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| August 20, 2007 |
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Bill to Set Aside Any or All of the GASB Accounting Rules Vetoed by Connecticut Governor
Excerpt: "'I have serious concerns about the potential fiscal impact this bill may have on the state,' [Governor] Rell said in a statement. 'The plain language of this bill would allow the comptroller to issue financial statements using whatever standards she prescribed. While our current comptroller does not intend to deviate from GAAP for financial reporting purposes, there is nothing in the bill that would prevent a future comptroller from doing so.'" (PLANSPONSOR.com; free registration required)
Tax Benefits for Health Insurance & Expenses: Current Law & Legislation Overview, Updated July 20, 2007 (PDF)
29 pages. Excerpt: "How tax policy affects health insurance and health care spending is a perennial subject of discussion in Washington. The issue is prompted by the size of the tax subsidies, particularly the exclusion for employer-paid insurance; by their effect on the cost and allocation of health care resources; and by interest in comprehensive tax and health care reform." (Congressional Research Service)
Wal-Mart Takes All in ERISA Reimbursement Dispute with Minor Child Plan Beneficiary
Excerpt: "After the attorney for the injured minor settled a personal injury action, Wal-Mart made demand for reimbursement of its plan's expenditures. The settlement proceeds consisted of $25,000 of coverage through the at-fault party's coverage and another $25,000 of underinsured motorists coverage." (Health Plan Law blog by Attorney Roy F. Harmon III)
Mini-Meds Offer Some Relief -- Why Limited Benefits Plans Are Gaining Popularity
Excerpt: "Think of mini-meds as the flip side of catastrophic coverage: instead of forcing employees to pay out-of-pocket for smaller expenses while guarding them against huge outlays in the event of serious illness or accident, mini-meds instead pick up the tab for low-cost, routine forms of health care such as doctors' visits, immunizations, X-rays, and emergency-room charges, but impose strict annual caps on payouts." (CFO.com)
Overview: IRS Final Rules for IRC Sec. 21 Dependent Care Credit
Excerpt: "These rules, which were published in the August 14 Federal Register, affect how employers can provide dependent care benefits." (Wolters Kluwer Law & Business)
How The New York Times Company Doubled EAP Participation
Excerpt: "The New York Times Company . . . pulled together an advisory committee comprised of HR executives at diverse business locations, and began a thorough evaluation of company needs, in a six-month long process that resulted in both a new vendor and more than doubled use of the external EAP program." (Employee Benefit News; free registration required)
The Voluntary Market -- Employers Looking at More Alternative Benefits Like Group Legal Plans
Excerpt: "The key to group legal sales appears to be clear and simple communication about what the plans offer. The services employees can access through legal plans vary greatly. Some focus on the preparation and review of legal documents like tax audits, living wills, estate plans and traffic tickets. Others cover civil litigation defense, adoption, divorce and consumer protection issues." (Employee Benefit Advisor; free registration required)
10 Questions: More About Health Care -- Questions Directed to Dr. Sidney Wolfe
Excerpt: "1. If you could change ONE thing about our health care system, what would that be? The financing. Instead of hundreds of profit-seeking health insurers, money should be collected and bills paid by a single government payer." (Couric & Co. via CBS.com)
Overview of Massachusetts Health Reform of 2006 (PDF)
14 pages. Excerpt: "The 2006 reform built on Massachusetts' expanded public programs and its highly regulated insurance market. The state's small group and individual insurance markets were already subject to rate regulations that were designed to bring down premiums and provide greater access to health coverage." (Families USA)
Overview: IRS's New Proposed Section 125 Cafeteria Plan Regulations (PDF)
3 pages. Excerpt: "The Proposed Regulations not only include guidance on recent legislation that affects cafeteria plans and consolidate existing guidance, but also make several significant changes that may impact a plan sponsor's current benefit program. Those changes warrant thoughtful evaluation by plan sponsors. Some of the more significant changes and clarifications made by the Proposed Regulations are summarized [on the target page]." (Aon Consulting)
Rx for Sick Leave -- A '4 Percent Solution' to OPEB
