October 10, 2006 Today's sponsor: Benefit Software Inc. (Click on company name or banner to learn more.)
Hewitt Estimates Health Costs to Rise 7.7% in 2007 Excerpt: "Showing more evidence that group health plan cost increases are easing, costs next year are projected to rise by an average of 7.7% to $8,340 per employee, according to a Hewitt Associates Inc. analysis of health plans sponsored by 400 major employers." (Business Insurance) Rx Importation Momentum Grows with New Law, But Impact on Plans and PBMs Unlikely Excerpt: "Congress on Sept. 29 approved a controversial provision in the Homeland Security Department fiscal 2007 appropriations bill (H.R. 5441) that would allow U.S. citizens to import up to a 90-day supply of FDA-approved Rx drugs from Can.ada, as long as the drugs are carried on the person." (DRUG BENEFIT NEWS via AISHealth.com) Wal-Mart's Low-Cost Generic Drug Program to Begin Nationwide Earlier Than Expected Excerpt: "Wal-Mart Stores on [October 5] announced that the statewide expansion of a pilot program in Florida under which some company pharmacies will sell 30-day prescriptions of some generic medications for $4 will occur on [October 6], three months earlier than expected, the Orlando Sentinel reports (Chediak, Orlando Sentinel, 10/6)." (Kaiser Family Foundation) Overview: Medicare Part D Notices of Creditable Coverage Must Be Revised and Sent by November 15 Excerpt: "On September 22, 2006, the Centers for Medicare & Medicaid Services (CMS) published in the Federal Register revised drafts of the Medicare Part D Notices of Creditable Coverage guidance and the three model Notices that it had released earlier this year . . . ." (The Segal Group, Inc.) Sabbatical Policies May Be Legal Liability for Nonprofit Employers Excerpt: "The primary concern for nonprofit employers regarding sabbaticals, says Marathas, is possibly violating intermediate sanctions - newly tightened Internal Revenue Service regulations that preclude employees' personal inurement (or personal gain) from the activities of a nonprofit group." (Employee Benefit News) State & Local Governments Experimenting with Ways to Expand Health Insurance Access Excerpt: "This Insight focuses on what states and local governments are doing and how their laws affect employer-provided medical benefits.'and to control the rapid increase of medical costs. (Littler Mendelson P.C.) Employers Open In-House Clinics to Trim Costs and Boost Preventive Care Excerpt: "In a ritual of fall, employees throughout the region head for the office nurse to line up for their annual flu shot. They do the same at Freddie Mac, with some big differences. The shots are free, and they are only a small part of the company's efforts to keep its employees well and health costs down." (The Washington Post; one-time registration required) Hewitt Federal Legislation Quick Guide Updated October 3, 2006, for Health and Welfare Plans (PDF) 9 pages. This Federal Legislation Quick Guide provides short updates on federal legislation that is currently under active consideration by Congress or has recently been enacted into law regarding health and welfare benefit plans. (Hewitt Associates) A New Year Ahead with New Priorities: The OIG Issues Its 2007 Work Plan Excerpt: "Recently, the Office of Inspector General of the Department of Health and Human Services released its 'areas of special concern' for the 2007 fiscal year. As a guidepost to the OIG's current and future audit initiatives, the 2007 Work Plan is essential reading for compliance officers and provider administrators charged with setting audit priorities for their internal corporate compliance programs." (Paul, Hastings, Janofsky & Walker LLP) Links to Items on Executive Comp, Benefits in General Draft Practice Note on Valuation of Employee Stock Options, October 2006 (PDF) 39 pages. Excerpt: "This practice note has been prepared by the Stock Options Task Force of the Pension Practice Council of the American Academy of Actuaries. Our primary purpose is to provide guidance to actuaries and others performing valuations under the Financial Accounting Standards Board's (FASB's) Statement of Financial Accounting Standard (FAS) Number 123, Share-Based Payments, as amended in December 2004 (FAS 123R)." (American Academy of Actuaries) Overview: Executive Compensation and Related Person Disclosure Excerpt: "On July 26, 2006, after reviewing over 20,000 comment letters in response to its earlier proposal, the Securities and Exchange Commission adopted comprehensive changes to the disclosure requirements for executive and director compensation, related person transactions, director independence and other corporate governance matters, and security ownership of officers and directors." (Paul, Hastings, Janofsky & Walker LLP) Text of Department of Labor's Strategic Plan for Fiscal Years 2006–2011 (PDF) 94 pages. Excerpt: "[T]he revised four goals listed . . . address the core of what the Department is all about: preparing workers to succeed; developing a demand-driven workforce system to remain competitive in the worldwide economy; protecting