January 17, 2007 Sponsored by: International Foundation of Employee Benefit Plans (Click on company name or banner to learn more.)
President Bush Considers Proposal to Tax Some Employer-Sponsored Health Benefits Excerpt: "President Bush has considered a proposal that 'likely would cap some taxpayers' ability to exclude employer-provided health care from their income, as part of an effort to broaden availability of health care insurance,' the Wall Street Journal reports." (Kaiser Family Foundation) States Take the Lead in Health Care Access Initiatives Excerpt: "ERISA's preemption clause complicates state policy development -- for example, shortly after ERISA was passed, courts held that it preempted Hawaii's law requiring employers to offer and pay for health coverage (eventually restored by a 1983 ERISA amendment)." (Pension & Benefits Blog) First Circuit Addresses Procedural Violations in ERISA Claims Handling Excerpt: "Probably the most important of the pre-holiday ERISA rulings in the First Circuit is Bard v. Boston Shipping Association, in which the First Circuit provides a detailed explanation of exactly how procedural and regulatory violations in handling ERISA claims will be addressed in this circuit henceforth." (Boston ERISA Law Blog; posted by Stephen D. Rosenberg) Sixth Circuit Addresses Procedural Violations in ERISA Claims Handling Excerpt: "When dealing with non-pension benefits such as disability, health and life insurance, its protections require 1) full disclosure of the scope of benefits, 2) fiduciaries to meet rigorous standards with regard to loyalty, prudence and adhere to the terms of the plan documents, and 3) a full and fair review of all claims and denials of denied claims." (ERISA Law Blog; posted by Brian S. King) DOL Review May Be Harbinger of FMLA Expansion--Or Not Excerpt: "A federal review of the country's primary employee time-off law could be a prelude to expanding leave policy or curbing it. Last month the DOL officially solicited public comment on the Family and Medical Leave Act." (Workforce Management; free registration required) Companies Lag in Tracking Employee Time Off, According to Survey Excerpt: "Companies' neglect in tracking employees' time off is costing employers millions of dollars in payroll expenses and employee productivity, according to a recent survey by Hewitt Associates." (PLANSPONSOR.com; free registration required) Driving Down the Rising Cost of Commuting: Strategies for Businesses and Employees (PDF) 5 pages. Excerpt: "[M]ore and more companies are finding that it is good for business to help reduce traffic congestion and the 'wear and tear' on their employees by presenting alternatives to driving alone to work." (TransitCenter, Inc.) German Health Care Costs Likely to Rise Excerpt: "The head of the German private health insurance association, the Verband der Privaten Krankenversicherung e.V., says that the recently announced compromise on reforms of the state healthcare system will make health insurance coverage significantly more expensive for German citizens." (Business Insurance) Opinion: A Showdown on Prescription Drug Prices Excerpt: "The House is expected to vote . . ., without any hearings or serious debate, to approve a measure that would allow the federal government to intervene in drug price negotiations for Medicare. But attention already has shifted to the Senate, where more thoughtful consideration may be possible." (Galen Institute) One-Third of Large Employers Will Move to Consumer-Driven Health Plans in 2007, Says Watson Wyatt Excerpt: "from Spencer's Benefits Reports: Targeting specific types of health care users and focusing more on health care data will be two of the characteristics of consumer-driven health plans in 2007, according to recent trends identified by Watson Wyatt Worldwide." (Wolters Kluwer Law & Business) Massachusetts Health Care Reform Act Update: Effective Dates Pushed Back Excerpt: "Signed into law on the last day of the Romney Administration, Chapter 450 of the Acts of 2006, An Act Further Regulating Health Care Access, tinkered with certain provisions of the Massachusetts health care reform act and delayed some effective dates that are of particular interest to employers . . . ." (Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.) A New Consensus on Universal Health Care Excerpt: "What does that consensus