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February 19, 2004 - 8,783 subscribers
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Overview: the New GASB Retiree Welfare Benefit
Excerpt: "The Governmental Accounting Standards Board (GASB), which is responsible for developing the accounting rules for State and Local Government (SLG) entities, views Other Postemployment Benefits (OPEB) as a form of deferred compensation.... GASB has re-released Exposure Drafts (January 2004) requiring recognition of OPEB liability in the financial statement when a benefit is earned versus when it is paid. [This] will have a significant impact on many SLG's financial statements." (Southern Employee Benefits Conference)
Lack of COBRA Election Notice Did Not Invalidate Release of Claims
Excerpt: "EBIA Comment: ... [T]his case gives us a chance to remind employers about the confusion and disputes that can arise when employees are asked to sign releases or severance agreements relating to their COBRA rights.... [W]e continue to recommend that qualified beneficiaries be provided with COBRA election notices at the earliest possible date ..." (Employee Benefits Institute of America (EBIA))
No Refunds of Unused Amounts for Employees Who Quit Qualified Transportation Fringe Benefit Plan
IRS Information Letter 2003-0244 (Oct. 24, 2003). Excerpt: "[T]he fact that the participant in this inquiry ultimately contacted the IRS for an answer is a reminder that it is helpful for employers to distribute a written summary of key plan provisions (such as what happens to unused amounts upon termination of employment). Indeed, some employers advise participants of their account balances from time to time, suggesting that they turn in their claims promptly." (Employee Benefits Institute of America (EBIA))
Employers Participating in MEWA Are Bona Fide Group, So MEWA Is a Single ERISA Plan
DOL Advisory Opinion 2003-17A (Dec. 12, 2003). Excerpt: "This Advisory Opinion addresses an important issue for multiple employer welfare arrangements (MEWAs): whether ERISA applies at the MEWA level (so that one ERISA plan exists) or at the employer level (so that each separate employer participating in the MEWA is treated as having its own ERISA plan)." (Employee Benefits Institute of America (EBIA))
Self-Help Guide to HIPAA for Small Employers
Excerpt: "HIPAA is probably one of the most misunderstood sets of regulations facing employers today. The good news is that there is a huge amount of information available to help you comply with HIPAA. The bad news is that a fair amount of what is out there is wrong.... This article will attempt to tilt the balance back in your favor by providing some practical steps you can take to control your obligations under these new regulations and to minimize your compliance costs." (HIPAA Solutions Rx; one-time registration required)
Study: the Impact of Drug Insurance Coverage on Use of COX-2 Inhibitor
Excerpt: "Elders with the most generous drug coverage in 2000, not those who met certain clinical criteria, were most likely to use COX-2 inhibitors.... Potential overuse of costly medications should be addressed as the Medicare drug benefit is being phased in." (Health Affairs)
Opinion: Administration Proposal Could Weaken Employer-Based Health Insurance (PDF)
22 pages. Excerpt: "As part of its fiscal year 2005 budget, the Administration has again proposed to provide a refundable tax credit to individuals and families for the purchase of health insurance in the individual health insurance market." (Center on Budget and Policy Priorities)
Towers Perrin Legislative Tracking Chart as of Feb. 17, 2004: Health and Welfare Issues (PDF)
12 pages. (Towers Perrin)
Opinion: Administration Proposal for Long-Term Care Insurance Likely To Be Ineffective and Costly
Excerpt: "As part of its fiscal year 2005 budget, the Administration has again proposed a deduction for the purchase of long-term care insurance. This proposal would provide little or no assistance to most low- and middle-income families ..." (Center on Budget and Policy Priorities)
Links to Items on Executive Comp, Benefits in General
Overview: SEC Issues Interpretive Guidance on Item 201(d) Equity Compensation Plan Information Table
Excerpt: "In response to an American Bar Association request for guidance, the SEC recently issued interpretive guidance and clarifications addressing equity compensation plan disclosure issues under Regulation S-K, Items 201(d) and 601(b). The SEC's interpretive guidance and clarifications included: ..." (Perkins Coie)
California Grocery Strike Over Employee Benefits Takes Huge Economic Toll
Excerpt: "The economic fallout of the Southern California grocery strike -- now in its 19th week -- continues to mount. While negotiations are under way to bring the strike to an end, the financial impact on union workers, supermarkets and the region's economy may be long lasting. Supermarket chains have lost over $1 billion in sales. Hear Erik Anderson of member station KPBS." (National Public Radio)
Towers Perrin Legislative Tracking Chart as of Feb. 17, 2004: Human Resources Issues (PDF)
7 pages. (Towers Perrin)
Older Employees Expected To Fill Key Shortages
Excerpt: "Experts are warning that strategic benefit designs need to mature as quickly as America's rapidly aging work force if employers want to stay competitive in the labor market." (BenefitNews.com)
Program Eases Retirees Back to Work Force
Excerpt: "'The older generation has a good work ethic,' said John Governor, program director at Mid-Cumberland Community Service Agency in Nashville. 'They care about being productive and want to work. They tend to have less absenteeism than younger workers and lower turnover.'" (AP via Washington Post)
Newly Posted Events
Retiree Health Benefits Now and in the Future
Nationwide on February 18, 2004
presented by Hewitt Associates LLC
HIPAA Privacy: The Final Days Before Compliance
Nationwide on March 2, 2004
presented by ABA Joint Committee on Employee Benefits
Mutual Funds in Crisis: The Prudent ERISA Fiduciary's Response
Nationwide on March 9, 2004
presented by ABA Joint Committee on Employee Benefits
WEB Benefits Boot Camp
in Georgia on March 3, 2004
presented by Worldwide Employee Benefits Network (WEB) - Atlanta Chapter
Health and Welfare Plan Management for Mid-Sized Employers
in Florida on February 29, 2004
presented by University Conference Services
Health and Welfare Plan Management for Mid-Sized Employers
in Illinois on June 6, 2004
presented by University Conference Services
Mid-Sized Pension Management Conference
in California on March 14, 2004
presented by University Conference Services
Mid-Sized Pension Management Conference
in Massachusetts on April 27, 2004
presented by University Conference Services
Mid-Sized Pension Management Conference
in Illinois on October 3, 2004
presented by University Conference Services
Health Savings Accounts: More Momentum for Consumer-Driven Plans?
Nationwide on February 26, 2004
presented by Benefit Partners, Inc.
Practical Application of the Retirement Distribution Rules: What Practitioners Must Know
Nationwide on February 2, 2004
presented by West LegalEdcenter
Newly Posted Press Releases
ASEC Joins National Organizations To Sponsor Sixth Annual National Consumer Protection Week
(American Savings Education Council (ASEC))
Newly Posted or Renewed Job Openings
Account Manager (Retirement Services)
for SunTrust Bank
in VA
Trust Accounting Administrator
for Associated Pension Consultants
in CA
Administrative Service Associate
for The Senex Group (Woodland Hills, California)
in CA
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