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| September 29, 2008 |
| Here are the Web's best new links about compliance and cost aspects of plan operation, design and policy. |
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[Official Guidance] Text of DOL Advisory Opinion 2008-06A, July 10, 2008
Excerpt: "[The DOL was asked w]hether, after all outstanding claims for benefits have been satisfied, the Trust may be amended to permit its surplus assets to be transferred, in accordance with the terms of the trust document, to a charitable organization that is not a party in interest." (U.S. Employee Benefits Security Administration)
[Guidance Overview] Hewitt Federal Legislation Quick Guide Updated September 24, 2008, for Health and Welfare Plans (PDF)
7 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)
[Guidance Overview] Structured Settlement Subject to Constructive Trust Remedy
Excerpt: "The district court's opinion, Popowski v. Parrott, 2008 U.S. Dist. LEXIS 71615 (N.D. Ga. Sept. 19, 2008), shows that the constructive trust remedy can extend to structured settlements, but also demonstrates that assets subject to the remedy can dissipate rather quickly after disbursement of a personal injury settlement." (Health Plan Law blog by Attorney Roy F. Harmon III)
Report Anticipates Cost Savings from Online Health Care Services
Excerpt: "Replacing some medical encounters with online services could yield $6.95 in monthly savings per Medicare beneficiary and $3.36 per member of commercial health plans, according to a study released on Thursday by the actuarial firm Milliman, Government Technology reports." (California HealthCare Foundation)
Medical Tourism Represents a $2.1 Billion Business, Study Shows
Excerpt: "The same economics that outsourced call centers and manufacturing jobs overseas may soon hit health care in a big way. A recent Deloitte study forecasts that the number of people turning to 'medical tourism' -- traveling internationally for medical care -- will increase from 750,000 to 6 million by 2010, an eightfold increase. If the actual increase is even half that, one thing is clear: It will be insurers and employers driving the change, not individual workers." (Pittsburgh Post-Gazette)
Emerging Cost Containment Strategies
Excerpt: "Account-based health plans (ABHPs) are emerging as a solution that employers are embracing to maintain affordability for employees and retirees, Towers Perrin says. . . . Most ABHPs set for implementation in 2009 will have an HSA feature (rather than an HRA feature), indicating employers' interest in providing wealth accumulation vehicles for retiree medical benefits." (PLANSPONSOR.com; free registration required)
[Opinion] Massachusetts Fair Share Rule Would Fall Under ERISA
Excerpt: "Federal law, in particular, the Employee Retirement Income Security Act of 1974 (ERISA) preempts [the Massachusetts] state-imposed employer mandate and others like it. As a matter of policy, federal law should not preempt in this fashion. But, until Congress changes ERISA, it does." (Edward A. Zelinsky via WBUR FM)
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Links to Items on Executive Comp, Benefits in General
[Official Guidance] Text of Rev. Proc. 2008-61: Areas as to which IRS Will Not Issue Rulings or Determination Letters Pertaining to Section 409A (PDF)
4 pages. Excerpt: "This revenue procedure modifies and amplifies Rev. Proc. 2008-3, 2008-1 I.R.B. 110, with respect to areas in which rulings and determination letters will not be issued as to the tax consequences of arrangements described in § 409A of the Internal Revenue Code. As described below, this revenue procedure does not provide for the Service to issue rulings on the application of § 409A to nonqualified deferred compensation plans, but does provide for the issuance of rulings in other areas with respect to compensation plans that may covered by § 409A." (Internal Revenue Service)
[Guidance Overview] Hewitt Federal Legislation Quick Guide Updated September 24, 2008, on Human Resources & Employment Law (PDF)
5 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)
[Guidance Overview] Section 409A—All Employers Must Act By December 31
Excerpt: "This alert briefly outlines steps employers should consider to come into full compliance with Section 409A, and briefly outlines a final opportunity to take advantage of a transition rule under Section 409A. Even though the deadline for full compliance is the end of 2008, good-faith compliance with Section 409A has been required since 2005, and continues to be required." (O'Melveny & Myers LLP)
Rescue Plan May Shut Out Non-Qualified Plans
Excerpt: "The new version states that 'nothing in this act prevents the Secretary from protecting the retirement security of Americans by purchasing troubled assets held by or on behalf of an eligible retirement plan other than a plan described in section 409A of the Internal Revenue Code of 1986.'" (The National Underwriter Company; free registration or paid subscription required)
Emergency Economic Stabilization Act of 2008: Executive Compensation Provisions
Excerpt: "The House Financial Services Committee has released a draft of the proposed rescue legislation. The bill is now entitled the 'Emergency Economic Stabilization Act of 2008' and contains much more lengthy executive compensation provisions than previously contemplated versions." (Attorney B. Janell Grenier via Benefitsblog.com)
IRS Extends Delay of 409A Rulings
