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October 19, 2004
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New WorldatWork publications added to the Bookstore. WorldatWork, a not-for-profit professional association, is a leading publisher of compensation, benefits and total rewards information. With a portfolio of books, reports, survey briefs, booklets and online learning programs, WorldatWork creates, markets and distributes publications that are critical to improved organizational performance. WorldatWork has contributed to the education and development of business professionals worldwide since 1955.
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Spitzer Insurance Investigation Includes Look at Costs for Individual and Group Insurance Coverages
Excerpt: "An investigation into the insurance business is expanding, ..., as Eliot Spitzer, the New York attorney general, increasingly turns his attention to whether American corporations and their employees are paying more for life, disability and accident insurance than they should be. .... These include life, disability and accident insurance bought for workers by businesses and nonprofits, who often allow employees to add to their coverage if they dip into their own pockets." (The New York Times; one-time registration required)
IRS to Require Custodians, Trustees to Report How Many Archer MSAs Established in First Half of 2004 (PDF)
Announcement 2004-82. Excerpt: "Trustees must report this information to IRS on Form 8851, no later than January 3, 2005. Form 8851 will soon be available at www.irs.gov." (Internal Revenue Service)
Overview: DOL Issues Final COBRA Notice Regs and Model Forms
Excerpt: "Besides clarifying existing interpretations as to what is considered to be a good-faith effort at compliance with these notice requirements, the final regs impose two additional notice requirements on COBRA administrators. The final regs also provide safe-harbor notice and election forms that group health plans may adapt to fulfill the initial and post-qualifying event notice requirements." (RIA Tax News)
How BBC Put a Smile on Its Employees' Faces with a Car Scheme
Excerpt: "Up to 50 staff members every month are currently joining a new all-employee car scheme introduced at the BBC as part of a major fleet revamp. Despite initial skepticism against its myDrive scheme, launched in 2002, the company's staff, including those eligible for a company car, have embraced the scheme and recognized its benefits." (Fleet News)
Calling in Sick to Work? Cigna's Program Requires That You Prove It
Excerpt: "Are you sure you're too sick to work? Tell it to the nurse your boss is paying to call you. That's what some folks have to do to cadge a sick day in the United Kingdom. Prompted by rising absenteeism, 20 UK employers have signed on with health care company Cigna UK's absence management program to have nurses check on sick employees at home, said Sharon Lyons, managing director of Cigna UK." (The Washington Post; one-time registration required)
Survey Says Most HSA-Qualified High-Deductible Health Plans Cost Less Than $100 Per Month
Excerpt: "Since the beginning of the year, eHealthInsurance, a California-based online health insurance broker, says thousands of people have purchased HSA-qualified high-deductible health plans (HDHPs) through its service. .... [M]ore than half of those who purchased a plan through it pay $100 or less per member per month for the coverage. Less than 1% of people covered by the plans pay more than $400 a month for single coverage, according to the company's data." (AISHealth.com)
StateHealthFacts.org Has a New Look and Contains New Data
Excerpt: "StateHealthFacts.org, the Foundation's online source for the latest state-by-state and national data on demographics, health, and health policy, has a new look and has been updated with new data. Updates have been made to more than 78 topics, including health insurance premiums and coverage, providing trend information for the 44 states that had declines in employer-based health insurance coverage between 2000 and 2003." (Kaiser Family Foundation)
Uninsured Rose in 2003 as Number of Americans with Employment-Based Health Benefits Declined (PDF)
Pages 1-8. Excerpt: "A decline in people with employment-based health insurance resulted in more uninsured Americans in 2003, according to a new analysis from the Employee Benefit Research Institute (EBRI). Barely 6 in 10 Americans (60.4 percent, or 174 million) had employment-based coverage last year, down from 63.6 percent in 2000. Meanwhile, the uninsured population rose to 15.6 percent in 2003 from 15.2 percent the prior year." (Employee Benefit Research Institute)
Kerry Says Bush Is Indifferent to Health Care Issues
Excerpt: "Senator John Kerry on Monday accused President Bush of a dangerous indifference to the country's health care concerns, using the shortage of the flu vaccine as a symbol of the broader problems of uninsured families and high-priced pres.cription drugs. 'Ladies and gentlemen, here's the Bush health care plan: Don't get a flu shot,' .... 'Don't import less expensive drugs, don't negotiate for lower prices, and, most of all, don't get sick." (The New York Times; one-time registration required)
GAO Reports Address Health Coverage Tax Credit, HIPAA's Privacy Rules, Medicare Appeals
Excerpt: "In three recent reports to Congress, the Government Accountability Office (GAO) addressed the health coverage tax credit (HCTC), the first-year experience under the privacy rules of the Health Insurance Portability and Accountability Act, and the transfer of the Medicare appeals workload from the Social Security Administration (SSA) to the Department of Health and Human Services. All three of the reports were released on October 4." (Spencer Benefits Reports)
