Employee Benefit News back issues from September 2002:
Institutional memory: Benefits hold MITRE employees for the long haul.(Brief Article)
Sep 01, 2002; ... As a not-for-profit organization conducting research and designing systems for the federal government, MITRE strives to hold onto its technically talented scientists and engineers for the long term. In an era of glorified job-hopping, many MITRE employees intend to spend their entire ...
Advocacy builds better consumers.
Sep 01, 2002; ... In an environment of rising health care "consumerism" and imminent patient privacy requirements, some employers are providing advocacy services as an employee benefit to help plan participants and their families navigate an increasingly stormy and complex health care system. ...
2002 Benefits Management Forum and Expo Seminar Spotlight: Be a strategist, not a messenger on costs.(Brief Article)
Sep 01, 2002 ... No one wants to be the messenger when the message is that the employee share of benefit expenses is going up. But that's the position many HR and benefit managers have been thrust into as the cost of corporate programs continues to rise. The 2002 Benefits Management Forum & ...
Airline names fiduciary for company stock plans.(Brief Article)
Sep 01, 2002; ... Financially troubled US Airways Inc. recently appointed Aon Fiduciary Counselors Inc. to manage employee investments in the company's stock in its 401(k). The move comes as the airline negotiates wage concessions with employee unions and taps a $900 million federal loan ...
BenefitNews.com Connect.(Brief Article)
Sep 01, 2002 ... Bear market mauls retirement portfolios The bear market has taken a sizeable bite out of Americans' retirement assets, with 401(k) losses reaching $101 billion in 2001 and total assets ending the year at the $1.64 trillion mark, according to figures from Cerulli Associates. ...
BenefitNews.com Adviser.(Brief Article)
Sep 01, 2002 ... Employers lag on EGTRRA provisions Thus far, more than half of employers have not yet adopted provisions passed last year as part of the Economic Growth and Tax Relief Reconciliation Act (EGTRRA), according to a new survey Diversified Investment Advisors. Researchers ...
Crisis calls for strong leadership.(fraud and bankruptcy revelations)(Brief Article)
Sep 01, 2002; ... The high-profile bankruptcies of corporations once thought to be the most successful of America's businesses and the ongoing revelations of insider trading, dodgy bookkeeping and flagrant enrichment practiced by the leaders of these companies are creating a crisis of faith in our capital ...
Five challenges facing retirement plan sponsors.(Statistical Data Included)
Sep 01, 2002; ... Following the high-profile difficulties of companies like Enron and Lucent, many plan sponsors are taking a closer look at their own 401(k) plans and the broader issue of retirement security for their employees. Make no mistake about it: 401(k) plans that were once a sideshow in the ...
DB flexibility spawns creative benefits financing.(defined benefit pensions)
Sep 01, 2002 ... The economic slump is showing no signs of fading away. Meanwhile, your health plan costs have blown through the roof. And, you're under the gun from senior management to devise some useful financial strategies to cope with it all in the realm of employee benefits. Fortunately, ...
Small-business report How disability insurance can protect business interests.(Statistical Data Included)
Sep 01, 2002; ... Owning a successful business requires a combination of careful nurturing and foresight. In today's competitive marketplace, it is particularly important for business owners to insure their most valuable assets - from equipment and materials to employees and revenue stream. Success relies ...
Providers spice competition on voluntary benefits.(employee benefits)
Sep 01, 2002; ... Employers seeking to meet the tastes of employee-consumers have myriad options for adding voluntary insurance products to their benefit menus. But brokers and other providers are asking plan sponsors to consider two main approaches: whether to sign with an exclusive provider of voluntary ...
Employers are making the self-service move.(Brief Article)
Sep 01, 2002; ... With open enrollment fast approaching, employers are searching for ways to waste less of their employees' time and money. More and more, they are turning to online, self-service enrollment as the most efficient way of doing so. It is extremely difficult to tell how many ...
