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| August 3, 2007 |
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Text: Proposed IRS Regulations on Cafeteria Plans (Section 125) (PDF)
124 pages; proposed to become effective in 2009. Replaces and restates proposed regs under section 125 that were published in 1984, 1989, 1997 and 2000, and temporary regs published in 1986. The new proposed regs reflect tax law changes since the earlier regs were published, including the definition of dependent and the addition of new qualified benefits such as adoption assistance and HSAs. Other changes include the prohibition against long-term care insurance and services, and the addition of the key employee concentration test in Code section 125(b)(2). Also clarifies the interaction between section 125 and section 401(k). (Internal Revenue Service)
Paying Worker Tuition Can Help Business
Excerpt: "With the start of the school year not far off, employees of small businesses might have a hankering to take some courses. And company owners might want to think about paying for them to take some classes _ the learning may help their careers and in turn, help the business retain its best workers." (AP via The Washington Post; free registration required)
Prescription Noncompliance Remains Problem
Excerpt: "Only about 50% of patients typically take their medicines as prescribed, the World Health Organization estimates. In the U.S., non-adherence affects patients of all ages and genders and is just as likely to involve higher-income, well-educated people as those at lower socioeconomic levels." (Employee Benefit News; free registration required)
Federal Help Needed in State Health Care Reform Battle
Excerpt: "While many states have introduced new and ambitious health care plans in an effort to get citizens insured, some policy experts contend that the combined strength of federal and state governments is needed in order for a reform movement to have real teeth." (Employee Benefit News; free registration required)
Look for URAC Seal When Shopping for a PBM
Excerpt: "The next time you are in the market for a pharmacy benefit manager, you may want to look for the URAC seal of approval. The independent nonprofit, best known for its accreditation and certification programs, has developed voluntary standards for the PBM industry. The standards address a variety of areas." (Employee Benefit News; free registration required)
Massachusetts Universal Health Care Goes Live
Excerpt: "In a first for the nation, all residents of Massachusetts were required to obtain health insurance by July 1, 2007, under a law passed last year." (Watson Wyatt Worldwide)
Benefits Legislation Active as 2007 Congressional Session Hits Midpoint
Excerpt: "As Congress headed into the July 4 recess, compensation and benefits were high on the legislative agenda. The focus is expected to last through the year, with health care likely to play a role in the presidential elections as well." (Watson Wyatt Worldwide)
Conflicts on Mental-Health Parity Bill
Excerpt: "A more expansive House version of the bill is set to be approved when legislators return from their summer recess after Labor Day. Business groups prefer the Senate's proposed bill, which has been approved in committee but not yet brought to the floor for a vote." (Human Resource Executive Online; free registration required)
State Law Claims Against ERISA Fiduciary Escape ERISA Preemption
Excerpt: "[T]he United States District Court in Barker v. The Hartford Life and Acc. Ins. Co. allowed a long term disability plan participant's state law claims of intentional infliction of emotional distress to go forward against Hartford, the insurance carrier." (Health Plan Law blog by Attorney Roy F. Harmon III)
Business Groups Blast Ohio Maternity Leave Proposal
Excerpt: "Business groups are on the attack against a plan to mandate that Ohio women get 12 weeks off from work when they have a baby." (AP via Internet Broadcasting Systems, Inc.)
