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| May 21, 2007 |
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Caterpillar Retiree Benefits Suit Gets Green Light
Excerpt: "A federal judge in the U.S. District Court for the Middle District of Tennessee is allowing the progression of a class action suit by Caterpillar Inc. retirees or their surviving spouses who claim the heavy equipment maker denied them benefits they were promised." (PLANSPONSOR.com; free registration required)
Medical Tourism May Trim 60 to 80 Percent, or More, Off Price of Major Surgeries
Excerpt: "[I]nsurers' worries about quality control and liability risk at foreign hospitals may still keep them from embracing medical tourism. But with spending on health care in America topping $2 trillion, baby boomers aging and the pool of uninsured rising above 43 million, insurers, smaller employers and individual Americans without insurance are looking at overseas care as an alternative for costly treatments . . . ." (The New York Times; free registration required)
Claimant Not Entitled to Appeal-Level Reports from Medical Experts before Plan's Final Decision
Excerpt: "EBIA Comment: Under the DOL claims procedure regulations, the named fiduciary deciding a group health or disability appeal involving medical judgment must consult with a medical expert who is different from any expert consulted at the initial claim level. Accordingly, there should always be at least one new report considered by the plan at the appeal level for such claims." (Employee Benefits Institute of America Inc.)
Testimony: Federal Employees Health Benefits Program: Premiums Rise, but Rate of Growth Slowed
15 pages. Excerpt: "GAO Testimony given by John E. Dicken, director, health care, before the Subcommittee on Oversight of Government Management, the Federal Workforce, and the District of Columbia, Senate Committee on Homeland Security and Governmental Affairs on May 18. [Highlights are at http://www.gao.gov/highlights/d07873thigh.pdf.]" (U.S. Government Accountability Office)
Government, Employers, Consumers Driving Health IT Market, According to The Economist
Excerpt: "Mounting pressure from the government, employers and consumers might encourage hospitals and insurers to adopt electronic health records to cut costs and improve care, The Economist reports." (California HealthCare Foundation; free registration may be required)
Health Care Quality Matters: Care Coordination
Excerpt: "Summary: The care of many patients lacks necessary oversight and continuity, particularly during transitions among health care providers and settings. Current efforts to improve care coordination focus on patient coaching and tracking of high-risk groups, but widespread reform will require changes to the financing of care delivery and other system-wide changes." (The Commonwealth Fund)
Refusal of Health Care Concessions Did Not Prompt Sale, Chrysler Officials Say
Excerpt: "The refusal of the United Auto Workers to make health care concessions to DaimlerChrysler did not prompt the recent decision by the company to sell 80% of the Chrysler Group to a private equity firm, DaimlerChrysler CEO Dieter Zetsche said . . ., the Detroit Free Press reports . . . ." (Kaiser Family Foundation)
Iowa & Texas Pass Legislation to Bring More Transparency to Pharmacy Benefit Manager Industry
Excerpt: "[PBM] industry representatives and backers counter that the initiatives would actually end up costing more money, and that transparency provisions in the bills are now standard business practice." (Drug Benefit News via AISHealth.com)
Report: Diabetes Drug Costs to Soar by 2009
Excerpt: "A growing diabetes epidemic and more aggressive treatment with combination drug therapies could result in a rise of nearly 70 percent in drug spending on the disease through 2009, according to a report released on Thursday by Medco Health Solutions Inc." (Reuters via MSNBC)
Overview: IRS HSA Inflation-Adjusted Figures for 2008
Excerpt: "Having this information earlier will make it easier for employers and advisors working with HDHPs and HSAs to design plan changes for 2008 and communicate them to employees." (Employee Benefits Institute of America Inc.)
Opinion: Indiana Gov. Mitch Daniels Signs Innovative Piece of Health Care Legislation
Excerpt: "The Healthy Indiana Plan creates a new HSA-type of mechanism for those who are currently uninsured and eligible for the new program -- uninsured adults earning up to 200% of poverty. It combines a funded account for first dollar health expenses, high-deductible private insurance coverage, and a separate fund for preventive services." (Galen Institute)
Overview: IRS 2007 List of Approved Nonbank Trustees & Custodians for HSAs & Other Tax-Exempt Trusts
Excerpt: "EBIA Comment: As we have previously noted, the slow growth in the number of approved entities is probably attributable to the extensive requirements that nonbank trustees and custodians must meet in order to gain IRS approval. Note that in addition to HSAs, these entities are approved as trustees and custodians of Archer MSAs." (Employee Benefits Institute of America Inc.)
