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| October 16, 2007 |
| Here are the Web's best new links about compliance and cost aspects of plan operation, design and policy. |
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. |
(a) New Guidance Documents
(None today.)
(b) News
Signs of Dissent Within United Automobile Workers Union Over a Tentative Agreement with Chrysler
Excerpt: "[T]he contract did not receive unanimous approval, unlike the deal between the U.A.W. and General Motors. And it turns out that the contract, reached last Wednesday after a six-hour strike, caused a split among the union's bargaining committee as well. Bill Parker, the president of U.A.W. Local 1700 in suburban Detroit, who was chairman of the bargaining committee, tried unsuccessfully to persuade other union leaders to reject the pact and send bargainers back to negotiations." (The New York Times; free registration required)
In Return for UAW Concessions, Ford Would Give Workers Checks Tied to Company Performance
Excerpt: "The bonuses would be similar to those CEO Alan Mulally authorized in March to reward workers for their efforts to turn around the company's struggling U.S. automobile operations. Ford wants to formalize the bonus system so hourly workers are judged by the same criteria as salaried employees." (The Detroit News)
Past Is Mixed on Health Trusts: A Way to Preserve Benefits - Or to Lose Them, Say Critics
Excerpt: "Unions that agree to such trusts likely are betting on the possibility that there will be some kind of nationalized health care in the United States in the next 10 years that will take some of the pressure off of their trusts, said Ross Eisenbrey, a labor expert and vice president of the left-leaning Economic Policy Institute. Even without a national health care plan in the works, unions may want to consider this kind of deal, especially considering the current state of bankrup.tcy law for corporations, analysts said." (AP via The Baltimore Sun; free registration required)
GM Cuts $47 Billion in Health Care Liability with UAW
Excerpt: "General Motors Corp., the largest U.S. automaker, said its United Auto Workers contract will reduce retiree health-care obligations by $47 billion and cut hourly labor costs for new union employees in half." (Bloomberg News)
California Gov. Schwarzenegger Vetoes Democrats' Health Care Overhaul Bill
Excerpt: "California Gov. Arnold Schwarzenegger (R) . . . vetoed a health care overhaul measure (AB 8) proposed by legislative Democrats, the Los Angeles Times reports (McGreevy, Los Angeles Times, 10/13). The legislation would have expanded health insurance to about four million of the more than 6.5 million state residents who lack coverage." (Kaiser Family Foundation)
(c) Summaries of Guidance; Filed Comments
Overview: HSA Contributions -- Variables Affect Contribution Limit Determination
Excerpt: "Regular contribution limits are dependent on HDHP coverage, either self-only or family. The rules define family coverage as 'any coverage other than self-only coverage,' which includes the HDHP eligible individual and one or more other individuals. The other individual may or may not be the HDHP insured's spouse." (Wolters Kluwer Financial Services)
Overview: Military Spouse Leave Signed into Law in California (PDF)
Excerpt: "As a result, employers with 25 or more employees should modify their policies to reflect the availability of this new leave." (Winston & Strawn LLP)
Overview: New Cafeteria Plan and Dependent Care Regulations
Excerpt: "The changes under the new proposed Regulations for cafeteria plans and the final Regulations for dependent care expenses are not extensive . . . . The new cafeteria plan guidance is in effect for plan years beginning on or after January 1, 2009, but can be relied upon now." (SunGard Corbel LLC)
IRS Explains -- Diet Foods, Meal Replacements, and Dietary Supplements Are Not Code Section 213(d) Medical Care Expenses
Excerpt: "EBIA Comment: The information letter is consistent with prior IRS guidance . . . . However, dietary supplements and special foods may constitute medical care when a medical practitioner recommends them to cure, mitigate, treat, or prevent a specific medical condition." (Employee Benefits Institute of America)
Health Care Corporation's Plan Not Exempt from COBRA As Church Plan
Excerpt: "EBIA Comment: Health care systems and other organizations that have religious affiliations often maintain benefit plans for their employees that are assumed to be exempt from ERISA and COBRA. The final determination of whether this plan was a church plan, however, was left to a judge -- leading to a result that the employer may not have anticipated." (Employee Benefits Institute of America)
