| BenefitsLink Welfare Plans Newsletter |   |
January 9, 2007
Sponsored by: Employee Benefits Institute of America Inc. (EBIA)
(Click on company name or banner to learn more.)
| Record Retention Requirements for Health & Welfare Plans |
| In Record Retention Requirements for Health & Welfare Plans, EBIA's experts analyze record retention requirements for ERISA health and welfare plans as well as other employer-provided health and welfare benefits not subject to ERISA. You'll find answers to your record retention questions for many benefits including cafeteria plans, DCAPs, qualified transportation plans, HSAs, group health plans (like major medical, dental, health FSAs, and HRAs), and other ERISA benefits.
Available now at the introductory price of $195. Please enter priority code BL195. For more information and to order, visit http://www.ebia.com/OtherOfferings/Books/RecordRetention. |
California Governor Proposes Sweeping State Health Plan: Coverage for All and Everyone to Share Cost
Excerpt: "The proposal, which the governor called a model for bringing universal coverage to the nation, would deliver both pain and reward to the many powerful interests in the health care industry, giving the plan an uncertain future before the Legislature." (San Francisco Chronicle)
California Plan for Health Care Would Cover All
Excerpt: "Under Mr. Schwarzenegger's plan, which requires the approval of the Legislature, California would become the fourth and by far the largest state to attempt near universal health coverage for its citizens. The other three states are Maine, Massachusetts and Vermont." (The New York Times; free registration required)
Highlights of and Commentary on California's Universal Health Coverage Proposal
Excerpt: "The proposal is drawing criticism from several quarters. Commentators have noted that the inclusion of illegal immigrants in the coverage plan could prove costly and poor policy for California." (Health Plan Law blog by Attorney Roy F. Harmon III)
Health Care Spending Rose at Twice the Rate of Inflation in '05
Excerpt: "Spending on health care rose at twice the rate of general inflation in 2005, with consumers facing increased deductibles and co-pays finding themselves spending more of their own money, government researchers said in a report out [today]." (USA TODAY)
Texas Senate Panel Recommends Review of PBM Contracts
Excerpt: "A group of Texas state senators is recommending that state agencies, including the University of Texas System, review their pharmacy benefit management (PBM) contracts to ensure that sufficient provisions are included to guarantee protection of the state's financial interests." (DRUG BENEFIT NEWS via AISHealth.com)
New Michigan Law Tightens Access to Medical Records
Excerpt: "Michigan Gov. Jennifer Granholm (D) signed a law that will tighten access to medical records and place restrictions on their disposal . . . ." (REPORT ON PATIENT PRIVACY via AISHealth.com)
Overview: Massachusetts Health Care Reform Act: Rules Governing Coverage Disclosure Form Requirement
Excerpt: "Employers must require affected employees to sign an Employee HIRD Form by the earlier of 15 days after the close of the open enrollment period for the employer's health insurance, or July 1st of each year. New hires who decline coverage must sign their HIRD form within 15 days of hire." (Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.)
Two-Thirds of Americans Want Electronic Health Records; Competing Systems Are in Development
Excerpt: "The survey revealed that large majorities see a number of advantages to accessing information online, which could lead to a reduction in health care costs. For example, nearly nine in ten Americans (88%) said that online records would be important in reducing the number of unnecessary or repeated tests and procedures they undergo." (Wolters Kluwer)
Hospitals Seek IRS Guidance on Providing Lower-Cost EHRs to Physicians
Excerpt: "Many hospitals that were granted partial exemptions by HHS from federal fraud laws that had prohibited them from donating health IT tools still have not offered less expensive software and electronic health records to physician practices because they are worried about losing their tax-exempt status with the IRS, Computerworld reports." (California HealthCare Foundation)
Audio: Advocates Renew Push for Mental Health 'Parity' Bill
Excerpt: "A bill has long lingered in Congress that would require health insurers to provide equal benefits for mental and physical ailments. President Bush has vowed to sign such a mental health 'parity' bill on several occasions, but a Republican-controlled House repeatedly blocked it. Now with Democrats in control of Congress, mental-health advocates are quietly planning a quick campaign for the bill's passage." (Morning Edition via National Public Radio)
Links to Items on Executive Comp, Benefits in General
Criminal Conviction Upheld for Owner Who Diverted Funds Withheld for 401(k)s and Health Benefits
Excerpt: "EBIA Comment: Although ERISA may not define plan assets, DOL regulations clearly define amounts withheld from employee pay as plan assets. This criminal conviction is a harsh reminder of ERISA's trust and exclusive benefit rules, which generally require that participant contributions be deposited in trust as soon as possible . . . and be used exclusively for plan purposes." (Employee Benefits Institute of America Inc.)
