Health & Welfare Plans Newsletter |
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| December 1, 2009 \ Compliance \ Costs \ Administration \ Design \ Policy | ||
International Foundation of Employee Benefit Plans (Advert.)
DOL One-Day Compliance Programs: Electronic Filing, 2009 Forms 5500 and other DOL Updates Attend this one-day workshop where DOL representatives will provide a comprehensive walk-through of:
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[Guidance Overview]
2009 Health & Welfare Benefits Roundup
9-page chart. (Alston+Bird)
No Big Cost Rise in U.S. Premiums Due to Health Reform Is Seen in Congressional Budget Office Study
Excerpt: "The Congressional Budget Office said Monday that the Senate health bill could significantly reduce costs for many people who buy health insurance on their own, and that it would not substantially change premiums for the vast numbers of Americans who receive coverage from large employers." (New York Times; free registration required)
Report Reveals Large Employers Will Avoid Premium Spike Under Senate Healthcare Reform Bill
Excerpt: "The finding is significant because employment-based insurance accounts for about five-sixths of the total health insurance market. The key reason why premiums for large employers would go unchanged is that the health insurance offered by almost all large employers already meets the minimum coverage requirements in the legislation. The legislation would require all health plans to have an actuarial value above 60 percent." (Workforce Management)
Legal Battle Over Federal Recognition of Same-S.ex Marriages Shifts to Massachusetts
Excerpt: "On one side are g.ay and les.bian couples who can't file joint tax returns, receive their partners' Social Security benefits or enjoy other rights that the government grants to opposite-sex spouses. They are joined by the state of Massachusetts, which says it is being forced by federal law to become an accomplice to discrimination. On the other side is the Obama administration, which says the law it is defending is wrongheaded but constitutional." (SFGate.com)
Uncertainty Over Federal Extension of COBRA Subsidy Complicates Health Plan Administration
Excerpt: "[S]ome plan administrators -- especially those that send out payment booklets for COBRA beneficiaries -- say that for now they are not sending out new booklets asking beneficiaries [for whom the subsidy is expiring in December] to pay the full [nonsubsidized] premium. . . . [I]f Congress does not extend the subsidy, the work involved in obtaining the money owed by beneficiaries who underpaid the premium would be less than issuing refund checks and adjusting future COBRA premiums as an offset to overpayments if Congress does extend the subsidy. Benefits experts say it is likely Congress will extend the subsidy, most likely as part of a broader bill, though probably not until mid- to late December." (Workforce Management)
Paid Sick Leave Required By Local, State or Federal Law -- Is It Coming?
Excerpt: "Does your company offer its employees paid sick leave? Too expensive? Seen as unnecessary given the company's 'Paid Time Off' policy? Well, here's a head's up: paid sick leave for employees is on the rise and may be coming your way. Efforts to make paid sick leave a right for every worker are gaining ground in city councils, state legislatures and the U.S. Congress." (Troutman Sanders)
Text of EBRI Issue Brief; Consumer-Driven Health Plan Participants Display Cost-Conscious Behavior, Utilize Wellness Programs
Excerpt: "Individuals in CDHPs were more likely than those with traditional coverage to exhibit a number of cost-conscious behaviors. They were more likely to say that they had checked whether the plan would cover care; asked for a generic drug instead of a brand name; talked to their doctor about prescription drug options, other treatments, and costs; asked their doctor to recommend a less costly prescription drug; developed a budget to manage health care expenses; checked prices before getting care; and used an online cost-tracking tool." (Employee Benefit Research Institute (EBRI))
Many Businesses Cautiously Eyeing Healthcare Reform Legislation
Excerpt: "Despite the acknowledged need for change and the possibility of new business opportunities from a reformed health-care system, apprehension remains. Some finance executives fear that health reform will cost their companies more money, because they suspect that insurers will raise their rates to offset any potential new taxes or pricing restrictions. Others are concerned that reform may require complicated changes or restrictions to their plans. Still others worry that expanding coverage will increase the federal deficit and have an indirect effect on their businesses by causing inflation." (CFO.com)
9-Month COBRA Subsidy Ending for Some Health Plan Participants
The Federal economic stimulus bill provided a 65 percent subsidy for up to 9 months on a worker's COBRA premiums if the worker was laid off between Sept. 1, 2008 and Dec. 31, 2009. (AP via New York Times; free registration required)
Long-Term Care Insurance Tax-Deductibility Rules
Excerpt: "Recognizing that government can't pay the bill for long-term care, federal and a growing number of state tax codes now offer tax incentives to encourage Americans to take personal responsibility for their future long-term care needs. . . . The Health Insurance Portability and Accountability Act of 1996 (HIPAA) included provisions for favorable tax treatment of qualified Long-Term Care insurance (LTCi) contracts. The American Association for Long-Term Care Insurance offers this information to help you better understand the various tax implications relating to LTCi policies." (American Association for Long-Term Care Insurance)