(d) Trends, Surveys, Research
Cancer Death Rates Dropping Fast, According to Report
Excerpt: "The report includes a special focus on cancer among American Indians and Alaskan natives. Overall, cancer incidence is lower among those populations than among white Americans, except for cancers of the stomach, liver, kidney, gallbladder and cervix. The annual report is a collaboration of the American Cancer Society, National Cancer Institute, Centers for Disease Control and Prevention, and North American Association of Central Cancer Registries." (AP via Yahoo! News)
iPhone Puts Consumers' Health Records in the Palm of Hand
Excerpt: "New Mexico-based Life Record, a provider of electronic medical record applications, has teamed up with software and computer giant Apple, Inc. to provide electronic medical records on the iPhone." (Employee Benefit Advisor; free registration required)
Medco to Have Prescription Review System
Excerpt: "The Franklin Lakes-based company has trained 700 pharmacists so far, each on one of seven complex, chronic conditions, and set up a resource center for each condition at its mail order pharmacies. Computers flag incoming prescriptions for patients with those conditions -- such as diabetes, cancer and infectious diseases -- for a specialty pharmacist to review them if necessary. The pharmacists look for dosing errors, interactions with other drugs . . . ." (AP via Newsday)
Regenstrief Institute Selected to Help Design Nationwide Health Information Network
Excerpt: "In a move that is viewed as a major step toward developing a secure and portable health information system for all Americans, the U.S. Department of Health and Human Services has awarded the Indiana University School of Medicine a $2.5 million contract to begin a trial implementation of a Nationwide Health Information Network (NHIN)." (Business Wire via Yahoo! Finance)
CRS Data Brief: Spending by Employers on Health Insurance (PDF)
6 pages. Excerpt: "To describe employer contributions for health insurance, this report presents data from two employer surveys. The first, conducted by the Kaiser Family Foundation and the Health Research and Educational Trust, provides information on premiums for employer-sponsored health insurance. The second, from the Department of Labor, provides information on employer costs for employee compensation, including costs for wages and salaries, health insurance, and other benefits." (Congressional Research Service, U.S. Library of Congress)
Michigan Lawmakers Introduce Legislation That Would Prevent High Rate Increase for Private Health Plans
Excerpt: "A bipartisan group of Michigan lawmakers . . . proposed four bills that would block private health insurers from significantly raising rates during policy renewals, the Detroit Free Press reports." (Kaiser Family Foundation)
Mass. Health Insurance Connector Authority Bd Rejects Proposal for High-Deductible Prescription Drug Plan
Excerpt: "The Massachusetts Health Insurance Connector Authority Board . . . rejected a proposal for a prescription drug plan that would have included a $15 copayment for refills of generic drugs, as well as a $1,000 deductible for brand-name drugs with additional copays of $50 or $75 per refill, the Boston Globe reports." (Kaiser Family Foundation)
(e) Policy, Opinion, Advocacy
Vermont's Catamount Health: A Roadmap For Health Care Reform?
Excerpt: "Vermont's new health reform program was enacted under a Republican governor in a state with a Democrat-controlled legislature. It thus serves as an intriguing approach to resolving political differences in health care. [The focus of this article is] on what changed between the 2005 reform failure and the passage of the new reforms. Key to the reform's political success was the recognition by both sides that it focused on issues of bipartisan concern: cost control through the effective management and prevention of disease." (Health Affairs)
Comprehensive Health Care Reform in Vermont: A Conversation with Governor Jim Douglas
Excerpt: "In this conversation, Vermont's Republican governor, Jim Douglas, discusses his role in and views on the state's comprehensive health reforms adopted in 2006. The reforms are designed to provide universal access to coverage, improve the quality and performance of the health care system, and promote health and wellness across the lifespan." (Health Affairs)
Opinion: How Many Massachusetts Connector Staff Does It Take to Change a Light Bulb?