Millions in Wisconsin State Employee Benefits on the Line in Budget Deal
Excerpt: "Among the issues to be resolved between the Republican-controlled Assembly and Democrat-controlled Senate include: Requiring an estimated 60,000 state employees -- except for those protective positions such as prison guards, State Patrol officers, and Capitol police -- to pick up 10 percent of their health insurance premiums now paid by the state." (The Capital Times)
'Medical Tourism' Examined by Health Business Blogger
Excerpt: "Many Americans and Europeans are traveling abroad in search of high-quality, low-cost healthcare. A new Web site that capitalizes on that trend is the latest brainchild of David Williams, an entrepreneur in the business of medicine. His site, MedTripInfo, provides news and commentary on 'medical tourism,' along with discussion boards that focus on particular countries." (Medscape)
Links to Items on Executive Comp, Benefits in General
Overview: IRS to Modify Key Rules for 457(f) Plans
Excerpt: "In Notice 2007-62, the IRS and the Treasury have announced plans to publish guidance which would apply the Code §409A definition of substantial risk of forfeiture (see Treas. Reg. §1.409A-1(d)) to 457(f) plans. The 409A definition is much more narrow than the §83 definition." (SunGard Corbel LLC)
As Workers Retire, Small Companies Face a Talent Crunch
Excerpt: "For any company with older employees, the statistics are grim. Over the next two decades, 78 million baby boomers will turn 65, the traditional retirement age. That's going to create a talent shortage, particularly in industries such as health care, education, engineering, and financial services." (Inc.com)
Working Paper: Health Risk in Retirement and Retirement Wealth
Excerpt: "This paper examines the extent to which private savings responds to the availability of a social insurance program." (University of Michigan Retirement Research Center)
On Satisfaction with Federal Benefits, It Depends on Who You Ask
Excerpt: "The hearing subject was 'Federal Benefits: Are We Meeting Expectations?' Linda M. Springer, the president's chief adviser on the civil service, said she thought so because surveys show that federal employees are highly satisfied with their benefits. 'We are largely meeting expectations,' she said." (The Washington Post; free registration required)
The Expat Zone - A Drama
Excerpt: "In EBA's coverage of expatriate benefit offerings it has come to our attention that some advisers think managing expat employees is a challenge alive with drama. Richard Polak, president and CEO of international benefits and human resources company, IBIS Advisors decided to share a bit of his inner thespian with us in his theatrical debut: 'The Expat Zone' . . . ." (Employee Benefit News; free registration required)
Severance for Executives in a Post-409A World – Common Myths and Misconceptions (PDF)
7 pages. Excerpt: "These rules are complex and a full-scope review of Section 409A and severance is beyond the scope of this Client Alert. However, we thought it would be useful to correct common misconceptions about how Section 409A affects severance and other separation payments to executives under the 2007 Final Regulations." (Baker & McKenzie)
Rule 10b5-1 Plans Under Scrutiny: The Next Executive Stock-Timing Story? (PDF)
6 pages. Excerpt: "The SEC has recently turned its attention to a review of insider stock sales made under prearranged trading plans intended to comply with SEC Rule 10b5-1 ('10b5-1 plans'). Because of the SEC's enhanced scrutiny, we expect 10b5-1 plans to become a new enforcement target." (Jones Day)
Newly Posted Events
Final Rules on Section 403(b) Tax-Sheltered Annuity Plans Exploring and Understanding the Changes - Webcast
Nationwide on August 9, 2007
presented by ALI-ABA (American Law Institute-American Bar Association)
NTSAA Webinar Series - The Final 403(b) Regs
Nationwide on August 7, 2007
presented by National Tax Sheltered Accounts Association
Understanding the Final 403(b) Regulations
Nationwide on August 9, 2007
presented by Convergent Retirement Plan Solutions, LLC
Webcast: Final Code §403(b) Regulations: It's Finally Here!
Nationwide on August 16, 2007
presented by ASPPA (American Society of Pension Professionals & Actuaries)
Newly Posted Press Releases
Barry L. Klein Joins Blank Rome LLP as Partner
Blank Rome LLP
Newly Posted or Renewed Job Openings
(Post a Job | View All Jobs)
Director - Client Services
for Retirement Capital Group
in CA
Benefits Specialist
for The Children's Aid Society
in NY
Plan Administration Specialist
for Boston Financial Data Services
in MA
WRS Market Manager
for Wachovia
in MD
Assistant Actuary
for Standard Insurance Company
in OR
Disability Benefits Analyst
for Standard Insurance Company
in NY
Retirement Plans -Participant Services Rep
for Standard Insurance Company
in OR
New Business Defined Contribution Analyst -I, II or Senior
for Standard Insurance Company
in OR
Sr Account Mgr-Retirement Plans
for Standard Insurance Company
in OR
Sr Defined Contribution Analyst
for Standard Insurance Company
in OR
Pension Administrator
for CPActuaries
in FL, VA
Senior Director, Insurance Program Development & Management
for National Rural Electric Cooperative Association (NRECA)
in VA
Handy Links:
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- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
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