Need to evaluate TPAs persists despite challenges.(third-party administrators)(Brief Article)
Sep 01, 2002; ... Things have changed a lot since the days when third-party administrators (TPAs) existed mainly to cut checks for Taft-Hartley plans. Today they provide many services to employers, from comprehensive benefits administration to consulting. And although TPAs remain an integral part ...
Custom fit: Personalized information portals emerge as the next frontier of benefits communications technology.
Sep 01, 2002; ... The first wave of employee self-service technologies centered on administrative tasks such as name and address changes and on transactions such as open enrollment. But if an employee had a benefits question, she'd still often have to sift through printed materials, ask a benefits manager, ...
Revving Revenue.(benefit consulting firms)(Statistical Data Included)
Sep 01, 2002; ... Over the past few years, even as the dot.com bubble burst and the economy began to soften, benefit consulting firms were preparing for forays into the stock market, bolstering their portfolio of services by snapping up more troubled firms. Hewitt Associates is the latest firm to ...
Taking Direct-ion? Dental reimbursement, slow to gain ground, may get boost from consumer-driven health care.(employee benefits)(Statistical Data Included)
Sep 01, 2002; ... Optimism and skepticism continue to bump heads in the world of direct reimbursement dental plans. Although the American Dental Association (ADA) has been promoting direct reimbursement plans for nearly two decades, this type of plan-where reimbursements are based on the ...
BMF&E 2002 Seminar Spotlight Electrified: A retirement education success story.(Brief Article)
Sep 01, 2002 ... In a post-Enron environment, with employee confidence in their retirement plans at an all-time low, the world is looking for benefit success stories. The 2002 Benefits Management Forum & Expo, being held Sept. 29 to Oct. 2 in Dallas, Texas, will feature one such encouraging case ...
Tiered provider networks bring promise of higher quality care.(doctors' fees)(Brief Article)(Statistical Data Included)
Sep 01, 2002; ... Employers now have another weapon in the consumer-driven war against rising health care costs: cost-tiered M.D.'s. Tiered networks that place hospitals in certain price categories based on quality and cost effectiveness are slowly gaining prominence, with such insurers as Blue ...
Utilization management shifts gears to coordinate care.(health plans)(Brief Article)(Statistical Data Included)
Sep 01, 2002 ... Utilization management, a cornerstone of the managed care concept, is often perceived as health plan micromanagement through precertification, an interference in the doctor-patient relationship that results in negative ratings by plan participants as well as a low return on investment for ...
Peeling the onion on 401(k) expenses: Unraveling layers of hidden fees reveals the true cost and value of plan administration and management.(Statistical Data Included)
Sep 01, 2002 ... One of the most daunting tasks that retirement plan sponsors face is determining the "true" cost and value of 401(k) plan expenses from record keeping, money management and consulting to communications. It requires a level of industry knowledge, expertise and experience that many employers ...
Integrating domestic partner benefits into retirement plans.(Brief Article)
Sep 01, 2002 ... Despite the fact that the central tenet of recent pension reforms is equal access to retirement benefits for all working Americans, expansion of either the Employee Retirement Income Security Act (ERISA) or the Internal Revenue Code (IRC) to include domestic partners is never discussed. ...
Public sector takes the lead to promote long-term care.
Sep 01, 2002 ... Research indicates a majority of all seniors will need long-term care (LTC) at some point in their lifetimes, but so far only a minority of this population is preparing for that reality by investing in LTC coverage. Seeking to address the need and possibly stave off demands for ...
Benefit Professional of the Year Accentuate the positive: Reys uses good news to sell benefits redesign.(Franklin International's Doug Reys)
Sep 15, 2002; ... Imagine it's your first day on the job as benefits and compensation manager for a 450-employee factory in Columbus, Ohio. Your assignment: Prepare a new health plan cost-sharing design to accommodate a 42.3% premium increase in time for open enrollment, which begins in 33 days, and within ...
