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| September 23, 2008 |
| Here are the Web's best new links about compliance and cost aspects of plan operation, design and policy. |
Today's sponsor is International Foundation of Employee Benefit Plans
(Click on company name or banner to learn more.)
| Be Smart by Association with the International Foundation |
| Smart is not a permanent state of being. What's your maintenance plan? Take advantage of the education and information available through the International Foundation of Employee Benefit Plans, a nonprofit educational association, and find out why over 35,000 industry professionals like Cindy Conway rely on the Foundation to stay informed and educated. Make sure you have the most comprehensive information on health, pension and compensation issues. Be smart by association. www.ifebp.org/memberkit |
[Official Guidance] Medicare Premiums and Deductibles for 2009
Excerpt: "The Part B deductible was increased to $110 in 2005 and, as a result of the Medicare Modernization Act, is currently indexed to the annual percentage increase in the Part B actuarial rate for aged beneficiaries. In 2009, the Part B deductible will be $135, the same as it was in 2008." (U.S. Centers for Medicare & Medicaid Services)
[Guidance Overview] Ruling on Trust Contributions Illustrates Use of Unused Sick and Vacation Leave to Fund Retiree Health Benefits
Excerpt: "EBIA Comment: In its summary of the facts, the IRS focused on the right of bargaining unit members to approve participation in the arrangement. The IRS apparently concluded that the members' ability to accept or reject the CBA had no impact on the tax consequences of the arrangement. While the ruling explicitly addressed only the excludability of mandatory salary reduction contributions, there is no apparent reason why the mandatory contributions of unused sick or vacation leave should not also be excludable." (Employee Benefits Institute of America)
[Guidance Overview] CMS Reminder That It Does Not Require Copies of HIPAA or Medicare Part D Creditable Coverage Certificates
Excerpt: "EBIA Comment: This guidance caught our eye for two reasons. First, it allows entities who have been mistakenly providing copies of HIPAA or Medicare Part D creditable coverage certificates to CMS as well as to individuals to reduce their paperwork burden. Note, however, that group health plan sponsors who provide Part D creditable coverage documents to individuals must still notify CMS about the creditable status of their drug coverage in general, using a separate 'Disclosure to CMS Form' . . . ." (Employee Benefits Institute of America)
[Guidance Overview] Key 2009 Medicare Values (PDF)
2 pages. Excerpt: "This For Your Information provides key 2009 Medicare values just released by the Centers for Medicare and Medicaid Services, including the income-adjusted Medicare Part B premiums as prescribed by the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (MMA)." (Buck Consultants)
Massachusetts Considers Delaying Parts of Health Care Law
Excerpt: "Massachusetts regulators in charge of implementing key portions of the state's health care reform law are considering a delay in rules that impose financial penalties on residents not enrolled in health care plans providing so-called minimum creditable coverage." (Workforce Management; free registration required)
Prosthetic Parity Bill Introduced in Senate
Excerpt: "Legislation has been introduced in the Senate that would require group health plans to provide parity in coverage benefits for prosthetic devices for amputees. SB3517, introduced Friday by Sens. Olympia Snowe, R-Maine, and Tom Harkin, D-Iowa, would require employer-paid health insurance to treat coverage of prosthetic care and devices on par with other essential medical care devices covered by health insurance." (Workforce Management; free registration required)
An Analysis of the McCain Health Care Proposal (PDF)
12 pages. Excerpt: "The proposed McCain tax credit would represent substantially greater subsidies for low-income people than have been available to date. However, the credit would not lead to significant net increases in insurance coverage: Tax credits would be the same size for all purchasers regardless of income. As a result, they would leave many low-income individuals with insufficient funds to afford adequate health insurance coverage. Affordability and accessibility of coverage would vary considerably by health status, age, and geographic area of residence. Health insurance policies would become less affordable over time because the value of the credit would increase with inflation, while the cost of health care has historically grown substantially faster." (The Urban Institute)
An Analysis of the Obama Health Care Proposal (PDF)
