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January 12, 2011 Retirement Plans Newsletter  |  Advertise  |  Unsubscribe

[Guidance Overview]
Guidance Permits Use of Debit Cards to Buy OTC Drugs after January 15 – "Notice 2011-5 . . . modifies the government's earlier position and allows health FSA and HRA debit cards to be used after January 15, 2011 to purchase prescribed OTC drugs or medicines if certain requirements are met. The [following] purchases can made by debit card, and considered fully substantiated at the point-of-sale: . . . " (Deloitte via BenefitsLink.com)


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[Guidance Overview]
FAQs Released on Affordable Care Act and Mental Health Parity – "While the Patient Protection and Affordable Care Act (PPACA) requires employers with more than 200 full-time employees to automatically enroll new full-time employees in the employer's health plan, the FAQs explain that employers are not required to comply with this new requirement until regulations are issued." (Deloitte via BenefitsLink.com)

[Guidance Overview]
IRS's Additional Guidance on OTC Restrictions (PDF) – 2 pages. "In Notice 2011-5, the IRS clarifies the circumstances under which debit cards can be used for the purchase of over-the-counter medicines and drugs after January 15, 2011." (Buck Consultants)

[Guidance Overview]
Health Plan TPA Ruled ERISA Fiduciary – "A third-party administrator committed a fiduciary breach when it paid its expenses with funds supposed to be used for benefit claims in a self-funded health plan, a federal judge has ruled. [The U.S. District Judge] ruled that Professional Benefits Administrators . . . is a fiduciary under [ERISA] because it controlled plan assets when it diverted funds away from paying plan benefits." (PLANSPONSOR.COM)

Institute of Medicine to Advise HHS on 'Essential Health Benefits' Rules – "[Today], the Institute of Medicine will hold a closed-door meeting, followed by a two-day public briefing, to determine what are considered 'essential health benefits' under the federal health reform law, CQ HealthBeat reports. The process aims to help HHS decide which medical services and equipment HHS will require insurers to cover by 2014." (California HealthCare Foundation)

Data on HSAs from Three Large Banks – "The banks in the study act as trustees to more than 1.2 mil.lion HSA accounts open as of Dec. 31, 2009. In analyzing account information, policy analysts at the America's Health Insurance Plans found that 42% of the accounts had employer contributions." (Employee Benefit News; one-time free registration required)

California Paid Family Leave Program Improves Employee Retention – "A new study released Tuesday finds that California's Paid Family Leave program is popular among business owners despite concerns that it would add to employer costs or that it would be abused by workers. California's program took effect in 2004. It is among just two state programs in the country that offer paid leave to workers when they take time off to care for a new child or sick family member." (The San Diego Union-Tribune, LLC)

Obesity and its Relation to Mortality and Morbidity Costs (PDF) – 80 pages. "We reviewed almost 500 research articles on obesity and its relation to mortality and morbidity, focusing primarily on papers published from January 1980 to June 2009. . . . We used the results to estimate costs due to overweight and obesity in the United States and (Can.ada). We estimate that total annual economic cost of overweight and obesity in the United States and (Can.ada) caused by medical costs, excess mortality and disability is approximately $300 bil.lion in 2009." (Society of Actuaries)


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Benefits in General; Executive Compensation

[Official Guidance]
Text of IRS Revenue Procedure 2011-14 on Changes in Accounting Periods and in Methods of Accounting; Includes Benefits (PDF) – 325 pages. The scope of this revenue procedure includes benefits and compensation such as payroll taxes, bonuses, deferred compensation, vacation pay, self-insured health benefits and workers' compensation. (U.S. Internal Revenue Service)

[Guidance Overview]
Deadlines Approach to Furnish Incentive Stock Option and Employee Stock Purchase Plan Information Statements and Returns – "New this year for transactions occurring in 2010, in addition to the employee information statements, corporations must file returns with the Internal Revenue Service on Forms 3921 and 3922 no later than February 28, 2011, if filed on paper, or March 31, 2011, if filed electronically." (DLA Piper)

'Say-on-Pay' Advisory Shareholder Voting to Approve or Disapprove Executive-Pay Packages – "As say-on-pay becomes law, will U.S. shareholders give executives the thumbs up on compensation? Experts say the compensation structure should contain sufficient equity in the form of stock and options to align the executives' interest with shareholders. Executive stock awards should have long vesting periods, and pay plans should reward executives for outperforming peer groups at other companies." (Human Resource Executive Online)

Additional Rules and Opportunities for Plans to Provide Benefits for Employees in Military Service under the HEART Act (PDF) – 6 pages. "This article provides a brief description of the HEART Act for employers and plan administrators who need to know the rules for providing benefits under the Act." (Aspen Publishers via Steptoe & Johnson LLP)

Benefits Best Practices from the Principal 10 Best Companies, 2010 (PDF) – 40 pages. "[E]ach of these organizations made a commitment to stand by its employees. Incredibly, some actually increased their benefits during the recession. . . . This guide offers a behind-the-scenes look at the employee benefits strategies and tactics of these impressive organizations." (Principal Financial Services, Inc.)

Press Releases

New Society of Actuaries Study Estimates $300 Billion Economic Cost Due to Overweight and Obesity Society of Actuaries

Bucks County Man Sentenced In Fraud And Embezzlement Cases U.S. Department of Labor, Employee Benefits Security Administration (EBSA)

ING Global Survey: Americans Aren't Alone in Their Concerns About Money and Retirement Savings ING Group

New HighRoads Survey Reveals What Employees and Employers Fear Most About Health Care Reform HighRoads, Inc.

Scott Kiper Joins Grant Thornton LLP as Senior Manager in the Compensation and Benefits Consulting Practice Grant Thornton LLP

As Americans Resolve to Improve Their Financial Security, Lincoln Financial Study Shows They Understand the Financial Risks of Long-Term Care, but are Unaware of Their Funding Options Lincoln Financial Group

McDonald's Engages BrightScope to Help Bolster its 401k Plan BrightScope


Employee Benefits Jobs

Investment Income Product Manager
for Prudential in CT

Actuary
for Benetech, Inc. in CA

Benefits Consultant
for Northwestern Benefit Corporation of Georgia in GA

401(k) Recordkeeping Accountant (OmniPlus required)
for NRECA in VA

Senior Account Manager - Pharmacy Benefit Management
for Keenan & Associates in CA

Retirement Consultant
for Lincoln Financial Group in LA, MA, TX

Vice President Benefit Claims Operations (TPA)
for Keenan & Associates in CA


Webcasts and Conferences

401(k) Rekon Advisor Symposium- Orlando
in Florida on February 10, 2011 401(k) Rekon

COBRA Workshop
in Oregon on January 31, 2011 U.S. Department of Labor, Employee Benefits Security Administration (EBSA)

ERISA Basics 25th Annual National Institute
in Illinois on May 18, 2011 ABA Joint Committee on Employee Benefits

HIPAA Workshop
in Oregon on February 1, 2011 U.S. Department of Labor, Employee Benefits Security Administration (EBSA)


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