401(k) woes spur aggressive thinking. (defined contribution retirement plans).
Sep 15, 2002; ... After suffering by association with corporate accounting scandals and stock market losses, defined contribution retirement plans are due for a serious overhaul So say a growing number of financial advisers, some of whom are devising ways to "fix" the 401(k). A few would even do ...
Market sings praise after feds bless CDH.(consumer-driven health plans in the US)
Sep 15, 2002; ... The market successfully petitioned federal officials to bless consumer-driven health plans; next it will witness how many employers can be converted. Plan vendors were perhaps the loudest members of the chorus after the Bush administration smiled upon their business models ....
Written consent dropped from privacy rules.(patient medical records)(Brief Article)
Sep 15, 2002 ... Final rules protecting the privacy of patient medical records contain an important change sought by employer health plans, stipulating that written permission will not be required for information release. There was, however, no reprieve on when the rule take effect: April 14, 2003 ...
BenefitNews.com connect.(miscellaneous brief articles)(Brief Article)
Sep 15, 2002 ... OTC Claritin could bring Rx cost relief With the patent on non-sedating allergy relief medication Claritin set to expire in December, plans by the drug's maker Schering-Plough to sell an over-the-counter version could reduce overall drug benefit spending by as much as 10%. ...
BenefitNews.com adviser.(dental plans, data privacy, annuities)(Brief Article)
Sep 15, 2002 ... Common mistakes can sink a dental plan Dental plans are one of the most requested benefits, but worksite marketers must ensure their products do not commit one or more of the "seven cardinal sins" of dental plan solutions, according to an expert speaking at the recent Worksite ...
Benefits profession has come a long way.(maintaining high profile of employee benefits services within companies)(Brief Article)(Editorial)
Sep 15, 2002; ... One of my favorite issues of EBN each year is the one in which we get to announce the winners of the annual Benny Awards. Again this year, we are introducing you to the five winners: The Benefits Professional of the Year, and Benefit Leadership Award recipients in the categories of Health ...
Research supports CDH assumptions.(consumer driven health care)
Sep 15, 2002 ... (The following is the first of a two-part article on research and experiences with consumer driven health care. Part two will appear in the October EBN. - Ed.) The recent and well-publicized failures of managed care plans to control the increases in employer health care costs ...
Employers need to get a grip on rising drug prices.(prescription drug plan management)(Brief Article)(Statistical Data Included)
Sep 15, 2002; ... Plan sponsors whipsawed by rapidly rising benefit costs can at least get a handle on the runaway increases in prescription drug benefit expenses, if only they would have the courage to institute the right policies. One of the most trumpeted changes that consumer-driven health ...
A prescription for failure?(managing prescription drug plans, working with a pharmacy benefits manager)(Brief Article)(Column)
Sep 15, 2002 ... Employers providing a prescription drug benefit frequently do so using a pharmacy benefit manager (PBM). Employers that are struggling with prescription costs accelerating at more than 15% a year hire a PBM to help control those costs. After all, PBMs buy in bulk and thus offer discounts ...
Shell game tactics exaggerate PPO discount claims.(preferred provider organization)(Brief Article)
Sep 15, 2002 ... What kind of discounts are you getting in your health plans? Are you getting 20%? 30%? 40%? More? Surprisingly, many plan sponsors can't answer this question with certainty. Others are quick to give figures based upon what their preferred provider organization (PPO) or thirdparty ...
Congress takes note Down markets put pressure on pension sponsors.(punsion fund sponsors faced with making large contributions to their plans)(Brief Article)(Statistical Data Included)
Sep 15, 2002; ... Most pension plan sponsors enjoyed contribution holidays throughout the bull market run of the 1990s, as rapidly rising asset values outstripped liabilities. But now they must face the music as asset values continue falling and liabilities increase. Steven Kandarian, executive ...
Marketers seek to link voluntary offerings with core benefits.(Brief Article)
Sep 15, 2002; ... Voluntary benefits certainly are gaining cachet in a benefits world where price tags are soaring. However, worksite marketers still appear uneasy about how they can compete when both employer and employee dollars are in short supply. About 500 marketers traveled to Las Vegas in ...
TPAs stay in the game as rules keep changing.(third party administrators)
Sep 15, 2002 ... The changing tide in health care benefits, driven largely by double-digit premium increases, has spawned a new model of health care consumerism that will affect employers of all sizes in all industries. This consumerist movement is cultivating a new breed of plan design called ...
Looming labor shortage an "Impending Crisis".(Excerpt)(Statistical Data Included)
Sep 15, 2002 ... The following is excerpted from the new book "Impending Crisis" by Roger Herman, Tom Olivo, and Joyce Gioia. The authors are consultants in the fields of workforce trends and workforce stability. Their latest book serves as a tool to stimulate needed changes in employer organization. For ...
Benefit Leadership Awards: Health Care Haggerty shifts premium forecast to new light.(benefits director Kevin Haggerty, CRV Electronics Corp.)(Brief Article)(Statistical Data Included)
Sep 15, 2002; ... Escalating health care costs have presented great challenges for benefit and HR professionals responsible for crunching numbers and reaching a balance that satisfies both employees and upper management. Smaller organizations have been hit particularly hard in recent years by ...
Benefit Leadership Awards: Retirement Benny winner not afraid to attempt new things.(Jean LaVecchia)(Brief Article)(Statistical Data Included)
Sep 15, 2002; ... This was not in Jean LaVecchia's career plan. She was in finance, working as assistant treasurer at Southern New England Telecom Corp. (SNET) in New Haven, Conn., in charge of 401(k) plans, financial planning and analysis and other corporate money issues. But in the late 1980s ...
Benefit Leadership Awards: VSP People First Equity's benefit enhancements are "making life easy".(John Powers, Equity Residential)(Brief Article)(Statistical Data Included)
Sep 15, 2002 ... In 1999, Equity Residential, a leader in the apartment industry, wanted to make sure its 6,500 employees felt engaged in the company and its efforts to serve one million residents in 1,000 apartment communities spanning 36 states. After conducting a survey to determine how satisfied and ...
Benefit Leadership Award: Judges' Choice Winner balances union, administration needs.(Michael L. Hauer)(Brief Article)(Statistical Data Included)
Sep 15, 2002; ... Being a public-sector benefits manager isn't easy. That's especially true in a school system, where most employees are unionized and benefits are often collectively bargained. Whenever disputes arise, benefits professionals often find themselves caught between aggressive unions and ...
Honorable mention for Benny Award nominees.(list of honorable mentions in Benefit Leadership Award program)(Brief Article)
Sep 15, 2002 ... The editors at Employee Benefit News would like to extend their appreciation to everyone who helped make the Benefit Leadership Award program a success this year. We would also like to congratulate all of the benefit professionals who participated in the awards competition. The ...
Benny Award honor roll.(list of award winners)(Brief Article)
Sep 15, 2002 ... 2001 Benefit Professional of the Year: Robert Toohey Vice President, Compensation, Benefits & HR Technology Genuity Inc. Benefit Leadership Awards Health Care Timothy Hess Director of HR - ...
Tax advantages fail to promote flexible spending accounts.(medical care costs)(Brief Article)(Statistical Data Included)
Sep 15, 2002; ... While most employers encourage employees to set aside tax-free money in flexible spending accounts (FSAs) to cover out-of-pocket medical care expenses, only a small minority of people take advantage of the savings opportunity. With surging costs forcing employers to share more ...
Strategies help manage workplace depression.
Sep 15, 2002 ... Emily Employee: "Sorry I'm late for work again." Sue Supervisor: "I'm concerned Emily. Lately, you seem very distracted and your work is suffering. I don't know if personal issues are affecting your work but if so, you can speak confidentially to one of our employee assistance ...
