August 1, 2006 Today's sponsor: Benefit Software Inc. (Click on company name or banner to learn more.)
Bill Summary of the Pension Protection Act, H.R. 4 Excerpt: "[One section of the bill deals with] ENSURING AFFORDABILITY OF HEALTH CARE AND LONG-TERM CARE - The pension reform bill that reflects the House-Senate compromise takes important steps to help workers and retirees combat rising costs of health insurance by: Encouraging the development of combination insurance products, which provide consumers with various insurance protections in a single product while also providing a saving feature." (U.S. House of Representatives Committee on Education & the Workforce) Report: House Passes Broad Pension Bill; Senate Outlook Uncertain (PDF) 13 pages. Excerpt: "The pension bill largely mirrors the benefit-related provisions in a long-stalled House-Senate conference report on HR 2830. These include comprehensive pension funding reforms and other significant changes affecting hybrid, defined contribution, nonqualified deferred compensation, and health plans. Most funding reforms would take effect for the 2008 plan year . . . It's unclear whether the Senate will act on the bill before its scheduled adjournment on August 4." (Mercer Human Resource Consulting; reprinted by permission) Overview: IRS Ruling Enhances Flexibility of FSA and HRA Debit Cards (PDF) 4 pages. Excerpt: "The IRS has sanctioned the use of debit cards for several years, but the process has been cumbersome in several respects. . . . [The new IRS] guidance pushes open the door of convenience significantly wider. . . . It allows a much broader category of purchases to avoid the post-transaction substantiation requirement." (Lockton Benefit Group) Health Benefits Denied Because Employee Didn't Make Required Contributions during Disability Leave Excerpt: "EBIA Comment: Aside from the provider's failed 'qualifying event' argument . . . , this decision does not provide any COBRA analysis or flesh out any COBRA issues. But certainly it reminds us how employee leaves of absence present special difficulties for COBRA compliance." (Employee Benefits Institute of America Inc.) Independent Experts Can Help Employees Conquer Mountains of Medical Paperwork Excerpt: "Health advocacy services appear to be experiencing a growth spurt as more employers engage them to serve as an extension of the companies' benefits departments." (Society for Human Resource Management) Overview: House Subcommittee Looks at Transparency of Consumer-Directed Plans Excerpt: "CDH enrollees . . . are finding that little information exists to help them compare hospitals and doctors by cost or quality. At a July 18 hearing, the House Ways & Means Subcommittee on Health heard testimony from several industry experts about the need for greater transparency and the challenges that have yet to be overcome." (Inside Consumer-Directed Care via AISHealth.com) Maryland's 'Fair Share' Health Act Invalidated by Court -- Possible Consequences for Massachusetts' Plan Excerpt: "This client advisory discusses the District Court's opinion in RILA and speculates on its impact on Chapter 58's fair share employer mandate. (There are other provisions of Chapter 58, such as its so-called 'free rider surcharge,' that might attract challenges based on ERISA preemption that are beyond the scope of this advisory.)" (Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.) Severance Claim Not Governed by ERISA Excerpt: "[The] defendant removed the case to federal district court in Manhattan, arguing in part that his severance claim is governed by ERISA. In remanding the case back to state court, the federal court analyzed the applicability of ERISA as follows: . . . ." (erisa on the web; posted by John Wood) Links to Items on Executive Comp, Benefits in General Stock Options Update: Indictments and IRS Investigations (PDF) 3 pages. (Pillsbury Winthrop Shaw Pittman LLP) Overview: DOL Proposes Expanded Reporting of ERISA Plan Service Provider Compensation (PDF) 4 pages. Excerpt: "While service providers are not required to file anything with the DOL under the proposed rule, their ERISA plan clients will ask service providers to provide the required information and are required to report service providers that fail or refuse to do so." (Kirkpatrick & Lockhart Nicholson Graham LLP) Overview: Proposed Revisions to Form 5500 Would Add New Short Form 5500 Excerpt: "A key part of the