Eleventh Circuit Court Nixes State Malpractice Lawsuit Against ERISA HMO
Excerpt: "Following the U.S. Supreme Court's recent holding in Aetna Health Inc. v. Davila, the Eleventh Circuit dismissed a state malpractice lawsuit against an ERISA-covered health maintenance organization (HMO). The suit, which had been brought by a plan beneficiary over the HMO's refusal to approve certain requested treatments, was preempted by ERISA. (Land v. Cigna Healthcare of Florida (2004, CA11) 2004 WL 1908388)" (RIA Pension & Benefits Week)
Links to Items on Executive Comp, Benefits in General
Full Text of Accounting Roundup, 3rd Quarter 2004 , in Review (PDF)
Excerpt: "During the third quarter of 2004, accounting standard-setters and accounting regulators issued a number of final and proposed SFASs, FSPs, EITF consensuses, GASB Statements, AcSEC SOPs, SEC rules, PCAOB rules, IASs, etc. ... affecting accounting, financial reporting, and corporate governance. This publication ... presents brief descriptions of those pronouncements, as well as ... other regulatory and professional developments in accounting and financial reporting." (Deloitte via Financial Executives International)
UAL Execs Face Cuts -- If Workers' Pensions Go, Executives' Plans to Be Slashed, Too
Excerpt: "As executives at United Airlines prepare to take a knife to the company's employee pension plans, they do so knowing they would be inflicting deep wounds on their own retirement benefits in many cases. More than 100 current and former United officials would see their pension benefits cut dramatically if the carrier ended its plans, leading to life-style changes for some but saving United tens of millions of dollars." (Rocky Mountain News)
ERISA Temporary Worker Lawsuit Settles - "SmithKline to Pay $5.2 Million to Settle ERISA Suit."
Excerpt: "According to the article, the employer has agreed 'to pay $5.2 million to settle an ERISA class action suit brought by workers who said they were improperly labeled 'temporary' and therefore denied pension benefits despite working full time for months or even years.' The lawsuit highlights the problematic issues that can arise with respect to benefits programs when a portion of the workforce is comprised of 'temporary' or 'leased employees.'" (Attorney B. Janell Grenier via BenefitsBlog.com)
Extensive Chart on New Rules Governing Nonqualified Deferred Compensation Plans (PDF)
12 pages. Excerpt: "The new rules apply broadly to deferred compensation arrangements, including both elective and non-elective arrangements and individual arrangements." (Miller & Chevalier)
Treasury Officials Promise Early Guidance and Flexibility in Transitioning to New NQDC Rules
Excerpt: "An HR Policy conference call [on 10/15] with Treasury Department officials shed light on a number of key issues regarding the new rules on nonqualified deferred compensation. We were told that, while time-based restricted stock and stock options are not covered by the new provisions, stock appreciation rights, which operate similarly, are generally covered. Also covered is the deferral of any performance-based equity compensation, such as restricted stock units or performance shares." (HR Policy Association)
American Jobs Creation Act Restricts Tax Advantages of Nonqualified Deferred Compensation Plans
Excerpt: "Under the Act, compensation deferred under nonqualified deferred compensation plans would be subject to tax (and interest assessments) in the year of deferral, to the extent not subject to a substantial risk of forfeiture (i.e., right to compensation conditioned on the performance of substantial services) and not previously included in gross income, unless the plan prohibits distributions prior to the disability, death, or separation from service of the employee." (CCH Pension & Benefits News)
Mutual Funds Have Vested Interest in the Big Pharmaceuticals Debate
Excerpt: "Who's got money riding on the outcome of the great pharmaceuticals debate? You and I do, if we have our retirement accounts invested in any of the hordes of mutual funds that own shares of Pfizer Inc., Eli Lilly & Co., Schering-Plough Corp. and the other titans of the medication trade. Who should pay how much, when and where, for the drugs that keep people alive and healthy? How can these vital products best be made available to all who could benefit?" (Bloomberg.com)
Newly Posted Events
"Must Dos" for Year End - Benchmarking Your Manager & Provider
Nationwide on November 11, 2004
presented by PLANSPONSOR
401(k) Plans
in Minnesota on November 9, 2004
presented by Employee Benefits Institute of America Inc. (EBIA)
Cafeteria Plans
in Minnesota on November 10, 2004
presented by Employee Benefits Institute of America Inc. (EBIA)
Carrot or Stick: How to Motivate Employees When You Can't Afford Salary Increases
Nationwide on October 29, 2004
presented by HRTrainingCenter.com
COBRA and Cal-COBRA: How to Comply with Recent Changes in the Law
Nationwide on October 19, 2004
presented by HRTrainingCenter.com
COBRA Compliance for Group Health Plans
in Minnesota on November 12, 2004
presented by Employee Benefits Institute of America Inc. (EBIA)
COBRA For Beginners Promotion
Nationwide on October 20, 2004
presented by HRTrainingCenter.com
Compliance Certification Promotion
Nationwide on October 20, 2004
presented by HRTrainingCenter.com
Consumer-Driven Health Care & Fringe Benefits
in Minnesota on November 11, 2004
presented by Employee Benefits Institute of America Inc. (EBIA)
Document Retention And Destruction
Nationwide on October 20, 2004
presented by HRTrainingCenter.com
Employee Discharge And Documentation
Nationwide on October 20, 2004
presented by HRTrainingCenter.com
ERISA Advisory Council to Hold October Teleconferences
in District of Columbia on October 27, 2004
presented by U.S. Department of Labor, Office of Public Affairs, Washington, D.C.