look like? It starts with universal coverage, accomplished either through a mandate on everyone to purchase basic health insurance or a mandate on all employers to offer it." (The Washington Post; free registration required) Audio: 'Marketplace' Report on the Economics of Single Workers Excerpt: "According to the latest census figures, more than half of U.S. women are unmarried. Marketplace's Amy Scott talks with Alex Chadwick about how this trend could shape workplace policies, including the ways government and employers distribute benefits." (Day to Day via National Public Radio) Disparate Groups Partner to Lobby for Expansion of Health Insurance Excerpt: "Two newspapers [yesterday] examined how disparate groups this week are coming together to announce efforts to expand health care coverage to U.S. residents." (Kaiser Family Foundation) Few Retirees Facing Loss of Health Benefits Excerpt: "The good news is that most retirees lucky enough to have employer-sponsored health benefits are going to keep them this year. The bad news is that they will have to pay a lot more out of their pocket for medical care, especially if they are younger than 65." (Chicago Tribune; free registration required) The Once Ironclad Promise of Retirement Health Insurance Security Continues to Erode Excerpt: "As employers grapple with ever-rising costs, global competition and the legion of aging baby boomers, the future of retiree health coverage is cast into doubt." (Workforce Management; free registration required) People with Mental Health Disabilities Fare Worse in Discrimination Lawsuits Excerpt: "The researchers found that 37 percent of plaintiffs with psychiatric disabilities received a settlement from the defendant or a court ruling in their favor, compared with 49 percent of plaintiffs with physical disabilities." (Medical News Today) Links to Items on Executive Comp, Benefits in General Senators To Target Executive Benefit -- Deferred Pay May Be Capped Excerpt: "The Senate Finance Committee is considering a proposal to sharply limit the earnings corporate executives and other highly paid employees can place tax-free into deferred compensation plans, one of the most popular executive benefits in corporate America." (The Washington Post; free registration required) Opinion: Public-Sector Unions a Major Obstacle to Fighting Waste and Abuse Excerpt: "Including pay, perks, and pensions, total compensation for public employees is vastly superior to that in the private sector. In Los Angeles, public-sector employees have hit the jackpot. Intense labor negotiations have led to a quadrupling of bonus payments over the past five years." (The Heartland Institute) New Litigation Rules Will Affect Claims Processing Excerpt: "Changes to the federal rules governing civil litigation will affect the way that benefit claims and appeals are processed. While third-party claims administrators will be most directly affected, plan sponsors and their human resources staff should also be aware of the new rules. Failure to abide by them could make it more difficult to succeed if claim decisions are challenged in court." (Spencer Fane Britt & Browne LLP) ERISA Plan Information Requests: 'Who Is Entitled to Request Plan Information?' Excerpt: "[H]ere we take up the issue of who is an 'administrator' for purposes of the request. Since ERISA provides a definition of the term 'administrator' the issue would appear rather straightforward. . . . As it turns out, however, the determination of who is the administrator can be one of the most tedious of all on this topic. Moreover, the consequences of an error here can make the difference in winning and losing a statutory penalty case." (Health Plan Law blog by Attorney Roy F. Harmon III) Audio: Unlikely Group Forms Health, Retirement Alliance Excerpt: "An unusual partnership of business, labor and consumer interests has been formed to promote health care and retirement security. The Business Roundtable, Service Workers Union and AARP joined forces to push for new policies." (Morning Edition via National Public Radio) Google Helps Us See How Much Options Are Worth Excerpt: "Google's approach will offer employees some distinct advantages, including 'making the value of an option more transparent,' and as a result 'revealing its value to the employee,' according to Dave Rolefson, Google's equity and