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| August 14, 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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Federal Register (Typeset) Version of Final IRS Regs on Dependent Care Expenses (PDF)
9 pages. (Internal Revenue Service)
Google and Microsoft Are Working Up Their Plans to Improve the Nation's Health Care
Excerpt: "By combining better Internet search tools, the vast resources of the Web and online personal health records, both companies are betting they can enable people to make smarter choices about their health habits and medical care." (The New York Times; free registration required)
New Jersey Public Employee Benefit Crisis Has No Easy Answer
Excerpt: "For the first time ever, New Jersey's largest state workers union ratified a contract this year that requires employees and retirees to contribute to their health insurance. The Corzine administration, however, later agreed to keep free health insurance for any retirees who enroll in a 'wellness program' that was supposed to save taxpayers money." (NorthJersey.com)
Towers Perrin U.S. Legislative Tracking Charts -- Health and Welfare -- Updated August 13, 2007 (PDF)
41 pages. Excerpt: "These charts summarize selected federal legislation that would affect employee benefit programs. The bills included on the charts are based on judgments regarding the prominence of the issue, the likelihood of enactment, and the influence of the sponsors." (Towers Perrin)
Overview on New IRS Regs on List Billing Arrangements
Excerpt: "A new Internal Revenue Service final rule will be a big help to employers that want to let employees use cafeteria plans to buy individual health insurance." (The National Underwriter Company; free registration or paid subscription required)
Consumer-Oriented Strategies for Improving Health Benefit Design: An Overview (PDF)
52 pages. Excerpt: "The information in this report is intended to help clinicians, employers, policymakers, and others make informed decisions about the provision of health care services. This report is intended as a reference and not as a substitute for clinical judgment. This report may be used, in whole or in part, as the basis for the development of clinical practice guidelines and other quality enhancement tools, or as a basis for reimbursement and coverage policies." (U.S. Agency for Healthcare Research and Quality)
Fact Sheet: Medicare Part D Plan Premiums for 2008 (PDF)
4 pages. Excerpt: "Due in large part to strong competitive bidding by health and prescription drug plans and beneficiaries' choices, the Centers for Medicare & Medicaid Services (CMS) anticipates that the actual average premium paid by beneficiaries for standard Part D coverage in 2008 will be roughly $25. This is nearly 40 percent lower than originally projected when the benefit was established in 2003 and also lower than projected earlier this year." (Centers for Medicare & Medicaid Services)
Overview: New Proposed Cafeteria Plan Regs Incorporate Legislative Changes, Clarify Prior Rules
Excerpt: "The withdrawn proposed regulations were organized in question-and-answer format, but the new proposed regulations have abandoned that format. The regulations are proposed to apply to plan years beginning on or after January 1, 2009, and may be relied on for guidance pending the issuance of final regulations." (Wolters Kluwer Law & Business)
The Benefits of Disability Plans
Excerpt: "You don't have to be a medical professional to realize that you need to insure for the event of disability. Some 43 percent of Americans older than 40 will experience some health emergency that will take them out of the workforce for 90 days or more, according to the Insurance Information Institute, an industry research organization. Although most employers may provide disability insurance, coverage varies and may not allow you to make retirement fund contributions." (Bloomberg News)
Physicians and Pharmacists Collaborate at Workplace to Improve Value (PDF)
6 pages. Excerpt: "The burden of prescription drug costs to employers has risen precipitously over the past few decades, without evidence that it has produced better health outcomes. This has led employers, insurers, benefit plan consulting companies and the health care industry at large to use benefit changes to promote effective, lower cost options. This article focuses on one . . . area, antibiotic prescribing, and describes an approach that improves the value of prescription drug . . . ." (International Foundation of Employee Benefit Plans)
State Mental Health Parity Laws' Effect on Families of Children with Mental Health Care Needs (PDF)
3 pages. Excerpt: "Results indicate that state mental health parity laws lowered the risk that families with children needing mental health care would incur large out-of-pocket costs. Those living in parity states were less likely to have out-of-pocket spending greater than $1,000. These results highlight the value of parity laws as a tool for protecting against the risk of particularly high out-of-pocket costs for families with children needing mental health care." (Changes in Healthcare Financing and Organization)
Health Blog: American Express Cancels Health Savings Account Cards
Excerpt: "AmericanExpress, one of several financial institutions to develop an HSA product, introduced 'HealthPay Plus,' a debit card linked to HSAs that customers could use to pay for health care. Insurance giants WellPoint and Cigna had signed onto the program, according to American Medical News. But that wasn't enough to save the plan, which American Express will discontinue by the end of the year, citing high costs and low uptake among consumers." (The Wall Street Journal Online)
