| BenefitsLink Welfare Plans Newsletter |   |
October 26, 2005
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| Employee Benefits Law -- 23rd Annual National CLE Conference
January 3-7, 2006, Snowmass Village (Aspen), CO Media Sponsor: BenefitsLink Where Education Comes First...
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Wal-Mart Memo Suggests Ways to Cut Health Care and Other Employee Benefit Costs
Excerpt: "An internal memo sent to Wal-Mart's board of directors proposes numerous ways to hold down spending on health care and other benefits while seeking to minimize damage to the retailer's reputation. Among the recommendations are hiring more part-time workers and discouraging unhealthy people from working at Wal-Mart." (The New York Times; one-time registration required)
(Corrected Link) Opinion: The Wal-Mart Way on Health Care
Excerpt: "Most Wal-Mart employees who are uninsured or are on state-funded health plans simply can't afford the monthly premiums on their low wages and salaries, or lack coverage because of long waiting periods to become eligible. The result is that taxpayers now pay a large chunk of the company's health care bills for its employees.... In order to stay competitive with Wal-Mart, more companies may now be forced to cut back or to eliminate employee health care coverage altogether." (Erika Flierl, The Century Foundation)
CMS Provides Guidance to Plan Sponsors on Retiree Drug Subsidy Payment Process (PDF)
4 pages. Excerpt: "CMS recently issued guidance providing plan sponsors with specifications and instructions for submitting payment requests for the employer subsidy for their retiree pres.cription drug costs under the new Medicare pres.cription drug law." (Buck Consultants)
Opinion: Who's Benefiting from Bankrup.tcy?
Excerpt: "We are too generous to workers. That is the mantra repeated over and over as the reason for the foundering of America's great industries. .... Rick Wagoner, the chairman of GM, whines that $1,500 of each car sold goes to pay health costs, a burden that their competitors in Japan and Germany don't face. Well, guess what? Those countries have national health care programs." (St. Petersburg Times via Star Telegram.com; one-time registration required)
Coping with Serious Illness in the Workplace -- A Survey (PDF)
Excerpt: "Survey results indicate a strong willingness among employers to accommodate requests that would allow a seriously ill employee to continue working. Half of the responding employers indicate they made the requested accommodations 'all of the time'; the other half indicate they made the requested accommodations 'most of the time.'" (International Foundation of Employee Benefit Plans)
Making Electronic Health Records Consumer-Friendly
Excerpt: "Almost three-quarters of Americans surveyed in a study sponsored by the health care-oriented non-profit Markle Foundation say they favor the establishment of a nationwide electronic information exchange that would allow a patient's health information to be shared with authorized individuals via the Internet." (CIO Insight)
Health Care Tax Credit Pushed for Small Firms in Arizona
Excerpt: "Two Arizona business groups are pushing a new $20 million state tax credit and voucher program for small businesses to help them provide health insurance to uninsured workers." (The Business Journal of Phoenix via bizjournals.com; one-time registration required)
Insurer's Outline for Affordable Care in Massachusetts Relies on Higher Patient Fees
Excerpt: "Under the Romney plan, insurers will design low-cost health plans and sell them to employers. There wouldn't be a single state-mandated program. Romney has made providing coverage for the uninsured in Massachusetts a centerpiece of his agenda, and has unveiled parts of his plan over the past year. In particular, he has proposed a low-cost HMO that would provide ''comprehensive' coverage for $200 a month, or about half the current market-price premium." (The Boston Globe)
Opinion: Health Care Diagnosis for America
Excerpt: "The economics of a single-payer, universal health care system are unassailable. It would save $300 billion in administration costs. It would be financed partly by the 60 percent of taxes that already go into the health care system via Medicaid, Medicare and payments for public employee coverage. .... With one bold stroke, a single-payer system would do more to help the bottom line of companies than any tax break or so-called 'free trade' agreement." (TomPaine.com via Physicians for a National Health Program)
Lucent Technologies Retirees File Suit Against Company over Health Benefits
Excerpt: "Three Lucent Technologies retirees have filed a lawsuit in U.S. District Court in Newark, N.J., that alleges the company illegally overcharged 120,000 management retirees for health benefits and ended coverage for many spouses and dependents, the Wall Street Journal reports. The lawsuit alleges that Lucent violated Internal Revenue Service rules." (Kaiser Family Foundation)
