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| August 13, 2007 |
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Final IRS Regs on Expenses for Dependent Care Services Necessary for Gainful Employment (PDF)
35 pages; relevant to whether section 125 reimbursements or taking the tax credit is best for any particular employee. Excerpt: "The regulations reflect statutory amendments under the Deficit Reduction Act of 1984, the Tax Reform Act of 1986, the Omnibus Budget Reconciliation Act of 1987, the Family Support Act of 1988, the Small Business Job Protection Act of 1996, the Economic Growth and Tax Relief Reconciliation Act of 2001, the Job Creation and Worker Assistance Act of 2002, the Working Families Tax Relief Act of 2004, and the Gulf Opportunity Zone Act of 2005. The regulations affect taxpayers who claim the credit for expenses for household and dependent care services, and dependent care providers." (Internal Revenue Service)
More States Enact Cafeteria Plan Mandates
Excerpt: "Rhode Island, Connecticut and Missouri recently followed Massachusetts in enacting a requirement that certain employers establish cafeteria plans. A new issue of [Sibson Consulting's publication] 'Capital Checkup' discusses these state mandates . . . ." (The Segal Group, Inc.)
Overview: IRS's New Proposed Regulations on Cafeteria Plans
Excerpt: "EBIA Comment: Employers and administrators have eagerly anticipated these regulations, which gather years of formal and informal guidance in one place and provide much-needed certainty on various issues. Fortunately, most of the changes are favorable; the regulations also include many helpful examples." (Employee Benefits Institute of America Inc.)
Sen. Kennedy Wants Data on Health Insurance-Portability Enforcement
Excerpt: "Sen. Edward Kennedy (D-Mass.) has asked HHS Secretary Mike Leavitt for data on how the CMS is enforcing a provision of the 1996 Health Insurance Portability and Accountability Act that requires insurance companies to provide basic coverage for individuals leaving a group health plan." (Modern Healthcare; free registration required)
Senators Were Poised to Offer Amendment to SCHIP Bill on a Free-Market, Patient-Centered Alternative
Excerpt: "But they ran into a buzz-saw of opposition, not from the Left but from a friend of free markets, Grover Norquist of Americans for Tax Reform. The Senate amendment, which Sen. Richard Burr (R-NC) was preparing to offer on behalf of a number of his colleagues, would have replaced the seriously-flawed tax preference for job-based health insurance with a universal refundable tax credit for individuals and families to purchase private coverage." (Galen Institute)
Editorial: World's Best Medical Care?
Excerpt: "Many Americans are under the delusion that we have 'the best health care system in the world,' as President Bush sees it, or provide the 'best medical care in the world,' as Rudolph Giuliani declared last week. That may be true at many top medical centers. But the disturbing truth is that this country lags well behind other advanced nations in delivering timely and effective care." (The New York Times; free registration required)
Overview: Court Rules Suffolk County, NY's 'Fair Share' Law Is Preempted by ERISA
Excerpt: "The U.S. District Court for the Eastern District of New York recently ruled in Retail Industry Leaders Assoc. v. Suffolk County that the New York county's 2005 'fair share' law, requiring certain large employers to provide a specific level of health coverage for their workers or pay a penalty to the county, is preempted by the Employee Retirement Income Security Act (ERISA). This is the second federal case to evaluate a 'fair share' law and conclude that it is preempted." (The Segal Group, Inc.)
Gearing Up for the Next Round of Medicare Part D Notices of Creditable Coverage
Excerpt: "Plan sponsors should determine whether their plan's prescription drug coverage is creditable and should draft Notices of Creditable (or Non-Creditable) Coverage. In addition, plan sponsors may want to create custom communications to explain Part D to actives and retirees." (The Segal Group, Inc.)
Recently Updated Charts of Premiums Paid for Employer-Based Health Insurance
Excerpt: "Updated data on employer-based insurance premiums from the Agency for Healthcare Research and Quality (AHRQ) are available by state and region. These include the average annual cost for single coverage, family coverage, and employee-plus-one coverage for 2005. The average share of the premium contributed by employees and employers are also available for all coverage types." (Kaiser Family Foundation)
Publix No Longer Will Match Retailers' Generic Drug Discounts
Excerpt: "Florida-based Publix Super Markets on Wednesday announced it no longer will match a program by Wal-Mart that offers 30-day supplies of 143 generic drugs for $4 per prescription, the St. Petersburg Times reports. Publix said it now will focus on its antibiotics program . . . ." (Kaiser Family Foundation)
DeMint Places Hold on Mental Health Parity Bill in Senate
Excerpt: "A hold placed by Sen. Jim DeMint (R-S.C.) has delayed until after the August recess Senate consideration of a bill (S 558) that would mandate mental health parity, CQ Today reports." (Kaiser Family Foundation)
Links to Items on Executive Comp, Benefits in General
IRS 2007-2008 Priority Guidance Plan (PDF)
28 pages. Names the regulations the IRS hopes to issue next, including regulations on employee benefit plans (see pages 2-5). (Internal Revenue Service)
As Work Force Ages, Companies Must Adapt with Flexible Policies
Excerpt: "In the next decade or so, the U.S. workplace will be transformed with an explosion of flexible work schedules and a host of technologies that will make work tasks easier. What will cause these changes? A boatload of middle-aged workers. That's right, by 2020, there will be more 55-plus workers grinding away than at any other time in our history. As a result, labor experts foresee a rush by the nation's businesses to accommodate the aging workforce." (MSNBC.com)
PGA Creates a Deferred Compensation Plan Called the FedEx Cup
Excerpt: "The PGA seems to have wandered into the pension universe with the FedEx Cup, a deferred-compensation-plan-slash-golf-championship where participants are publicly awarded allocation points based on how well they finish in golf tournaments. The number of allocation points determines a participant/player's share of the $35 million FedEx Cup deferred compensation award." (Pension Protection Act Blog)
Newly Posted Events
New Era for 403(b) Plans - Webcast
Nationwide on August 16, 2007
presented by Lincoln Financial Group
Newly Posted Press Releases
MetLife's Preferred Dentist Program Now Includes Over 100,000 Participating Dentist Locations
MetLife
Dalbar and Foundation for Fiduciary Studies Agree to Create QDIA Workshop
Foundation for Fiduciary Studies
The Hanover Offers ERISA Bonds Online
Hanover Insurance Group, Inc.
Suit Alleges Firm's Officers Drained 401(k) Funds
Lansing State Journal
401k Advisors Introduces System to Measure Performance of Asset Allocation Portfolios
401k Advisors
Newly Posted or Renewed Job Openings
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Senior Pension Analyst
for Boyce & Associates, Inc.
in AZ
Administrator
for Continental Benefits Group, Inc.
in NJ
Government Relations Specialist (WAS0008O)
for Mercer Human Resource Consulting
in DC
Human Resources Manager (Global Retirement)
for Aecom
in CA
401(K) Recordkeeper - Contract
for BeneTemps, Inc.
in MA
Account Manager - Retirement Plans
for Standard Insurance Company
in PA
Defined Benefits Senior Analyst
for Constantin Control Associates
in NJ
Handy Links:
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- Using the Web for Employee Benefits Research (hypertext article)
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