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| June 12, 2007 |
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| 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.
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Although New Rules Force Retiree Health Cost Tally, Governments Still Won't Have to Set Aside Money
Excerpt: "Credit Suisse estimates state and local governments are facing more than $1.5 trillion in unfunded health care and other nonpension benefits they are obligated to pay." (Pittsburgh Post-Gazette)
Employers Can Still Coordinate Retiree Medical Plans with Medicare - Even in the Third Circuit (PDF)
3 pages. Excerpt: "On June 4, 2007, a unanimous three-judge panel of the U.S. Court of Appeals for the Third Circuit upheld an Equal Employment Opportunity Commission (EEOC) regulation that would exempt from the Age Discrimination in Employment Act (ADEA) employer coordination of retiree health benefits with Medicare benefits." (Morgan, Lewis & Bockius LLP)
Maine's Health Care Reform Provisions Weak, While Massachusetts Mandates Sec. 125 Plans
Excerpt: "[F]rom Spencer's Benefits Reports: The state of Maine's Dirigo health plan, the first state program to aim for universal health insurance coverage, thus far has managed to expand the number of residents without coverage at a higher cost, instead of reducing the number of uninsured and related costs, according to an analysis by Oxford Analytica." (Wolters Kluwer Law & Business)
A Battle Over Who's Helping Disabled Players Rages Anew
Excerpt: "The feud over pension and disability benefits escalated [yesterday] between a group of disgruntled National Football League veterans and the league's players union." (The New York Times; free registration required)
Dads on Paternity Leave - A Struggle to Balance Work and Family
Excerpt: "More than half of working dads (59 percent) would not take paternity leave if it were offered, according to the latest Workplace Insights survey by Adecco USA . . . ." (BusinessWire via MSN.Money)
Continued Health Insurance After Divorce Bill OKed; Comments on Insurance Industry 'Business Model'
Excerpt: "Anthem Blue Cross and Blue Shield and the Association of American Health Insurance Plans (AHIP) opposed the bill." (AP via UnionLeader.com via Physicians for a National Health Program)
New Study on Maternity Care Costs in Consumer-Driven Health Plans
Excerpt: "[Kaiser and the March of Dimes co-hosted a forum today] to release new studies that analyze the costs of maternity care and assess coverage under consumer-driven health plans (CDHPs). Kaiser released a new study that compares the out-of-pocket costs of maternity care under CDHPs and traditional health insurance plans. The March of Dimes released a new study prepared by Thomson Healthcare that examines the overall costs of having a baby." (Kaiser Family Foundation)
Incentives Limit Any Savings in Treating Cancer
Excerpt: "The ballooning cost of cancer treatment, one of Medicare's most expensive categories, offers a vivid example of how difficult it may be to rein in the nation's runaway health care spending without fundamentally changing the way doctors are paid." (The New York Times; free registration required)
Overview: CMS's 12-Step Reconciliation Process for Retiree Drug Subsidy (PDF)
Excerpt: "The Centers for Medicare and Medicaid Services (CMS) has announced a 12-step final reconciliation process for plan sponsors receiving drug subsidies through the Medicare Part D Retiree Drug Subsidy Program. CMS has provided over 200 pages of detailed instructions on its website." (Buck Consultants)
An Overview of U.S. Health Care Reform Proposals and Employer Initiatives (PDF)
4 pages. Excerpt: "This article examines some of the noteworthy health care reform proposals and assesses the likelihood of reaching consensus on a solution to this mounting national crisis. In addition, the article explores employer initiatives, such as health risk appraisals and programs to manage chronic conditions." (International Foundation of Employee Benefit Plans)
Overview: IRS's 2008 HSA/HDHP Limits (PDF)
2 pages. Excerpt: "The Internal Revenue Service ('IRS') announced the 2008 annual contribution limits for health savings accounts ('HSAs') and the minimum deductible and maximum out-of-pocket limits for accompanying high deductible health plans ('HDHPs') on May 11-- over two weeks ahead of the new statutory notice deadline of June 1." (Groom Law Group)
The Wisconsin Health Plan: Estimated Cost and Coverage Impacts (PDF)
172 pages. Excerpt: "In this study, we provide a detailed analysis of the economic impact of a proposal to provide health insurance coverage to residents of Wisconsin called the 'Wisconsin Health Plan (WHP).' We estimated the cost of the program and its impact on health spending for major stakeholder groups in the state including governments, employers, families and providers." (The Lewin Group)
Understanding, Assessing the Benefits of 419(e) Plans for Post-Retirement Medical Benefits
Excerpt: "Although 419(e) plans are not for everyone, in the right circumstances they can be an efficient tool for small and midsized employers." (Employee Benefit News)
Overview: Employer Requirements under the Massachusetts Health Care Reform Act
Excerpt: "The new law directly and indirectly imposes a number of requirements on employers with 11 or more employees in Massachusetts. . . . Although guidance on significant aspects of these requirements has yet to be issued, and although the mandates on employers raise ERISA preemption questions, the July 1 effective date warrants the immediate attention of employers with Massachusetts employees." (Ballard Spahr Andrews & Ingersoll, LLP)