HSA Marketplace
Excerpt: "Periodically, Spencer Benefits Reports summarizes recent activity in the health savings account (HSA) marketplace. Click here for the latest news." (Spencer Benefits Reports)
Opinion: New York Women Who Work Deserve Equal Rights and Benefits
Excerpt: "The inequity of this so-called 'pregnancy penalty' would be rectified for an estimated 3,000 women, 'the forgotten mommies,' by the passage of S3518 and A5131, which has languished in the state Legislature since January 1999, despite support of more than 75 percent of the rank and file members of the state Assembly and Senate." (TimesUnion.com)
Links to Items on Executive Comp, Benefits in General
Time Cover Story: The Broken Promise -- Retirement Benefits with a Pension and Health Care
Excerpt: "Now more and more companies are walking away from that promise, leaving millions of Americans at risk of an impoverished retirement. How can this be legal? A TIME investigation looks at how Congress let it happen and the widespread social insecurity it's causing. .... To get immediate access to this complete story, you must be a TIME Magazine subscriber." (Time Magazine; subscription required for access to complete story)
Report to Attendees at 2005 NCTR Convention on Federal Developments by Cynthia L. Moore (PDF)
7 pages. Excerpt: "[The report covers the following:] Where Do We Stand on Federal Issues? Summary of 18 Years of Lobbying Activity for NCTR; and, Cash Balance Provision in S. 1783 ... a short explanation of the governmental plan problems with the current Senate bill dealing with hybrid plans." (National Council on Teacher Retirement)
Each Element of Total Pay Is Part of Toolbox to Attract, Retain, Motivate, and Focus Employees (PDF)
2 pages. Excerpt: "The first step in building a strategic response is to focus on the 'majors' in total pay. This means a focus on cash compensation (base pay plus incentives), medical benefits, and retirement benefits." (Milliman)
Employers Write Off Displaced Workers at Legal Peril -- Reminders of Obligations
Excerpt: "The worst of times may be the best time to remind employers of their legal obligations to their workers. A New Orleans-based law firm is advising hundreds of clients who had business operations disrupted by Hurricane Katrina to be mindful of employment laws." (BenefitNews Connect)
Table: Year 2006 IRS Dollar Limits Affecting Employee Benefit Plans
Excerpt: "The IRS recently announced the 2006 cost-of-living adjustments for various provisions affecting employee benefit plans." (Perkins Coie)
Washington Regulatory Wrap Up, As of October 24, 2005 (PDF)
3 pages. The chart of federal regulatory proposals concerning employee benefits of interest to NCTR members has been updated to be current as of October 24, 2005. The federal updates referenced in the chart are available at http://www.nctr.org/federal/index.html. (National Council on Teacher Retirement)
Newly Posted Events
2006 Benefits Fair and Trade Show
in Massachusetts on May 24, 2006
presented by New England Employee Benefits Council
Benefits Philadelphia
in Pennsylvania on December 8, 2005
presented by Employee Benefit News
Benefits Philadelphia Conference
in Pennsylvania on December 8, 2005
presented by Employee Benefit News
Ready for Roth?
in North Carolina on December 6, 2005
presented by SunGard Corbel
Newly Posted Press Releases
PSCA Releases Roth 401(k) Survey: 17.4 Percent of 401(k) Plans Intend to Add Roth Feature; 40.9 Percent Still Undecided
(Profit Sharing/401(k) Council of America (PSCA))
WLB Launches Work/Life Program For Labor Unions
(Workplace Options)
Ameriprise Retirement Services Introduces Podcasting
(Ameriprise Retirement Services)
Newly Posted or Renewed Job Openings
Benefits Associate - Global Consulting Group
for Towers Perrin
in NY
Actuarial Associate - Global Consulting Group
for Towers Perrin
in NY, PA
Director, Retirement Services Support Services
for Administaff
in TX
Manager - Health Claims/Customer Service
for Zenith Administrators
in WA
Compliance Administrator- Plan Consulting Services
for Vanguard
in PA
Employee Benefit Administrative Officer
for Citizens & Northern Bank
in PA
Pension Administrator
for Retirement Alliance, Inc.
in NH
Retirement Plan Administrator
for Bates & Company, P.A.
in FL
Regional Service Coordinator
for Standard Insurance Company
in OH
Health & Welfare Consultant - Westwood, CA
for Aon/Albert G. Ruben
in CA
Assoc Counsel (Employee Benefits/Tax/Retirement Accounts)
for Great-West Corporate
in CO
Benefits Analyst - 401k
for Knowledge Learning Corporation
in OR
Retirement Plan Administrator
for TPA Firm Established in 1982
in NH
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Copyright 2005 BenefitsLink.com, Inc.; except that you may reprint this newsletter in full (including this sentence) without obtaining our permission.
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