11 pages. Excerpt: "Senator Obama suggests a new framework -- the National Health Insurance Exchange (NHIE) -- by which individuals without access to Medicaid, SCHIP, or employer-sponsored insurance could obtain coverage. Obama's plan would reach almost all children and more than half of uninsured adults (in 2007, there were 8.9 million uninsured children and 36.1 million uninsured adults) by extending eligibility for Medicaid and SCHIP, providing income-related subsidies for coverage in the NHIE, and offering a guaranteed source of purchasing insurance coverage, even to those in poor health." (The Urban Institute)
2008-2009 Health Care Cost Increase Charts (PDF)
5 pages. Excerpt: "Hewitt's health care cost data is derived from the Hewitt Health Value Initiative, a cost and performance analysis database of more than 1,800 health plans throughout the U.S., including 400 major employers and more than 13 million health plan participants." (Hewitt Associates)
A Wisconsin County Imposes Domestic Partner Benefits Mandate on Government Contractors
Excerpt: "Government officials for a Wisconsin county now require contractors with agreements worth $5,000 or more to offer health benefits to the domestic partners of their employees. A news report in the Madison, Wisconsin, Capital Times said the Dane County Board issued the mandate at a meeting last week. The county already offers domestic partner benefits to its own employees." (PLANSPONSOR.com; free registration required)
Announcement of the 21st Meeting of the American Health Information Community Quality Workgroup
Excerpt: "The Workgroup will continue its discussion on how health information technology can provide the data needed for the development of quality measures that are useful to patients and others in the health care industry, automate the measurement and reporting of a comprehensive current and future set of quality measures, and accelerate the use of clinical decision support that can improve performance on those quality measures." (Federal Register Online via GPO Access)
Announcement of the 22nd meeting of the American Health Information Community Confidentiality, Privacy, & Security Workgroup
Excerpt: "The Workgroup Members will continue discussing and evaluating the confidentiality, privacy, and security protections and requirements for participants in electronic health information exchange environments. The meeting will be available via Web cast. For additional information, go to: http://www.hhs.gov/healthit/ahic/cps_instruct.html." (Federal Register Online via GPO Access)
Premium, Out-of-Pocket Costs for U.S. Workers to Increase by 9% in 2009, According to Study
Excerpt: "The combined average premium and out-of-pocket costs for health coverage for a U.S. worker are projected to increase by nearly 9% in 2009, to $3,826 per year, according to an annual study by Hewitt Associates, the Chicago Tribune reports. For the study, Hewitt evaluated data on employer-sponsored health plans from more than 300 major businesses with an average of 16,000 employees, encompassing more than 13 million health plan members." (Kaiser Family Foundation)
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Links to Items on Executive Comp, Benefits in General
[Guidance Overview] The Conundrum of ERISA Remands & Reinstatements
Excerpt: "Pannebecker provides helpful analysis on the point of what should follow should the circumstances of a benefit denial necessitate 'remand' to the plan administrator. In Pannebecker, the Ninth Circuit agreed with the district court that the plan administrator was justified in denying disability benefits on the view that the claimant could perform sedentary job duties. In other words, the plan administrator 'won'." (Health Plan Law blog by Attorney Roy F. Harmon III)
[Guidance Overview] Global Handcuffs and Claw-Backs: Getting Tough with Cross-Border Loyalty Protections (PDF)
4 pages. Excerpt: "Smart compensation structures can provide 'gold' that encourages long-term loyalty (hence the term golden handcuff). The potential to recoup cash bonuses and stock awards from disloyal or corrupt employees can give rise to a 'claw-back' threat for enforcing loyalty and key business protections." (Law.com via Paul, Hastings, Janofsky & Walker LLP)
[Guidance Overview] Section 409A Deferred Compensation Compliance Deadline
Excerpt: "The deadline is fast approaching to amend nonqualified deferred compensation arrangements to comply with Section 409A of the Internal Revenue Code. By December 31, 2008, arrangements that are subject to Section 409A must be amended to comply with final IRS regulations. If arrangements do not comply with Section 409A, the participants can be subject to substantial tax penalties." (Nixon Peabody LLP)
