Health & Welfare Plans Newsletter |
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| June 2, 2009 \ Compliance \ Costs \ Administration \ Design \ Policy | ||
International Foundation of Employee Benefit Plans (Advert.)
What Eileen Maraldo values about her International Foundation membership: "The research capabilities of the Foundation are huge. My executives asked me to research a benefit for which there was a lack of readily available information. So I called the Foundation and made a request to have it researched. Within a few days I had all of the information I could possibly have wanted. I was able to make a presentation to senior management with all the facts. I don’t think I could have gotten it any other way." |
[Guidance Overview]
Lack Of Due Diligence Resulted In ERISA Fiduciary Liability For Defaulted Loans from Welfare Trust
Excerpt: "This recent Ninth Circuit opinion provides a textbook example of imposition of fiduciary liability based upon imprudent investments. The presentation of the issue is facilitated by the complete absence of any due diligence by the defendant. The United Public Workers ('UPW') is a union that represents employees who work for either governmental employers or in the private sector. The Mutual Aid Fund trust ('MAF') was an employee benefit plan that provided hospitalization and related benefits for participating UPW members, UPW employees, and their dependants. . . ." (Attorney Roy F Harmon III in the Health Plan Law blog)
[Guidance Overview]
Allegations Were Insufficient To Assert Equitable Relief In ERISA Reimbursement Case
Excerpt: "After some success in the Sereboff case, attorneys for plan administrators have frequently assumed too much in pursuing reimbursement claims. This case is another example of the risks of that presumption." (Attorney Roy Harmon III in Health Plan Blog)
Trends In the Affordability of Employer-Provided Healthcare Coverage, 2004-2007
Excerpt: "Health plans covered slightly fewer expenses in 2007 than in 2004, but out-of-pocket spending grew more than one-third because of growth in overall health spending. For people at 200 percent of poverty, the percentage spending more than 10 percent of their income out of pocket on premiums plus services increased from 13 percent to 18 percent." (Health Affairs)
GAO Study Describes Cost-Sharing Requirements and Dollar Limits Under Federal Health Plan for Expensive 'Speciality' Drugs
11 pages. Excerpt: "Specialty prescription drugs are typically used to treat chronic or life-threatening conditions, such as multiple sclerosis and cancer, for which few other treatment options exist. . . . Costs for specialty prescription drugs are usually high, typically ranging from $1,200 to $40,000 for a 30-day supply. . . . To manage the high and rising costs of these drugs, some health plans have begun to require enrollees to contribute a greater share of their costs, such as by increasing the use of coinsurance. You asked us to examine the costs that FEHBP enrollees may incur for specialty prescription drugs." (U.S . Government Accountability Office)
[Opinion]
Capping the Tax Exclusion of Employer-Sponsored Health Insurance: Is Equity Feasible?
Excerpt: "Some policymakers propose capping the amount of employer-sponsored insurance that is exempt from federal income and payroll taxes. If such a cap is based on employer premiums, inequities will result. Workers could pay higher taxes if their employer is located in a high-cost area, if many co-workers are in their 50s and 60s, or if a few employees have a major illness or accident. To avoid such inequities, the cap could be based on benefit generosity, measured by actuarial value, which is the cost of expected claims if a nationally representative population received the covered benefits." (Urban Institute)
[Opinion]
Curbing Flexible Spending Accounts Could Help Pay For Health Care Reform
Excerpt: "Congress should consider scaling back or eliminating health care flexible spending accounts (FSAs) as part of its effort to pay for health care reform. This paper, which is part of a series of papers on proposals to help pay for health reform, outlines several ways in which Congress could curtail FSAs." (Center on Budget Policies and Priorities)
[Opinion]
How Certain Healthcare Reforms Would Raise Premiums (PDF)
2 pages. Excerpt: "Members of Congress are considering universal coverage, guaranteed issue and community rating. These reforms could increase the cost of health insurance 75 to 95 percent for most Americans who buy their own coverage, according to a new study by the Council for Affordable Health Insurance (CAHI) and health insurance actuary Mark Litow." (Council for Affordable Health Insurance)
[Opinion]
American Benefits Council Comment Letter to FTC Regarding Protected HITECH Health Information Guidance (PDF)
5 pages. Excerpt: "The American Benefits Council . . . appreciates the opportunity to comment on the Federal Trade Commission's . . . Notice of Proposed Rulemaking and Request for Public Comment . . . , which provide rules for personal health record (PHR) related entities with respect to the security breach notification requirements under the Health Information Technology for Economic and Clinical Health . . . ." (American Benefits Council)
EmployeeBenefitsJobs.com (Advert.)