Cheap Travel, Better Care Drives Medical Tourism
Excerpt: "More than 85% of people now say they'd consider having surgery overseas, whereas the number plummets to 33% when respondents to a recent AllMedicalTourism.com survey were asked what their answer would have been five years ago. Among the factors researchers cited to explain the change of heart: cheaper airline tickets, better global communications and rapidly rising standards of health care worldwide. Rob Passmore, CEO of AllMedicalTourism.com, noted an average savings of 55% . . . ." (Employee Benefit News)
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Links to Items on Executive Comp, Benefits in General
[Guidance Overview]Eighth Circuit Braden v. Wal-Mart Case Clarifies Standing Requirements For Class Action Plaintiffs
Excerpt: "The Eighth Circuit found very little correctly done by the district court in this recent opinion addressing threshold requirements for properly stating ERISA claims. The opinion offers a welcome clarification of recurring issues, such as standing and the specificity required in stating claims for relief. The gist of the complaint was that Wal Mart's ten billion dollar 401(k) plan paid excessive management fees and a number of improprieties involving the alleged sharing of these fees with the trustee." (Health Plan Law blog by Attorney Roy Harmon III)
[Guidance Overview]
Executive Compensation Year-End Update
Excerpt: "As 2009 draws to a close, employers should consider a number of important executive compensation-related issues and developments. . . . 409A Compliance . . . . Section 162(m) . . . . Compensation Discussion & Analysis . . . . Identify & Address 'Hot Button' Pay Practices." (McGuireWoods LLP)
[Guidance Overview]
Revisions to Incentive Plans of Public Companies May be Required by December 31, 2009, to Avoid Section 162(m) Deduction Limitations
Excerpt: "As a result of the position taken by the Internal Revenue Service (IRS) in Rev. Rul. 2008-13, public companies may need to amend their employment agreements, as well as their equity and other incentive plans, by December 31, 2009, to preserve the deductibility of performance-based awards for 2010 under Section 162(m) of the Internal Revenue Code." (Greenberg Traurig)
Employee Ownership Update for December 1, 2009
NCEO Executive Director Corey Rosen discusses a new study of 200 large corporations showing that companies retain a strong commitment to stock options and other forms of equity compensation at all levels; a lack of resolution on the IRS's stance toward ESOP account segregation and rebalancing; 11 Beyster, Kelso, and Smiley fellowships offered by Rutgers to PhD candidates; and nominations for the NCEO's board elections. (National Center for Employee Ownership)
Some Companies Rethinking Holiday Perks This Year
Excerpt: "In lieu of bonuses, holiday parties and client gifts, companies are giving away their own services and turning to old fashioned favors as a way to thank workers and customers." (Wall Street Journal)
Webcasts and Conferences
"Cross-Tested and Safe Harbor 401(k) Plan Design" Web SeminarNationwide on December 17, 2009
presented by SunGard Relius
"ERPA Test Review - Part 1" Web Seminar
Nationwide on January 5, 2010
presented by SunGard Relius
"ERPA Test Review - Part 2" Web Seminar
Nationwide on January 12, 2010
presented by SunGard Relius
To Roth or Not to Roth Archived Program
Nationwide on November 30, 2009
presented by SunGard
WISER’s Annual Retirement Symposium
in District of Columbia on December 3, 2009
presented by Women’s Institute for a Secure Retirement (WISER)
(Click to post your webcast or conference)
Press Releases
Despite Economic Pressures, Employers Enhancing Programs that Boost Worker Health and Productivity, Watson Wyatt/National Business Group on Health Survey FindsWatson Wyatt
Newkirk Announces Upgrades to Online Member Communications System
Newkirk
US Department of Labor Sues to Distribute 401(k) Account Assets of Closed Overland Park, Kan., Business
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
U.S. Department of Labor Sues Defunct Blackstone, Va., Company to Protect Participants of Abandoned Retirement Plan
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
U.S. Labor Department Obtains Judgment Ordering Removal of 401(k) Plan Fiduciary for Tile Impressions Inc.
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Council Evaluates Senate Health Care Reform Measure
American Benefits Council
As Credit Woes Ease, Cash Flow and Pension Plan Volatility Are Among Top Finance Executives' Concerns, According to Towers Perrin Survey
Towers Perrin
Fidelity Teams With FundQuest to Make Annuities Available to Fee-Based Advisors
Fidelity Investments
Entrust Reports Record Growth in Self-Directed Retirement Investment Accounts
Entrust Group
New Guides Address Increased Tax Deductions For Long-Term Care Insurance
American Association for Long-Term Care Insurance
(Click to post your press release)
Employee Benefits Jobs
Senior Consultantfor The Segal Company
in CA
Pension Administrator
for Primark Benefits
in CA
401(k) Plan Specialist
for Retirement Plan Services, LLC
in MO
Director of Client Services
for Financial Services Company
in PA
Compliance Analyst
for T. Rowe Price
in MD
VP, Defined Benefit Product Management
for Prudential
in CT
(Click to post your job opening | View all jobs |
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EmployeeBenefitsJobs.com (Sponsor)
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