Excerpt: "The Internal Revenue Service has decided to extend its temporary halt on rulings and determination letters regarding the tax consequences of nonqualified deferred compensation arrangements described in § 409A of the Internal Revenue Code." (PLANSPONSOR.com; free registration required)
The Age Discrimination in Employment Act: A Legal Overview (PDF)
19 pages. Excerpt: "This report provides an overview of the Age Discrimination in Employment Act (ADEA) and discusses current legal and legislative developments. . . . In addition, the Supreme Court recently handed down a series of decisions involving the ADEA during its 2007-2008 term, including Sprint/United Management Co. v. Mendelsohn; Federal Express Corp. v. Holowecki; Gomez-Perez v. Potter; Kentucky Retirement Systems v. Equal Employment Opportunity Commission; and Meacham v. Knolls Atomic Power Laboratory." (U.S. Congressional Research Service)
Partner Benefits for G.ay Federal Workers Make Sense
Excerpt: "When U.S. Sen. Susan Collins, a Maine Republican, pointed out that providing benefits to the partners of g.ay employees would be a smart way for Uncle Sam to attract and keep talented workers, she explained why she's sure: The strategy is a success in her home state. 'The state of Maine has already worked through (possible stumbling blocks). And has a lot of safeguards built in,' Collins said at the first congressional hearing on legislation to give g.ay partnered federal workers the same benefits as married heterose.xuals. These include health care, retirement benefits, relocation expenses and coverage under the Family and Medical Leave Act." (The Detroit News)
Few Employees Are Benefits Experts Despite Importance of Worker Buy-In
Excerpt: "A new survey of human resources officials and benefits managers finds, while there is widespread agreement that it is important employees think their workplace benefits package is a good deal, comparatively few workers actually hold that view. The Colonial Life & Accident Insurance Company poll of 650 HR/benefits executives found 90% knew employee buy-in was important. However, a Colonial news release said, 21% thought workers at their companies had a good understanding of their benefits package while nearly 5% of respondents thought their employees knew nothing at all about their benefits." (PLANSPONSOR.com; free registration required)
Newly Posted Events
A Practical Approach to Developing a Wellness Program
Nationwide on December 10, 2008
presented by Lorman Education Services
Automatic Enrollment for 401(k) and 403(b) Plans under the Pension Protection Act of 2006—Pros & Cons
in Illinois on October 23, 2008
presented by WEB - Chicago West
Creating and Maintaining a Domestic Partner Benefits Policy: New Laws and Recent Trends
Nationwide on December 2, 2008
presented by Lorman Education Services
Determination Letter Applications: A Practical Approach
Nationwide on October 8, 2008
presented by Qualified Pension Consulting, Inc.
Obama, McCain Health Plans Debated By Leading Economists
Nationwide on September 30, 2008
presented by Health Affairs
Workplace Wellbeing: The Path to Enhanced Productivity
Nationwide on December 3, 2008
presented by Lorman Education Services
Newly Posted Press Releases
Credit Crisis May Dampen Pension Funds' Use of Derivatives to Hedge Risk, Watson Wyatt Says
Watson Wyatt
Presidential Candidates on Key Health Care Issues: New Side-by-Side Comparison and Video Clips
Kaiser Family Foundation
PSCA's 51st Annual Survey
Profit Sharing/401(k) Council of America (PSCA)
PBGC Director Praises Pension Transfer From Delphi To GM
Pension Benefit Guaranty Corporation (PBGC)
ERIC Testifies in Opposition to Tierney Retiree Health Legislation
ERIC (ERISA Industry Committee)
Council Recommends New, Tax-Favored Approaches To Address Decline In Retiree Health Coverage
American Benefits Council
Scott Macey of Aon Consulting Testifies at House Committee Hearing on Retiree Health Benefits Protection
Aon Consulting
ICI, SIFMA Launch IRA Research Project
Investment Company Institute
COPA Merges with ASPPA
American Society of Pension Professionals & Actuaries (ASPPA)
Presidential Debate Over Health Care Costs Highlights Need for Preventive Health Care
U.S. Preventive Medicine
Nurses, Healthcare Workers Launch Massive Drive to Inform One Million Caregivers in Key States on Obama and McCain Healthcare Plans
SEIU Healthcare
T. Rowe Price Introduces Enhanced Online Retirement Income Calculator For Those in Any Stage of Retirement Planning
T. Rowe Price
Newly Posted or Renewed Job Openings
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Consulting/Marketing Manager
for Associated Pension Consultants
in CA
Pension Administrator
for The Ryding Company
in CA
Pension Administrator
for Alliance Pension Consultants, LLC
in IL
Director, Client Relations
for Delta Health Systems
in CA
Third Party Administration (TPA) Accountant
for BKD, LLP
in AR
401(k)/DC Admin Manager, ESG
for CUNA Mutual Group
in WI
Director of Benefits
for University of Virginia
in VA
Marketing Communications Consultant
for Diversified Investment Advisors
in NY
General Counsel
for Dallas Police & Fire Pension System
in TX
“Virtual” Defined Contribution Pension Plan Administrator
for The Angell Pension Group, Inc.
in ANY STATE
Prescription Program Administrator
for National Rural Electric Cooperative Association
in VA
Attorney- Employee Benefits
for PricewaterhouseCoopers LLP
in IL, MA, NY
Defined Benefits Professional
for Vanguard
in PA
Care Management Consultant
for Towers Perrin
in CA
Handy Links:
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- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
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