ERISA Compliance for Health & Welfare Plans
in Minnesota on November 11, 2004
presented by Employee Benefits Institute of America Inc. (EBIA)
Fighting Back! Employee Benefit Solutions That Work
Nationwide on October 27, 2004
presented by HRTrainingCenter.com
Financial and Retirement Planning Education—For Plan Participants (Part two of a two-part series)
Nationwide on November 11, 2004
presented by International Foundation of Employee Benefit Plans
Financial and Retirement Planning Education—For Plan Sponsors (Part one of a two-part series)
Nationwide on October 28, 2004
presented by International Foundation of Employee Benefit Plans
For Advisors: How PLANSPONSOR Can Help You Expand Your Business
Nationwide on October 21, 2004
presented by PLANSPONSOR
HIPAA Portability & Privacy
in Minnesota on November 12, 2004
presented by Employee Benefits Institute of America Inc. (EBIA)
HIPAA Portability - - The Hidden Secrets to Compliance
in California on November 4, 2004
presented by HRTrainingCenter.com
How to Determine & Lower Your 401(k) Plan Fees
Nationwide on November 9, 2004
presented by PLANSPONSOR
Legislative Update on Non-Qualified Deferred Compensation
Nationwide on November 10, 2004
presented by PLANSPONSOR
Pathfinder Demo for Advisors
Nationwide on October 26, 2004
presented by PLANSPONSOR
Pathfinder Demo for Plan Sponsors
Nationwide on October 19, 2004
presented by PLANSPONSOR
PHR / SPHR Recertification Suite
Nationwide on October 19, 2004
presented by HRTrainingCenter.com
Rescheduled 50th Annual Employee Benefits Conference
in Louisiana on November 30, 2004
presented by International Foundation of Employee Benefit Plans
USERRA Refresher - What Plans Need to Know
Nationwide on November 4, 2004
presented by International Foundation of Employee Benefit Plans
Workers’ Comp Update 2004
Nationwide on October 20, 2004
presented by HRTrainingCenter.com
Newly Posted or Renewed Job Openings
401(k)/Defined Contribution or Defined Benefit Compliance Analyst
for National Retirement Services, Inc.
in
Compliance Testing Consultant
for Diversified Investment Advisors
in NY
401(k)/Defined Contribution or Defined Benefit Account Manager
for National Retirement Services, Inc. (NRS)
in CA, NC
Financial Projects Administrator, Risk and Treasury - PA
for The Vanguard Group
in PA
Retirement Benefits Administrator
for AC Transit
in CA
Regulatory Compliance Attorney
for Lockton Benefit Companies
in MO
Relationship Manager (Retirement Plans) - multiple positions
for Emjay Corporation, A Great-West Company in Milwaukee, WI
in WI
Health and Welfare Benefits Attorney - Washington Resource Group
for Mercer Human Resource Consulting
in DC
Communications Consultant
for Merrill Lynch
in NJ
Vice President/Retirement Planning Consultant
for Merrill Lynch
in MI
Client Relationship Manager
for Merrill Lynch
in CO
Vice President Retirement Planning Advisor
for Merrill Lynch
in ANY STATE
Consultants
for SunGard Employee Benefit Systems
in ANY STATE
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