BenefitsLink |
 |
 |
| November 19, 2007 |
| Here are the Web's best new links about compliance and cost aspects of plan operation, design and policy. |
Today's sponsor is EmployeeBenefitsJobs.com
(Click on company name or banner to learn more.)
| Where the best benefits employers find the best candidates |
| Fill your employee benefits job openings fast by advertising on
BenefitsLink. What better place to find qualified candidates?
Your help wanted ad will be listed in the BenefitsLink Newsletter, will be seen by thousands of candidates who view our listings online, and will be emailed to over 2,300 job-seekers. Click here to see how easy it is to place an ad! |
(a) New Guidance Documents
(None today.)
(b) News
Massachusetts Health Insurance Program May Come Up $147m Short
Excerpt: "Enrollment in the state's new subsidized health plan is growing so quickly that the state could face a funding gap as large as $147 million by the end of the fiscal year, according to a state projection." (The Boston Globe)
Health Coverage Shrinks As Costs Up Again, According to Mercer Study
Excerpt: "The survey by employee benefits firm Mercer included nearly 3,000 private and public employers with 10 or more workers. In keeping with trends of recent years, businesses with fewer than 200 workers were more likely to cut back on coverage than larger ones." (Reuters)
Fewer Small Firms Offering Health Insurance, According to Survey
Excerpt: "The study of nearly 3,000 employers found that the percentage of employers with 200 workers or fewer offering any kind of health insurance fell to 61% this year from 63% in 2006." (USA TODAY)
GM, Ford, UAW Dangle $54 Billion Health Fund Before Wall Street
Excerpt: "'There's nothing like this in America in terms of health care, and arguably in the world, of this size,'' said Geoff Bobroff, an independent investment consultant in East Greenwich, Rhode Island, with three decades of asset-management experience. ' A lot of people are going to be lining up to service this fund.'' He estimated that fees for managing the VEBA may total $285 million." (Bloomberg News)
UAW Deal to Save Ford $1.2 Billion in Cash, $2 Billion on Health Care Annually
Excerpt: "The deal establishes a health care trust, called a VEBA, or voluntary employees benefit association. That will allow Ford to transfer about $23 billion in retiree health care liabilities to the trust, which will be managed by the union. Ford will contribute $13.2 billion to establish the trust and will provide another $2.2 billion in other retiree health care costs." (Detroit Free Press)
What May Become One of the Largest Whistle-Blower Lawsuits on Record Is About Medical Supplies
Excerpt: "The suit, filed in 2003 in federal court in Dallas, and unsealed this year, argues that improper sales practices, together with erroneous accounting, are invisibly draining millions of dollars out of vital public programs like Medicare through overcharges or unauthorized uses. While whistle-blower cases typically involve, at most, a handful of companies, Ms. Fitzgerald's alleges systemic fraud across a whole network of companies and more than 7,000 health care institutions." (The New York Times; free registration required)
CMS Launches Online Tool Allowing Better Comparison of Medicare Prescription Drug Plans as Open Enrollment Period Begins
Excerpt: "The open enrollment period for the Medicare prescription drug benefit begins on Thursday, and CMS has established a new online tool to help with the comparison of plans, the Wall Street Journal reports." (Kaiser Family Foundation)
(c) Summaries of Guidance; Filed Comments
Key California Employment-Related Legislative Developments of 2007 (PDF)
3 pages. Excerpt: "In October 2007 Governor Schwarzenegger vetoed 22 employment-related proposed laws that would have significantly impacted California employers. Nevertheless, a handful of bills of which employers need to be aware were signed into law." (Paul, Hastings, Janofsky & Walker LLP)
Hewitt Federal Legislation Quick Guide Updated November 14, 2007, for Health and Welfare Plans (PDF)
12 pages. This Federal Legislation Quick Guide provides short updates on federal legislation that is currently under active consideration by Congress or has recently been enacted into law regarding health and welfare benefit plans. (Hewitt Associates)
(d) Trends, Surveys, Research
State and Local Government Retiree Benefits: Current Status of Benefit Structures, Protections, and Fiscal Outlook for Funding Future Costs
75 pages. Excerpt: "In general, we found that state and local governments have set aside funds to meet most of their future pension costs, but have not yet developed long-term strategies to finance future escalating health care costs for retirees. [Reposted file includes changes in text and footnote on pages 24-25.]" (U.S. Government Accountability Office)
Firm Helps Businesses Contain Surgery Costs, Educate Patients
Excerpt: "Those facing surgery might see it as the only road to health, but a local company says many patients could avoid surgery while lowering medical costs for their employers. Graphic Surgery LLC of Creve Coeur helps companies contain surgery costs through benefit plan design and patient education." (St. Louis Post-Dispatch)
Conversations on the Changing Face of Managed Care: Insights from the 2006-2007 Podcast Series (PDF)
34 pages. Excerpt: "Managed care executives are inundated almost daily with information, which they need to read and process to keep up with the rapid changes taking place in health care. This supplement is based on a series of 10 podcasts that were conducted in late 2006 and the first half of 2007 to give health care professionals an opportunity to learn about new developments in managed care. The host for the series was Ian Morrison, Ph.D., an internationally known author, consultant, and futurist specializing in long-term forecasting and planning. Each podcast consisted of a discussion between Morrison and an expert on an issue important to the business and bottom line of managed care organizations." (Managed Care Magazine)
(e) Policy, Opinion, Advocacy
New Bill to Boost Health Costs, Employers Warn
Excerpt: "A policy change being debated in Congress would force large companies to pay more for kidney disease treatment and increase workers' health care costs, employers warn. House lawmakers have already passed a measure that would extend from 30 months to 42 months the period for which businesses with 100 or more employees must pay for the medical services of workers with kidney problems." (The Washington Times)
