Employee Benefit News back issues from August 2005:
Small plans buck trend: Few employees play catch-up with 401(k)s.
Aug 01, 2005; ... Although most employers allow catch-up contributions that enable their Baby Boomer employees to stow more money in their defined contribution plans, only a small percentage of all participants are using the break to save more for retirement. Eighty-six percent of plans allow ...
Breaks in Canada's health system may invite U.S. solutions.
Aug 01, 2005; ... Private health care interests throughout North America could get a boost from a recent Supreme Court of Canada ruling challenging the country's universal government-paid health care system. The Canadian system has grown unruly, marked by long waits and rising inefficiency. That ...
Part D regs rolled out: Medicare-eligibles must receive notice on how employer Rx plan stacks up.
Aug 01, 2005 ... With five months of prep time remaining until Medicare Part D benefits begin on Jan. 1, 2006, the Centers for Medicare and Medicaid Services this summer has issued a flurry of guidance for employers designed to ease the rollout of the new federal drug benefit and lessen employee confusion ....
Benefits-speak in Spanish boosts morale, cuts costs.
Aug 01, 2005; ... We've all seen workers' eyes glaze over upon hearing words like tax deferral, vesting and maximum contributions. Add in the difficulty of deciphering these options in another language - not to mention the logistics of enrolling in the plans - and it's easy to see how little of the benefits ...
Common ground, shared interests: Thoughts on Canadian and U.S. health care.
Aug 01, 2005 ... The U.S. and Canadian health care systems, once so very different, now appear to be moving toward common ground. As our lead story this month details, Canada took an abrupt turn down the health care privatization path in June when its Supreme Court struck down the prohibition on ...
Let's give up: It's time for national health care, unless you have a better idea.(Editorial)
Aug 01, 2005 ... There are many good reasons to say NO to a national health care program. But there also seem to be few alternatives to support "go away and leave it to the private sector." Is it time to capitulate and accept the faults of a government-run system? Have all the options been tried ...
Broker's advice: Disclosure protects employers from possible LTC burns.(long-term care)
Aug 01, 2005 ... As media and regulatory smoke continues to swirl around group long-term care products, at least one broker is adopting a proactive strategy to make sure neither he nor his clients get burned in the event of a fire. At issue is the type of inflation rider that most companies ...
DB plans: Public pension underfunding causing concerns.(defined benefit plans)
Aug 01, 2005; ... While United Airlines, US Airways and other faltering airline pensions are grabbing front-page headlines, there is another area of funding shortfalls that's received little national attention - public pensions. Most public pensions have funding levels around 80% to 90%, ...
Employees fearful, insecure about health care decisions.(employer-sponsored health plans)
Aug 01, 2005 ... When it comes to health care, employees aren't feeling so good. After polling more than 1,400 U.S. workers in employer-sponsored group health plans, the global consulting firm Towers Perrin found that 60% of respondents communicated negative feelings about the overall health ...
Cost-cutting solutions: A spoonful of compliance helps health costs go down.(patient adherence to treatment)
Aug 01, 2005 ... It seems a sensible premise - chronically ill patients who adhere to their prescription treatment plans are healthier and save themselves and their employers valuable health care dollars. However, new research conducted by Medco Health Solutions shows that adherence to medication therapy ...
New URAC standards let employers judge whether CDH plans provide adequate decision making support.(consumer-directed health)
Aug 01, 2005 ... No longer just an "emerging" market segment, consumer-directed health (CDH) plans are becoming mainstream. Most major national vendors offer a CDH option, as do the smaller specialty vendors who first introduced the plans. And more employers are now offering CDH plans as the sole choice or ...
Pricing worksite benefits right: The best price isn't always the lowest when it comes to voluntary and worksite benefits.
Aug 01, 2005; ... Voluntary and worksite benefits have become an important part of the package you offer employees. You know - or at least, you are told - that the products your workforce has the option of buying are far less expensive than what they can get on the street. But are they? And how ...
Fighting back: Reducing back pain's impact on productivity.
Aug 01, 2005; ... Back pain hurts more than backs. Ask employers; this costly condition hurts their pocketbook, too. Back pain's prevalence - about 20% of workers suffer from it at any point in time - and its long-standing link to disability make it one of the more vexing health-care issues. Many ...
Seeing red: Emerging treatments for eye disease come at high cost.
Aug 01, 2005; ... Eye conditions once treated by lasers will be controlled and possibly healed by specialty drugs in the near future. The good news is that these medical advances will be safer for patients. The bad news is that such cutting-edge medicine comes at a high price. The National Eye ...
Tax reform touted as health care remedy.(tax deductions on job-based health insurance)
Aug 01, 2005; ... As a cure for health care inflation, some health policy experts want to eliminate the employee tax subsidy for job-based health insurance, claiming it distorts the marketplace and discriminates against poor people. To make such a change revenue-neutral - and politically palatable - ...
Tax reform touted as health care remedy.(tax deducations for job-based health insurance)
Aug 01, 2005; ... As a cure for health care inflation, some health policy experts want to eliminate the employee tax subsidy for job-based health insurance, claiming it distorts the marketplace and discriminates against poor people. To make such a change revenue-neutral - and politically palatable - ...
Debate heats up over mail-order versus retail drugs.(prescription drug plans)
Aug 01, 2005; ... Rising drug expenses are prompting more employers to consider limiting their retail pharmacy network to low-cost providers or cutting out retail pharmacies from prescribing non-emergency medication altogether. General Motors, the nation's largest private purchaser of health ...
Uninsured worsen medical inflation for workers.
Aug 01, 2005; ... You're probably aware that the uninsured add a chunk to the price of employer-provided health insurance, but did you ever wonder how big that chunk is? The answer is, pretty big-an average of $922 for family coverage and $341 for individual coverage, according to a new report ...
Kobelco takes a big swing at consumer-driven health.(Kobelco America's medical benefits management)
Aug 01, 2005 ... Most companies are taking a measured approach to consumer-driven health. Some have opted to watch other employers take practice swings, offering a CDH plan as an option to their employees. Since that typically only results in a handful of participants, the sample is rarely representative. ...
Employease opens strategic door for Atrium.(usage of human resource systems at Atrium Companies Inc.)
Aug 01, 2005; ... Benefits outsourcing unlocked a world of success for fast-growing Atrium Companies, Inc., North America's largest manufacturer of vinyl and aluminum window and patio doors with about $800 million in annual net sales. When Employease came on board in March 2003, the leading ...
Nonprofits face distinct challenges in battling health costs.
Aug 01, 2005 ... It's not easy being green - or Greenpeace, for that matter. When it comes to combating ever-increasing health care costs, nonprofit organizations face particular challenges. Unable to compete with the higher salaries their for-profit counterparts can offer, nonprofits seek to ...
Employers continue to invest in fitness.(gyms for employees)
Aug 01, 2005; ... Employers recognize the importance of exercise for workers' health, and more are making a concrete investment to encourage it. About 24% of employers provided onsite fitness centers this year, compared to 20% in 2004, according to the Society for Human Resource Manage-ment ....
Reaching the reluctant: More employers look to pull in passive investors.(401K plans)
Aug 01, 2005; ... Every company has employees who, no matter how well the retirement plan is communicated or how much financial education and advice is offered, put off making investment decisions. More plan sponsors are reacting to this large group of employees by asking their 401(k) providers for more ...
Large firms not abandoning DB plans, survey says.(defined benefit)
Aug 01, 2005; ... Despite a spike in pension terminations last year, the nation's largest employers appear to be sticking with their DB plans, according to Watson Wyatt Worldwide, a human resources consulting firm. In an analysis of Fortune 1000 companies, Watson Wyatt found that the rate of ...
Plan sponsors urged to help prevent pension fraud.
Aug 01, 2005; ... The Department of Labor assured policymakers last month that it's doing what it can to rid the pension fund industry of abuse and conflicts of interest. But testimony from a former investment adviser suggests the watchdog overseeing billions of dollars in pension assets could use some help ...
Work-life benefits don't guarantee work-life balance: Having a work-life benefits program isn't enough; you must be sure that executives and managers are walking the talk.
Aug 01, 2005; ... Visible backing from leaders can overcome psychological barriers that prevent workers from using their work-life benefits, experts say. This can help employers to avoid program failures and wasteful spending. In a recent EBN QuickPoll, 19% of respondents said many employees at ...
Research reveals impact of work-life benefits.(Brief Article)
Aug 01, 2005; ... A huge set of data showing the real effects of work-life benefits is now available to HR professionals. Work & Family Connection, a Minnetonka, Minn.-based educational organization, offers a document that summarizes the findings from at least 200 studies of corporate experiences ...
MSRB aims to shed light on 529 sales.(Municipal Securities Rulemaking Board's plan to provide information sources to investors)
Aug 01, 2005 ... To make good on its pledge to improve the sales and marketing of college savings plans, the Municipal Securities Rulemaking Board is considering creating centralized information sources that would allow both dealers and customers to quickly and easily compare the myriad of Section 529 ...
New Products.(Ascentis Corporation enhances its website)(UICI unveils plans for small businesses)(Verified Person offers automated employee screening)
Aug 01, 2005 ... Ascentis enhances online leave management tool The Ascentis HROffice 6.5 features enhancements focusing on online leave management, improved employee communications and compliance management tools. Compliance features added to HROffice 6.5 include comprehensive OSHA ...
Info Sources.(Directory)
Aug 01, 2005 ... Below is contact information for companies that appear in this issue. You can also research benefits companies in the EBN SourceBook, accessible online at www.BenefitNews.com. Employee Benefit Research Institute, Washington, D.C., 202/659-0670, www.ebri.org P. 18 ...