executive compensation manager." (Bloomberg) Investigating Potential Allegations of Backdating Option Grants (PDF) 6 pages. Excerpt: "There is nothing illegal with granting options with exercise prices below fair market value at the date of grant. There are reasons for such a compensation strategy and there is nothing under the tax and securities laws or under the accounting rules that makes below market value option grants illegal or impermissible. However, pursuing that compensation strategy has certain financial reporting and tax ramifications, which backdating attempts to circumvent." (The Bureau of National Affairs, Inc. via Groom Law Group) Study Links Options Backdating to Corporate Governance Weaknesses Excerpt: "Harvard Professor Lucian Bebchuk and colleagues use a new method of identifying CEO and outside director manipulation of stock option timing and assert correlations to governance problems." (SRI World Group, Inc.) Newly Posted Events 401(k) Testing Techniques Workshop in Illinois on February 7, 2007 presented by SunGard Relius 401(k) Testing Techniques Workshop in Minnesota on February 7, 2007 presented by SunGard Relius 401(k) Testing Techniques Workshop in Michigan on February 8, 2007 presented by SunGard Relius 401(k) Testing Techniques Workshop in Colorado on February 9, 2007 presented by SunGard Relius Communicating Your ESOP Nationwide on March 29, 2007 presented by National Center for Employee Ownership Effective ESOP Committees Nationwide on April 12, 2007 presented by National Center for Employee Ownership ESOPs as a Business Transition Tool Nationwide on April 10, 2007 presented by National Center for Employee Ownership Minimizing Cynicism in Employee-Owned Companies Nationwide on March 6, 2007 presented by National Center for Employee Ownership Participant Forms and Notices in Illinois on February 7, 2007 presented by SunGard Relius Participant Forms and Notices in Minnesota on February 7, 2007 presented by SunGard Relius Participant Forms and Notices in Michigan on February 8, 2007 presented by SunGard Relius Participant Forms and Notices in Colorado on February 9, 2007 presented by SunGard Relius Using ESOPs as an Acquisition Strategy Nationwide on April 17, 2007 presented by National Center for Employee Ownership Newly Posted Press Releases PSCA Releases Eligibility Mini-Survey Profit Sharing/401(k) Council of America (PSCA) PBGC Assumes Pension Plans Of Venture Holdings Corp. Pension Benefit Guaranty Corporation (PBGC) 401(k) Answer Book, 2007 Edition - Includes Coverage of the Pension Protection Act of 2006 Great-West Retirement Services Survey Finds Education Assistance and Wellness Programs Prevalent in the Public Sector International Foundation of Employee Benefit Plans The NCOA Makes Public Service Announcements (PSAs) Available For Local Agencies To Promote BenefitsCheckUp National Council on Aging (NCOA) UnumProvident to Change Name to Unum Unum 61% of Executives Surveyed Believe Telecommuters Are Less Likely to Advance in Comparison to Employees Working in Traditional Office Settings Futurestep Independence Blue Cross Waives Copayments for Generic Drugs Through March 31, 2007 Independence Blue Cross Newly Posted or Renewed Job Openings Employee Benefits Administration for Primary Consulting, Inc. in ANY STATE Tax/Employee Benefits Attorney for Harter Secrest & Emery LLP in NY 401(k)/Defined Contribution Valuation Processor for National Retirement Services, Inc. in CA, NC Retirement Plan Coordinator for American Funds, a part of The Capital Group Companies, Inc in TX Employee Benefits Attorney for Hershner Hunter, LLP in OR Technical Research Consultant for Diversified Investment Advisors in NY Plan Consultant Opportunity for Weaver Partners, Inc. in ANY STATE Disbursement/Distribution Specialist for Pension Specialists, Inc. in CA Bilingual Communication Specialist for 401(k) Advisors in CA Health & Welfare Administrator for ABG-MA, a BenefitStreet co. in MD 401(k) Administrator-Compliance Specialist for MBM Advisors, Inc. in TX 401 (k) Plan Administrator / Account Executive for Reed-Ramsey, Inc. in IL 401(k) Conversion Coordinator for Houston, TX Pension and Investment Firm in TX Retirement Services Consultant for McGovern Myles, LLC in ANY STATE Handy Links:
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:
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: |