Search the News Archive

Oklahoma's Teachers' Retirement System Is the Third Worst Funded System Nationally

Excerpt: Many of Oklahoma's seven public pension systems are finding increasing debt levels, with more money going out than coming in. The directors of the systems want legislators to open their eyes and make a change to benefit the future of the systems.

California Obamacare Enrollees Make Up Nearly a Third of Nation's Total

"Through November, a total of 109,296 Californians enrolled in a plan, according to Covered California officials -- almost one third of the nation's 364,682 total enrollees reported by the federal government the day before. During that same two-month period, 179,000 individuals qualified for the expanded version of Medi-Cal, the state's health plan for the very poor. Of the 109,296 enrollees who have signed up for a plan under the exchange, the majority -- 93,813 -- qualified for subsidies; the balance of 15,483 were unsubsidized."

More Than One-Third of Americans Have No Savings

"About 70 percent of Americans between the ages of 18 to 29 have not started saving for retirement, compared with 33 percent of 30- to 49-year-olds and 26 percent of 50- to 64-year olds ... One out of every seven Americans 65 and older does not have retirement savings ... the most common decade for people to start saving is in their 20s. Twice as many 30 to 49 year olds said they started saving in their 20s instead of their 30s, while the 50 to 64 age group was 'only slightly more likely' to have started saving in their 20s over their 30s[.]"

Yellow Corporation's $1.5 Billion Lawsuit Against Teamsters Reinstated by Tenth Circuit

"[T]he court found that the lower court had erred in not permitting Yellow to amend its complaint adequately.... The Tenth Circuit's ruling specifically pointed out that Yellow's amended complaint successfully demonstrated that the Teamsters had essentially repudiated their duties under the collective bargaining agreement. Thus, Yellow was exempt from exhausting all grievance procedures that would typically be required in contract disputes." [Yellow Corp. v. Int'l Brotherhood of Teamsters, No. 24-3411 (10th Cir. Nov. 5, 2025)]

Stock-Drop Plaintiffs Win Skirmishes in Fifth Third Case

Excerpt: Plaintiffs in a January 2005 stock-drop and excessive fee case have won two legal skirmishes with a federal judge's rulings certifying the case as a class action and refusing a request to throw out the lawsuit. A news release from the Scott and Scott law firm said the rulings came in a suit filed by Benjamin Shirk seeking to represent participants and beneficiaries in the Fifth Third Master Profit Sharing Plan. The case charged the bank and a number of its executives with mismanaging the plan and breaching their fiduciary duties under the Employee Retirement Income Security Act (ERISA).

The Newest EPCRS: All Good News (Except When It's Not)

"Under Rev. Proc. 2021-30 ... a plan may self-correct an operational failure or a document failure up until the last day of the third plan year following the plan year of the failure. Similarly, the deadline for self-correcting an ADP/ACP failure is now the last day of the fourth plan year following the plan year of the failure.... Rev. Proc. 2021-30's change [for fixing a failure to enroll a participant in a 401(k) plan] relates primarily to the elimination of the QNEC requirement for automatic enrollment plans under a special 'safe harbor' rule. "

Supreme Court's McCutchen Decision Is Good News for Health Plan Sponsors

"A well-drafted provision should address first-dollar recovery, whether the plan is going to share in the legal fees incurred in pursuing the recovery, and many other issues.... [P]lan sponsors should keep in mind the reality that a completely one-sided reimbursement provision will give a participant (and the participant's attorney) little incentive to bring a lawsuit against a third party which, in turn, will mean no reimbursement for the plan."

Opinions on the Biggest Issues or Challenges Facing the Congressional Super Committee

Kaiser Health News asked Henry J. Aaron of The Brookings Institution, Nina Owcharenko from The Heritage Foundation and Third Way's David Kendall what they view as the most substantive issue or challenge facing this panel, and what advice they might offer -- specifically in regard to health care entitlement programs -- to tackle it.

Many Health Insurers Do Not Cover FDA-Approved Weight-Loss Drugs

"[E]ven though two-thirds of adults are overweight or obese -- and many may need help sticking to New Year's weight-loss resolutions -- there's a good chance their insurer won't cover ... anti-obesity drugs.... about a third of companies don't cover anti-obesity drugs at all, a third cover all FDA-approved weight-loss drugs, and a third cover approved drugs, but with restrictions to limit their use. The Medicare prescription drug program specifically excludes coverage of anti-obesity drugs."

How Companies Can Resuscitate Their Health Plans

"In theory, companies across the U.S. have spent the last several years implementing initiatives to make their health benefit plans more efficient, to maintain the option of offering every full-time employee 'affordable' coverage ... [T]he bad news, all these efforts have been for naught. The good news is you've been given an extension....First, even if you do keep your wellness program, stop poking your employees with needles.... Second, fire your health care consultants.... Third, conduct an old-fashioned claims and eligibility audit ... Fourth, do you know how much money your prescriptions benefits manager makes off each prescription?... Fifth, a small percentage of your employees generate a large percentage of claims due to ongoing health needs[.]"