A Look at Hybrid Insurance Products with Long-Term Care Insurance
Excerpt: "This report discusses hybrids of long-term care insurance with life insurance, annuities, and disability insurance." (AARP)
Links to Items on Executive Comp, Benefits in General
As Workers Get Older or Retire, Companies Need to Adapt
Excerpt: "There are various ways to prepare your business for the graying of the work force, said Kathy Hyde, eldercare services director of Family & Workplace Connection, a non-profit organization in Wilmington that helps people find care for their children and parents. Older workers value flexibility, whether that means working fewer hours, job sharing or telecommuting, she said." (The News Journal)
Opinion: The Mounting Retirement and Health Care Obligations of American Auto Makers
Excerpt: "The Big Three U.S. car companies -- Chrysler, General Motors and Ford -- have collective health and pension liabilities of about $95 billion. More than half of that amount is related to retirees." (St. Louis Post-Dispatch)
Third Circuit Reverses Penalty Award for Failure to Produce Plan Documents re Clear Notice Test
Excerpt: "EBIA Comment: While the plan administrator ultimately won on appeal, this case once again underscores the importance of having retirement and welfare plan procedures to identify and deal appropriately with plan document requests to avoid potential penalties." (Employee Benefits Institute of America Inc.)
Executive Compensation: New Proxy Disclosure Rules Enhance the Pay Role of HR
Excerpt: "As human resources executives take the lead in the proxy disclosure process under the SEC's new executive compensation rules, they are entering a new era of responsibility and engagement with the board of directors." (Workforce Management; free registration required)
Overview: Traditional Nonqualified Deferred Compensation Plans under Final Section 409A Regulations
Excerpt: "This Client Alert focuses on the application of Section 409A and the final regulations to traditional nonqualified deferred compensation plans (NQDC plans) and is intended to help guide companies through some of the more complex provisions of the final regulations that are applicable to NQDC plans." (Wilson Sonsini Goodrich & Rosati)
ERISA Section 510 Claims Time Barred Under Tolle Rule
Excerpt: "Along the thorny path to establishing a viable Section 510 claim a plaintiff encounters the same limitations period imbroglio as in pursuing a claim for benefits - but in additional dimensions." (Health Plan Law blog by Attorney Roy F. Harmon III)
International Headlines, May 16, 2007
Excerpt: "Top stories in this issue: Can.ada: Defined benefit plan rescue proposal; India: Finance Bill 2007 passed; FBT compromise hinted; Malaysia: EPF amendment bill approved; Norway: Pension reform; Taiwan: Pension updates; UK: PPF seeks tax relief for large contributions." (Mercer Human Resource Consulting LLC and Mercer Investment Consulting, Inc.; free registration required)
Growing Divide Between the Rich and Poor in America Is More Generation Gap Than Class Conflict
Excerpt: "Because the older generation hasn't set aside enough money to cover promised government benefits, young people will have to make up the difference or older people will face benefit cuts. The financial shortfalls of Social Security and Medicare over the next 75 years are so large -- $340,000 per household -- that they dwarf the wealth of every age group. This hidden debt will make it a challenge for young people to accumulate as much wealth late in life as their parents have." (USA TODAY)
Future Retirees Expect to Work Longer, According to Gallup Poll
Excerpt: "Nearly three-quarters of workers say they plan to continue working on a part-time basis after retirement, a far greater number than the 22% of current retirees that now rely on part-time income, a recent Gallup poll found." (PLANSPONSOR.com; free registration required)
Newly Posted Events
17th Annual National Health Benefits Conference & Expo (HBCE)
in Florida on January 17, 2008
presented by Health Benefits Conference & Expo
Navigating the Health Care System: What Every Employer and Consumer Needs to Know About Improving Health Care Quality
in Maryland on June 7, 2007
presented by Worldwide Employee Benefits Network (WEB) - Baltimore Chapter
The 5th Annual 412(i)Summit
in Illinois on August 1, 2007
presented by Executive Benefits Design Group
Newly Posted Press Releases
Global Expansion Marks 25th Anniversary of Workplace Options
Workplace Options
Newly Posted or Renewed Job Openings
(Post a Job | View All Jobs)
Pension Consultants/Administrators
for Northern NJ Mid-Size Pension Consulting Firm
in NJ
Fund Accounting and Asset Unitization Manager
for Reliance Trust Company
in GA
401(k) Plan Administrator/Consultant
for Retirement Plan Administrators, LLC
in GA
Part-Time Training Facilitator
for Professional Development Solutions, LLC
in ANY STATE
Manager of Pension Services
for Valley Forge Consulting Corporation
in PA
Retirement Sales Consultant
for Standard Insurance Company
in OH
Retirement Sales Consultant
for Standard Insurance Company
in OH
New Business Coordinator
for GPS Investment Advisors, LLC
in RI
Sr Account Mgr-RP
for Standard Insurance Company
in OR
Account Manager - Retirement Services
for Wall Street Access
in NY
ERISA Attorney
for Great-West Retirement Services
in WI
Compliance Specialist
for Great-West Retirement Services
in WI
Defined Contribution Administrator
for Howard Feinstein & Associates
in IL
Business Development Officer - DC Sales
for Payden & Rygel
in ANY STATE, AL, AR, AZ, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NY, OH, OK, PA, RI, SC, SD, TN, TX, UT, VA, VT, WI, WV, WY
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