Overview: Compensation Disclosure Rules for 2007 Proxy Season: Changes to Equity Award Reporting (PDF)
2 pages. Excerpt: "The stated purpose of the recent amendments is to more closely conform the dollar amount of equity based compensation reported under the SEC's executive and director compensation disclosure rules to the related expense reflected in the financial statements under FAS 123R." (Powell Goldstein LLP)
Overview: SEC Final Rules Providing Some Companies Additional Time to Comply with Section 404 (PDF)
4 pages. Excerpt: "There are now six separate categories of public companies with different compliance dates, as well as a special dispensation for newly public companies." (Morgan, Lewis & Bockius LLP)
The Survey of Multiemployer Fund Office Administration, Technology and Staffing (PDF)
4 pages. Excerpt: "[The survey] yielded a considerable amount of data about such issues as: Fund office procedures, Performance of fund offices compared to industry norms, State of existing technology, and Organizational structure and staffing levels of fund offices." (The Segal Group, Inc.)
2006 Employee Benefits Legislative and Regulatory Year in Review and the Outlook for 2007 (PDF)
35 pages. Excerpt: "This comprehensive report rounds up the key legislation and regulatory guidance enacted in 2006 and forecasts the outlook for legislative and regulatory activity in 2007." (Hewitt Associates)
Milliman's Monthly Benefit News and Developments, January 2007 (PDF)
2 pages. The newsletter provides a summary of the previous month's legislative, regulatory, and judicial information on employee Benefits. (Milliman)
Opinion: An Alternative to 'Employee' Benefit Plans
Excerpt: "[Scott Macey suggests] a program under which benefit programs are disassociated from employer sponsorship. The plans could be developed and provided by major financial, administrative, insurance and other companies." (Pension & Benefits Blog)
Listing of IRS Published Guidance for January 2006 -- December 2006
The target page links to guidance published by the Service relating to retirement plans: Treasury Regulations; Revenue Rulings; Revenue Procedures; Notices; and, Announcements. (Internal Revenue Service)
Overview: Updated Procedures: Letter Rulings, Determination Letters, & Other Employee Plan Guidance
Excerpt: "EBIA Comment: Employers and their advisors seeking plan-specific guidance from the IRS will need to familiarize themselves with this bulletin. Those new to the process will benefit from practical tools in the bulletin, such as sample formats for letter ruling requests, checklists to ensure that ruling requests are complete, and definitions of basic terms." (Employee Benefits Institute of America Inc.)