Excerpt: "The Ontario Health Insurance Plan (OHIP), which covers about 12 million residents of that Canadian province, employs roughly 1500 people. The Connector has 35.6 FTEs. It helps arrange coverage for . . . a total of 145,000 people. In other words, the Connector employs twice as many (2.5) people per 10,000 enrollees as OHIP (1.2)." (CommonHealth/WBUR 90.9 via Physicians for a National Health Program)
Opinion: A Health Care Bargain
Excerpt: "If we're going to have a new American birthright to care, there will be new American responsibilities. As a first principle, all citizens should provide as they can for their own medical care so they do not impose their own requirements on others. As such, we should mandate that all Americans pay in advance for coverage of catastrophic medical needs." (The New York Times; free registration required)
Links to Items on Executive Comp, Benefits in General
Opinion: No. 1 Baby Boomer Signs Up for Social Security Benefits
Excerpt: "When it comes to the nation's finances, Kathleen Casey-Kirschling is Public Enemy No. 1. Her offense: being born. Specifically, being born on Jan. 1, 1946, just a tick after midnight. That made her the first member of the 80 million-strong baby-boom generation, which, starting next year, will begin to bankrupt the nation by crashing the Medicare and Social Security systems." (The Washington Post; free registration required)
Overview: SEC Review of Executive Compensation Disclosures (PDF)
3 pages. Excerpt: "While many companies spent a great deal of time and effort in working to comply with the novel and complex rules, and in particular in drafting the CD&A, reactions to the overall quality of the new disclosure have been mixed, with general comments and criticisms coming from the business media, shareholder and corporate groups, and members of the SEC staff." (Morgan, Lewis & Bockius LLP)
Judge Allows FedEx Drivers to Sue for Benefits As Group
Excerpt: "U.S. District Judge Robert Miller in South Bend, Ind., said the drivers could proceed with a class action against FedEx on claims that they deserve full-time benefits under federal law." (Bloomberg News via Los Angeles Times; free registration required)
Newly Posted Events
2007 Fall Tour: Beyond the Essentials: Beneficiary Issues and Answers
in Kansas on November 7, 2007
presented by BISYS Retirement Services
2007 Fall Tour: Beyond the Essentials: Beneficiary Issues and Answers
in Illinois on November 7, 2007
presented by BISYS Retirement Services
2007 Fall Tour: Beyond the Essentials: Beneficiary Issues and Answers
in California on November 7, 2007
presented by BISYS Retirement Services
2007 Fall Tour: Beyond the Essentials: Beneficiary Issues and Answers
in California on November 9, 2007
presented by BISYS Retirement Services
2007 Fall Tour: Beyond the Essentials: Beneficiary Issues and Answers
in Kansas on November 9, 2007
presented by BISYS Retirement Services
2007 Fall Tour: Beyond the Essentials: Beneficiary Issues and Answers
in Illinois on November 9, 2007
presented by BISYS Retirement Services
2007 Fall Tour: Beyond the Essentials: Beneficiary Issues and Answers
in Florida on November 14, 2007
presented by BISYS Retirement Services
2007 Fall Tour: Beyond the Essentials: Beneficiary Issues and Answers
in Minnesota on November 16, 2007
presented by BISYS Retirement Services
2007 Fall Tour: Beyond the Essentials: Beneficiary Issues and Answers
in Georgia on November 16, 2007
presented by BISYS Retirement Services
2007 Fall Tour: Beyond the Essentials: Beneficiary Issues and Answers
in Minnesota on November 14, 2007
presented by BISYS Retirement Services
2007 Fall Tour: IRA Essentials
in Kansas on November 6, 2007
presented by BISYS Retirement Services
2007 Fall Tour: IRA Essentials
in Illinois on November 6, 2007
presented by BISYS Retirement Services
2007 Fall Tour: IRA Essentials
in California on November 6, 2007
presented by BISYS Retirement Services