Men and Women Call EAP's about Different Problems
Excerpt: "New research reveals men are more likely than women to call employee assistance programs for help with substance abuse, job and relationship problems, according to Bensigner, DuPont and Associates, a national EAP provider." (Employee Benefit News; free registration required)
Montana Health Trust Insurance Plan Provides Contractors with Portable Coverage
Excerpt: "[The Montana Contractors Association] health trust is a not-for-profit entity that uses premiums paid by member companies to finance health benefits for policyholders. Companies pay premiums of $3.95 per hour per employee and are required to provide coverage for all eligible employees. The association's plan offers portable benefits and carries no premiums for workers." (Kaiser Family Foundation)
Health Plan Initiative Reduced Prescription Drug Spending by $6.6M Over Two Years
Excerpt: "Applying four cost-reduction strategies to its MedCost health plan from 2003 to 2005 saved Wake Forest University Baptist Medical Center more than $6.6 million in prescription drug costs, according to a study published this week in the American Journal of Managed Care, the Winston-Salem Journal reports. The health plan covers 11,000 employees and a similar number of dependents." (Kaiser Family Foundation)
Overview: IRS Comprehensive Proposed Cafeteria Plan Regulations (PDF)
11 pages. Excerpt: "The IRS has been issuing cafeteria plan guidance, much of it in the form of proposed and temporary regulations, for more than two decades. The regulations proposed last week jettison both temporary and never finalized proposed regulations issued in 1984, 1986, 1989, 1997 and 2000." (Lockton Benefit Group)
Overview: Proposed Cafeteria Plan Regulations -- Consolidated and Updated
7 pages. Excerpt: "The new proposed regulations address the cafeteria plan requirements for a written plan document, making and changing elections (other than permissible midyear changes), permissible benefits, flexible spending arrangements, substantiation of expenses and nondiscrimination rules." (Drinker Biddle & Reath LLP)
Plan's Statement of Participant Rights Did Not Waive Plan's Right to Removal
Excerpt: "This case presents a somewhat novel argument that the defendant plan administrator waived federal jurisdiction by including language in the summary plan description which could be interpreted as giving the plaintiff a choice of state or federal court. The issue arose in the context of a motion to remand following the defendant disability carrier's removal of the plaintiff's state law case to federal court." (Health Plan Law blog by Attorney Roy F. Harmon III)
Research Paper: ERISA Preemption and Fair Share Legislation
Excerpt: "This paper addresses the issues states face in creating healthcare initiatives for their citizens. The preemption provisions of ERISA have presented a formidable obstacle to the implementation of these laws. The paper offers some alternatives and proposals which could possibly minimize the effect of preemption." (Social Science Research Network)
Ninth Circuit Reaffirms Holding that Health Care Provider's State Law Claims Are Not ERISA Preempted
Excerpt: "Cedars-Sinai involved a preemption argument based upon the Federal Employee Health Benefits Act or 'FEHBA'. Since FEHBA and ERISA have similar preemption provisions, however, the case has value for ERISA practitioners." (Health Plan Law blog by Attorney Roy F. Harmon III)
Disease Management Continues to Hold Promise for Advisers
Excerpt: "Outside indicators show the disease management industry is hitting its stride. It has all the attendant activity of a vibrant and expanding marketplace - regular scholarly journals, a national association and several major annual events all point to an industry on the move. But if that's the case, then why is it that today's DM conversation sounds so familiar to the ones that were had two, three, even four years ago?" (Employee Benefit Advisor; free registration required)
California to Produce First PPO Report Card
Excerpt: "California's six largest preferred provider organizations are providing information on patient satisfaction and quality of care to the state's insurance department, which will produce the first-ever state report card on PPOs for consumers. Aetna, Blue Shield, Cigna, HealthNet, WellPoint and United also have agreed to initiate quality of care measures, including accreditation by nationally recognized institutions." (Employee Benefit News; free registration required)
Lack of Valid Data Complicates Health Care Reform Cost Estimates
Excerpt: "A recent article in the New England Journal of Medicine illustrates the huge gap between politicians' promises and economic reality. The NEJM article provides further proof that we do not have reliable data on the population of potential recipients of care, so no one can really accurately project the costs of universal health care." (Health Plan Law blog by Attorney Roy F. Harmon III)
Sponsored by: World Congress
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| The 3rd Annual Consumer-Centric Healthcare Congress |
| Thursday, November 8-9, 2007 | Sheraton Crystal City Hotel | Arlington, VA
The 3rd Annual Consumer-Centric Healthcare Congress addresses the convergence of healthcare, financial services and technology, and the rise in healthcare consumerism fueled by the Internet and direct-to-consumer marketing from the perspectives of all the stakeholders. Click above for more information or to register. |
