What's New on BenefitsLink - Week of 6/23/97

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6/27: The following benefits-related item was added to the "Recently Issued Reports" page on the U.S. Government Accounting Office's World Wide Web site (http://www.gao.gov/new.items/newtitle.htm) in Portable Document (PDF) format. (Use the free Adobe Acrobat reader to view it.)
- VA Health Care: Observations on Medical Care Provided to Persian Gulf Veterans. T-HEHS-97-158. 6 pp. June 19, 1997.
  http://www.gao.gov/new.items/he97158t.pdf

6/27: News about the Pension Assistance and Counseling Act of 1997, submitted by the Pension Rights Center of Washington, DC:
Last Friday Senators Grassley and Breaux introduced the Pension Assistance and Counseling Act of 1997, S. 948, to follow up on the Senate Special Committee on Aging hearing of June 16. The bill would continue and expand the Administration on Aging demonstration program that has initiated nine, very successful, pension counseling projects to date. (Although the last Congress terminated funding for the program, the demonstration projects have managed to continue one way or another.) The bill would also create an 800 number for one-stop advice on where to get pension assistance.
The Senate committee has a new web site, www.senate.gov/~aging. As of today, the site was about a month behind in its coverage; it does give the committee's email address though.

6/25: The following benefits-related item was added to the "Recently Issued Reports" page on the U.S. Government Accounting Office's World Wide Web site (http://www.gao.gov/new.items/newtitle.htm) in Portable Document (PDF) format. (Use the free Adobe Acrobat reader to view it.)
- - Medicare: Need to Hold Home Health Agencies More Accountable for Inappropriate Billings. HEHS-97-108. 18 pp. plus 1 appendix (2 pp.) June 13, 1997.
  http://www.gao.gov/new.items/he97108.pdf

6/25: Employee benefits in Japan! Read the May 1997 issue of LIA $FACTS$, the online edition of the monthly fax newsletter of Lohmann International Associates (LIA). LIA $FACTS$ provides information and issues of current concern about retirement systems, employee benefits and expatriate pay packages in Japan. Excerpt:
Does the Balance Sheet Liability Established Under the Japanese Book Reserve System Satisfy FAS 87?
No.
The method of determining balance sheet liabilities for Retirement Allowance plans under the "Book Reserve System" is not based on any actuarial method. There are no actuarial assumptions. The "minimum liability" cannot be calculated at all.
But, regardless of the method actually used to determine FAS 87 liabilities and costs, if the difference from that determined applying the FAS 87 rules precisely is not material, the method can be used.

6/24: Law Offices of Leonard Fischer (San Diego CA) joins the other firms and companies who have placed listings in the BenefitsLink Yellow Pages listing of employee benefits service-providers. Thanks, Leonard!

6/24: Variable Life Is NOT A Substitute for 401k Plans. A link to the Website of Dallas Morning News columnist Scott Burns. The question (6/19/97):
Q. I have recently been contacted by an investment group and given information about variable life. They say that variable life is a better way to save for retirement than a 401k or other typical retirement plans. What is the best way to invest for retirement?
Mr. Burns' answer.

6/23: More answers in the popular Question and Answer column, Q&A for Plan Defects: Correction/VCR/CAP:
QUESTION 35: A reader asks: Since the DOL delinquent contribution pay-back program is history, what is the best corrective course for the employer which failed to remit salary deferrals to the plan on a timely basis?
ANSWER (click here)

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