ERISA Compliance Specialist
Milliman
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Retirement Plan Consultants LLC
in ANY STATE

Vice President, Strategic Accounts
United Retirement Plan Consultants
in OH

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United Retirement Plan Consultants
in CA

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Fundamentals of Qualified Plans
June 17, 2014 WEBCAST
(National Institute of Pension Administrators [NIPA])

FMLA - An in-depth Legal Review
July 9, 2014 in TX
(Worldwide Employee Benefits Network [WEB] - Houston Chapter)

Insurer Strategies for the Turbulent Small-Group Market
July 9, 2014 WEBCAST
(Atlantic Information Services, Inc)

View All Webcasts and Conferences

[Official Guidance]

Text of GASB Proposed Exposure Draft: Accounting and Financial Reporting by Governmental Employers, Regarding Postemployment Benefit Plans Other Than Pension Plans
"This proposed Statement would replace the requirements of Statements No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, as amended, and No. 57, OPEB Measurements by Agent Employers and Agent Multiple-Employer Plans, for OPEB. A related proposed Statement, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, would establish new accounting and financial reporting requirements for OPEB plans. The scope of this proposed Statement addresses accounting and financial reporting for OPEB that is provided to the employees of state and local governmental employers." (Governmental Accounting Standards Board)  

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[Official Guidance]

Text of GASB Proposed Exposure Draft: Financial Reporting by Plans That Provide Postemployment Benefits Other Than Pensions
"This proposed Statement includes requirements for defined benefit OPEB plans that would replace the requirements of Statements No. 43, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, as amended, and No. 57, OPEB Measurements by Agent Employers and Agent Multiple-Employer Plans. It also includes requirements for defined contribution OPEB plans that would replace the requirements for those OPEB plans in Statement No. 25, Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans, as amended, Statement 43, and Statement No. 50, Pension Disclosures." (Governmental Accounting Standards Board)  

[Official Guidance]

Text of IRS Q&As for the Additional Medicare Tax
58 Q&As, updated June 13, 2014. "On Nov. 26, 2013, the IRS issued final regulations implementing the Additional Medicare Tax as added by the [ACA]. The Additional Medicare Tax applies to wages, railroad retirement (RRTA) compensation, and self-employment income over certain thresholds. Employers are responsible for withholding the tax on wages and RRTA compensation in certain circumstances." (Internal Revenue Service [IRS])  

[Guidance Overview]

Official Q&A: The GASB's OPEB Proposals
"[1] Why did the GASB undertake the OPEB project? ... [2] What types of OPEB are covered by the proposals? ... [3] What are the main provisions of the proposals? ... [4] What makes OPEB a liability? ... [5] Does the GASB require governments to fund OPEB? ... [6] What are the next steps?" (Governmental Accounting Standards Board)  

[Guidance Overview]

Washington State Now Requires Health Plan Coverage Parity for Same-Sex Spouses
"In a letter to Washington state employers, insurance companies, and benefit plan administrators, state regulators have announced that group health plans providing coverage to opposite-sex spouses must provide equal coverage to same-sex spouses. The announcement ... relies on state laws that prohibit discrimination based on sexual orientation.... [U]nder traditional preemption analysis, self-insured health plans are exempt from state laws mandating coverage of particular dependents or beneficiaries. It is surprising to see state regulators take such a different approach in this guidance." (Thomson Reuters / EBIA)  

Newark's Paid Sick Leave Ordinance Takes Effect on June 21 (PDF)
"Employers must provide current employees with written notice of their rights and obligations under the ordinance by June 21, and notice to subsequent hires when they begin employment." (Buck Consultants)  

Unions, Employers Push for Repeal of Tax on Generous Health Benefits
"In opposing the tax, union leaders argue that there are other factors driving health costs other than premiums. Some large employers have also expressed concern with the tax since it will limit their ability attract employees with benefits that are better than the competition and can add costs for employees and retirees, making their overall benefits package look less attractive." (HighRoads)  