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Links to Items on Executive Comp, Benefits in General
Overview for Tax-Exempt Organizations: Restrictive New IRS Section 457(f) Guidance is Coming (PDF)
3 pages. Excerpt: "Notice 2007-62 reports that the upcoming guidance will focus on two principal components of IRC Section 457(f): (i) the exemption from IRC Section 457(f) for bona fide severance pay plans (under IRC Section 457(e)(11)), and (ii) the definition of 'substantial risk of forfeiture' (under IRC Section 457(f)(3)(B))." (Drinker Biddle & Reath LLP)
Benefits Legislation Active as 2007 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. After the . . . enactment of the Pension Protection Act of 2006 (PPA), retirement issues slipped down the agenda . . . . However, Congress enacted some technical corrections to the PPA and is discussing others, as well as retirement savings, 401(k) . . . ." (Watson Wyatt Worldwide)
Towers Perrin U.S. Legislative Tracking Charts -- Human Resources -- Updated August 13, 2007 (PDF)
11 pages. Excerpt: "These charts summarize selected federal legislation that would affect employee benefit programs. The bills included on the charts are based on judgments regarding the prominence of the issue, the likelihood of enactment, and the influence of the sponsors." (Towers Perrin)
Milliman's Monthly Benefit News and Developments, August 2007 (PDF)
2 pages. The newsletter provides a summary of the previous month's legislative, regulatory, and judicial information on employee benefits. (Milliman)
DOL Advisory Opinion 2007-04A of July 18, 2007, on ERISA Sec. 406
Excerpt: "This is in response to your request for an advisory opinion, on behalf of the National Elevator Industry Educational Program (the NEIEP), regarding whether the proposed reimbursements of certain monies by the NEIEP to affiliated local unions of the International Union of Elevator Constructors constitute prohibited transactions under section 406 of the Employee Retirement Income Security Act of 1974, as amended (ERISA)." (U.S. Employee Benefits Security Administration)
How to Identify/Seize/Capitalize on Opportunities Non-Qualified Retirement Plans Present Employers
Excerpt: "[The Newport Group, a national retirement services firm,] builds alliances with other financial services professionals to expand its business reach. Partnering is a perfect way for advisers to leverage the non-qualified and deferred compensation market . . . ." (Employee Benefit Advisor; free registration required)
Overview: Section 409A Impact - Employment Agreements, Severance Arrangements, Settlement Agreements
Excerpt: "This Insight discusses how Section 409A affects employment agreements, severance arrangements and settlement agreements, how employers can utilize exceptions built into the rules to sidestep the restrictions imposed by Section 409A and the necessary steps that employers must implement in order to comply with these rules." (Littler Mendelson P.C.)
Newly Posted Events
2008 Annual Forum & Expo
in Nevada on May 5, 2008
presented by National Institute of Pension Administrators
2008 Business Management Conference
in Arizona on January 12, 2008
presented by National Institute of Pension Administrators
December 2007 APA/APR Exams
Nationwide on December 1, 2007
presented by National Institute of Pension Administrators
New Proposed Cafeteria Plan Regulations: IRS & Experts Analyze Changes - Webcast
Nationwide on September 4, 2007
presented by ALI-ABA (American Law Institute-American Bar Association)
NIPA Webcast - PPA: One Year Later
Nationwide on August 23, 2007
presented by National Institute of Pension Administrators
Newly Posted Press Releases
The Hanover Insurance Group Introduces New Miscellaneous Professional Liability Product
Hanover Insurance Group, Inc.
Cassidy Retirement Group Celebrates 10th Anniversary
Cassidy Retirement Group
Newly Posted or Renewed Job Openings
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Defined Benefit Calculation Developer
for Vanguard
in PA
Regional Vice President - Sales (Mid-Atlantic)
for BISYS Retirement Services
in DC, NC, SC, TN, VA
DC Testing Specialist
for Kravitz - Louis Kravitz & Associates
in ANY STATE, CA
Defined Benefit Client Account Manager
for New York Life Retirement Plan Services
in NJ
Internal Sales Consultant - Atlanta, GA
for Transamerica
in GA
Internal Sales Consultant - San Mateo, CA
for Transamerica
in CA
New Business Analyst - Retirement Planning
for Standard Insurance Company
in PA
Retirement Plan Consultant
for Valley Forge Pension Management, Inc.
in PA
401(k) Plan Administrator
for National Life Group
in VT
Communications Consultant, Retirement
for Fidelity
in MA
New Business Data Specialist -Retirement Plans
for Standard Insurance Company
in OR
Senior Analyst
for Diversified Investment Advisors
in MA
Actuarial Analyst
for Diversified Investment Advisors, Inc.
in MA
Defined Benefit Programmer
for New York Life Retirement Plan Services
in MA
Communications Consultant
for New York Life Retirement Plan Services
in MA
Taft-Hartley Relationship Manager
for New York Life Retirement Plan Services
in MA
Retirement Plan Specialist
for New York Life Retirement Plan Services
in MA
Actuarial Assistant
for New York Life Retirement Plan Services
in MA
Health and Benefit Solution Architect, Product Management
for Mercer HR Services
in ANY STATE
Handy Links:
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- Employee Benefits Library
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