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October 4, 2001 - 6,365 subscribers
Today's sponsor: The COBRA Administrator Handbook
(Click on company name or banner to learn more.)
(Help BenefitsLink to provide this newsletter at no charge to you -- our sponsors pay our way. Remember to visit them periodically; we try to make sure their products and services will be of interest to you. Thanks! --Editor)
American Workers Rethink Priorities
Excerpt: "Others have been so moved by the tragedy that they're grappling with fundamental questions about their priorities -- rethinking career paths, cutting back on grueling schedules, or deciding to pursue work that might pay less but seem more meaningful." (USA Today)
Attacks Put More "Tele" in Commuting
Excerpt: "Say the word 'telecommuting,' and many of us conjure up visions of a pajama-clad employee working out of a home office, or a harried salesman in a parked car with a cellphone glued to his ear. But as recent events have demonstrated, telecommuting isn't simply the act of working from home-- or out of the company car." (New York Times Syndicate via IFEBP)
Traumatized Workers Look for Healing on the Job
Excerpt: "Participation, though, is growing and it is expected to increase in the next few months, and perhaps for years to come. Many employers are depending on [Employee Assistance Program] counselors to address workplace fears after the attacks, which have hurt morale, and in some cases, productivity." (New York Times; free registration required)
First Circuit Affirms Dismissal of Discrimination, ERISA Claims Filed By Terminated Employee
The First Circuit U.S. Court of Appeals has affirmed the dismissal of employment discrimination and wrongful denial of benefits claims filed by an employee who was terminated after excessive absenteeism. The case is Sullivan v. Raytheon Company, et al. (No. 00-2551). (Spencernet)
Texas Attacks Illegal Health Insurance Scheme
Excerpt: "According to the Texas Department of Insurance (TDI), three companies and 16 purported trade or occupational associations, including a catchall 'Association for Consumers,' were involved in a scheme to avoid state regulation and sell illegal health insurance through the early part of 2001." (insure.com)
Archer MSAs Will Be Available For 2002; Limit Not Reached In 2001, IRS Announces
In Announcement 2001-99, the Internal Revenue Service states that Archer medical savings accounts (MSAs) will be available for the year 2002. The four-year MSA pilot project, which was established under HIPAA, originally was slated to expire on Dec. 31, 2000. However, the Consolidated Appropriations Act of 2001 (P.L. 106-554) extended the MSA pilot project through 2002, renamed MSAs 'Archer MSAs,' and continued at 750,000 the limit for new MSAs in 2001. (Spencernet)
Texas Attorney General Digs Into HMO Payment Practices
Excerpt: "Following millions of dollars in fines exacted in August and the selection of a state ombudsman to monitor prompt payment issues, Texas Attorney General John Cornyn is examining nine HMOs regarding their prompt payment policies. The investigation was prompted by numerous complaints from physicians and hospitals." (insure.com)
(Following items are in both editions of the BenefitsLink Newsletter)
Benefits for the Workplace of the Future (PDF)
Working paper by Olivia S. Mitchell dated September of 2001. (Pension Research Council)
The Demographics of Tomorrow's Workplace (PDF)
Working paper by Martha Farnsworth Riche dated September 14, 2001. (Pension Research Council)
Joint Board for Enrollment of Actuaries Extends Deadlines for CPE, Enrollment
Excerpt: "Many enrolled actuaries work in the New York metropolitan area and their lives have been disrupted in this time of national emergency.... These disruptions may well prevent a number of enrolled actuaries from completing their continuing professional education credits by December 31, 2001. the Joint Board for the Enrollment of Actuaries is extending the dates for both Continuing Professional Education and submitting the Application for Renewal of Enrollment." (American Society of Pension Actuaries)
International Accounting Standards Board Reopens Controversial Stock Option Accounting Project (PDF)
Excerpt: "The IASB announced on September 20 its intent to develop a new global accounting standard for employee stock options and other equity-based grants." (Frederic W. Cook & Co., Inc.)