The Role of Medicare Fiscal Intermediaries After Health Care Reform
Excerpt: "Bottom line - the claims adjudication process in a publicly financed system, such as Medicare, will be handed off to the large fiscal intermediaries such as Anthem. Any notion that their claims adjudication processes will evolve into more accommodating claims practices should be measured against their past record. The facts in the WSJ article actually support the view that the European model is a bad thing if it means that health care decisions will be outsourced to the same entities that serve as Medicare fiscal intermediaries." (Health Plan Law blog by Attorney Roy F. Harmon III)
Best Health Coverage Is Single-Payer, According to Michigan Physician
Excerpt: "Insurance-company profits and increases in administrative staff have helped push up the cost of health care so steeply over the years that many Americans can't afford coverage, a proponent of health-care change said Tuesday in Kalamazoo. Dr. James C. Mitchiner said single-payer health insurance can greatly reduce health care costs by removing the profits and broadening the risk pool." (Kalamazoo Gazette via Physicians for a National Health Program)
Testimony of Sidney M. Wolfe M.D. on Behind-the-Counter Availability of Certain Drugs
Excerpt: "The current push for a behind-the-counter class was precipitated by drug companies who make statins and want to switch them to OTC. I have testified twice already and I'm going to testify next month for a third time opposing statins becoming OTC." (Public Citizen)
Poll Shows Businesses Support Expansion of Massachusetts Health Insurance Requirements for Employers
Excerpt: "Fifty-five percent of Massachusetts employers believe a provision of the state's health insurance law requiring businesses with 11 or more workers to offer health insurance or pay a penalty should be expanded to all companies, according to a poll published on Wednesday in the journal Health Affairs, the Boston Globe reports." (Kaiser Family Foundation)
Bill Would Allow Tax-Exempt Long-Term Care Insurance Premium Payments
Excerpt: "A bipartisan group of senators on Tuesday introduced a bill that would allow employees to pay long-term care insurance premiums with pre-tax dollars, CQ HealthBeat reports. Under the Long-Term Care Affordability and Security Act -- sponsored by Sens. Chuck Grassley (R-Iowa), Blanche Lincoln (D-Ark.), Olympia Snowe (R-Maine), Debbie Stabenow (D-Mich.) and Gordon Smith (R-Ore.) -- employers could offer long-term care insurance under so-called cafeteria plans, which allow employees to select from a number of tax-exempt benefits, as well as flexible spending accounts." (Kaiser Family Foundation)
Candidates Show a Sharp Divide on Health Care -- Much Debate Turns on Massachusetts Program
Excerpt: "The debate over how to overhaul the nation's health-care system is underscoring a dramatic chasm between the two parties, as Democrats battle over which candidate will most quickly expand health insurance to cover all Americans while GOP contenders compete over who can best minimize the role of both government and employers in delivering care." (The Washington Post; free registration required)
Senate Examines Health Care Coverage for Small Firms' Workers
Excerpt: "Design issues that need to be addressed include providing what families can afford; providing tools to ease voluntary participation; ensuring a guaranteed source of health insurance for each individual; maintaining the lowest possible administrative costs for subsidies; and, 'critically,' identifying adequate financing sources, including seriously considering redistributing the current tax exemption for employer-sponsored health insurance . . . ." (Wolters Kluwer Financial Services)
Overview: House Ready to Vote on Mental Health Parity
Excerpt: "Mental health parity reform has passed the three House committees with jurisdiction, and the House is likely to approve the Paul Wellstone Mental Health and Addiction Equity Act (H.R.1424) within weeks." (Watson Wyatt Worldwide)
Links to Items on Executive Comp, Benefits in General
Text of Aon's 2007 Year-End Checkup for Benefit Plans (PDF)
15 pages. Excerpt: "This Alert will help identify general year-end administrative and planning issues that could lead to compliance or employee relations problems if not addressed before, or early in, 2008. In addition, we have highlighted recent legislative or regulatory developments that may require plan design or documentation changes, particularly in response to the Pension Protection Act of 2006 (PPA), final Internal Revenue Code (IRC) §409A regulations, and the re-proposed IRC §125 regulations." (Aon)
Working Paper: Trends in the Labor Force Participation of Married Women (PDF)
28 pages. Excerpt: "This study seeks to quantify determinants, and costs, of the labor -- force participation of married women. We use demographic and earnings data from the Health and Retirement Study. The earnings data constitute an unusually long panel but have the defect of lacking corresponding reports on work hours. By using a highly structured model and concentrating on the participation margin, we nevertheless feel that we can make substantial progress." (University of Michigan Retirement Research Center)
Hewitt Federal Legislation Quick Guide for November 14, 2007, on Human Resources & Employment Law (PDF)
12 pages. This Federal Legislation Quick Guide provides short updates on federal legislation that is currently under active consideration by Congress or has recently been enacted into law regarding human resources and employment law. (Hewitt Associates)
Massachusetts Blue Cross Gave Chairman $16.4 Million in Retirement Pay While Still on Salary
Excerpt: "The payment was triggered when Van Faasen, 58, stepped down as chief executive, retaining his position as chairman of the state's largest health insurer with 3 million members. In addition to the retirement payout, he also earned nearly $3 million last year in salary and bonus as chairman." (The Boston Globe via The Foundation for Taxpayer & Consumer Rights)
2007 End of Year Plan Sponsor 'To Do' Lists (PDF)
22 pages. (Snell & Wilmer LLP)
Newly Posted Events
Attention Business Executives and HR Professionals. Join Us For a 401(k) Seminar You Can't Afford To Miss.
