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| July 20, 2007 |
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Massachusetts To Revise State Law Mandating Residents Have Health Insurance
Excerpt: "The Massachusetts Legislature in several months likely will make changes to a state law that requires all residents to obtain health coverage, state Joint Committee on Health Care Financing co-Chair Richard Moore (D) said, the Boston Globe reports." (KaiserNetwork.org)
Airline Tycoon Richard Branson on His Plans for a Healthier Workforce in America
Excerpt: "The Virgin Group founder and chairman took his global brand into the U.S. health care market in 2006 when he launched Virgin Life Care, which offers programs for employers to give incentives -- free movie tickets, music, clothing -- to employees who live healthy lifestyles." (Workforce Management)
Chairman of House Committee Introduces Bill to Cut Back Pre-existing Condition Clauses
Excerpt: "The bill, H.R. 2833, would end loopholes in current law that allow employers to refuse to provide critical health care coverage for new employees -- increasing access to comprehensive health care for the 94 million American workers who suffer from chronic illnesses." (Commonwealth Fund)
U.S. Senators Introduce Stringent Health Records Privacy Bill
Excerpt: "A new bill introduced in the Senate [on July 18] by Sens. Patrick Leahy (D-Vt.) and Edward Kennedy (D-Mass.) would place stringent restrictions on disclosures of personal health information and clear up at least some of the confusion surrounding federal privacy rules. If passed, the new bill would not supplant the Health Insurance Portability and Accountability Act of 1996 . . . ." (GovernmentHealthIT.com)
When Your Health Insurance Won't Pay
Excerpt: "[P]art of the job here is to let you know about potential problems with health care. Experimental drugs. These are something to think about. Often, FDA approved drugs that are used to treat illnesses other than their original design. But here's the issue, insurance companies can limit the practice, especially on expensive drugs. And when that happens, a patient can be left with nowhere to turn." (ABC-TV News via Foundation for Taxpayer and Consumer Rights)
States' Interest in Paid Sick Leave Might Aid Federal Bill
Excerpt: "Congress is more likely to pass legislation this year to provide paid sick days to workers, given that more states are considering laws on mandatory paid sick leave and this year's legislation is more business-friendly, compared to previous years, some labor analysts contend." (Employee Benefit News)
Fight Ill Health with Financial Literacy
Excerpt: "A Louisiana-based coalition of employers and providers has launched a program to bring financial education to the 480,000 workers, retirees and dependents that comprise the Louisiana Health Care Alliance. Live workshops, one-on-one coaching and online programs will be offered. . . . Research shows that financial problems are among the leading cause of stress among workers . . . ." (Employee Benefit News)
'Learning Accounts' Needed in Modern Workplace
Excerpt: "Labor experts believe America's workforce can remain sharp and competitive with the help of Lifelong Learning Accounts, which are employer-matched savings accounts to finance workers' education and training." (Employee Benefit News)
Marin County (California) Trims Retiree Healthcare Benefits for New Employees
Excerpt: "Under the new contracts, workers hired after Jan. 1, 2008, would receive annual health benefits upon retirement equal to $150 for each year they worked, for a maximum of $3,000 in a single year. Retirees will not receive cost-of-living increases for those benefits. Currently, workers on the lowest benefit tier receive [COLA-adjusted] retirement benefits of $385 per year, for a maximum of about $7,700." (MarinIJ.com)
Massachusetts Delays Section 125 Plan Filing Requirement and Provides Additional Guidance on Disclosure Requirements, Free Rider Surcharge (PDF)
7 pages; Excerpt: "The Massachusetts Division of Health Care Finance and Policy also issued important guidance on the employer reporting requirements under the health care mandate and the free rider surcharge, as well as information on the process employers can use to enroll employees in Connector coverage and collect premiums." (Buck Consultants)
Auto Contract Talks Start
Excerpt: "All three Detroit automakers are interested in setting up a . . . trust with the UAW in an effort to reduce or eliminate their combined $90.5 billion unfunded liability for long-term retiree health care." (AP via New York Times)
Failing Health Could Drain Your Retirement Savings: Consider Long-Term Care Insurance
Excerpt: "Don't think you'll need long term care? Statistics from the Department of Health and Human Services suggest otherwise. They state that by 2020, 12 million older Americans will need long-term care. Individuals who reach age 65 have a 40% chance of entering a nursing home, and about 10% of the people who enter a nursing home will stay there for at least five years. Life expectancies have increased; if your ancestors lived long and healthy lives, it could mean that you are likely to live even longer." (Denise Appleby on Investopedia)
Tips to Effectively Battle Your Insurance Company