Time is running out on employers for HIPAA compliance.(Health Insurance Portability and)(Accountability Act of 1996)
Sep 15, 2002 ... Most employers have until April 2003 to bring their health care plans into compliance with the Privacy Rule section of the Health Insurance Portability and Accountability Act of 1996 (HIPAA) - not long given the complexity of the task. HIPAA was signed into law on August 21, ...
Bear market devours retirement nest eggs.(retirement assets suffer from financial uncertainty)(Brief Article)(Statistical Data Included)
Sep 15, 2002 ... After two years on the roller coaster economy, financial uncertainty is becoming one of the most consistent characteristics of our investment markets. As the major stock indexes continue their up and down moves, American investors anxiously watch for signs of recovery in their battered ...
Phased retirement gains new interest.(full- or part-time retirees working and receiving retirement benefits)(Brief Article)
Sep 15, 2002; ... After two years of inactivity, the concept of phased retirement - allowing older employees to work full- or part-time while they receive pension benefits - has resurfaced as a possible option for employers facing rafts of empty positions once their boomer-age workers retire. ...
DOL updates 401(k) fiduciary correction guidance.(Department of Labor)(Brief Article)
Sep 15, 2002 ... New guidance issued recently by the Labor Department explains how 401(k) plan sponsors may take advantage of the agency's voluntary fiduciary correction program to correct minor plan errors without penalty. Adopted two years ago, the program encourages sponsors to admit plan ...
Special Case: Older workers.(reasons older workers continuing to work past retirement age)(Brief Article)
Sep 15, 2002 ... It is clear that people will be working longer. Retirement, as we have known it for a couple of generations, is becoming a thing of the past. Already we see people working into their 70s, 80s, and in some cases, their 90s. Some work full-time, some part time, some on a contract or project ...
Eldercare benefits expand as number of caregivers rises.
Sep 15, 2002 ... Statistics show nearly one in four adults currently cares for an elderly loved one, and caregiver numbers are growing annually. Although baby boomers represent the average caregiver, (54% are under 45, according to the Kaiser Family Foundation), as the elderly population quickly grows, ...
Microsoft tackles obesity with wellness program.(Brief Article)
Sep 15, 2002; ... Obesity is reaching epidemic proportions across the nation, racking up some $117 billion in related costs in 2000, according to the U.S. Surgeon General. What's more, it is estimated that companies lose 39 million workdays per year to factors relating to the disease. Listed as ...
No coverage changes seen for hormone therapy.
Sep 15, 2002; ... Results from a recently aborted study by a division of the National Institutes of Health on estrogen/progestin hormone therapy, or hormone replacement therapy, have spooked a number of women into dropping the treatment, leading to decreases in HRT claims. But the new doubts and ...
Payroll deduction card builds up employees' credit.(from E-Duction and MasterCard)(Brief Article)
Sep 15, 2002 ... A new voluntary employee benefit aimed at helping Americans better manage their finances is bringing new meaning to the term corporate card. Launched in July by Blue Bell, Pa.-based firm E-Duction and MasterCard International, the "Clear" card is a payroll deduction card that extends ...
EEOC addresses online recruiting.(Equal Employment Opportunity Commission)(Brief Article)
Sep 15, 2002 ... To keep pace with fast-changing electronic commerce, the U.S. Equal Employment Opportunity Commission (EEOC) is developing new rules that encompass the growing number of companies that recruit online. Current regulations require companies with more than 100 employees to store ...
California lawmakers ponder paid family leave.(Brief Article)
Sep 15, 2002 ... Millions of Californians struggling to care for a new child or ill family members may soon be granted the right to paid leave for such reasons. Proposed legislation seeks to make the state the nation's first to offer employees a paid family leave benefit. The bill would set up ...