| BenefitsLink Welfare Plans Newsletter |   |
November 1, 2005
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Employers and Retirees with Drug Coverage Question Implications of Medicare Drug Benefit
Excerpt: "The 2003 Medicare law was designed to encourage companies that provide health coverage for retirees to continue to provide this benefit. To get the subsidy, a firm needs to get an audited report that its drug coverage is at least as valuable in financial terms as the standard new Medicare benefit. If this is the case, the company will get a subsidy of $28 for every $100 it now spends for pres.criptions for its retirees." (California HealthCare Foundation)
Cut Insurance Benefits or Raise Costs? State of Maryland Health Panel to Decide
Excerpt: "Faced with ballooning health insurance costs, state officials are scheduled to decide Nov. 22 whether to cut back on the number of heath benefits small companies must offer in a state-regulated insurance plan." (Baltimore Business Journal via bizjournals.com; one-time registration required)
Text of HHS Semiannual Regulatory Agenda, Issued October 31, 2005 (PDF)
Excerpt: "This rulemaking would ... establish a framework for enforcing compliance with the 'administrative simplification' provisions of [HIPAA] through the imposition of civil money penalties ... NPRM [issued on] 04/18/05 ... Final [regs are expected in February 2006]." (Department of Health and Human Services)
When Should Covered Entities Voluntarily Tell Patients About Privacy Breaches?
Excerpt: "A hospital discovers one of its nurses cruises through electronic medical records for juicy medical tidbits on local politicos. She is fired, and the hospital steps up its auditing and training to reduce breaches. But should the hospital contact these politician patients and tell them of the nurse's indiscretions with their PHI?" (REPORT ON PATIENT PRIVACY via AISHealth.com)
Evaluating Results of Care Mgmt Interventions: Comparative Analysis of Different Outcomes Measures
Excerpt: "Actuaries and those responsible for the financial management of health plans are often asked to advise health plan managements on the financial and related issues concerning interventions: .... This study ... looks at some frequently used methodologies, defines them and evaluates their application, based on data available to the authors. The result of the research is a series of papers, with each paper building on the ideas presented earlier in the series." (Society of Actuaries)
Fees, Funds, Services and Relationships: Five Questions for HSA Administrators
Excerpt: "ICDC randomly contacted several HSA administrators and asked them to respond to five questions about their fees and services." (INSIDE CONSUMER-DIRECTED CARE via AISHealth.com)
Independence Blue Cross Chief Unveils Strategy -- Health Insurer Looks Beyond Local Borders
Excerpt: "Five years ago, the most popular health plan offered by Independence Blue Cross -- the Personal Choice family plan -- cost $10,700 a year. Today, the annual premium for that PPO product is up 65 percent to $17,600, even with increases in required copayments and deductibles." (Philadelphia Business Journal via bizjournals.com; one-time registration required)
Firms Launch OTC Conversion Initiatives to Combat Slowing Shift to OTC PPIs, NSAs
Excerpt: "While plans have tried in various ways to steer members away from expensive brand-name medications to over-the-counter equivalents, several PBMs say they've seen a slowing down of the shift from brand to OTC proton pump inhibitors (PPIs) and non-sedating antihistamines (NSAs). Seizing the opportunity to generate savings for payers, ... EBRx, Inc. and ... Resolution Health, Inc. (RHI) have launched innovative programs to help clients encourage OTC use amon[g] members." (DRUG BENEFIT NEWS via AISHealth.com)
Government Declines Pres.cription Drug Subsidy, Much to Employee Group's Dismay
Excerpt: "Leave it to the Bush administration to turn its back on the great pumpkin in the pumpkin patch, the National Active and Retired Federal Employees Association says. The Office of Personnel Management is not applying for an employer subsidy available under the new Medicare pres.cription drug law -- the deadline is today -- and NARFE contends the government is missing out on a chance to lower health insurance premiums for employees and retirees." (The Washington Post; one-time registration required)
5-7% Tax Sought on Firms for Health Care -- Massachusetts House Targets Noninsurers
Excerpt: "House Speaker Salvatore F. DiMasi yesterday unveiled a plan to impose a payroll tax of 5 to 7 percent on Massachusetts employers that do not provide health insurance for their workers." (The Boston Globe)
Changes in Economic Conditions and Health Insurance Coverage, 2000-2004
11 pages. Excerpt: "Between 2000 and 2004, the number of uninsured Americans increased by six million, primarily because of a decline in employer-sponsored insurance. All of the increase occurred among adults, for whom the drop in employer coverage was not offset by an increase in public coverage." (Health Affairs)
Links to Items on Executive Comp, Benefits in General
Michigan Appeals Court Halts Same - Sex Partner Benefits Ruling
Excerpt: "The Michigan Court of Appeals temporarily halted a ruling Monday that allowed governments and public universities to provide health insurance to the partners of g.ay employees." (AP via The New York Times; one-time registration required)
Alaska Lawmaker Against Benefits for G.ays