safety, health, wages, and other working conditions on the job; and ensuring that worker benefits, such as unemployment insurance and pension and health benefits, are there when they are needed." (U.S. Department of Labor) Ford to Begin Buyout Offer Next Week Excerpt: "Ford Motor Co. will begin offering its previously-disclosed buyout or early retirement packages to all 75,000 of its U.S. hourly employees starting next week." (AP via The Washington Post; one-time registration required) Overview: Insurance Coverage for Options Backdating Claims (PDF) Excerpt: "Directors & Officers Liability (D&O) insurance policies should cover many of the costs associated with the options backdating lawsuits and investigations." (Wallstreetlawyer.com: Securities in the Electronic Age via Westlaw) Hewitt Federal Legislation Quick Guide for October 3, 2006, on Human Resources and Employment Law (PDF) 8 pages. This Federal Legislation Quick Guide provides short updates on federal legislation that is currently under active consideration by Congress or has recently been enacted into law regarding human resources and employment law. (Hewitt Associates) Tax Technical Corrections Bills Introduced in House and Senate Excerpt: "The legislation contains technical corrections to prior tax acts, including the Tax Increase Prevention and Reconciliation Act of 2005, the American Jobs Creation Act of 2004, and the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA)." (CCH Pension and Benefits) Newly Posted Events 2006 Fall Tour: IRA Essentials in Virginia on November 7, 2006 presented by BISYS Retirement Services 2006 Fall Tour: IRA Essentials in North Carolina on November 7, 2006 presented by BISYS Retirement Services 2006 Fall Tour: IRA Essentials in Pennsylvania on November 9, 2006 presented by BISYS Retirement Services 2006 Fall Tour: IRA Essentials in Oklahoma on November 14, 2006 presented by BISYS Retirement Services 2006 Fall Tour: IRA Essentials in Oklahoma on November 16, 2006 presented by BISYS Retirement Services 2006 Fall Tour: IRA Update: A seminar for serious IRA professionals in North Carolina on November 8, 2006 presented by BISYS Retirement Services 2006 Fall Tour: IRA Update: A seminar for serious IRA professionals in Virginia on November 8, 2006 presented by BISYS Retirement Services 2006 Fall Tour: IRA Update: A seminar for serious IRA professionals in Pennsylvania on November 10, 2006 presented by BISYS Retirement Services 2006 Fall Tour: IRA Update: A seminar for serious IRA professionals in Oklahoma on November 15, 2006 presented by BISYS Retirement Services 2006 Fall Tour: IRA Update: A seminar for serious IRA professionals in Oklahoma on November 17, 2006 presented by BISYS Retirement Services 2007 Business Management Conference in Arizona on January 13, 2007 presented by National Institute of Pension Administrators MA Healthcare Reform Act in Massachusetts on October 18, 2006 presented by WEB Worldwide Employee Benefits Network MA Chapter NTSAA's 18th National Conference- Roll with the changes! in Nevada on January 25, 2007 presented by National Tax Sheltered Accounts Association The Default Investment Regulations - Beyond the Hype Nationwide on November 29, 2006 presented by SunGard Corbel To Do List - Amendments and Testing and 8905s: Oh My! Nationwide on November 7, 2006 presented by SunGard Corbel Newly Posted Press Releases Hewitt Associates Data Reveals Lowest U.S. Health Care Cost Increases in Eight Years (Hewitt Associates LLC) Newly Posted or Renewed Job Openings DC Implementation Business Analyst for CitiStreet in MA Compliance Director for MassMutual Financial Group in CT Business Analyst for Microsoft in WA Communications Specialist for MassMutual Financial Group in MA OmniScript Analyst 1681223 for TIAA-CREF in CO, NC Health/Welfare Consultant - Benefits Evaluation Team for Hufnell, Inc Executive Recruiters - Benefits Outsourcing, Benefits and HR in PA Benefits Administrator for MidAmerican Energy in IA DB Analyst for BeneTemps in MA Benefits Communications Consultant - Arlington, VA for Watson Wyatt Worldwide in VA Benefits Specialist for Milliman, Inc. in WA Benefits Administrator for Milliman, Inc. in WA Benefit Plan Senior Administrator for J. D. BENEFITS, INC in NC Assistant Administrator (401(K)) for Qualified Benefits, Inc - QBI (a wholly owned subsidiary of BenefitStreet, Inc.) in CA Client Management Consultant for CAPTRUST Financial Advisors in NC Manager of Retirement Plan Services for Anthony Michael & Co. Retained Search Firm for Financial Service Co.'s in ANY STATE Business Development Manager for SunGard ProNvest in GA Retirement Specialist - Implementation/Enrollment for ProNvest in GA Vice President, Benefits Compliance for 20th Century Fox in CA Benefits Consultant for BeneTemps in NY DB Specialist for BeneTemps in MA Executive Compensation Consultant for Hewitt Associates in IL RFP Analyst for 401(k) Advisors in CA Director of Benefits for L'Oreal USA, Inc. in NJ Sales Representative/Government Sales for The Hartford in TN Handy Links:
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