Health & Welfare Plans Newsletter |
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| October 29, 2009 \ Compliance \ Costs \ Administration \ Design \ Policy | ||
International Foundation of Employee Benefit Plans (Advert.)
Benefits and Compensation Glossary, 12th Edition A must-have tool for every benefits professional! Completely revised, this easy-to-use, plain-language Glossary includes definitions and explanations of more than 2,500 terms used by employee benefits professionals. Over 200 new terms reflecting changes to the field have been added. Highlights of key legislation provide an historical perspective. And if you struggle with the alphabet soup of benefits and compensations terms, there is an extensive list of abbreviations and acronyms. Order your Glossary today! |
[Guidance Overview]
Deferred Compensation Timing Rules, Rather Than Subchapter L, Govern Insurance Company's Deduction for Retiree Medical Benefits (PDF)
1 page. Excerpt: "In a Technical Advice Memorandum (TAM 200939019 (June 10, 2009)), the Internal Revenue Service concluded that the deduction timing rules of Internal Revenue Code (IRC) Section 404(a)(5) trump Subchapter L in governing a deduction for retiree medical expenses." (Sutherland Asbill & Brennan LLP)
[Guidance Overview]
Seventh Circuit Holds Disability Benefits Claim Incompatible With ADA Claims
Excerpt: "In Butler v. Round Lake, the Seventh Circuit addresses the tension between claiming disability benefits and asserting a claim under the Americans With Disabilities Act. Invoking the doctrine of judicial estoppel, the Court holds that the disability claim barred the ADA claim. The opinion highlights the minefield through which counsel must navigate to hold onto claims which, on many facts, will simply be mutually exclusive - as was the case here." (Roy Harmon III via Health Plan Law)
[Guidance Overview]
EEOC Updates Notice to Employees
Excerpt: "The Equal Employment Opportunity Commission (EEOC) has published a notice revising its 'Equal Employment Opportunity is the Law' poster to reflect changes required by the employment provisions (Title II) of the Genetic Information Nondiscrimination Act (GINA), which become effective on November 21, 2009. . . . The new poster can be found at http://www.eeoc.gov/posterform.html." (PLANSPONSOR.com; free registration required)
Are You Missing Out on 'Wellness' Freebies at Work?
Excerpt: "A job with the Cleveland Clinic comes with some pretty nice perks. Among other things, employees of the Ohio-based medical and research center get to use fitness centers on the clinic's campuses for free, and can take Weight Watchers and yoga classes at no cost. The reward for hitting the gym 10 times a month for 10 months? $100. Ditto for those who lose 10% of their weight." (The Wall Street Journal)
Wellpoint and Other Health Insurers Say Claim Costs Increasing with COBRA and the Flu
Health insurer officials say that between flu and COBRA claims' costs, they will be forced to raise premiums. (The Associated Press via Google)
Big U.S. Companies Balk at Health Care Public Option
Excerpt: "Some of the nation's largest companies pushed back against U.S. Democrats' plans to deliver a government-run insurance option in a healthcare overhaul, decrying it as a step backward that would drive up costs for employers and their workers. The Business Roundtable, comprised of chief executives at Verizon Communications . . ., JPMorgan . . ., General Electric . . ., Wal-Mart . . . and other companies that together employ more than 12 million people, said the federal government is inefficient and would underpay providers. That would result in providers boosting prices for private insurers and employers, the group said on Wednesday." (Reuters)
Business Groups Push Hard Against the Senate Health Reform Bill
Excerpt: "Lobbyists for employers thought they had staved off a public plan in the Senate after the Finance Committee opted not to include the idea in its version of the health legislation. They were caught by surprise when the public plan resurfaced and Majority Leader Harry Reid (D., Nev.) said it would be in the bill brought to the Senate floor, albeit with an option for states not to participate." (The Wall Street Journal)
HHS Unveils Online Form for Reporting HIPAA Health Information Breaches
Excerpt: "To report breaches of protected health information (PHI) under the Health Insurance Portability and Accountability Act (HIPAA), health plans and other covered entities subject to the law's privacy requirements must use a new online form on the HHS website. HIPAA changes enacted by the 2009 HITECH Act require group health plans to report PHI breaches to HHS, even if the breach originated with a vendor or elsewhere. Initial reports of breaches affecting fewer than 500 people are due March 1, 2010." (Mercer LLC)
Constitutionality of Health Overhaul Questioned: Legal Scholars Divided Over Congress' Authority
Excerpt: "On top of all the other obstacles facing President Obama in his quest to pass health reform is this one: Does the U.S. Constitution allow the government to require uninsured Americans to buy medical insurance or impose a tax penalty if they refuse? Congress has never before required citizens to purchase any good or service, but that is what both House and Senate health bills would mandate." (The Washington Times)
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Links to Items on Executive Comp, Benefits in General
