Employee Benefit News back issues from September 2006:
Benefits RSS feed delivers real-time info.(Really Simple Syndication)(The Radar Group)(John Nail )(Interview)
Sep 01, 2006 ... Staying current on industry trends is an important part of the job for any benefits pro. Meeting that challenge now is a little easier, thanks to RSS (Really Simple Syndication) content-aggregating technology and the Atlanta-based firm The Radar Group. In May, The Radar Group ...
Choice in eye care: Consumerism spreads to vision plans.(Specialized Care Services Inc. Spectera Div)
Sep 01, 2006 ... Consumerism has been a red-hot topic in health care circles for several years. Now it's moved into new territory - vision insurance. Spectera, a Baltimore-based vision insurer that covers 17 million Americans, recently launched a new plan that incorporates the core elements of ...
Benefit offerings holding steady.
Sep 01, 2006 ... Employee benefit offerings haven't changed significantly over the past year, reveals the 2006 benefits survey from the Society for Human Resource Management. However, there were some intriguing findings in two hot areas: pensions and preventive care. Surprisingly, what had been ...
At Deadline.(Internal Revenue Service)(US Airways Inc.)
Sep 01, 2006 ... Drug costs expected to climb U.S. prescription drug spending is projected to increase 138% in 11 years, a Kaiser Family Foundation study predicts. The share of prescription drug expenses paid by private health insurance increased substantially from 26% in 1990 to 48% in 2004, ...
Shaking health care doldrums may be a triple-A feat.
Sep 01, 2006; ... Ah, September, when kids go back to school and federal lawmakers return Washington. I am sure the lawmakers got an earful from constituents during their August recess about the war, North Korea, flag burning and immigration reform. But I wonder if anyone talked about the even tougher ...
The top 10 "C's" in health care consumerism.
Sep 01, 2006 ... "Consumerism" refers to the power that consumers - you and I - have to influence suppliers by the choices we make. In most aspects of our lives, we have the information necessary to make informed purchasing decisions. When buying a car, for example, we can access detailed information on ...
CEOs in the dark on employees' benefits preferences: Benefit managers may have to show those in corner offices the light about what employees value.
Sep 01, 2006 ... When it comes to knowing the value of employee benefits, corporate executives do well in general, but not on specifics. According to a recent McKinsey Quarterly survey, 89% of executives say offering benefits are "somewhat important" or "extremely important" for maintaining a ...
Understanding the do's and don'ts in purchasing EAPs: The key to success in purchasing employee assistance programs is to calculate what truly drives the costs while understanding the factors that affect performance.
Sep 01, 2006 ... The goal of employee assistance programs is to drive improvements in workplace well being and productivity, but few companies understand how to purchase them. This article outlines five common mistakes that prevent companies from purchasing a quality EAP and three strategies for success ...
Investing in education: Employee participation in educational programs low.
Sep 01, 2006; ... Ben Franklin once said, "Genius without education is like silver in the mine." With 94% of companies offering educational assistance plans, it is clear that many agree education is the key to tapping a talent gold mine in their employees. Educational programs offer many ...
Consumers get more tools to gauge medical costs, quality.
Sep 01, 2006 ... An abundant new crop of online tools is available to help consumers manage their medical expenses. As more employers offer consumer-directed health plans and try to persuade workers to shop for better deals in health care, insurers are stepping up their efforts to help consumers ...
Exercising stock options: When is the right time?
Sep 01, 2006 ... If you're sitting on stock options and perplexed about when to exercise them, you are not alone. Paul Allen, director of equity award services at Merrill Lynch, recommends weighing factors such as your risk tolerance, need for cash, overall financial diversity and comfort level ...
Mending MIND & BODY: EAP services expand beyond mental health niche to address employees' physical health.
Sep 01, 2006 ... Since they were introduced in the 1970s as a way to aid employees dealing with alcoholism and substance abuse, employee assistance programs have traversed a speedy evolutionary path. Now well known for offering the entire gamut of services - including resources for stress ...
BIG-PICTURE benefits Integrating FMLA and disability claims data helps employers reduce absenteeism.