CEO Pay Pressure Builds Due to Wall Street Bailout
Excerpt: "The [Institute for Policy Studies] wants Congress to require companies seeking assistance under the rescue plan to cap executive pay at 25 times that of the lowest-paid employee. If a firm's lowest-paid worker earns $30,000, the ceiling for the top-paid executive would be $750,000 -- still far more than the $400,000 annual salary of the U.S. president, the group said." (Reuters via The New York Times; free registration required)
Democrats Push for Executive Compensation Limits in Financial Industry Bailout
Excerpt: "Congressional Democrats are seeking to curb executive compensation as part of a $700 billion bill that would bail out the reeling financial industry. They may get some Republican support in the Senate, but are meeting resistance from the Bush administration and Senate GOP leadership." (Workforce Management; free registration required)
Some Texas Companies Helping Employees Cope with Higher Transportation Costs
Excerpt: "Employees are not the only ones worried about high gasoline prices and the effect on their pocketbooks. Employers are, too. Some companies are coming up with ways to help employees cope with high gas prices and transportation costs, including offering four-day workweeks and setting up van pools, according to a recent study by Mercer, a benefits consulting company." (Star-Telegram)
The 2008 100 Best Companies for Working Moms
Excerpt: "We've hit the working-mother lode this year with our 100 Best Companies. From flextime and telecommuting to backup child care and parental leave, these winners are expanding the concept of family-friendly benefits to make sure they cover adoptive parents, fathers and grandparents as well as working mothers -- even as the economy stumbles." (Working Mother)
What Happens to Your Benefits After Bankrup.tcy
The article examines considerations of your retirement plan(s) and health insurance if your company is facing the possibility of bankrup.tcy. (The Wall Street Journal)
Newly Posted Events
401(k) Autoenrollment Dos and Don’ts (60-Minute Power Series)
Nationwide on October 14, 2008
presented by International Foundation of Employee Benefit Plans
Dealing with the Conflict of Partner’s Retirement and Retention at Law Firms - Webcast
Nationwide on September 25, 2008
presented by Retirement Capital Group
Electronic Personal Health Records: What's the Impact for Employers and Employees Webcast
Nationwide on October 16, 2008
presented by International Foundation of Employee Benefit Plans
Safe Harbor 401(k) Plan Design Web Seminar
Nationwide on October 16, 2008
presented by SunGard Relius
Seven Deadly Mistakes in 401(k) Plans (60-Minute Power Series)
Nationwide on October 7, 2008
presented by International Foundation of Employee Benefit Plans
Ten Steps to an Effective RFP (60-Minute Power Series)
Nationwide on October 21, 2008
presented by International Foundation of Employee Benefit Plans
The Next Step in Wellness and Consumer-Driven Health Care: Biometrics Webcast
Nationwide on October 23, 2008
presented by International Foundation of Employee Benefit Plans
The Roth Factor
Nationwide on October 28, 2008
presented by Convergent Retirement Plan Solutions, LLC
Newly Posted Press Releases
Hewitt Data Reveals Little Change in U.S. Health Care Cost Increases for 2009
Hewitt Associates LLC
U.S. Department Of Labor Sues Executive Of Defunct Minneapolis Company To Protect Participants Of Abandoned Plan
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
U.S. Labor Department Extends Annual Reports Deadline After Hurricane Hits Texas And Louisiana
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
U.S. Labor Department Announces New Online Tools For Workers And Plan Administrators
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Underwater Stock Option Repricings Resurge As Shareholder- Friendly Exchange Programs Evolve, Says Aon Consulting's Radford Surveys + Consulting
Aon Consulting
Retiree Health Plans: A National Assessment
Center for State and Local Government Excellence
Mercer Introduces Life, Accident, Disability (LAD) Specialty Consulting for Large Employers
Mercer
Fiduciary Benchmarks Launches New Service For Retirement Plan Industry
Fiduciary Benchmarks, Inc.
Non-Profit Coalition Aims to Improve Financial Dignity for Boomers
Partnership for Retirement Education and Planning (PREP)
Newly Posted or Renewed Job Openings
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in MI
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Defined Contribution Accountant
for MassMutual Financial Group
in TN
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in IA
Retirement Plan Administrator
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in IL
Handy Links:
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