicians on Thursday unveiled a four-part health reform plan that it suggested Congress use as a guide throughout the new session, CongressDaily reports. The initial goal of legislators and President Bush should be to assure that every U.S. resident whose income is 150% of the federal poverty level or less has access to affordable coverage by Jan. 1, 2007, ACP President Munsey Wheby said at a press conference." (KaiserNetwork.org)
Links to Items on Executive Comp, Benefits in General
New Edition of the Stock Options Book
The NCEO presents excerpts from, and a downloadable table of contents for, the new (6th) edition of The Stock Options Book, written by attorney Alisa J. Baker. Used as a text by the Certified Equity Professional Institute, this book is a classic in the field. The new edition includes updates on recent developments and an index. (National Center for Employee Ownership)
Benefit Implications of the Massachusetts Court Ruling Allowing Same-Sex Marriage (PDF)
2 pages. Excerpt: "Some sponsors of private sector plans may take the position that same-gender marriages will not be recognized for any benefits and plans governed only by federal law (e.g., qualified retirement plans, self-insured health benefit programs and benefit continuation under COBRA) because of DOMA." (The Segal Company)
Text of Fall 2003 Issue of Newsletter for National Association of State Retirement Administrators (PDF)
28 pages; includes summaries of presentations at recent national conference. (National Association of State Retirement Administrators)
Four Top Fire Union Reps Get Tax-Free Pensions, Raising Questions in NYC
Excerpt: "Four top fire union officials who left or were voted out of office after Sept. 11, 2001, and who had spent most of the previous eight years doing administrative work have retired on tax-free disability pensions, city records show." (Newsday)
Justices Consider Business Owner's ERISA Rights
Excerpt: "The U.S. Supreme Court on Jan. 13 heard oral arguments on whether a sole shareholder in a professional corporation is an 'employee' with rights as a 'participant' in an ERISA plan. If so, the plan assets are off limits in bankruptcy. The case is Yates v. Hendon, U.S. Supreme Court Docket No. 02-458." (Thompson Publishing Group)
Newly Posted Events
Enhancing Integrative Disability Management Programs
in Nevada on March 25, 2004
presented by World Research Group
Introduction to ESOPs
in California on March 23, 2004
presented by National Center for Employee Ownership
Managing Retirement Assets Symposium
in Nevada on March 31, 2004
presented by LOMA
Newly Posted Press Releases
U.S. Labor Department Files Friend of the Court Brief in WorldCom Class Action Lawsuit
(U.S. Department of Labor, Office of Public Affairs, Washington, D.C.)
Newly Posted or Renewed Job Openings
Jr. Administrator
for Capital Investment Advisory
in FL
Compliance Specialist
for Hewitt Associates
in IL
Pension Plan Administrator - Defined Contribution
for American Express Tax & Business Services
in AZ
Retirement Plans Analyst/Coordinator
for Pacific Life
in CA
Attorney
for Stoel Rives
in WA
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