Mental Health Parity Gets Closer to Reality
Excerpt: "While the House version on mental health parity is largely unchanged from years past -- and still objectionable to many insurers as well as employers -- a new Senate bill with powerful backing has gained the support of groups ranging from the American Benefits Council to Mental Health America (formerly the National Mental Health Association)." (Managed Care Magazine)
Nurturing Your HSA Fund: Here's How Health Savings Accounts Work Best
Excerpt: "Now that you have an HSA, here are seven tips to maximize your success with it. [First, take advantage] of preventive services, such as annual physicals, mammograms and pap smears that are covered by your High Deductible Health Plan." (Chicago Sun-Times)
Issue Brief: Facing the Problems of Providing Long-Term Care for the Oldest Old (PDF)
15 pages. Excerpt: "Although the issue for all of us is the potential impact that this growing segment of the population [baby boomers] will have, particularly on our national economy, this brief will focus on the problems specific to those who live the longest -- the oldest old -- looking in particular at (1) their special needs, (2) the costs of the long-term care necessary to meet those needs, and (3) the challenge of finding enough health care workers to provide that care." (The Century Foundation)
Links to Items on Executive Comp, Benefits in General
Bickmore Risk Services Expands Actuarial Services to Public Agencies Seeking GASB 43/45 Compliance
Excerpt: "GASB Statements 43 and 45 bring a radical shift in the way Other Post-Employment Benefits (OPEBs) are accounted for by public employees, i.e., a change from 'pay-as-you-go' accounting to 'accrual' accounting. Typically, complying with the statements entails retaining a certified actuary to perform periodic valuations of an agency's OPEBs. Some experts estimate 85,000 - 95,000 states, cities, and school districts will need to comply with the new accounting standards." (Business Wire)
Many Baby Boomers Plan To Retire Late, According to Study
Excerpt: "[A report is being released today] that says higher rates of divorce and separation could result in greater financial hardship for aging baby boomers. In 1980, about two-thirds of Americans age 55 to 64 lived in married-couple households. That percentage fell to less than 58 per cent in 2005." (CBS News)
An EBRI Study on Labor-Force Participation: The Population Age 55 and Older (PDF)
Pages 2-8 of 12. Excerpt: "As the post-World War II baby-boom generation approaches retirement, the American work force is aging, with a larger percentage of workers nearing the ages that are associated with retirement (55 and older)." (Employee Benefit Research Institute)
Baby Boomers Expect to Work Longer, According to Study
Excerpt: "Americans had been retiring at ever-younger ages since the growth of private pensions and Social Security began more than 50 years ago. However, the retirement trend appears to be reversing." (The Washington Post; free registration required)
Retiring Boomer Talent Shortage Already Felt by Some Employers
Excerpt: "The talent shortage anticipated from the retirement of millions of baby boomers is already being felt in some industries, according to one survey." (PLANSPONSOR.com; free registration required)
New Concept for Boomer Retirement: Freedom to Work
Excerpt: "A couple of things are clear: 60 is not the new 40, it's the new 60, . . . and that's a time of greater energy and involvement than any previous generation had. The nation cannot afford to waste the time and talent of aging boomers any more than it can afford to empty its treasury to pay for 30 years of their retirement play." (The Orange County Register)
Overview: Treasury Issues Final Regulations on 409A NQDC Rules
Excerpt: "The final regulations provide extensive transition relief that should enable most companies to comply with section 409A from the beginning of 2005 to the end of 2007." (Watson Wyatt Worldwide)
Results of the 2006 Federal Employee Benefits Survey (PDF)
25 pages. Excerpt: "The Federal Benefits Survey focuses on 10 benefits programs: 1. Employee health benefits 2. Retirement annuity 3. Thrift Savings Plan 4. Retiree health benefits 5. Life insurance 6. Long term care insurance 7. Flexible Spending Accounts steelwork 9. Child care subsidy 10. Health and wellness programs" (U.S. Office of Personnel Management)
Tax Expenditures and Employee Benefits: Estimates from the FY 2008 Budget (PDF)
Pages 8-10 of 12. Excerpt: "For the next fiscal year (2008), all employee benefits-related tax expenditures ($328.090 billion) will account for 34.1 percent of the $961.011 billion tax expenditures in the budget." (Employee Benefit Research Institute)
Overview: Stock Option Backdating and Spring-Loading
3 pages. Excerpt: "The Delaware Court of Chancery has issued its first rulings in connection with the stock option backdating and spring-loading allegations that began circulating in the press in 2006." (NASPP Advisor via Utz Miller & Kuhn LLC)
Newly Posted Press Releases
ERIC To Unveil New Benefit Platform for Life Security on June 13
ERIC (ERISA Industry Committee)
New Health Risk Assessment from Workplace Options Helps Employers to Identify Workforce Health Challenges
Workplace Options
Healthcare311.com: Retail Clinics Altering The US Health Care Map
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