FAQs for Reservists Being Called to Active Duty Related to their Pension and Health Benefits
Excerpt: "The following Questions and Answers are intended to provide answers to the most frequently asked questions by National Guard and reserve members related to both health benefits issues and pension/retirement savings issues." (U.S. Department of Labor, Pension and Welfare Benefits Administration)
FAQs for Participants and Beneficiaries Related to the Events of September 11th
Excerpt: "Many workers who were impacted by the terrorist attacks on September 11th have questions about the status and security of their employer provided health and pension benefits and retirement savings. The following Questions and Answers are intended to provide answers to the most frequently asked questions by participants and beneficiaries ..." (U.S. Department of Labor, Pension and Welfare Benefits Administration)
2001 Executive Benefits Survey of Current Trends
62 pages. Excerpt: "NQDC plan prevalence is holding at 86%, the same as the last two years. Plan prevalence has increased in financial institutions, now at 87% vs. 85% last year and 78% in 1999. SERPs are showing a consistently high prevalence of 75% in 2001, the same as last year." (Clark/Bardes Consulting Compensation Resource Group; free registration required)
FAQs for Plan Sponsors Related to Filing Relief
Excerpt: "The U. S. Department of Labor's Pension and Welfare Benefits Administration, the Internal Revenue Service, and the Pension Benefit Guaranty Corporation (Agencies) have extended the deadline for filing the Form 5500s and Form 5500-EZs as a result of the terrorist attacks on September 11, 2001. The following Questions and Answers are intended to provide general information and do not carry the force of legal opinion." (U.S. Department of Labor, Pension and Welfare Benefits Administration)
FAQs for Plan Sponsors, Fiduciaries and Service Providers Related to the Events of September 11th
Excerpt: "Many employee benefit plans, plan fiduciaries, employers, labor organizations, service providers, and others will encounter a wide variety of plan-related compliance and operational issues and concerns over the next few months as the practical and personal implications of the terrorist attacks on September 11, 2001 unfold." (U.S. Department of Labor, Pension and Welfare Benefits Administration)
Patriotism Swells Compensation for Reservists
Excerpt: "Some employers are going above and beyond the call of duty when it comes to providing military leave for reservists and National Guard members. A swell of patriotism has [Minneapolis/St. Paul area] companies such as Brightpoint and Delta Faucet Co. making up the difference between a worker's military pay and civilian wages for at least the first six months of active duty." (StarTribune.com via IFEBP)
Survey Results: Employer Response to Call-Up of Reservist Employees and related HR Issues
Excerpt: "As the United States prepares to activate thousands of military reservists in response to the attacks of September 11, 2001, employers are making decisions on how to handle compensation and medical benefits for affected employees and their families. This survey collected data on how employers are handling these and related issues. 51 employers representing a total of approximately 500,000 full-time employees responded to the survey." (Watson Wyatt)
Another Question is Answered in the Stock Options, Restricted Stock and Other Long-Term Employment Incentives Q&A Column
My husband's company allowed him to retire his stock options for the same number of options to be reissued at new stock price three months in the future. Unfortunately his job was consolidated and eliminated. Is this allowable? At the time he retired his options he did not know that his job was being phased-out. (BenefitsLink.com)
Newly Posted or Renewed Job Openings ( Post Yours! )
Newly Posted Conferences ( Post Yours! )
Newly Posted Press Releases
Copyright 2001 BenefitsLink.com, Inc., but you may freely distribute this email newsletter in whole. This newsletter is edited by David Rhett Baker, J.D.
Jobs | Today's Messages | Topical News | Q&A Columns | Services & Products | Search | Reference
The BenefitsLink Newsletter -
Welfare Plans Edition
Welfare Plans Edition
October 4, 2001 - 6,365 subscribers
Today's sponsor: The COBRA Administrator Handbook
(Click on company name or banner to learn more.)
The first and only compliance manual designed specifically for COBRA self-administration. Simple step-by-step format ensures accurate COBRA documentation, efficient record keeping and complete COBRA compliance protection. The only manual written by expert third-party administrators for COBRA nonprofessionals! Click on the link above for more information.