Sep 01, 2006; ... Employers that develop plans connecting Family and Medical Leave Act benefits with disability programs are finding it easier to manage costs and track employee absences, according to insurers that have studied the trend and offer integration management services. UnumProvident, ...
Fixing up SPEND DOWN: New plans and products are improving spend-down options for retirees.
Sep 01, 2006; ... Advances in plan design for the accumulation phase of retirement, including widespread use of defaults as well as lifecycle products, generally have not been matched by comparable improvements in the spend-down phase, the period once the participant has actually retired. Yet, as Wharton ...
Pay, benefits top list of satisfaction generators.
Sep 01, 2006 ... The top drivers of employee satisfaction are pay, benefits, job security, flexibility to balance work and life and feeling safe in the work environment, according to the Society for Human Resource Management, which polled more than 600 workers. Pay is becoming more influential, ...
Analysts drill down on health care cost drivers.
Sep 01, 2006 ... Many factors converged to create the steep medical inflation rates that have vexed employers and patients in recent years. Chief among them are increased utilization of health care and scientific breakthroughs that have made more procedures and pharmaceuticals available and helped us live ...
Nothing to sneeze at: Checklist helps employers evaluate asthma and allergy benefits.
Sep 01, 2006 ... Currently, more than 50 million Americans suffer from allergic diseases, costing an estimated $7 billion annually. Nearly 27 million who are alive today will, at some time during their lives, be diagnosed with asthma - the sixth most prevalent chronic disease, which incurs $18 billion each ...
UnumProvident: Cancer the leading cause of long-term disability.(Brief article)
Sep 01, 2006; ... A recent UnumProvident report on disability trends indicates that cancer was the leading cause of long-term absence from work for Americans in 2005. Of the long-term disability claims filed with the Chattanooga, Tenn.-based insurer in 2005, 12% were for cancer, with nearly a quarter of ...
Aging costs will bring benefit cuts, payroll taxes.
Sep 01, 2006; ... Unless the U.S. government implements some combination of benefit cuts and tax increases - including payroll taxes paid by employers - to hold the line on age-related spending, the country's AAA investment rating could drop to speculative grade by 2025, according to Standard & Poor's ...
Automatic enrollment beats company match, research shows.
Sep 01, 2006 ... Recent research shows that when it comes to luring employees into a retirement plan, automatic enrollment and other automated features prove to be a better hook than a company match. "Automatic enrollment and contributions address the behavioral obstacles head-on as employees ...
Fighting fraud: Deterring fraud and abuse may be the more challenging battle in pension reform.
Sep 01, 2006 ... As the debate continues on how to reform the laws governing pension plans, two federal lawmakers are calling for an investigation of the agencies that oversee the plans, claiming the government could do more to ensure pension plans operate lawfully. Last winter, Reps. Edward ...
PBGC mandates e-filing of premium forms.
Sep 01, 2006 ... On June 1, the Pension Benefit Guaranty Corporation issued final regulations mandating the electronic filing of PBGC premium forms. With the increasing use of the Internet for many business and personal transactions, including filing many Internal Revenue Service forms such as the ...
DB plan management Web-savvy with retirement accounts and education.
Sep 01, 2006 ... Defined benefit plan administration is cruising on the information highway, picking up new technology to streamline plan obligations. With the click of a mouse, employees and DB specialists are using Web-based technology to access and manage electronic pension information. Not ...
New Products.(MediLinQ)
Sep 01, 2006 ... MediLinQ unveils new CDH service Reno, Nev.-based MediLinQ has introduced a new consumer-directed health care service, offering access to a broad, flexible network of health care providers, competitive rates and an integrated suite of online tools to help consumers better manage ...
Wellness winners share their success strategies.
Sep 01, 2006; ... Waistlines aren't the only thing growing these days; U.S. employers are spending more than $13 billion annually on obese and overweight employees. As corporate America scrambles to burst ballooning health care costs, more employers are turning to wellness programs as a solution ....
Elder care exacts a major cost toll from employers.
Sep 01, 2006; ... When Paul McCartney sang, "Will you still need me, will you still feed me, when I'm 64?" he probably couldn't have predicted that longer life expectancies would have some of today's 64-year-olds giving care rather than receiving it. The 40- to 50-year-old population is beginning to ...
