July 5, 2005 Today's sponsor: Financial Research Associates (Click on company name or banner to learn more.)
U.S. Employers Turning to Wellness Programs Excerpt: "The most popular component of a wellness program offered was health risk assessments (61 percent), followed by smoking cessation programs (56 percent), on-site workout facilities (50 percent), adding healthier foods to menus in company cafeterias (48 percent) and employee diet groups (48 percent)." (Occupational Hazards) Michigan Supreme Court Rejects Retiree Health Cost Hike Appeal Excerpt: "The Michigan Supreme Court struck down this week a challenge to health insurance deductible and co-pay increases by a group of public school district retirees." (BenefitNews.com) Battle Looms in Michigan Over Retirement Benefits for Teachers Excerpt: "Republicans ... want to change a statewide teacher retirement plan from a traditional pension, with a set monthly payment, to a 401(k)-style plan for newly hired teachers, similar to what most state employees receive." (Detroit Free Press) Considerations in Creating a Medicare Part D Formulary (PDF) 30 pages. (Managed Care Magazine) Analysis: Eighth Circuit Opinion Issued in the Arkansas' AWP Battle Excerpt: "[T]he Eighth Circuit ... case of Prudential Insurance Company of America, et al. v. HMO Partners ... held last week that Arkansas' any willing provider law was not preempted by ERISA, except with respect to self-insured plans." (Attorney B. Janell Grenier on Benefitsblog) The Added Cost of Care for the Uninsured Excerpt: "This study quantifies, for the first time, the dollar impact on private health insurance premiums when doctors and hospitals provide health care to uninsured people. In 2005, premium costs for family health insurance coverage provided by private employers will include an extra $922 in premiums due to the cost of care for the uninsured; premiums for individual coverage will cost an extra $341." (Families USA) How Drug Ads Affect Pres.criptions Excerpt: "Pharmaceutical makers know that patients influence which drugs their doctor will prescribe for their treatment. A new study looks at just how much influence they -- and pharmaceutical advertising -- have." (National Public Radio) Consumer Group Challenges AMA on Drug Ads Excerpt: "A consumer group is calling on the American Medical Association (AMA) to disclose the amount of advertising money that the AMA collects from drug companies in the wake of the AMA's announcement that it will 'investigate' the impact of drug company advertising on consumers." (The Foundation for Taxpayer & Consumer Rights) Sen. Frist Seeks Moratorium on Direct-to-Consumer Ads for New Pres.cription Drugs Excerpt: "Senate Majority Leader Bill Frist (R-Tenn.) on Friday plans to call for a moratorium on direct-to-consumer advertising for pres.cription drugs that have been on the market less than two years, USA Today reports." (USA Today via KaiserNetwork.org) Taking a Stick to Smoking Costs Might Draw Legal Challenges Excerpt: "The smoking ban itself, which has made national headlines, doesn't break any existing Michigan laws where the benefit-services company is based. The problem is that Weyers took the policy a step too far by 'policing' it, says Glenn Patton, an attorney at the Chicago law firm Alston & Bird." (BenefitNews.com) Avoiding Medical Stop-Loss Problems Excerpt: "54% of U.S. employees with private employer health insurance were enrolled in self-funded plans last year, up from 49% in 2000, according to the Kaiser Family Foundation. Most employers with self-funded plans also have stop-loss insurance to help protect themselves from the financial risks." (BenefitNews.com) Man Sentenced to Prison in Nationwide Health Insurance Scheme Excerpt: "In pleading guilty, [John B.] Hyde admitted that he was president of ISI which operated in Novato [California]. ISI marketed and sold a health plan known as the ERISA Employee Health Benefit Plan or the ERISA Advantage. The health plan was marketed and sold to thousands of people throughout the country who believed that they were covered by a legitimate health plan." (Axcess News) New Legislative Healthcare Coverage Efforts Put Onus on Employers Excerpt: "[A] growing legion of lawmakers has turned its attention to pay-or-play bills that try to force big employers to start buying insurance for their workers. An alliance of business interests working with some of the more conservative governors has so far managed to stave off some of the most serious efforts." (Managed Care Magazine) Links to Items on Executive Comp, Benefits in General Just What Are the Odds, Anyway? Excerpt: "We actuaries devote our lives to probing and prodding the quantity QAV, where Q is risk (the probability that an event will occur), A is the cost of that (usually) untoward event, and V allows for the time value of money. This article is about Q." (Contingencies Magazine) The Effect of Unions on Employee Benefits Excerpt: "It is well-established that unionized workers in the United States are covered by more extensive employee benefits than are comparable nonunion workers.... What is less clear, however, is why this is so." (U.S. Department of Labor, Bureau of Labor Statistics) Changes in Incentive Plans Underway Excerpt: "[M]any companies are redesigning their long-term incentive plans by altering the eligibility criteria, design parameters and size of executive awards. Seventy-one percent of large employers are revising or plan to revise their long-term incentive program design in anticipation of mandatory stock option expensing in the United States ..." (BenefitNews.com) New Option Valuation Methodology Proposed Excerpt: "A new valuation alternative? Cisco Systems has taken an entirely fresh look at this issue, and is proposing that it set the value of its options by selling some 'derivative' options with attributes very similar to those granted to employees to a group of institutional investors." (Beyster Institute) Newly Posted Events Challenges and Solutions for Mature ESOP Companies in Massachusetts on October 4, 2005 presented by National Center for Employee Ownership Challenges and Solutions for Mature ESOP Companies in California on November 15, 2005 presented by National Center for Employee Ownership ESOP Feasibility: Beyond the Basics in Minnesota on October 11, 2005 presented by National Center for Employee Ownership ESOP Feasibility: Beyond the Basics in California on October 25, 2005 presented by National Center for Employee Ownership From Black-Scholes to Binomial - FAS 123(R): Employee Stock Option (ESO) Valuation Methodologies Nationwide on July 26, 2005 presented by Financial Executives International The Count Down Is On: Understanding Your Options for the Retiree Drug Subsidy Nationwide on July 6, 2005 presented by Financial Executives International Newly Posted Press Releases ERIC and Deloitte Receive Results of Wellness Program Survey (ERIC (ERISA Industry Committee)) ACLI Testifies on Benefits of Long-Term Care Insurance Before Senate Finance Committee (American Council of Life Insurers) The President of The ESOP Association Urges Congress to Enact the ESOP Promotion and Improvement Act of 2005 as Part of Building an Ownership Society (ESOP Association) Newly Posted or Renewed Job Openings Health & Welfare Associate for Towers Perrin in CA, MI, NJ, NY Manager - Retirement/Recordkeeper Analyst for WESPAC in CA Testing and Reporting Specialist (Future Opportunity) for Fidelity Investments in KY Senior Benefits Systems Analyst for The Rosen Group Inc. in NJ Account Manager, 401(k) for ABD Insurance and Financial Services in CA Regional Manager for Growing Mid-Size TPA Firm Setting Up New Regional Office in DC, DE, IL, IN, KY, MD, MI, MO, NJ, OH, PA, WV Pension Administrator for Benefit Systems, Inc. - Austin, Houston or San Antonio in TX Life & Health Sales Representative for Great-West Healthcare in MI Compliance Specialist - Contracts for Mercer Human Resource Services in TX Implementation Analyst for Mercer Human Resource Services in MA Account Manager, Health & Welfare for Charles W. Cammack Associates, Inc. in NY Account Manager for Kibble & Prentice in WA Handy Links:
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