proposed forms revision is the establishment of a new 2-page Form 5500 -- SF Annual Return/Report (Short Form or Short Form 5500) as a new simplified report for certain small plans." (CCH Pension & Benefits) Employment Costs Rise 0.8 Percent from March to June, 2006 Excerpt: "Private sector benefit costs rose 0.7 percent for the June quarter, following a 0.4-percent gain in the previous quarter." (U,S. Bureau of Labor Statistics) Newly Posted Events 401(k) Plans in Washington on September 26, 2006 presented by Employee Benefits Institute of America Inc. (EBIA) 401(k) Plans in Colorado on October 10, 2006 presented by Employee Benefits Institute of America Inc. (EBIA) 401(k) Plans in Kansas on October 17, 2006 presented by Employee Benefits Institute of America Inc. (EBIA) Cafeteria Plans in Washington on September 27, 2006 presented by Employee Benefits Institute of America Inc. (EBIA) Cafeteria Plans in Colorado on October 11, 2006 presented by Employee Benefits Institute of America Inc. (EBIA) Cafeteria Plans in Kansas on October 18, 2006 presented by Employee Benefits Institute of America Inc. (EBIA) COBRA Compliance for Group Health Plans in Washington on September 29, 2006 presented by Employee Benefits Institute of America Inc. (EBIA) COBRA Compliance for Group Health Plans in Colorado on October 13, 2006 presented by Employee Benefits Institute of America Inc. (EBIA) COBRA Compliance for Group Health Plans in Kansas on October 20, 2006 presented by Employee Benefits Institute of America Inc. (EBIA) ERISA Compliance for Health & Welfare Plans in Washington on September 28, 2006 presented by Employee Benefits Institute of America Inc. (EBIA) ERISA Compliance for Health & Welfare Plans in Colorado on October 12, 2006 presented by Employee Benefits Institute of America Inc. (EBIA) ERISA Compliance for Health & Welfare Plans in Kansas on October 19, 2006 presented by Employee Benefits Institute of America Inc. (EBIA) HIPAA Portability, Privacy & Security in Washington on September 29, 2006 presented by Employee Benefits Institute of America Inc. (EBIA) HIPAA Portability, Privacy & Security in Colorado on October 13, 2006 presented by Employee Benefits Institute of America Inc. (EBIA) HIPAA Portability, Privacy & Security in Kansas on October 20, 2006 presented by Employee Benefits Institute of America Inc. (EBIA) HSA Benefits Implementation in Massachusetts on September 26, 2006 presented by IQPC HSAs, HRAs, and Consumer-Driven Health Care in Washington on September 28, 2006 presented by Employee Benefits Institute of America Inc. (EBIA) HSAs, HRAs, and Consumer-Driven Health Care in Colorado on October 12, 2006 presented by Employee Benefits Institute of America Inc. (EBIA) HSAs, HRAs, and Consumer-Driven Health Care in Kansas on October 19, 2006 presented by Employee Benefits Institute of America Inc. (EBIA) HSAs: New Rules for Employer Contributions-- A Practical Guide to Comparability and the Cafeteria Plan Exception Nationwide on August 17, 2006 presented by Employee Benefits Institute of America Inc. (EBIA) Web/Telephone Seminar: 72(t) Payments Nationwide on September 26, 2006 presented by BISYS Retirement Services Web/Telephone Seminar: Conversions and Recharacterizations Nationwide on September 19, 2006 presented by BISYS Retirement Services Newly Posted Press Releases ftwilliam.com Announces Its Competitive Upgrade Program (ftwilliam.com) ShareBuilder(R) Expands Retirement-Savings Options With First ETF-Based Roth 401(K) Plan (ShareBuilder) Newly Posted or Renewed Job Openings Regional Director for HEREIU Trust Funds in NJ Director, Client Services for Actuarial Consultants, Inc. in CA Plan Administrator for Retirement Plan & ERISA Specialists for Dana Consulting Group in IL Compliance and Communication Administrator for Vanguard in PA Supervisor / Senior Plan Adminsitrator for Howard Simon & Associates, Inc. in IL Pension Administrator for The Senex Group in CA Documentation Specialist for The Senex Group in CA Pension Administrator (all experience levels) for Benetech, Inc. in AZ, CA, CO Senior Compensation Analyst for SONY BMG Music Entertainment in NY Employee Benefits Tax Manager for Deloitte Tax LLP in VA Client Service Rep for Milliman in TX Senior 401(k) Plan Administrator Guru for The Pension Group, Inc. in CA HRIS Analyst - Benefits for Charles W. Cammack Associates, Inc. in NY Handy Links:
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