(Help BenefitsLink to provide this newsletter at no charge to you -- our sponsors pay our way. Remember to visit them periodically; we try to make sure their products and services will be of interest to you. Thanks! --Editor)
American Workers Rethink Priorities
Excerpt: "Others have been so moved by the tragedy that they're grappling with fundamental questions about their priorities -- rethinking career paths, cutting back on grueling schedules, or deciding to pursue work that might pay less but seem more meaningful." (USA Today)
Attacks Put More "Tele" in Commuting
Excerpt: "Say the word 'telecommuting,' and many of us conjure up visions of a pajama-clad employee working out of a home office, or a harried salesman in a parked car with a cellphone glued to his ear. But as recent events have demonstrated, telecommuting isn't simply the act of working from home-- or out of the company car." (New York Times Syndicate via IFEBP)
Traumatized Workers Look for Healing on the Job
Excerpt: "Participation, though, is growing and it is expected to increase in the next few months, and perhaps for years to come. Many employers are depending on [Employee Assistance Program] counselors to address workplace fears after the attacks, which have hurt morale, and in some cases, productivity." (New York Times; free registration required)
First Circuit Affirms Dismissal of Discrimination, ERISA Claims Filed By Terminated Employee
The First Circuit U.S. Court of Appeals has affirmed the dismissal of employment discrimination and wrongful denial of benefits claims filed by an employee who was terminated after excessive absenteeism. The case is Sullivan v. Raytheon Company, et al. (No. 00-2551). (Spencernet)
Texas Attacks Illegal Health Insurance Scheme
Excerpt: "According to the Texas Department of Insurance (TDI), three companies and 16 purported trade or occupational associations, including a catchall 'Association for Consumers,' were involved in a scheme to avoid state regulation and sell illegal health insurance through the early part of 2001." (insure.com)
Archer MSAs Will Be Available For 2002; Limit Not Reached In 2001, IRS Announces
In Announcement 2001-99, the Internal Revenue Service states that Archer medical savings accounts (MSAs) will be available for the year 2002. The four-year MSA pilot project, which was established under HIPAA, originally was slated to expire on Dec. 31, 2000. However, the Consolidated Appropriations Act of 2001 (P.L. 106-554) extended the MSA pilot project through 2002, renamed MSAs 'Archer MSAs,' and continued at 750,000 the limit for new MSAs in 2001. (Spencernet)
Texas Attorney General Digs Into HMO Payment Practices
Excerpt: "Following millions of dollars in fines exacted in August and the selection of a state ombudsman to monitor prompt payment issues, Texas Attorney General John Cornyn is examining nine HMOs regarding their prompt payment policies. The investigation was prompted by numerous complaints from physicians and hospitals." (insure.com)
Benefits for the Workplace of the Future (PDF)
Working paper by Olivia S. Mitchell dated September of 2001. (Pension Research Council)
The Demographics of Tomorrow's Workplace (PDF)
Working paper by Martha Farnsworth Riche dated September 14, 2001. (Pension Research Council)
Joint Board for Enrollment of Actuaries Extends Deadlines for CPE, Enrollment
Excerpt: "Many enrolled actuaries work in the New York metropolitan area and their lives have been disrupted in this time of national emergency.... These disruptions may well prevent a number of enrolled actuaries from completing their continuing professional education credits by December 31, 2001. the Joint Board for the Enrollment of Actuaries is extending the dates for both Continuing Professional Education and submitting the Application for Renewal of Enrollment." (American Society of Pension Actuaries)
International Accounting Standards Board Reopens Controversial Stock Option Accounting Project (PDF)
Excerpt: "The IASB announced on September 20 its intent to develop a new global accounting standard for employee stock options and other equity-based grants." (Frederic W. Cook & Co., Inc.)