Newly Posted Events
"Getting It Right -- Know Your Fiduciary Responsibilities," A Compliance Assistance Seminar
in New Jersey on February 8, 2007
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
401(k) Testing for the 2006 Plan Year -- What You Need to Know - Webcast
Nationwide on January 23, 2007
presented by ASPPA (American Society of Pension Professionals & Actuaries)
Corporate Executive Healthcare Alliance
in Illinois on June 25, 2007
presented by Q1 Productions
Journey deep into the world of IRAs
in Illinois on January 30, 2007
presented by Wolters Kluwer Financial Services
Journey deep into the world of IRAs
in Wisconsin on January 30, 2007
presented by Wolters Kluwer Financial Services
Journey deep into the world of IRAs
in Illinois on January 31, 2007
presented by Wolters Kluwer Financial Services
Journey deep into the world of IRAs
in Wisconsin on January 31, 2007
presented by Wolters Kluwer Financial Services
Journey deep into the world of IRAs
in Wisconsin on February 1, 2007
presented by Wolters Kluwer Financial Services
Journey deep into the world of IRAs
in Missouri on February 1, 2007
presented by Wolters Kluwer Financial Services
Journey deep into the world of IRAs
in Illinois on February 6, 2007
presented by Wolters Kluwer Financial Services
Journey deep into the world of IRAs
in Indiana on February 6, 2007
presented by Wolters Kluwer Financial Services
Journey deep into the world of IRAs
in Missouri on February 7, 2007
presented by Wolters Kluwer Financial Services
Journey deep into the world of IRAs
in Kentucky on February 7, 2007
presented by Wolters Kluwer Financial Services
Journey deep into the world of IRAs
in Montana on February 7, 2007
presented by Wolters Kluwer Financial Services
Journey deep into the world of IRAs
in Kentucky on February 8, 2007
presented by Wolters Kluwer Financial Services
Journey deep into the world of IRAs
in Minnesota on February 8, 2007
presented by Wolters Kluwer Financial Services
Journey deep into the world of IRAs
in Montana on February 8, 2007
presented by Wolters Kluwer Financial Services
Pandemic Preparedness - What Companies Need To Know
in New York on January 16, 2007
presented by New York Metropolitan Area Chapter - ISCEBS
Newly Posted Press Releases
Ernst & Young LLP Issues 2007 Outlook for U.S. Healthcare Provider Sector
Ernst & Young, LLP
Workscape Teams with WebMD to Provide Online Wellness and Benefits Decision- Support Tools for Employees
Workscape
Study Finds Most Respected U.S. Companies Make Widespread Use of Nonqualified Retirement Plans
The Todd Organization
Newly Posted or Renewed Job Openings
Actuarial Benefit Consultant
for Fidelity Investments
in MA, NC, NY
Plan Administrator
for Third Party Administration Firm
in FL
Regional Service Coord
for Standard Insurance Company
in CA
Client Relationship Manager-Paramus, NJ
for Transamerica Retirement Services
in NJ
Defined Contribution Administrator/Consultant
for Madison Pension Services, Inc.
in NY
Pension Plan Administrator
for The LBA Group - Retirement Planning Services
in FL
Senior Programmer Analyst
for CitiStreet
in NJ
Enrollment Specialist
for CitiStreet
in NJ, TX
Customer Service Representative
for Administrative Systems, Inc.
in CA
Retirement Plan Fiduciary
for Sentinel Fiduciary Services, LLC
in FL
Actuary
for United Actuarial Services, Inc.
in IN
Defined Contribution Consultant/Manager
for Pension Services Company
in NJ
Pension Administrator
for Preferred Pension Planning Corporation
in NJ
Handy Links:
- View Today's Active Message Threads
- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
NOTE TO AOL MEMBERS: PLEASE DO NOT REPORT THIS EMAIL AS SPAM. This email is not unsolicited. We do not send unsolicited email. This email is coming to you because you asked to receive it by entering your email address on our web page at
https://benefitslink.com/newsletter/
These emails are sent each workday except federal holidays.
This email has been published by:
BenefitsLink.com, Inc.
1298 Minnesota Avenue, Suite H
Winter Park FL 32789
(407) 644-4146
Fax: (407) 644-2151
David Rhett Baker, J.D., Editor
Copyright 2007 BenefitsLink.com, Inc.; except that you can forward this email in full (including this boilerplate part) or otherwise reprint this email in full (including this boilerplate part) without obtaining our permission.
Anyone can receive these emails; just have them sign up at this web page: https://benefitslink.com/newsletter/
Other useful links: