February 28, 2005 Today's sponsor: Hay Group, Inc. Free Hay Group Web Seminar on Medicare Part D Are you ready for the changes taking place later this year? Let Hay Group's actuarial consultants help you decide how best to take advantage of the Medicare Part D prescription drug program. Register today for a free 1-hour web seminar, which explains, in plain English, if your retiree plan qualifies for the federal subsidy, what your options are, and how much you can expect to save. Deadlines are rapidly approaching. For more information go to: http://www.haygroup.com/expertise/commitment/medicare_part_d.asp (Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor) Blame for Rising Insurance Costs Being Placed on Consumers Excerpt: "Through most of 2004 insurance companies and employers beat the drum with one clear message: Individuals are most responsible for rising health care costs." (Memphis Business Journal via bizjournals.com; one-time registration required) Lack of Sick Days Compounds Problems for Many Employees When the Flu Hits Excerpt: "For nearly 47 percent of American workers, when the flu hits, there is no paid sick leave. That includes 76 percent of low-wage workers, according to findings of Get Well Soon: American Can't Afford to be Sick report from the National Partnership for Women & Families." (The Marietta Times) Many Companies Exploring Increasingly Attractive Benefit for Employees: Paid and Unpaid Sabbaticals Excerpt: "As baby boomers retire and the competition to attract and retain talent heats up, companies are looking more closely at the powerful retention benefits of extended time off. 'Employers are finding that employees are more engaged, more productive, and more loyal when they come back from sabbaticals,' ...." (U.S. News & World Report) Overview: Daily Penalties for Failure to Provide COBRA Election Notice Excerpt: "Courts that assess statutory penalties for COBRA notice violations do not always identify the beginning and ending dates for applying the daily penalty, and there is no uniform view regarding when the penalty period ends. Some of the end dates courts have chosen in other cases include: the expiration of a state statute of limitations for statutory penalties; the effective date of coverage under another health plan; and the date that the qualified beneficiary filed suit." (Employee Benefits Institute of America Inc.) Overview: COBRA and ERISA Sec 510 Claims Falling Outside Severance Plan's Mandatory Arbitration Excerpt: "This case reminds us of the different effects of general arbitration clauses (such as those covering any type of dispute), for which courts will often resolve doubts in favor of arbitration, and specific arbitration clauses (such as the one in this case, extending only to a specific type of dispute), which will often be read more narrowly." (Employee Benefits Institute of America Inc.) How to Save Medicare? Let People Die Sooner Excerpt: "Though Social Security's fiscal direction has taken center stage in Washington of late, Medicare's future financing problems are likely to be much worse. President Bush has asserted that the Medicare Modernization Act, which he signed in 2003, would solve some of those problems .... Yet the Congressional Budget Office expects the law to create just $28 billion in savings during the decade after its passage, while its pres.cription drug benefit will add more than $400 billion in costs." (The New York Times; one-time registration required) AARP Launches Pres.cription Drug Comparison Web Site: 'Effectiveness & Safety of Pres.cription Drugs' Excerpt: "Are the newest and most expensive drugs always the best? Not necessarily. AARP has developed this online consumer guide to help you find effective and affordable pres.cription drugs." (AARP) An Exclusive Authorlink Interview with Newt Gingrich on His Newest Book: 'Winning the Future' Excerpt: "Former U.S. House Speaker Newt Gingrich has just released his newest book, Winning the Future: A 21st Century Contract with America .... In his new book, he outlines five big threats to America, including terrorism, competition in a global economy, and growing cultural and historical ignorance, and offers a plan for surviving. Authorlink talked with Mr. Gingrich, and asked him to elaborate on his five-point program, and to address the criticisms of some of his detractors." (Newt Gingrich via Authorlink) Links to Items on Executive Comp, Benefits in General Overview: Non-Qualified Deferred Compensation Guidance Brings Good News (PDF) 2 pages. Excerpt: "[T]he IRS issued Notice 2005-1 (the 'Notice') providing guidance regarding the recently-enacted non-qualified deferred compensation provisions contained in new section 409A of the Internal Revenue Code ('409A'). The Notice provides critical transition relief from the new law, which is scheduled to go into effect January 1, 2005." (Haynes and Boone) Overview: USERRA Modifications as a Result of the Veterans' Benefits Improvement Act of 2004 (PDF) 1 page. Excerpt: "President Bush has signed the Veterans' Benefits Improvement Act of 2004 (the 'VBI Act'). In addition to modifying and extending a number of educational, housing and other benefits to members of the uniformed services, the VBI Act amends several requirements of the Uniformed Services Employment and Reemployment Rights Act ('USERRA') that directly impact employers." (Haynes and Boone) Newly Posted Events Employee Benefits for Tax-Exempts Conference hosted by the SouthWest Benefits Association and IRS in Texas on April 1, 2005 presented by SouthWest Benefits Association Health Plans, HIPAA, and COBRA Update Nationwide on April 27, 2005 presented by ALI-ABA (American Law Institute-American Bar Association) HMO Plus Demo Nationwide on March 8, 2005 presented by Newkirk Products, Inc. HMO Plus Demo Nationwide on March 15, 2005 presented by Newkirk Products, Inc. HMO Plus Demo Nationwide on March 22, 2005 presented by Newkirk Products, Inc. HMO Plus Demo Nationwide on March 28, 2005 presented by Newkirk Products, Inc. Plan Freezes, Terminations and Mergers Nationwide on March 1, 2005 presented by McKay Hochman Co., Inc. Recent Developments on Revenue Sharing Nationwide on March 22, 2005 presented by ASPPA (American Society of Pension Professionals & Actuaries) What's New on the Form 5500 Nationwide on March 24, 2005 presented by McKay Hochman Co., Inc. What's New on the Form 5500 Nationwide on March 31, 2005 presented by McKay Hochman Co., Inc. Newly Posted Press Releases PBGC Protects Pensions At Oxford Automotive (Pension Benefit Guaranty Corporation (PBGC)) PBGC'S Belt To Testify Before Senate Finance Committee (Pension Benefit Guaranty Corporation (PBGC)) The State of Iowa and The Principal Financial Group Take Lead Roles in AARP Foundation's National Mature Workforce Initiative (Principal Financial Group) SouthWest Benefits Association and IRS Host Employee Benefits Conference (SouthWest Benefits Association) Newly Posted or Renewed Job Openings 401(k) Client Relationship Manager for Financial Service Leaders in ANY STATE, CO, MI, PA Manager, Client Services for BISYS Retirement Services in PA Broker/Sales Associate for MJM Global Services & Benefits, Inc. in NJ Compliance Director for 32BJ, Taft-Hartley Employee Benefits Fund in NY Pension Administrator - Defined Benefits Plan for Retirement System Group Inc. in NY Implementation Consulting Analyst - US Outsourcing for Mercer Human Resource Consulting in IL, MA Employee Benefits Attorney for Nyemaster, Goode, West, Hansell & O'Brien, P.C. in IA Handy Links:
Copyright 2005 BenefitsLink.com, Inc.; except that you may reprint this newsletter in full (including this sentence) without obtaining our permission. Published by: BenefitsLink.com, Inc. https://benefitslink.com/about.html 1298 Minnesota Avenue, Suite H Winter Park FL 32789 (407) 644-4146 Fax: (407) 644-2151 Editor and Publisher: David Rhett Baker, J.D. Housekeeping: |