FAQs for Reservists Being Called to Active Duty Related to their Pension and Health Benefits
Excerpt: "The following Questions and Answers are intended to provide answers to the most frequently asked questions by National Guard and reserve members related to both health benefits issues and pension/retirement savings issues." (U.S. Department of Labor, Pension and Welfare Benefits Administration)
FAQs for Participants and Beneficiaries Related to the Events of September 11th
Excerpt: "Many workers who were impacted by the terrorist attacks on September 11th have questions about the status and security of their employer provided health and pension benefits and retirement savings. The following Questions and Answers are intended to provide answers to the most frequently asked questions by participants and beneficiaries ..." (U.S. Department of Labor, Pension and Welfare Benefits Administration)
2001 Executive Benefits Survey of Current Trends
62 pages. Excerpt: "NQDC plan prevalence is holding at 86%, the same as the last two years. Plan prevalence has increased in financial institutions, now at 87% vs. 85% last year and 78% in 1999. SERPs are showing a consistently high prevalence of 75% in 2001, the same as last year." (Clark/Bardes Consulting Compensation Resource Group; free registration required)
FAQs for Plan Sponsors Related to Filing Relief
Excerpt: "The U. S. Department of Labor's Pension and Welfare Benefits Administration, the Internal Revenue Service, and the Pension Benefit Guaranty Corporation (Agencies) have extended the deadline for filing the Form 5500s and Form 5500-EZs as a result of the terrorist attacks on September 11, 2001. The following Questions and Answers are intended to provide general information and do not carry the force of legal opinion." (U.S. Department of Labor, Pension and Welfare Benefits Administration)
FAQs for Plan Sponsors, Fiduciaries and Service Providers Related to the Events of September 11th
Excerpt: "Many employee benefit plans, plan fiduciaries, employers, labor organizations, service providers, and others will encounter a wide variety of plan-related compliance and operational issues and concerns over the next few months as the practical and personal implications of the terrorist attacks on September 11, 2001 unfold." (U.S. Department of Labor, Pension and Welfare Benefits Administration)
Patriotism Swells Compensation for Reservists
Excerpt: "Some employers are going above and beyond the call of duty when it comes to providing military leave for reservists and National Guard members. A swell of patriotism has [Minneapolis/St. Paul area] companies such as Brightpoint and Delta Faucet Co. making up the difference between a worker's military pay and civilian wages for at least the first six months of active duty." (StarTribune.com via IFEBP)
Survey Results: Employer Response to Call-Up of Reservist Employees and related HR Issues
Excerpt: "As the United States prepares to activate thousands of military reservists in response to the attacks of September 11, 2001, employers are making decisions on how to handle compensation and medical benefits for affected employees and their families. This survey collected data on how employers are handling these and related issues. 51 employers representing a total of approximately 500,000 full-time employees responded to the survey." (Watson Wyatt)
Another Question is Answered in the Stock Options, Restricted Stock and Other Long-Term Employment Incentives Q&A Column
My husband's company allowed him to retire his stock options for the same number of options to be reissued at new stock price three months in the future. Unfortunately his job was consolidated and eliminated. Is this allowable? At the time he retired his options he did not know that his job was being phased-out. (BenefitsLink.com)
Newly Posted or Renewed Job Openings ( Post Yours! )
for Delaware Investments
in PA
in PA
for Retirement System Group
in NY
in NY
for Retirement Plan Administration Firm Handling All Aspects of Administration
in PA
in PA
for Hanson, Bridgett, Marcus, Vlahos & Rudy, LLP
in CA
in CA
for Actuarial, Benefits and Compensation Consulting Firm
in ALL STATES
in ALL STATES
Newly Posted Conferences ( Post Yours! )
in NY
on January 22, 2002
presented by The Conference Board and Clark Bardes Consulting
presented by The Conference Board and Clark Bardes Consulting
in NV
on November 15, 2001
presented by PSCA
presented by PSCA
in NV
on November 15, 2001
presented by PSCA
presented by PSCA
in TX
on October 9, 2001
presented by PenServ Inc.
presented by PenServ Inc.
in TX
on October 23, 2001
presented by PenServ Inc.
presented by PenServ Inc.
in NY
on November 28, 2001
presented by PenServ Inc.
presented by PenServ Inc.
Newly Posted Press Releases
ACLI APPLAUDS PASSAGE BY HOUSE EDUCATION & THE WORKFORCE COMMITTEE OF INVESTMENT ADVISOR LEGISLATION
(American Council of Life Insurers)
Subscribe to the Retirement Plans Edition, too (click)
Copyright 2001 BenefitsLink.com, Inc., but you may freely distribute this email newsletter in whole. This newsletter is edited by David Rhett Baker, J.D.
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