IN RETROSPECT- From the EBN archives: January 1996.(Owens Corning)(Department of Labor)(Johnson & Johnson)
Sep 01, 2006 ... As part of our celebration of EBN's 20th year in print, we will run clips from our archives that show how the world of benefits has changed (or stayed the same) over the last two decades. These article excerpts originally ran in the January 1996 EBN. Owens-Corning prefers ...
Lawsuits looming for companies blind to family responsibility issues.
Sep 15, 2006; ... Not all work-life issues are created equal. New research reveals that employers might want to review their formal and informal policies regarding employees who serve as caregivers or have family responsibilities. "It's not about benefits. It's about liability," says Cynthia ...
Majority of big firms covering domestic partners.
Sep 15, 2006 ... For the first time, a majority of the nation's largest firms offer domestic partner benefits, representing a growing trend. Fifty-one percent of Fortune 500 companies are providing benefits to employees' same-sex domestic partners this year, up from 49% last year, according to ...
Having it all: Firms help employers, work-at-home moms.
Sep 15, 2006 ... Workplace biases, increasing child care costs and a genuine desire to spend more time with their children are leading greater numbers of women to opt out of the workforce. Helping them along are several up-and-coming companies, founded specifically to aid working and stay-at-home mothers ...
Congress approves sweeping pension reforms.
Sep 15, 2006 ... After many months of deliberation, Congress approved groundbreaking legislation to shore up employee pensions passed in early August, with wide-ranging implications for 401(k)s, defined benefit plans and financial security for retirees. At press time, President Bush was expected to sign ...
Pride and prejudice: Guilty as charged.
Sep 15, 2006; ... Sometimes, as any parent will testify, you just have to tell the world how proud you are of your progeny. I'm bustin' my buttons, and the reason is the 116-page issue of Employee Benefit News you are holding. There are several things that make this issue remarkable. ...
Say what? Why concept communications are critical.
Sep 15, 2006 ... I don't understand why many employers leave employee benefit communications to a few facts, enrollment material, and little more. Is it because that's all they are required to do? Heck, it might even be because the benefits manager was dumb enough to get Corporate Communications involved ...
Let's get off the health purchasing merry-go-round: Employers and carriers would benefit from ending the two-year benefits buying cycle.
Sep 15, 2006 ... Employee health plan purchasing generally follows a two-year cycle that resembles a marketplace merry-go-round: It is noisy, busy and ultimately goes nowhere. The ride starts when organizations facing daunting annual price increases look to market their programs in hope of ...
FRD Red Flags.
Sep 15, 2006 ... The Center for WorkLife Law says courts have found the following actions to be discriminatory: * Refusing to hire women with preschool-aged children, even though men with preschool-aged children are hired. * Failing to promote women with children while promoting women ...
Health coaches, prepare: Consumers want your guidance.
Sep 15, 2006; ... The concept of health coaching has taken off with the rise of financial and other incentives influencing consumer behavior. Is health coaching a euphemism for utilization review and case management from the managed care days? It could be, depending upon the health plan or ...
Paint it black: HR expert says profit is everyone's business'.(Interview)
Sep 15, 2006 ... The HR department needs to function as a business and turn a profit, says Laura E. Bernstein, president and CEO of Iowa-based VisionPoint Production, Inc. a corporate training firm. Bernstein, who has 17 years experience with the public and private sectors, believes with the ...
Saving grace: Adopting the FSA grace period can enhance employers' cafeteria plans.
Sep 15, 2006 ... On May 18, 2005, the Internal Revenue Service issued Notice 2005-42, which created a grace period of up to two months and 15 days to address the use-it-or-lose-it provisions that govern medical and dependent care flexible spending accounts. Although some employers embraced the ...
Ask The Auditor: Getting answers about SAS70: Who must provide reports? Are there standard business process control objectives?
Sep 15, 2006; ... As a benefits manager, I outsource many traditional employee benefits functions, such as payroll and claims administration for worker's compensation and disability. How do I know which outsourcer is supposed to provide me with an annual SAS 70 report? Recent years have witnessed ...
Employee attitudes on health care: The only constant is change.
Sep 15, 2006; ... Benefit telepathy: the ability to read the minds of employees in order to understand how they make benefit-related decisions. No, this paranormal phenomenon does not exist, but many employers, benefit managers and HR professionals wish it did. Insight into the concerns and ...
The makers of TurboTax - that wonderful online tool that actually makes tax season somewhat bearable - are planning to launch a similar tool for health care management sometime next year that could revolutionize how people handle their medical finances.
Sep 15, 2006; ... Intuit, a business and financial management solutions company, is creating new products based on its proprietary Quicken and TurboTax software that are geared towards simplifying health care management and improving decision-making in the same way the finance and tax products helped ease ...
Knowledge is power in comparing LTC inflation options.
Sep 15, 2006 ... Despite warnings from in-the-know benefits brokers, a majority of employees purchasing long-term care insurance opt for the future purchase option (FPO) form of inflation protection, which allows people to periodically buy additional benefits, instead of the automatic benefit increase ...
Putting carrots on the table that employees will bite: Rewards and perks to sustain a happy and motivated workforce.
Sep 15, 2006 ... The old adage "it's better to give then receive" is starting to grab the attention of more employers who want to keep top-notch workers. While money still lingers in the picture, businesses are starting to realize the small personal things can also go a long way in increasing ...
Managing debt improves your financial position.
Sep 15, 2006 ... You've probably seen the ads online or on television about the most important three-digit number in your life. Not for playing the lottery; it's the credit score merchants and lenders use to determine your creditworthiness. Those with a good score have easier access to borrowed ...
Benefits Professional of the Year: Karen Ling's benefit plan overhaul promotes accountability, sustainability.
Sep 15, 2006 ... It's not unusual for benefits professionals to be asked to rein in costs. What is exceptional is how Karen Ling did it, relying on statistical data and employee feedback to guide an extensive set of changes in health plans, paid leave and retirement plans at Wyeth, a leading pharmaceutical ...
Judges' Choice Award: Kathy Durbin harvests savings from online bidding.
Sep 15, 2006 ... To reduce health care costs, most HR-benefit managers have turned to plan design changes, employing tools such as high-deductible plans and higher copays. But tech-savvy Kathy Durbin saw a different and innovative solution to the problem. The director of benefits at H-E-B ...
Benefits Leadership in Health Plans: Where others see barriers, Andes sees opportunities'.
Sep 15, 2006 ... If there's such a thing as benefits mojo, Karrie Andes has it. As HR director at Deffenbaugh Industries, a Shawnee Mission, Kan.-based waste management company, she has successfully recruited and retained employees to work at a company headquartered at a landfill. As her ...
Benefits Leadership in Retirement Planning; Sally Hass champions the new retirement' nationwide.
Sep 15, 2006; ... Golf is a forbidden retirement goal for Weyerhaeuser employees, at least in Sally Hass's classrooms. She holds up a big "no golf" poster - complete with red circle and slash - whenever anyone cites the pastime as something they hope to do in their golden years. She's joking, of course ....
VSP People First Award: Jim Evans spearheads benefits change under new management.
Sep 15, 2006; ... When companies usher in new management, so too arrives the prospect to bolster benefit offerings and provide support and reassurance to a concerned employee base. Jim Evans, CFO of The DECC Company, seized on this opportunity and landed much-improved benefit plans and the ...
Looking back, moving forward.(John Caplan)(Andy Hiles)(Joseph A. LoCicero)(Discussion)
Sep 15, 2006 ... As EBN looks back on 20 years of providing news, trends and analysis in employee benefits, Managing Editor Kelley Butler asked emissaries from eight of the nation's leading benefits consultancies to weigh in on how the world of benefits has evolved over the last two decades, and offer a ...
Portal Power: Data integration capabilities creating next level in HR self-service technology.
Sep 15, 2006; ... The latest workforce technology developments are proving what a large part software innovation can play in how human resources and benefits professionals do their job. As companies move away from intranet sites and toward more complex information systems, the biggest ...
Adding on: Growing demand for supplemental medical benefits has insurers hoping and hopping.
Sep 15, 2006 ... Increased employer and employee interest in voluntary medical benefits is prompting providers to re-evaluate product offerings, including critical illness insurance, supplemental insurance, disability insurance and limited benefits medical plans. All of these benefits, according ...
Cheaper Zocor throws generic market a curveball.
Sep 15, 2006; ... A recent policy change by Merck to offer greater discounts for its cholesterol-lowering drug Zocor has employers, pharmacy benefit managers and insurers faced with making a tough decision: Should they follow what has been general tradition to this point and offer generic versions ...
Generous benefits lure workers to take age-appropriate tests: Participation in prostate exams and colonoscopies still a challenge.
Sep 15, 2006 ... Employers and insurance carriers are dangling financial incentives in front of workers, hoping they will rush to the doctor to take age-relevant tests, such as prostate examinations, mammograms and colonscopies. The incentives reflect a growing trend among companies and carriers ...
Employers ready and willing to work toward health reform.
Sep 15, 2006 ... America's private-sector employers - the major funding sources of workers' health care - are using pocketbook power to drive innovation in health information technology. Today, major employers are taking their place alongside the medical industry and the federal government in ...
Depression has broad impact on disability, Aetna finds.
Sep 15, 2006; ... There is a greater connection between depression and disability leave than was previously known, according to research from Aetna. The health insurer examined short-term disability claims from Jan. 1, 2002 to June 30, 2004, and long-term disability claims from Jan. 1, 2002 to ...
High price of limited care.(Brief article)
Sep 15, 2006 ... The National Alliance on Mental Illness released survey results in July indicating that individuals with depression and restricted access to health care services are more likely to pay higher out-of-pocket medical expenses and more for psychotherapy and other treatments than those who have ...
Custom lifecycle funds: Next generation of lifecycle products.
Sep 15, 2006; ... Lifecycle funds, consisting of a portfolio that gradually changes over time targeted to the participant's date of retirement, remain a hot product for plan sponsors. However, there is an even newer option that is generating buzz among both sponsors and advisers: custom lifecycle funds. ...
Employers can keep company stock in retirement plans.
Sep 15, 2006 ... Employers may breathe easier, as two recent court cases indicate that fiduciaries are safe to leave company stock in a retirement plan, even if the stock is tanking. In DiFelice v. US Airways, employees sued the airline, claiming it breached its fiduciary duty when it allowed ...
Building a better 401(k) participant from the bottom up: Some retirement experts say a good foundation of debt management is the secret to jump-starting plan participation.
Sep 15, 2006 ... Retirement plan sponsors are in a rut. Although billions of dollars annually flow into employer-sponsored retirement plans, it's only a fraction of the money that could be had, since employees save too little and spend too much. That simple equation has prompted some companies ...
Guidance on frequent-trade monitoring.
Sep 15, 2006 ... The SPARK Institute has issued guidelines for frequent-trading monitoring by retirement plan record keepers that are intended to minimize the number of alternatives required for compliance and thereby reduce administrative complexity and confusion among service providers, plan sponsors and ...
More money, more problems Affluent Americans need more retirement advice.
Sep 15, 2006; ... First, the good news. A decade marked by low interest rates, increasing property values and a forward-moving economy has churned out more and more affluent Americans, or those with between $100,000 and $3 million to invest. Now, for the bad. Of the 660,000 wealth advisors in ...
Roth 401(k) plans remain popular but scarce.
Sep 15, 2006; ... Employees at Associated Agencies, an insurance company in Rolling Hills, Ill., have joined the small, but growing, number of workers with a new option for retirement savings: the Roth 401(k). First approved by Congress in 2001, but only available as of Jan. 1, 2006, the Roth ...
Calculator helps potential ETF investors.(Rydex Trading Expense Calculator )
Sep 15, 2006; ... To help determine whether mutual funds or exchange -traded funds are best for a client, Rydex Investments of Rockville, Md., has launched an online trading expense calculator. The Rydex Trading Expense Calculator prompts advisers to enter factors such as number of ...
Pension law changes require deliberate response: As plan sponsors grapple with greater volatility, they also should consider where their pension fits within the broader context of their employee value proposition.
Sep 15, 2006 ... Congress has finally made up its mind on the long-debated matter of how to tighten up the defined benefit pension system. It's time, therefore, for DB plan sponsors to focus on some key technical pension issues, and give thoughtful consideration to the larger strategic issues surrounding ...