| BenefitsLink Welfare Plans Newsletter |   |
March 23, 2007
Sponsored by: The International Foundation of Employee Benefit Plans
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| Celebrate National Employee Benefits Day April 2 |
| On Monday, April 2, make plans to celebration National Employee Benefits Day. Tune in to www.ifebp.org for a free web cast titled "Are Your Participants Financially Savvy? How Proactive Plan Sponsors Can Make a Difference." This presentation will be of interest to those who help shape educational efforts for plan participants. It will also have tips for your own personal financial planning. For more on National Employee Benefits Day, visit www.ifebp.org/benefitsday |
Questions from Readers: March 2007
The questions and answers cover issues concerning HSAs, FSAs, and HRAs. (CCA Strategies)
Overview: Eighth Circuit Rules Excluding Contraceptives from Employee Health Plan Not Discriminatory
Excerpt: "In Standridge v. Union Pacific Railroad Company, a group of female Union Pacific employees brought a class action lawsuit against the company alleging that its health plans violated Title VII, as amended by the Pregnancy Discrimination Act ('PDA')." (Kilpatrick Stockton LLP)
Oral Contraception Coverage Not Required
Excerpt: "Union Pacific Railroad Company did not discriminate against female employees when it refused to cover birth control pills under its health plans, a federal appellate court has ruled." (Employee Benefit News)
Huge Costs Await Chrysler Suitors: Retiree Expenses Make It Tough Sell
Excerpt: "As DaimlerChrysler AG shops around the Chrysler Group, potential bidders are looking long and hard at billions of dollars in looming retiree pension and health care costs often buried beneath financial results the company highlights publicly." (Detroit Free Press)
Department of Labor Sues Health Plan Fiduciaries Alleging Asset Diversion and Illegal Fees
Excerpt: "According to the complaint, the defendants allegedly: failed to properly evaluate and underwrite benefits, failed to adjust rates and benefits to pay promised benefits, failed to adequately fund claims owed by the plan, and paid excessive fees for services provided to the health plan." (Health Plan Law blog by Attorney Roy F. Harmon III)
High Deductible Health Plans Linked to Fewer Emergency Room Visits
Excerpt: "Patients who switched to high-deductible health plans went to the emergency department 10 percent less than patients who remained in traditional plans, according to a new study by the Department of Ambulatory Care and Prevention (of Harvard Medical School and Harvard Pilgrim Health Care)." (Medical News Today)
Universal Health Plan Could Yield Savings, Study Says: Spending Could Be Cut by $60.7B Per Year
Excerpt: "Expanding government health insurance coverage to all Americans could reduce healthcare spending by as much as $60.7 billion a year, according to a study by a nonpartisan research center. The estimated savings would include a $33.9 billion cut in the cost of prescription drugs, the New York-based Commonwealth Fund said in a report . . . ." (Bloomberg News via Blue Cross and Blue Shield Association)
Description: Chairman's Amendment to Revenue Provisions of Genetic Information Nondiscrimination Act (PDF)
7 pages. Excerpt: "The House Committee on Ways and Means has scheduled a markup on March 21, 2007, relating to H.R. 493, the 'Genetic Information Nondiscrimination Act of 2007'. This document, prepared by the staff of the Joint Committee on Taxation, provides a description of the Chairman's amendment in the nature of a substitute to the revenue provisions of H.R. 493." (U.S. Congress Joint Committee on Taxation via American Benefits Council)
Opinion: Why Massachusetts Governor Romney's Health Care Reform Won't Work
Excerpt: "Massachusetts has enacted one of the most far-reaching state health insurance reform packages in recent decades. . . . Many observers see Massachusetts's reforms as a model for the nation, but a closer look provides ample reasons to be skeptical. (Originally published June 6, 2006)" (Cato Institute)
Opinion: Beware of the 'Fix' of Universal Health Care
Excerpt: "Instead of trying to replace one bad system with another, the government should encourage even more competition among private insurers so that doctors and providers receive fair reimbursements for good medical care, provide direct subsidies for people who purchase health insurance that they can afford and that is portable from job to job, and encourage the use of tax-sheltered health savings accounts for those want to control where and how their health-care dollars are spent." (The Journal News)
Hewitt Federal Legislation Quick Guide Updated March 20, 2007, for Health and Welfare Plans (PDF)
12 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)
States in Action: A Bimonthly Look at Innovations in Health Policy
Excerpt: "In this Issue of the newsletter are the following: Profile: In-Depth Look at an Initiative that Is Making a Difference -- Comprehensive State Reforms Address Health Care Quality and Efficiency, and, Snapshots: Short Takes on New State Initiatives." (The Commonwealth Fund)
Links to Items on Executive Comp, Benefits in General
EITF Abstract: New Accounting Rules for Collateral Split-Dollar Arrangements (PDF)
13 pages. Full title: Accounting for Deferred Compensation and Postretirement Benefit Aspects of Collateral Assignment Split-Dollar Life Insurance Arrangements (Financial Accounting Standards Board)
ERISA Compliance Calendar/Checklist
Plan Sponsor has a listing of tax and ERISA deadlines for 2007. (PLANSPONSOR.com; free registration required)
Executive Compensation Disclosures for 2007: Insights and Key Examples from the First CD&As (PDF)
6 pages. Excerpt: "The 2007 proxy season is well under way, with the public filings to date providing some useful insights into particular issues relating to the disclosure of executive and director compensation. The level of detail varies dramatically between companies. Most disclosures of executive compensation involve a comprehensive Compensation Discussion and Analysis (CD&A), supplementary tables, and explanatory narratives singling out a variety of issues." (Paul, Hastings, Janofsky & Walker LLP)
National Employee Benefits Day, April 2, 2007 - 2007 Theme: Financial Literacy
Excerpt: "Use this day as an occasion to help your participants make the most of their benefits. Participants need to make informed decisions in order to prepare for their future. Through financial literacy efforts, your participants can make educated and appropriate decisions about their health care choices and retirement future." (International Foundation of Employee Benefit Plans)
Americans Spend Less Time Reviewing Employee Benefits Than Managing Their Taxes
Excerpt: "from Spencer's Benefits Reports: Nearly half of working Americans spend either no time or less than an hour reviewing their benefits each year, according to recent research released by the Guardian Life Insurance Company." (Wolters Kluwer Law & Business)
Hewitt Federal Legislation Quick Guide for March 20, 2007, on Human Resources & 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)
Newly Posted Press Releases
Somerset, NJ Company Agrees To Plead Guilty To Failing To Pay Taxes On More Than $99 Million Worth Of Employee Stock Bonuses
U.S. Attorney's Office
CDM Appoints New Director of Sales
CDM Retirement Consultants, Inc.
Arthur N. Caple Foundation Launches Website
Arthur N. Caple Foundation
Newly Posted or Renewed Job Openings
Pension Administrator
for The Senex Group
in CA
CitiStreet Open House - Tuesday, March 27th 6-8pm
for CitiStreet
in NJ
Benefit Supervisor
for Philips Electronics
in FL
Enrollment Specialist
for Capital Retirement Plan Services
in FL, NJ, TX
Pension Plan Administrator
for Aspen Pension Administrators, Inc. in Albuquerque, NM
in ANY STATE
Defined Benefits Service Delivery Manager
for Affiliated Computer Services (ACS)
in NJ
Director, IT
for 32BJ Benefit Funds
in NY
Plan Administrator
for Milliman, Inc.
in TX
Handy Links:
- View Today's Active Message Threads
- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
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