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October 16, 2001 - 6,428 subscribers
Today's sponsor: Affordable Solutions, Inc.
(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)
DOL Makes Advice Available for Those Facing Loss of Health Benefits
Excerpt: "The Labor Department is providing answers, through a toll-free number and its Web site, to the most frequently asked questions from individuals who want to preserve their benefits, including a description of the various options individuals have to continue health coverage. One option that may be available to individuals losing their health coverage is through special enrollment in another employment-based group plan." (U.S. Department of Labor, Pension and Welfare Benefits Administration)
Congress Renews Focus on Health Care
Excerpt: "Concern about the growing number of uninsured has propelled health care, once again, near the top of the domestic agenda in Congress. There is bipartisan agreement that a longstanding law designed to help workers keep their insurance when they become unemployed is not generous enough. But there are sharp, partisan differences about how far the government should go to help ..." (Boston Globe)
Once Considered a Luxury, Employee Assistance Programs Prove Their Value
Excerpt: "Even though he was at least 1,000 miles away from New York and Washington, a South Florida worker was visibly upset after the Sept. 11 terrorist attack. The manager told him to go home even though the company stayed open. Probably a good decision, say experts who direct employee assistance programs, or EAPs." (Knight Ridder/Tribune via IFEBP)
Benefits Keep Getting Better Despite Downturn
Excerpt: "Even though the economy has cooled, companies are still offering beefed-up benefits to attract and retain the best employees. These aren't the same old child-care, elder-care and flex-time perks. These days, employers are offering group discounts on auto and home insurance, entertainment coupons and shoppers' clubs." (Atlanta Business Chronicle)
Polaroid Was an Employee Benefits Trailblazer
Excerpt: "Polaroid Corp. wasn't just a pioneer in photography. Human resource specialists-- including some who worked there-- also remembered the Cambridge company as a corporate trailblazer that was among the first to offer its employees work-family, domestic violence, and education benefits." (Boston Globe)
High Cost of Being Well: Benefits at a Premium
Excerpt: "For now, most large employers are absorbing as much of the increase as their employees are. So even though employees are paying a larger amount, they will not pay a larger share of their health insurance costs. But a year from now the situation will probably be different, employers and health benefits experts say." (New York Times; free registration required)
Employers Shifting More Health Care Costs to Employees
Press release. Excerpt: "Faced with a new round of double-digit health care benefit cost increases in 2002, more than half (56 percent) of employers say they will raise employee contributions by as much as or more than their expected cost increases. In addition, more than 70 percent of employers are considering benefit reductions or an increase in employee co- pays over the next 12 months, according to a survey released [October 15, 2001] by Watson Wyatt." (PR Newswire via Excite News)
Bond Firm to Provide Deceased Employees' Families with Health Benefits for 10 Years
Excerpt: "Cantor Fitzgerald, the bond broker that lost about 700 employees in the World Trade Center attack, said victims' families will receive health insurance for 10 years and a share of profits for five years." (Boston Globe)
Hospital Spending Drives Health Care Cost Increases: Study
Hospital spending, not prescription drugs, accounted for the largest share of increased health care costs in 2000, according to the study Tracking Health Care Costs. The study was funded by the Center for Studying Health System Change, a research organization committed to providing insights into the nation's changing health care system. (SpencerNet)
Opinion: Health Care Provisions of House Ways and Means Committee Stimulus Package Offer Little Help
Excerpt: "On October 12, the House Ways and Means Committee approved economic stimulus legislation that includes health care provisions intended to help unemployed workers maintain their health insurance coverage.... This proposal, however, would not help most workers who lose their health insurance when they are laid off." (Center on Budget and Policy Priorities)
Severance Packages Make for Softer Landings
Excerpt: "Devastating to employees and their families? Of course. Yet thanks to some trends in the area of severance packages, layoffs today aren't quite as bad as they used to be." (CFO.com)
(Following items are in both editions of the BenefitsLink Newsletter)
Chart of Principal 2001 Employee Benefits Regulatory Developments
Excerpt: "A tremendous amount of government guidance in the employee benefit area was issued at the end of the Clinton Administration. We have listed most of it below to assist you in planning for compliance with those changes." (Sanders, Schnabel & Brandenburg, P.C.)