2007 Fall Tour: IRA Essentials
in Kansas on November 8, 2007
presented by BISYS Retirement Services
2007 Fall Tour: IRA Essentials
in Illinois on November 8, 2007
presented by BISYS Retirement Services
2007 Fall Tour: IRA Essentials
in California on November 8, 2007
presented by BISYS Retirement Services
2007 Fall Tour: IRA Essentials
in Minnesota on November 13, 2007
presented by BISYS Retirement Services
2007 Fall Tour: IRA Essentials
in Florida on November 13, 2007
presented by BISYS Retirement Services
2007 Fall Tour: IRA Essentials
in Minnesota on November 15, 2007
presented by BISYS Retirement Services
2007 Fall Tour: IRA Essentials
in Georgia on November 15, 2007
presented by BISYS Retirement Services
2007 Web/Telephone Seminar: Establishing IRAs and IRA Amendments
Nationwide on November 15, 2007
presented by BISYS Retirement Services
2007 Web/Telephone Seminar: Introduction to 401(k) Plans
Nationwide on November 1, 2007
presented by BISYS Retirement Services
2007 Web/Telephone Seminar: IRA Beneficiary Distributions
Nationwide on November 13, 2007
presented by BISYS Retirement Services
2007 Web/Telephone Seminar: IRA Compliance
Nationwide on November 6, 2007
presented by BISYS Retirement Services
2007 Web/Telephone Seminar: IRA Reporting
Nationwide on November 8, 2007
presented by BISYS Retirement Services
2007 Web/Telephone Seminar: IRA Reporting
Nationwide on November 27, 2007
presented by BISYS Retirement Services
2007 Web/Telephone Seminar: Roth IRA Distributions
Nationwide on November 20, 2007
presented by BISYS Retirement Services
Executive Compensation: Will Your Program Withstand Scrutiny? - Webcast
Nationwide on November 7, 2007
presented by Deloitte
Identify Care Gaps and Demonstrate Value to Employers
in California on November 7, 2007
presented by DST Health Solutions
Individual Health Plans: Marketing, Data & Strategic Implications
in California on November 1, 2007
presented by Healthcare Web Summit
THE ASPPA BENEFITS COUNCIL OF DELAWARE VALLEY PRESENTS - JEFF BROWN ON PERSONAL FINANCE
in Pennsylvania on November 13, 2007
presented by
The Next Frontier in 401(k) Plan Management - Distribution Management
in Massachusetts on November 13, 2007
presented by New England Employee Benefits Council
Various IRA and HSA Webinars
Nationwide on October 30, 2007
presented by Collin W. Fritz & Associates, Ltd.
Newly Posted Press Releases
401(k) Plans and Ethics for Insurance Agents E-Learning Courses Introduced
International Foundation of Employee Benefit Plans
Trone, Industry Expert On Fiduciary Responsibility, Selected To Head U.S. Coast Guard Academy Institute For Leadership
Foundation for Fiduciary Studies
NCPA Launches Web Site Dedicated to Retirement Issues
National Center for Policy Analysis (NCPA)
Bankrate Unveils New Retirement Calculators
Bankrate, Inc.
Newly Posted or Renewed Job Openings
(Post a Job | View All Jobs |
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Retirement Plan Analyst
for Benefit Strategies, LLC
in ME
Pension System Quality Assurance Analyst
for Milliman USA
in TX
Pension Consultant
for Pension & Estate Planners, Inc.
in DE, NJ, PA
Pension Administrator
for A Dynamic Retirement Administration Firm
in ANY STATE
Corporate Life Insurance Illustration Analyst
for Great-West Financial Services
in CO
Retirement Plan Specialist
for Diversified Investment Advisors
in FL
Client Service Associate
for Merrill Lynch
in CO, NJ
Conversion Department Manager
for First Mercantile
in TN
Pension Administrator
for Growing Central New Jersey Firm
in NJ
Defined Contribution / 401(k) Plan Administrator
for Strategic Pension Services, Inc.
in CA
Director of Executive Benefits
for Great-West Financial Services
in GA
DC Implementation Manager
for Milliman, Inc.
in TX
Handy Links:
- View Today's Active Message Threads
- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
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