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Links to Items on Executive Comp, Benefits in General
The Battle Over Executive Compensation and What It Means for YouExcerpt: "In a worst-case scenario, some or all of the compensation provisions in TARP would be extended to all public companies (see 'Laying Out the TARP' at the end of this article). While that's a long shot, even the possibility has many people raising a battle cry. 'If companies don't get out in front of this issue now, with their compensation committees leading the charge, the government will get in and make things worse,' says Ben W. Heineman Jr., former General Electric senior vice president and general counsel . . . ." (CFO Magazine)
[Opinion]
GM Pension and Healthcare Promises Sucked It Down the Drain; Here Comes California
Excerpt: "[A]mong the obligations that caused GM to file for bankrup.tcy, two are directly related to worker entitlements. In 2003, GM sold $13.5 billion in bonds -- one of the biggest debt offerings ever -- and plowed the money into its pension fund. Then, in 2007, after the UAW went on strike, GM agreed to funnel more than $30 billion into a special trust for retiree health care. Both the pension bond and the retiree-trust obligation helped topple GM into Chapter 11 bankrup.tcy. Of course, they weren't the only causes." (Roger Lowenstein on Bloomberg.com)
Webcasts and Conferences
401(k) Plan Current DevelopmentsNationwide on June 16, 2009
presented by SunGard Relius
Current Issues & Fiduciary Responsibility
in Illinois on June 8, 2009
presented by ASPPA Benefits Council of Chicago
Form 5500 for Welfare Plans: EFAST and EFAST2 - A Two-Part Program
Nationwide on June 3, 2009
presented by SunGard Relius
Form 5500 for Welfare Plans: EFAST and EFAST2 - A Two-Part Program
Nationwide on June 3, 2009
presented by SunGard Relius
Fundamentals of 401(k) and Other Qualified Plans - 7 cities in June and July 2009
Nationwide on June 3, 2009
presented by SunGard Relius
The NTSAA 403(b) Compliance Resolution Summit
in Texas on June 23, 2009
presented by National Tax Sheltered Accounts Association
(Click to post your webcast or conference)
Press Releases
GM Pension Plans Remain Ongoing During Company BankruptcyPension Benefit Guaranty Corporation (PBGC)
The SPARK Institute Comments on and Commends Internal Revenue Service for 403(b) Plans Prototype Program
SPARK Institute
Aon Consulting Leads the Way on 2009 List of Employee Benefits Power Brokers
Aon Consulting
New Book Offers Innovative Approach for Leveraging Employee Benefits to Maximize Business Results
MetLife
NTSAA Comments on Proposed Prototype Provisions Language
National Tax Sheltered Accounts Association
John Hancock Launches New Retirement Income Solution
John Hancock Life Insurance Company
Arnerich Massena Hires New Director of Wealth Management
Arnerich Massena & Associates
CheckPoint HR’s Donny Sheinwald Awarded Accredited Investment Fiduciary (AIF) Designation
CheckPoint HR
(Click to post your press release)
Employee Benefits Jobs
Pension Administrator/ Consultantfor PenServ, Inc.
in NY
Defined Contribution Client Service Manager
for SEI
in PA
Defined Contribution Administrator
for Eastern PA TPA Firm
in PA
Manager/Senior Retirement Plan Administrator
for Katz, Sapper & Miller
in IN
Daily Record Keeping Specialist
for AKT Retirement Plans Services
in OR
Plan Consultant Opportunity
for Weaver Partners, Inc.
in ANY STATE
(Click to post your job opening | View all jobs |
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EmployeeBenefitsJobs.com (Sponsor)
(Click on banner to learn more.)
| Where the best employers find the best candidates! |
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