Combining a U.S. Entity with a European-based Concern: Executive Compensation Issues
Excerpt: "There are numerous major executive compensation issues that may arise in the context of an international merger. This article analyzes these issues based on a hypothetical situation in which a United States-based corporation acquires a German-based company with significant subsidiaries in four European countries: Germany, Belgium, France and the United Kingdom." (Hewitt Associates)
Combining a U.S. Entity with a European-based Concern: Broad-Based Employee Issues
Excerpt: "Many issues arising in the context of an international merger concern broadbased (nonexecutive) employees. This article provides an overview of these concerns from the perspective of a U.S. company that is considering the acquisition of a European company with operations in several European countries." (Hewitt Associates)
Misclassifying Employees As Independent Contractors: Expensive Mistake
Excerpt: "The IRS follows the common law 'control' test for determining whether someone is an employee or independent contractor. This test looks at 20 factors as being indicative (and only indicative) of whether the person is an employee or independent contractor. The test basically involves a balancing of these factors -- which way does the scale tip?" (Freelance Jobs News)
Prudential's Demutualization Plan Approved by NJ Commissioner of Banking and Insurance
Excerpt: "Prudential Financial announced today that The New Jersey Commissioner of Banking and Insurance has approved the company's demutualization plan, clearing the way for Prudential to convert to a publicly held company." (Business Wire via Yahoo! News)
What Happens to Outstanding Stock Options in a Merger or Acquisition?
Excerpt: "A merger of public companies raises many compensation-related issues. One concern is how to handle the outstanding equity compensation, particularly the stock options, of the acquired company employees. Do the employees in the acquired company forfeit their outstanding options? Are the options bought out? Or are they exchanged for options in the new company? The answer depends on a number of factors, and accounting considerations often drive the course of action a company takes." (Hewitt Associates)
Newly Posted or Renewed Job Openings ( 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 16, 2001 - 6,428 subscribers
Today's sponsor: Affordable Solutions, Inc.
(Click on company name or banner to learn more.)
Affordable Solutions is your complete COBRA service provider. From feature-rich, easy-to-use COBRA management software to outsourcing services, we offer employers solutions that minimize exposure to costly fines, investigations, and litigation while saving time and improving administrative consistency. Visit us at www.affordablesolutions.com for details on our COBRA Manager, Solo, free information on the Regulations, and a Flash demo. For outsourcing information, visit us at www.COBRA-service.com.
(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)
DOL Makes Advice Available for Those Facing Loss of Health Benefits
Excerpt: "The Labor Department is providing answers, through a toll-free number and its Web site, to the most frequently asked questions from individuals who want to preserve their benefits, including a description of the various options individuals have to continue health coverage. One option that may be available to individuals losing their health coverage is through special enrollment in another employment-based group plan." (U.S. Department of Labor, Pension and Welfare Benefits Administration)
Congress Renews Focus on Health Care
Excerpt: "Concern about the growing number of uninsured has propelled health care, once again, near the top of the domestic agenda in Congress. There is bipartisan agreement that a longstanding law designed to help workers keep their insurance when they become unemployed is not generous enough. But there are sharp, partisan differences about how far the government should go to help ..." (Boston Globe)
Once Considered a Luxury, Employee Assistance Programs Prove Their Value
Excerpt: "Even though he was at least 1,000 miles away from New York and Washington, a South Florida worker was visibly upset after the Sept. 11 terrorist attack. The manager told him to go home even though the company stayed open. Probably a good decision, say experts who direct employee assistance programs, or EAPs." (Knight Ridder/Tribune via IFEBP)
Benefits Keep Getting Better Despite Downturn
Excerpt: "Even though the economy has cooled, companies are still offering beefed-up benefits to attract and retain the best employees. These aren't the same old child-care, elder-care and flex-time perks. These days, employers are offering group discounts on auto and home insurance, entertainment coupons and shoppers' clubs." (Atlanta Business Chronicle)
Polaroid Was an Employee Benefits Trailblazer
Excerpt: "Polaroid Corp. wasn't just a pioneer in photography. Human resource specialists-- including some who worked there-- also remembered the Cambridge company as a corporate trailblazer that was among the first to offer its employees work-family, domestic violence, and education benefits." (Boston Globe)
High Cost of Being Well: Benefits at a Premium