Excerpt: "A state Republican lawmaker said Monday that he plans to draft a constitutional amendment to counter last week's Alaska Supreme Court decision to grant public employee benefits to g.ay couples. State Sen. Fred Dyson said the legislation would exempt the state from having to extend the rights and benefits currently given to married couples to ''any other union, partnership or legal status.''" (AP via The New York Times; one-time registration required)
Overview: Deferred Compensation and Section 409A -- Equity Compensation
Excerpt: "On September 29, 2005, the Internal Revenue Service issued a comprehensive new set of proposed regulations under Code Section 409A, the tax law regulating nonqualified deferred compensation plans. This Client Alert is the second in a series discussing the issues ... clients face as a result of the proposed regulations. The first Client Alert in this series focused on compliance deadlines. We are now turning to the substance of the new rules, starting with equity compensation." (O'Melveny & Myers LLP)
Text of SEC's Semiannual Regulatory Agenda, Issued October 31, 2005 (PDF)
24 pages. Excerpt: "The Division is considering recommending that the Commission propose amendments that would enhance disclosure regarding executive compensation, the independence of a registrant's board of directors, related party transactions between executive officers and directors, and related party transactions with an issuer." (Securities and Exchange Commission)
Panel to Recommend Tax Overhaul Designs
Excerpt: "Chosen to find a simpler way to tax the nation, a presidential panel gets set to recommend two designs that would rewrite virtually every tax law for individuals and businesses. Under the plan, most deductions, credits and other tax breaks would be eliminated along with much of the paperwork and equations that baffle taxpayers under a drastically simplified income tax." (AP via The New York Times; one-time registration required)
IRS Listing of Published Guidance for January -- October 2005
Guidance published by the Service relating to retirement plans: Treasury Regulations; Revenue Rulings; Revenue Procedures; Notices; and, Announcements. (U.S. Internal Revenue Service)
Chart: Annual Cost of Living Adjustments for 2006
Excerpt: "The Internal Revenue Service and Social Security Administration have announced the cost of living adjustments to the dollar limitations on benefits, contributions, and other amounts under tax-qualified employee benefit plans. The increases become effective January 1, 2006. The ... chart summarizes the primary limitations for 2006 and prior years." (LeBoeuf Lamb Greene & MacRae LLP)
Tax Relief Granted for Hurricane Wilma Victims
Excerpt: "The Internal Revenue Service today announced relief for taxpayers affected by Hurricane Wilma. The President issued a major disaster declaration covering impacted areas of Florida, effective Oct. 23, 2005. Taxpayers affected by the hurricane are eligible for relief. Deadlines for affected taxpayers to file returns, pay taxes and perform other time-sensitive acts have been postponed to Feb. 28, 2006, the same date granted to taxpayers affected by Hurricanes Katrina and Rita." (U.S. Internal Revenue Service)
Newly Posted Events
Benefits and Leave Basics
Nationwide on November 2, 2005
presented by Thompson Interactive, A Division of Thompson Publishing Group
Current Retirement and Welfare Plan Issues
Nationwide on November 17, 2005
presented by Ballard Spahr Andrews & Ingersoll, LLP
How to Keep Your Executives Happy, Even Under New Rules for Nonqualified Deferred Compensation Plans
Nationwide on November 15, 2005
presented by Thompson Interactive, A Division of Thompson Publishing Group
Tales from the Crypt IV: Health Care Claims and Eligibility Audits Contracting and Performance Management
in Ohio on November 17, 2005
presented by WEB (Worldwide Employee Benefits Network) Cleveland Chapter
The New Face of the IRS - A Q&A Session with Paul Shultz
in California on November 8, 2005
presented by Western Pension & Benefits Conference Los Angeles
Welfare Plan Update - Plan Year-End Roundup
Nationwide on November 16, 2005
presented by Morgan Lewis & Bockius LLP
Welfare Plan Update - Plan Year-End Roundup
Nationwide on November 21, 2005
presented by Morgan Lewis & Bockius LLP
Newly Posted Press Releases
Mercer HR Services Launches Mercer Retirement Solutions(TM); Sets a New Standard in the Fast-Growing Market for Total Retirement Outsourcing
(Mercer Human Resource Consulting)
Still River Announces Release of Retirement Income Planning Software
(Still River Retirement Planning Software, Inc.)
Employers Place High Value On Participant Advice In 401(k) Plans, Survey Says
(Invesmart, Inc.)
MetLife Introduces New Retirement Income Education Center on MyBenefits, MetLife's Employee Benefits Portal
(MetLife)
Issues and Actions Under Section 409A Proposed Regulations
(Bell, Boyd & Lloyd LLC)
Newly Posted or Renewed Job Openings
Manager, Client Services
for BISYS Retirement Services
in PA
Qualified Plan Services
for Professional Staffing of St. Louis
in IL, MO
Pension Administrator
for PENSERVCO, Inc.
in FL
Pension Administrator
for Matthews, Gold, Kennedy & Snow, Inc.
in AZ
Financial Services Manager - Advised Assets Group, LLC
for Advised Assets Group, LLC
in CO
Investment Services Representatives
for ICMA-RC
in DC
Defined Contribution Document Specialist
for J. P. Schlachter and Associates - Third Party Administration
in OH
Compliance Testing Consultant
for Diversified Investment Advisors
in MA
Account Managers- Retirement Services
for MassMutual Financial Group
in MA
401(k) Employee Communications Specialist
for 401(k) Advisors
in CA
401(k) Enroller
for 401(k) Advisors
in CA
Retirement Compliance and Administration Associate
for Towers Perrin
in NJ
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