[Guidance Overview]Chart of 2009 and 2010 Retirement Plan and Other Inflation-Adjusted Benefits (PDF)
3 pages. Also included are transportation and adoption benefits. (Seyfarth Shaw LLP)
Details on the Pay Czar's Cutbacks on Executive Pay
Excerpt: "[O]ne aspect of the Special Master's process troubled me. By his own account, the Special Master did not consult one person in the private sector (i.e., those of us actually working with executive compensation issues on a daily basis in the real world, as opposed to pondering them in the abstract). The professors with whom he consulted are brilliant people no doubt, but I wonder whether any of them have actually attended a Compensation Committee meeting or negotiated an employment agreement?" (Michael Melbinger via Winston & Strawn LLP)
Pay Czar Cuts Total Compensation, Increases Base Pay for Some Executives
Excerpt: "While Treasury Department pay czar Kenneth Feinberg cut by half total executive compensation at seven firms that received bailout packages, he substantially increased regular salaries or base pay, according to the Wall Street Journal. An analysis of government data by the Journal shows that on average, base salaries climbed to $437,896 a year as a result of Feinberg's review, compared with $383,409 previously - a 14% increase. Of the 136 employees under Feinberg's review, 89 saw their base salaries increase." (PLANSPONSOR.com; free registration required)
Last Chance for Some Companies to Amend Incentives to Secure 162(m) Deductions
Excerpt: "Employers that want to deduct incentives granted to executives in 2010 without hitting § 162(m)'s $1 million cap on deductible pay should act now to review these arrangements. Incentive plans that guarantee payment on termination for good cause, involuntary termination or retirement may not qualify as performance-based compensation exempt from the 162(m) limit. IRS transition relief for many arrangements expires at the end of 2009." (Mercer LLC)
New Edition of An Introduction to ESOPs
The NCEO presents excerpts from the 10th edition of 'An Introduction to ESOPs,' its most popular publication. This short book explains the rules, uses, benefits, and other aspects of ESOPs. It is useful as an introduction to the subject, as an accompaniment to a full-length book related to ESOPs, or as a concise reference for laypeople. Consultants often buy them in volume to give out to clients or potential clients interested in ESOPs, while ESOP companies buy them to hand out to employees. (National Center for Employee Ownership)
[Opinion]
Crackdown on Executive Pay: Too Much or Not Enough?
Excerpt: "Last week, the Obama administration's 'pay czar,' Kenneth Feinberg, announced that the government will impose caps on compensation for the 25 highest-paid executives at seven companies that received 'exceptional assistance' through the Troubled Asset Relief Program -- including American International Group (AIG), Bank of America, Citigroup, Chrysler, Chrysler Financial, General Motors and GMAC. Under the new regulations, salaries will be reduced by an average of 90%, and total compensation (including bonuses and stock options) will be lowered by 50%. Knowledge@Wharton spoke with Wharton accounting professor Wayne R. Guay and then with finance professor Alex Edmans about what these changes could mean for Wall Street, company shareholders and taxpayers. The [target page] is an edited transcript of the interviews." (Wharton School of the University of Pennsylvania)
Webcasts and Conferences
401(k) Updatein California on November 19, 2009
presented by ABA Joint Committee on Employee Benefits
The Art and Science of Roth Conversion Optimization
Nationwide on November 19, 2009
presented by Convergent Retirement Plan Solutions, LLC
(Click to post your webcast or conference)
Press Releases
Hewitt Study Shows Nearly Half of U.S. Employees Cash Out Their 401(k) Accounts When Leaving Their JobsHewitt Associates LLC
PBGC Protects Pensions at Pueblo International LLC
Pension Benefit Guaranty Corporation (PBGC)
U.S. Labor Department Recovers Funds for Abandoned 401(k) Plan of Lexington, Massachusetts Employer
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
US Department of Labor Official Testifies Before Senate Aging Committee on 401(k)-type Plans
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
US Labor Department Bars Raymond Palombo From Running Federally-Regulated Health Plans
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
University at Albany-SUNY Student is Recipient of Annual Employee Benefits Conference Scholarship
International Foundation of Employee Benefit Plans
Pension Benefit Information and RolloverSystems Form Joint Venture
RolloverSystems
New 401(k) Fee Comparison Book Released
401k Averages Book
(Click to post your press release)
Employee Benefits Jobs
Pension Administratorfor Pension Administration Firm located in Westchester, NY
in NY
401(k) Administrator
for Duncan Financial Group, LLC
in PA
Trust Officer
for CPS, Inc
in IL, MI
Retirement Plan Administrator
for Caras & Shulman, PC
in MA
(Click to post your job opening | View all jobs |
RSS feed of all jobs )
EmployeeBenefitsJobs.com (Sponsor)
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| Where the best employers find the best candidates! |
Handy Links:
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- Using the Web for Employee Benefits Research (hypertext article)
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