Excerpt: "For now, most large employers are absorbing as much of the increase as their employees are. So even though employees are paying a larger amount, they will not pay a larger share of their health insurance costs. But a year from now the situation will probably be different, employers and health benefits experts say." (New York Times; free registration required)
Employers Shifting More Health Care Costs to Employees
Press release. Excerpt: "Faced with a new round of double-digit health care benefit cost increases in 2002, more than half (56 percent) of employers say they will raise employee contributions by as much as or more than their expected cost increases. In addition, more than 70 percent of employers are considering benefit reductions or an increase in employee co- pays over the next 12 months, according to a survey released [October 15, 2001] by Watson Wyatt." (PR Newswire via Excite News)
Bond Firm to Provide Deceased Employees' Families with Health Benefits for 10 Years
Excerpt: "Cantor Fitzgerald, the bond broker that lost about 700 employees in the World Trade Center attack, said victims' families will receive health insurance for 10 years and a share of profits for five years." (Boston Globe)
Hospital Spending Drives Health Care Cost Increases: Study
Hospital spending, not prescription drugs, accounted for the largest share of increased health care costs in 2000, according to the study Tracking Health Care Costs. The study was funded by the Center for Studying Health System Change, a research organization committed to providing insights into the nation's changing health care system. (SpencerNet)
Opinion: Health Care Provisions of House Ways and Means Committee Stimulus Package Offer Little Help
Excerpt: "On October 12, the House Ways and Means Committee approved economic stimulus legislation that includes health care provisions intended to help unemployed workers maintain their health insurance coverage.... This proposal, however, would not help most workers who lose their health insurance when they are laid off." (Center on Budget and Policy Priorities)
Severance Packages Make for Softer Landings
Excerpt: "Devastating to employees and their families? Of course. Yet thanks to some trends in the area of severance packages, layoffs today aren't quite as bad as they used to be." (CFO.com)
Chart of Principal 2001 Employee Benefits Regulatory Developments
Excerpt: "A tremendous amount of government guidance in the employee benefit area was issued at the end of the Clinton Administration. We have listed most of it below to assist you in planning for compliance with those changes." (Sanders, Schnabel & Brandenburg, P.C.)
Combining a U.S. Entity with a European-based Concern: Executive Compensation Issues
Excerpt: "There are numerous major executive compensation issues that may arise in the context of an international merger. This article analyzes these issues based on a hypothetical situation in which a United States-based corporation acquires a German-based company with significant subsidiaries in four European countries: Germany, Belgium, France and the United Kingdom." (Hewitt Associates)
Combining a U.S. Entity with a European-based Concern: Broad-Based Employee Issues
Excerpt: "Many issues arising in the context of an international merger concern broadbased (nonexecutive) employees. This article provides an overview of these concerns from the perspective of a U.S. company that is considering the acquisition of a European company with operations in several European countries." (Hewitt Associates)
Misclassifying Employees As Independent Contractors: Expensive Mistake
Excerpt: "The IRS follows the common law 'control' test for determining whether someone is an employee or independent contractor. This test looks at 20 factors as being indicative (and only indicative) of whether the person is an employee or independent contractor. The test basically involves a balancing of these factors -- which way does the scale tip?" (Freelance Jobs News)
Prudential's Demutualization Plan Approved by NJ Commissioner of Banking and Insurance
Excerpt: "Prudential Financial announced today that The New Jersey Commissioner of Banking and Insurance has approved the company's demutualization plan, clearing the way for Prudential to convert to a publicly held company." (Business Wire via Yahoo! News)
What Happens to Outstanding Stock Options in a Merger or Acquisition?
Excerpt: "A merger of public companies raises many compensation-related issues. One concern is how to handle the outstanding equity compensation, particularly the stock options, of the acquired company employees. Do the employees in the acquired company forfeit their outstanding options? Are the options bought out? Or are they exchanged for options in the new company? The answer depends on a number of factors, and accounting considerations often drive the course of action a company takes." (Hewitt Associates)
Newly Posted or Renewed Job Openings ( Post Yours! )
for CNA TRUST
in CA
in CA
for City of Fresno Retirement System
in CA
in CA
for J. D. Benefits, Inc. -- Chapel Hill, North Carolina
in NC
in NC
for Keiter, Slabaugh, Penny, & Holme, LLC
in VA
in VA
for CB Richard Ellis
in CA
in CA
Newly Posted Press Releases
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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