Excerpt: "Tales of frustration with insurers abound. In an Internet survey that included 1,000 consumers, nearly one out of four said he or she had had a legitimate claim denied by their health insurance, according to PNC Financial Services Group." (CNN.com)
Most Companies Still Lack Global Health Care Strategy
Excerpt: "Does your organization have a global health care strategy? Most large companies that do business outside the U.S. apparently don't, but the business case for having one has become more compelling. Your organization might be one that could benefit." (Towers Perrin)
New Reference Formulary Can Bring Cost Savings in Arrangements With PBMs
Excerpt: "Do you really know how much you're saving with your current PBM? Are you confident you're making the best use of generics for maximum savings? Towers Perrin has a new reference formulary to analyze arrangements with PBMs. Employers using the tool have identified potential savings ranging from 10% to 20% in prescription drug costs." (Towers Perrin)
Plan Is Not an ERISA Plan Unless It Covers At Least One Employee Other Than the Employee-Owner
Excerpt: "After their health plan failed to timely pay for treatment, two employee-owners (the only individuals covered under the employer's plan) sued the insurer for breach of contract and bad faith. The insurer argued that the plan was subject to ERISA and, therefore, not subject to these state-law claims." (Employee Benefits Institute of America)
Employee's Knowledge of COBRA Rights Does Not Excuse Employer's Obligation to Provide Election Notice
Excerpt: "The employee in this case (who was responsible for managing his employer's health plan) sued his employer for penalties under COBRA, claiming that the employer failed to provide him with a COBRA initial notice when he commenced employment and provided a late and inadequate election notice when he resigned." (Employee Benefits Institute of America)
IRS and Treasury Officials Provide Informal Views on DCAP Elections, HRA Forfeitures, and Other Issues
Excerpt: "The Joint Committee on Employee Benefits (JCEB) of the American Bar Association has posted a report on the May 2007 Q&A session between JCEB representatives and officials from the IRS and Treasury Department." (Employee Benefits Institute of America)
Overview: NY Health Care Reform Act Extended Through 3/21/2008; 2007 Assessments Revised (PDF)
Excerpt: "The law had been scheduled to expire after June 30, 2007. . . . Covered lives assessments are surcharges that payers (i.e., self-insured plans and their administrators, health insurers and managed care organizations) must pay for health plan participants who live in New York State." (Sibson Consulting)
Links to Items on Executive Comp, Benefits in General
Harkin Bill Would Require Employers With Nonqualified Deferred Comp Plans to Maintain DB Plans for Employees
Excerpt: "Given Senator Harkin's status as a member of the Senate HELP Committee, which is one of the committees of jurisdiction over pension issues, his bill should be taken seriously. Some or all of his proposals could be in play if the Senate considers legislation relating to nonqualified deferred compensation in the near future, which is possible." (Deloitte)
SEC Intends to Stick With Same Disclosure Rules for 2008 Proxy Season
Excerpt: "It looks like the new proxy disclosure rules for executive compensation will remain in place in 2008 without any significant changes. That's the word from the Securities and Exchange Commission (SEC), where officials are in the process of reviewing this year's proxy disclosures. Companies need to prepare accordingly." (Towers Perrin)
Newly Posted Press Releases
ASPPA and CIKR Support Uniform Rules for Disclosure of 401(k) Fees to Participants
ASPPA (American Society of Pension Professionals & Actuaries)
U.S. Labor Department Obtains Judgment Restoring $300,000 to Buffalo Pension Plans
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
ERIC Submits Comments to EBSA on Plan Fee Disclosure; Urges Flexibility
ERIC (ERISA Industry Committee)
What's Your Wellness Score?
Principal Financial Group
ING Launches Fixed Annuity With 'Re-Up' Feature for Retirement Plan Participants
ING Group
Reps. Courtney, Miller Introduce Legislation to Boost Healthcare Coverage for Workers with Chronic Illnesses
U.S. House Education and Labor Committee
Hooper Holmes Completes Its 25,000th Health and Wellness Screening
Hooper Holmes
Newly Posted or Renewed Job Openings
(Post a Job | View All Jobs)
401(k) / DC Administrator
for Columbia Benefits Consultants, Inc.
in MD
Pension Consultants/Administrators
for Northern NJ Mid-Size Pension Consulting Firm
in NJ
401(k)/Defined Contribution Valuation Processor
for National Retirement Services, Inc.
in CA, NC
Consultant
for Kravitz - Louis Kravitz & Associates
in CA
Senior Retirement Plan Specialist
for Retirement Plan Advantage, LLC (an affiliate of Elliott Davis, LLC)
in SC
Fund Accounting and Asset Unitization Manager
for Reliance Trust Company
in GA
Relationship Manager - Defined Contribution Plan
for Vanguard
in PA
Defined Benefit Data Analyst
for Diversified Investment Advisors
in MA
Plan Administrator
for North Huntingdon, PA Third Party Administrator
in PA
401(k) Administrator
for Uniglobal Pension Planning, Inc.
in VA
401(k) Daily Account Manager
for Leggette Actuaries, Inc.
in TX
Compliance Analyst
for Leggette Actuaries, Inc.
in TX
Pension Software Business Calculations Analyst
for Levi, Ray & Shoup, Inc.
in IL
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