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BenefitsLink Health & Welfare Plans Newsletter

June 8, 2011 Get Retirement News  |  Advertise  |  Unsubscribe  |  Past Issues  |  Search

[Guidance Overview]
Amend Health Care Flexible Spending Account / Health Care Reimbursement Plans by June 30, 2011 (PDF)
"Before reimbursing for a drug or medicine, the group health plan must substantiate that a prescription was obtained. The plan may obtain a copy of the [pres]cription, but an acceptable alternative is to obtain a receipt identifying the patient, the date and amount of the purchase, and an Rx number. A receipt without an Rx number should be accompanied by a prescription." (Hanson Bridgett LLP)

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Does Medicare Part D Protect the Elderly from Financial Risk?
"The study summarized in this brief evaluates Part D's impact using the 2002-5 and 2007 waves of the Medical Expenditure Panel Survey . . . before and right after the program's implementation." (Center for Retirement Research at Boston College)

Congressional Bill Would Equalize Tax Treatment for Domestic Partners in Health Plans
"Rep. Jim McDermott, D-Wash., has introduced bipartisan legislation that aims to bring parity and equal treatment under the tax code for health plan beneficiaries who are domestic partners and non-spouse dependents." (Employee Benefit News; free registration required)

Study Sees Cuts to Health Plans
"The Obama administration says it is working to encourage employers to retain coverage. An administration official, Nick Papas, described the McKinsey report as an outlier amid other research suggesting that employers overwhelmingly would keep coverage." (The Wall Street Journal)

Growing Number of Employers Likely to Drop Health Coverage, According to Survey
"The McKinsey report notes that its early-2011 survey of more than 1,300 employers across industries, geographies, and employer sizes, as well as other proprietary research, found that overall, 30% of employers will definitely or probably stop offering employer-sponsored insurance . . . in the years after 2014, when many of the law's relevant provisions take effect." (PLANSPONSOR.COM)

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Legislation Would Tax Some FSA, HSA Distributions
"Legislation approved by the House would require account holders to pay taxes on distributions from health care flexible spending accounts . . ., health savings accounts . . . and Archer medical savings accounts that were used to pay for abortion services." (Towers Watson)

Health Insurance Plans Partnering in Communities on Reducing and Preventing Childhood Obesity
"This report features a selection of innovative programs that health insurance plans have developed and implemented in their communities, in collaboration with schools, community groups, and policymakers, to prevent and ultimately reverse childhood obesity." (America's Health Insurance Plans)

The Federal Medical Loss Ratio Calculations: Background and Initial Costs of Compliance (PDF)
"A preliminary analysis of the regulation and the data from [the AHIP] survey support four key points: Initial compliance costs (especially accounting, auditing, and contracts with providers and employers) will likely exceed the estimates that accompanied the regulation by a substantial amount for many health plans." (America's Health Insurance Plans)

Can a Paid Sick Leave Plan Go National?
"Indeed, Massachusetts is now considering a bill to give workers seven paid sick days, and a host of other cities—including Philadelphia, Denver, and Seattle—are looking to put in place similar legislation. On a national level, Rosa DeLauro, D-Ct., and Sen. Tom Harkin, D-Iowa, last month reintroduced a bill called the Healthy Families Act. It has been circulating through Congress for several years." (

Health Care Costs New Threat to U.S. Military
"People once worried that the cost of a fighter jet or bomber program would devour the military's budget. Now those concerns rise over health and pension costs . . . ." (NPR)

Benefits in General; Executive Compensation

The Treatment of Stock Options in the Context of a Merger or Acquisition Transaction
"A principal issue in merger and acquisition transactions is whether, and to what extent, outstanding options will survive the completion of the transaction and whether and when the vesting of options will be accelerated." (Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.)

U.S. Funding for Future Obligations Lags by Trillions
"The government added $5.3 tril.lion in new financial obligations in 2010, largely for retirement programs such as Medicare and Social Security. That brings to a record $61.6 tril.lion the total of financial promises not paid for." (USA TODAY)

Legislation to Amend Commuter Benefits Introduced
"Four recently introduced bills would affect employer-provided commuter and parking benefits." (Towers Watson)

Milliman's Monthly Benefit News and Developments, June 2011 (PDF)
The newsletter provides a summary of the previous month's legislative, regulatory, and judicial information on employee benefits and upcoming key dates. (Milliman, Inc.)

Press Releases

US Labor Department Obtains $10.45 Million in Restitution for Participants of DirecTECH Holding Retirement Plan
(U.S. Department of Labor, Employee Benefits Security Administration (EBSA))

IRS Names 10 New Members to the Advisory Committee on Tax Exempt and Government Entities
(Internal Revenue Service (IRS))

TIAA-CREF Partners with Center for Due Diligence to Create a Network of Independent Registered Investment Advisors to Provide Participant Level Services

New Survey Examines Employer Reactions to Health Care Reform One Year Later
(International Foundation of Employee Benefit Plans)

Joseph Ricciuti Joins Buck Consultants as Managing Director for Canada
(Buck Consultants)

Iron Financial Is Certified For Fiduciary Excellence
(Centre for Fiduciary Excellence (CEFEX))

US Pension Plans Experience Funded Status Setback in May

Aon Hewitt Wins the Most Top Employee Benefit Consultant Awards
(Aon Corporation)

College Tuition Funding With Company Stock Grants & Nonqualified Deferred Compensation
(, Inc)

Nyhart Continues Expansion, Merges with Atlanta Public Pension Actuarial Company

Qualified Plan Consultants Executive Appointed to Serve on Council of Top Retirement Plan Provider
(Qualified Plan Consultants, LLC)

SC Johnson's Commitment to Its Workforce Raises Company to Top of Global Great Place to Work Lists
(SC Johnson)

Employee Benefits Jobs

Education Consultant
for AXA Equitable in CA, TX

Account Manager
for Advanced Pension Solutions, Inc. in OH

Account Manager
for Nova 401(k) Associates in TX

Benefits and Reconciliations Coordinator
for Veterans Medical Research Foundation in CA

Recordkeeping Specialist
for AKT Retirement Plan Services in OR

Third Party Administrator
for Eugene Based Professional Services Firm in OR

Investment Analyst/Solutions Associate
for Prudential in CT

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Webcasts and Conferences

Corporate Benefits Summit 2011
in Florida on June 15, 2011 presented by marcus evans

Fiduciary and Filing Compliance Workshop
in Utah on June 15, 2011 presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)

Health Care Reform Update: What Should Employers Do Now
in Illinois on June 23, 2011 presented by WEB - Chicago West

Mid-Market Corporate Benefits Summit 2011
in Florida on June 15, 2011 presented by marcus evans

Voluntary Fiduciary Correction Program Workshop
in Utah on June 16, 2011 presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)

We also publish the BenefitsLink Retirement Plans Newsletter (free): Subscribe, Inc.
1298 Minnesota Avenue, Suite H
Winter Park, Florida 32789
Phone (407) 644-4146
Fax (407) 644-2151

Jeanette Hull, News Editor
David Rhett Baker, J.D., Editor and Publisher
Holly Horton, Business Manager
Copyright 2011, Inc., but feel free to forward this newsletter in its entirety.

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