Support Grows for Key Employer Cost Control Tool as DOL Considers Limiting Its Use
"A new report ... details the potential benefits of adopting a reference pricing strategy to control health care costs even as the [DOL] proceeds with new guidance that may ultimately limit the ability of employers to utilize the approach in their health plans.... DOL has signaled that future guidance may not allow reference pricing because 'such a pricing structure may be a subterfuge for the imposition of otherwise prohibited limitations on coverage, without ensuring access to quality care and an adequate network of providers.'" (HR Policy Association)  

Single Premium Paid-Up Life Insurance as a Solution for Providing a Retiree-Only Death Benefit
"While having to pay the entire premium at one time may seem daunting, the benefits of the plan tend to outweigh the challenges. This type of coverage often appeals to organizations (such as the acquiring health care system) since it allows them to hand off significant liability and the burden of policy administration for retirees that they would have otherwise have assumed." (William Gallagher Associates)  

'Sticker Shock' in Individual Insurance under Health Reform
"Using data from the Current Population Survey, [the authors] find that the average prices increased by 14 to 28 percent, with similar changes in California and the federal exchange states; [they] attribute the increase primarily to higher premiums in exchanges associated with insurer expectations of a higher risk population being enrolled." (National Bureau of Economic Research [NBER])  

2014 Update: How the U.S. Health Care System Compares Internationally
"The United States health care system is the most expensive in the world, but this report and prior editions consistently show the U.S. underperforms relative to other countries on most dimensions of performance. Among the 11 nations studied in this report ... the U.S. ranks last, as it did in the 2010, 2007, 2006, and 2004 editions ... Most troubling, the U.S. fails to achieve better health outcomes than the other countries, and as shown in the earlier editions, the U.S. is last or near last on dimensions of access, efficiency, and equity." (The Commonwealth Fund)  

Will Divestment from Employment-Based Health Insurance Save Employers Money? The Case of State and Local Governments
"[The authors] investigated whether [state and local governments (SLGs)] would save under two scenarios: [1] shifting all employees and under-65-retirees to alternative sources of coverage; [2] shifting only employees whose household incomes indicate they would be eligible for federally subsidized coverage and all under-65-retirees. Full divestment would cost SLGs more than they currently pay, due primarily to penalty costs. Selective divestment could save SLGs nearly $119 billion over 10 years at the expense of the federal government." (National Bureau of Economic Research [NBER])  

A Survey on Private Health Insurance Exchanges (PDF)
"More than half of insurer respondents said they will use a private single-insurer exchange as a sales channel for their products by the end of 2014. More than 75% of respondents believe most insurers will offer private single-insurer exchanges by the end of 2016. Respondents expect insurers will sell to all market segments via private single-insurer exchanges. There is greater optimism about employers' near-term adoption of defined contribution strategies than there was one year ago." (Array Health)  

[Guidance Overview]

GASB Provides Online Resources for OPED Proposals, Certain Pension Plans; Solicits Comments
"To help users, preparers, and auditors of financial statements familiarize themselves with the proposals, the GASB developed an OPEB web page that features new 'plain English' resources: [1] An article outlining the key ways that the OPEB proposals will change how governments calculate and report the costs and obligations associated with OPEB; [2] An article oriented to financial statement users that addresses how the proposed changes would affect the information that users receive about a government's OPEB; [3] A video featuring GASB Chairman David Vaudt discussing the key principles of the OPEB proposals; [4] A fact sheet answering frequently asked questions; and [5] The summary and the full text of the proposals. Stakeholders are encouraged to review the proposals and provide comments by August 29, 2014." (Governmental Accounting Standards Board [GASB])  

Alliance Benefit Group Adds Another Licensee -- this time, in the Southeast: Warren Averett, LLC
Alliance Benefit Group

FINRA Fines Merrill Lynch $8 Million; Over $89 Million Repaid to Retirement Accounts and Charities Overcharged for Mutual Funds
Financial Industry Regulatory Authority [FINRA]

CMS initiative helps people make the most of their new health coverage
Centers for Medicare & Medicaid Services [CMS]

Sage Introduces LDI Strategies for Small Pension Plans
Sage Advisory Services

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