Excerpt: "Most public employers provide two weeks of paid sick leave annually. Many provide a day per month. That's 4 percent of a working year, and even more from the resulting investment income. Thus, employees who are frugal with sick leave could accumulate as much as 4 percent of their lifetime earnings in a retiree medical savings account. Over a 30-year career, the projected savings could fund a lifetime of annual retiree medical benefits worth as much as 25 percent of their final salaries. " (Governing)
Brief Overview: Proposed Regulations Regarding Insurance Benefits Under Qualified Plans
Excerpt: "Under the proposed regulations, an accident or health insurance premium payment made by a qualified plan constitutes a taxable distribution under Code Sec. 402(a), for the tax year in which the premium is paid. . . . The IRS is specifically requesting comments on the issue of, '. . . whether the purchase of accident and health insurance can be treated as if the trust merely purchased an investment under which an insurers' payments for medical expenses are made to the trust and then treated as a return on that investment.'" (CCH Tax News Headlines)
Proposed IRS Regs on Payments by Qualified Retirement Plans for Medical or Accident Insurance (PDF)
6 pages. Excerpt: "Written or electronic comments must be received by November 19, 2007. . . . [S]ection 402(l), as added by PPA '06, permits an exclusion from gross income, up to $3,000 annually, for distributions paid directly to an insurer to purchase accident or health insurance or qualified long-term care insurance for an eligible retired public safety officer and his or her spouse or dependents. The existence of narrow exceptions . . . is consistent with a general rule for inclusion in gross income of the payments of premiums for accident and health insurance." (Internal Revenue Service)
Paid Time Off Benefits Not Equally Available to Employees
Excerpt: "A U.S. worker with a paid time off job benefit is more likely to be higher paid, have a full-time white-collar position, and be better educated, according to a new government study." (PLANSPONSOR.com; free registration required)
Medicare Says It Won't Cover Hospital Errors
Excerpt: "In a significant policy change, Bush administration officials say that Medicare will no longer pay the extra costs of treating preventable errors, injuries and infections that occur in hospitals, a move they say could save lives and millions of dollars." (The New York Times; free registration required)
COBRA Premiums for Reinstated Coverage Were Not Due Until Qualified Beneficiary Learned of Reinstatement
Excerpt: "EBIA Comment: This case harkens back to the disturbing line of cases in which the courts treated a COBRA election notice as provided only when actually received by the qualified beneficiary . . . . Here, the court based the plan's obligations on whether the qualified beneficiary had become aware of the reinstatement." (Employee Benefits Institute of America Inc.)
Overview: IRS Final Regulations on Dependent Care Expenses
Excerpt: "EBIA Comment: While the final regulations contain few surprises, they add something for almost everyone. DCAP sponsors and administrators will likely appreciate the clarifications, as well as the new and updated examples. The guidance on camps is especially timely -- DCAP administrators that have reason to believe that an expense is for summer school, overnight camp, or a tutoring program should request additional information or substantiation." (Employee Benefits Institute of America Inc.)
Lawyer, ERISA, Disability Claims, Medical Claims' Denials
Excerpt: "Langbein's article is as concise yet thorough a discussion I've seen regarding the Supreme Court's error in allowing plan administrators to insert self-serving boilerplate language in plan documents to trigger an extremely deferential 'arbitrary and capricious' standard of review." (ERISA Law Blog)
Ask Your Doctor If It's 'Right for You': Study Tracks Big Growth in U.S. Drug Ads
Excerpt: "Total spending on pharma.ceutical promotion grew to $29.9 billion in 2005 from $11.4 billion in 1996, an average annual growth rate of 10.6%, they said. The 'Ask your doctor about' commercials, which sometimes do not even say what a drug is for, have been widely derided and cited as one reason health care costs are rising faster than general inflation." (Reuters via Medscape; free registration may be required)
Blue Cross Supports Increased Physical Activity in the Workplace
Excerpt: "'Our Active Workplaces funding helps build leadership in Minnesota's workplaces and starts paving the way toward improving employee health,' added Manley. 'We're thrilled to offer assistance to these committed organizations throughout the state as they work to prevent the risk factors that contribute to some of the most costly diseases.'" (Blue Cross and Blue Shield Association)
Tapping Health Plans' Hidden Benefits: Preventive Care, Service Discounts Often Left on Table
Excerpt: "Even in an era of rapidly rising health-care costs, employers often offer a host of free or low-cost preventive-care and wellness benefits, either directly through their health plans, their health plan's negotiated discounts with a network of third-party providers or employee-assistance programs, benefits experts say." (MarketWatch)
Health Insurance, Health Care Issues Now Top Rated Topics for Radio Listeners According to Arbitron
Excerpt: "[T]he Health Insurance Advocate Show, featured on Talk Radio 710 KCMO in Kansas City, Missouri . . . has recently experienced a significant Arbitron ratings increase of 119 percent, more than doubling its listenership since this time last year. The program also airs on News Radio 1330 KNSS Talk Radio in Wichita, Kansas . . . and has experienced an Arbitron ratings increase of 576 percent in the past year - an increase [said to be] a direct result of teaching listeners to feel confident in their understanding of healthcare coverage." (PRWeb.com)
Newly Posted Events
401(k) Plans: Beyond the Basics
Nationwide on October 4, 2007
presented by SunGard Relius
An Overview of HR 4, the Pension Protection Act of 2006 - Recorded Webcast
Nationwide on August 20, 2007
presented by ASPPA (American Society of Pension Professionals & Actuaries)
Caregiving Responsibilities: A New Focus on Workplace Rights and Obligations - Webcast
Nationwide on August 28, 2007
presented by West LegalEdcenter
Cash Balance Plans Post PPA: Are They Right for Your Clients? - Recorded Webcast
Nationwide on August 20, 2007
presented by ASPPA (American Society of Pension Professionals & Actuaries)
Final Code §409A Regulations: A "Nuts and Bolts" Approach - Recorded Webcast
Nationwide on August 20, 2007
presented by ASPPA (American Society of Pension Professionals & Actuaries)
Form 5500: Update and Solving Filing Problems - Recorded Webcast
Nationwide on August 20, 2007
presented by ASPPA (American Society of Pension Professionals & Actuaries)
Gearing Up for EGTRRA Restatements Webinar
Nationwide on September 11, 2007
presented by ftwilliam.com
PPA - DC Issues in Depth - Recorded Webcast
Nationwide on August 20, 2007
presented by ASPPA (American Society of Pension Professionals & Actuaries)
Retirement Plan Regulatory Update on the Pension Protection Act of 2006
in Maryland on September 6, 2007
presented by Worldwide Employee Benefits Network (WEB) - Baltimore Chapter
Tax Deductions after PPA: Cruising on the 404 - Recorded Webcast
Nationwide on August 20, 2007
presented by ASPPA (American Society of Pension Professionals & Actuaries)
Newly Posted Press Releases
Overseas Pension Reforms Offer Lessons for the United States
Urban Institute
Labor Department Obtains Judgment Placing Plans of Plumbers Local 38 Under Independent Fiduciaries
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
U.S. Labor Department Sues Salem, Massachusetts, Construction Company And Master Pension Plan Sponsor In Texas, Alleging Violations Of Federal Pension Law
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Metrics Partners Announces TPA ConnectionT; 401k TPAs - Directory Listings at No Cost
Metrics Partners
Cowden Associates Reveals State of the Region's 401k Plans
Cowden Associates, Inc.
Private-sector Workers And Employers Share The Burden Of Health Insurance Costs
Agency for Healthcare Research and Quality
New Firm, Fiduciary Risk Management, Launches
Fiduciary Risk Assessment LLC
National Retirement Partners Releases Study On Target Date Funds
National Retirement Partners, Inc.
Judge Denies Motion To Dismiss Lockheed 401(k) Fee Lawsuit
FinancialWeek
Judge Denies Motion To Dismiss United Technologies 401(k) Fee Lawsuit
FinancialWeek
TMark Release White Page on Target Date Funds
TMark
Benefit Informatics and Health Cost & Risk Management Form Strategic Business Alliance
Benefit Informatics
Newly Posted or Renewed Job Openings
(Post a Job | View All Jobs |
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Benefits Analyst
for Kao Brands (formal known as Andrew Jergens Company)
in OH
HM Benefits Service Manager
for Hewitt Associates
in NJ
Defined Contribution / 401(k) Plan Administrator
for The Savitz Organization
in PA
DC Plan Administrator
for R.J. Michalski, Inc.
in CT
Vice President of HR Benefits Compliance
for Fidelity Investments
in TX
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