in Virginia on December 5, 2007
presented by AFS Financial Group
Newly Posted Press Releases
Struggling to Retire? Planning Size of Nest Egg is Key to Financial Security; New AARP Survey Finds People with Access to Workplace Plans Better Prepared For Retirement - Auto-enroll in 401k Would Help Many Workers
AARP
PBGC Releases Financial Results For Fiscal Year 2007
Pension Benefit Guaranty Corporation (PBGC)
Searching For The Silver Bullet, A New Study From The MetLife Mature Market Institute® Provides Innovative Aging Workforce Strategies For Employers
MetLife
ERISA Expert Joins CAPTRUST Financial Advisors Board of Advisors
CAPTRUST Financial Advisors
NFP CEO Joins CAPTRUST Financial Advisors Board of Advisors
CAPTRUST Financial Advisors
BenefitStreet's Founder and CEO Departs
PLANADVISER
ULLICO Inc. and U.S. Department of Labor Agree to Resolve 5 Year Old ERISA Investigation
ULLICO Inc.
n4a Launches National Campaign to Help Businesses and Employees Work through Costly, Stressful Caregiving Issues
National Association of Area Aging on Aging (n4a)
Newly Posted or Renewed Job Openings
(Post a Job | View All Jobs |
RSS Feed )
401(k)/Defined Contribution Valuation Processor
for National Retirement Services, Inc.
in CA, NC
Defined Benefit Analyst
for Vanguard
in PA
In House ERISA/Employee Benefits Counsel
for National Financial Partners
in NY
Director, Plan Services
for Diversified Investment Advisors
in NY
Account Administrator-Daily Recordkeeping
for McCready and Keene, Inc.
in IN
Trust Administrator - Employee Benefits
for Old Point Trust
in VA
401(k) Administrators
for The Dayton Group Ltd
in CT, NJ, NY
RPSS Compliance Specialist
for Associated Wealth Management
in WI
Senior Defined Benefit Consultant
for Milliman, Inc.
in WA
Conversion Specialist
for ePlan Services, Inc.
in CO
Institutional Relationship Manager
for Great-West Corporate
in CO
401(k) Plan Administrator
for Pratas, Smith & Moore CPA's
in TX
Documents Supervisor
for Associated Pension Consultants
in CA
Senior Institutional Sales Director - Business Retirement Solutions
for Bank of America
in CA, CT, GA, NJ, NY
Sr. Benefits Analyst
for Altivity Packaging
in IL
Retirement Plan Consultant CSR
for UNIFI Companies (Ameritas Life, Acacia Life, Union Central Life and affiliated companies)
in NE, OH
Implementation Project Lead
for Vanguard
in PA
Defined Benefit/Defined Contribution Administration Development Analyst
for New York Life Retirement Plan Services
in MA
Defined Benefit/Defined Contribution Administration Business Analyst
for New York Life Retirement Plan Services
in MA
Handy Links:
- View Today's Active Message Threads
- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
Subscribe to the BenefitsLink Retirement Plans Newsletter, Too!
Sign-up form is at https://benefitslink.com/newsletter (free).
This newsletter is sent to you each workday except federal holidays.
This email has been published by:
BenefitsLink.com, Inc.
1298 Minnesota Avenue, Suite H
Winter Park FL 32789
(407) 644-4146
Fax: (407) 644-2151
David Rhett Baker, J.D., Editor
Copyright 2007 BenefitsLink.com, Inc.; except that you can forward this email in full (including this boilerplate part) or otherwise reprint this email in full (including this boilerplate part) without obtaining our permission.
Anyone can receive these emails; just have them sign up at this web page: https://benefitslink.com/newsletter/
Other useful links: