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| August 29, 2007 |
| Here are the Internet's newest links on plan operation, design and policy; emphasis is on compliance and costs. |
Today's sponsor is Employee Benefits Institute of America Inc. (EBIA)
(Click on company name or banner to learn more.)
| 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.
Available now at the introductory price of $195. Please enter priority code BL195. For more information and to order, visit http://www.ebia.com/OtherOfferings/Books/RecordRetention. |
Official Guidance; News
New York Expands Protections to Nursing Mothers in the Workplace (PDF)1 page. Excerpt: "Effective immediately, New York law extends a variety of protections to nursing mothers in the workplace. Expanding upon previous legislation which granted mothers an absolute right to nurse in public, the new law amends the New York Labor Law to require that employers offer nursing mothers a number of accommodations in an effort to further integrate familial responsibilities and professional obligations." (Seyfarth Shaw LLP)
Massachusetts Revises Lawsuit Against Health Insurers for Denying Benefits Required by State Laws
Excerpt: "Massachusetts Attorney General Martha Coakley (D) . . . filed a revised complaint against MEGA Life and Health Insurance, Mid-West National Life Insurance and the two insurers' parent company HealthMarkets alleging that they denied services required by state law, the Boston Globe reports." (Kaiser Family Foundation)
Text of Advisory Opinion 2007-05A, Issued August 15, 2007
Excerpt: "[DOL was asked w]hether an employee benefit arrangement sponsored by Payroll Solutions Group Limited constitutes a 'multiple employer welfare arrangement' within the meaning of section 3(40) of ERISA subject to regulation under the insurance laws of the State of Nevada pursuant to section 514(b)(6) of ERISA." (U.S. Employee Benefits Security Administration)
Text of Advisory Opinion 2007-06A, Issued August 16, 2007
Excerpt: "[DOL was asked w]hether the Custom Rail Employer Welfare Trust Fund is an 'employee welfare benefit plan' within the meaning of section 3(1) of ERISA, and whether it is a 'multiple employer welfare arrangement' (MEWA), within the meaning of section 3(40), that is 'fully insured' within the meaning of section 514(b)(6)(A) of ERISA." (U.S. Employee Benefits Security Administration)
Summary/Analysis of Official Guidance
Overview: IRS Consolidation and Update of Cafeteria Plan RegulationsExcerpt: "The IRS cafeteria plan guidance over the years has been abundant, but primarily in the form of piecemeal proposed and temporary regulations. The new proposed regulations consolidate the existing guidance and add much needed clarification in the areas of plan design, operation and nondiscrimination." (Kirkpatrick & Lockhart Preston Gates Ellis LLP)
Overview: IRS Update, Expansion and Restructure of Long-Standing Proposed Cafeteria Plan Regs (PDF)
18 pages. Excerpt: "In the . . . memo we summarize the most significant changes in these regulations and highlight certain areas in which we think that the IRS should be urged to clarify or change its position." (Groom Law Group)
Trends; Surveys; Research
An Auditor Speaks on Maintaining Acronym Awareness with SOX, SAS and HIPAAExcerpt: "The U.S. health care industry is awash in an ever-growing regulatory environment, with most legislation pertaining to health information technology security. Understanding such mandates - therefore allowing you to streamline the costs and man hours required to comply - is the key to gaining an upper hand in the compliance chess game. Here are the basics that benefit managers should know . . . ." (Employee Benefit News; free registration required)
Rewards Cards Provide Points for Health Service Purchases
Excerpt: "[Aetna] and Bank of America last fall teamed to launch the Healthy Living credit card, allowing members to rack up extra points on their Visa cards for health care purchases, including doctor and hospital visits." (Employee Benefit News; free registration required)
Retiree Health Still Relevant - However, Retirees Not Immune to Cost-Shifting
Excerpt: "Retiree health benefits . . . remain an integral part of employers' benefits packages, and all indications are that - despite financial obstacles - the majority of employers offering them intend to keep them." (Employee Benefit News; free registration required)
Fall Open Enrollment Period Requires Good Publicity and Planning
Excerpt: "With open enrollment season rapidly approaching, employers and insurers are gearing up for the three P's that accompany a benefits adjustment: publicity, planning and patience." (Employee Benefit News; free registration required)
Insurance Coverage and Access to and Use of Care in Massachusetts in Fall 2006
Excerpt: "This report is meant to provide a snapshot of Massachusetts' adult population prior to the implementation of new health reform legislation in the state. Using survey responses obtained in Fall 2006 as the Bay State began implementing a landmark effort to bring near-universal health coverage to its population, this report serves as the baseline for an on-going study of the effects of the reform efforts on Massachusetts' working-aged adult population." (The Urban Institute)
Health Benefit Cost Per Worker Almost $6,900, According to Study
Excerpt: "The average annual health plan cost per employee is $6,881 (medical only coverage), with an average employee cost of $3,110 and an average employer cost of $3,771 per employee, according to a survey by United Benefit Advisors." (The National Underwriter Company; free registration or paid subscription required)
Income, Poverty, and Health Insurance Coverage in the United States: 2006 (PDF)
78 pages. Excerpt: "The percentage of people covered by employment-based health insurance decreased to 59.7 percent in 2006, from 60.2 percent in 2005." (U.S. Census Bureau)
Nearly Half of Public Familiar with 'Sicko;' Film Spurs Conversation on Health Care Issues, Reform, Poll Finds
Excerpt: "Only 4% of U.S. adults have viewed 'Sicko,' a recently released documentary on the health care industry directed by filmmaker Michael Moore, but 46% have 'seen the movie or heard or read something about it' because of a 'free media bounce reaching beyond the movie reviews to the news and talk shows,' according to a poll released on Monday by the Kaiser Family Foundation . . . ." (Kaiser Family Foundation)
U.S. Obesity Rates Continue To Rise, Study Finds
Excerpt: "The U.S. obesity rate continues to rise and is increasing at a faster clip than it has in the past, according to a study released . . . by the Trust for America's Health, the Philadelphia Inquirer reports. The report found that at least one person in five is obese in 47 states nationwide; by comparison, in 1991, one person in five was obese in four of the 50 states . . . ." (Kaiser Family Foundation)
Policy; Opinion; Advocacy
Commentary: EAP Benefits Worth More Than Their Price TagExcerpt: "Granted, EAPs are inexpensive, and stress and marital problems aren't directly driving benefit cost increases as much as obesity and diabetes. However, it's no secret that emotional problems tend to manifest themselves physically and often run comorbid to chronic physical disease." (Employee Benefit News; free registration required)
Editorial: A Sobering Census Report - Bleak Findings on Health Insurance
Excerpt: "The number of uninsured Americans has been rising inexorably over the past six years as soaring health care costs have driven up premiums, employers have scaled back or eliminated health benefits and hard-pressed families have found themselves unable to purchase insurance at a reasonable price." (The New York Times; free registration required)
Links to Items on Executive Comp, Benefits in General
CEO Pay and Benefits on the Rise, According to Report
Excerpt: "Top executives at major U.S. businesses last year made as much money in one day of work on the job as the average worker made over the entire year, according to a report released [today]." (Reuters)
Union Urges Auditors to Dig Deeper for Executive Options Excesses
Excerpt: "The AFL-CIO wants auditors to step up their reviews of corporate books and records in order to curb illegal stock option backdating." (Workforce Management; free registration required)
Calif. Supreme Ct Allows Deductions for Operating Losses from Incentive Compensation/Bonus Plans (PDF)
4 pages. Excerpt: "On August 23, 2007, the California Supreme Court in Prachasaisoradej v. Ralphs Grocery Company, Inc. held that an incentive compensation plan that allows employees to share in profits, as calculated by subtracting operating expenses from revenues, does not violate Labor Code provisions or Wage Order regulations that prohibit an employer from taking wage deductions to cover operating losses." (Seyfarth Shaw LLP)
FEI's Committee on Taxation Reiterates Opposition to Executive Compensation Tax
Excerpt: "FEI's Committee on Taxation (COT) has submitted correspondence to the chairs and ranking members of the Congressional tax-writing committees urging them to resist two revenue-raising tax provisions on executive compensation." (Financial Executives International)
New Graduates More Benefits Savvy Than Employers Might Expect
Excerpt: "Although conventional wisdom persists that young workers are mainly concerned with salary, 'this generation is far more savvy and interested in benefits, such as medical and retirement, than previous generations,' says Steven Rothberg, president and founder of CollegeRecruiter.com. 'I would say it's because they listen to their parents more than previous generations, and their baby boomer parents are at an age where benefits matter a great deal.'" (Employee Benefit News; free registration required)
Social Security Online for Human Resource Managers
Excerpt: "This site provides information to human resource managers regarding the various Social Security programs and Medicare and is a valuable resource in helping your employees plan for retirement or other life events." (U.S. Social Security Administration)
Newly Posted Events
Advisory Council on Employee Welfare and Pension Benefit Plans Working Group on Fiduciary Responsibilities Update and Revenue Sharing; Notice of Meeting
in District of Columbia on September 20, 2007
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Advisory Council on Employee Welfare and Pension Benefit Plans Working Group on Financial Literacy; Notice of Meeting
in District of Columbia on September 19, 2007
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Advisory Council on Employee Welfare and Pension Benefit Plans Working Group on Participant Benefit Statements; Notice of Meeting
in District of Columbia on September 18, 2007
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Advisory Council on Employee Welfare and Pension Benefit Plans; 139th Full Council Meeting; Notice of Meeting
in District of Columbia on September 19, 2007
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Retirement Plan Update - with speakers Alan Friedland, Keith Dropkin & Monique Warren from Jackson Lewis, LLP
in Connecticut on September 19, 2007
presented by National Institute of Pension Administrators-CT Chapter
Newly Posted Press Releases
U.S. Department of Labor’s ERISA Advisory Council Sets September 2007 Meetings
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
United Benefit Advisors: Annual Benchmark Survey Shows Average Annual Health Plan Cost is $6,881 Per Employee; Largest Percentage of CDHP Adopters Comes from Employers with 25-100 Employees
United Benefit Advisors
Practicing What They Preach: GSK Announces Employee Wellness Initiative
GlaxoSmithKline
Recent Federal Court Decision Could Hurt Employer Healthcare Expenditures
HealthLeaders-InterStudy
Newly Posted or Renewed Job Openings
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Senior Benefits Analyst - Retirement Plans
for CA, Inc.
in NY
Defined Benefit Plan Senior Administrator
for Tegra Financial Partners
in GA
Pension Administrator / Actuary
for The Benefits Consulting Group, Inc.
in IL
Supervisor, Disability Benefits
for Standard Insurance Company
in NY
Part-Time Pension Administrator
for Orthodox Church in America Pension Plan
in NY
Account Consultant - R&S
for MetLife
in NJ
Handy Links:
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