Benefits
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Retirement Showdown
Experts are looking to educate lawmakers about the benefits of protecting the existing tax treatment of retirement plans.
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Will That Knee Replacement Cost an Arm and a Leg?
With more employees enrolling in high-deductible health plans, a nonprofit business group endeavors to pull back the curtain on health costs. In a statement, the Catalyst for Payment Reform pushes for not only more information but also better cost-calculating tools for consumers.
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So This Is 30: How Health Care Rules Are Changing for Part-Timers
While part-time workers make up 23 percent of the total workforce, only 15 percent of them are eligible for health coverage, survey reveals.
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IRS Releases Final Rules on Health Care Reform Costs
The affordability test applies to employer-sponsored health plans. An employee is eligible to receive a federal subsidy to purchase insurance through an exchange if his or her employer's plan premium contribution exceeds 9.5 percent of his or her household income, according to IRS guidelines.
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Employers' Deadline to Inform Employees of Health Exchanges and Cost-Sharing Plans Extended
The March 1 deadline for businesses to notify employees of their benefits cost-sharing plans and government-run health insurance exchanges has been postponed. A new deadline is expected by fall.
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New Changes Made to HIPAA Privacy and Security Rules
Health and Human Services has issued final regulations that address recent legislative changes to the HIPAA privacy and date security rules. Compliance by employers will be required by Sept. 23, according to a press release.
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It’s All in the Wrist—and in the Back
Emphasizing ergonomic workspaces can lead to a healthier workforce, lower costs and a stronger business overall.
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Possible Civil Rights Reform Under Obama Could Benefit Businesses
Human resources departments nationwide could be rewriting policies and drafting new procedures over the next four years if the president and his administration are able to accomplish the goals expressed in his second inaugural address.
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Law Firm Ordered to Restore Retirement, Pension Plan Assets
Eichholz Law Firm P.C. and former Managing Partner Benjamin Eichholz breached their fiduciary responsibilities under the Employee Retirement Income Security Act by improperly transferring and lending plan assets to prohibited recipients.
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Employers Taking Charge of Their Retirement Plans
New federal rules released last year made clear that defined contribution plan sponsors needed to get a better handle on investment and other provider fees. A new survey shows that they have.
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Much 'To Do' to Keep Retirement Running Smoothly
Revisiting the company's investment plan statement should be the first order of business, and then start building your paper trail to ward off IRS inquiries.
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NHL Players Score New Pension Plan
The defined contribution plans, created during the last league lockout in 2005, will be restructured into voluntary contribution plans and neither plan will be terminated.
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Valuing Value: California Mines New Health Coverage Plan Concepts
SeeChange Health and Blue Shield of California are two San Francisco insurance companies that are stepping up efforts to market value-based insurance design plans to large employers.
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HHS Gives $1.5 Billion in Grants to 11 States to Set Up Health Exchanges
The U.S. Department of Health and Human Services said it is giving $1.5 billion in grants to 11 states to launch or further develop health insurance exchanges. Those states are California, Delaware, Iowa, Kentucky, Massachusetts, Michigan, Minnesota, New York, North Carolina, Oregon and Vermont.
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Flu Taking Advisers—and Clients—Down 'Like Soldiers'
The Centers for Disease Control said that this year's flu season, which ramped up earlier than usual and could go on through March, is the worst outbreak in a decade.
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HHS Proposes Rules to Verify Health Care Premium Subsidy Eligibility
Under the proposed rule, administrators of state and federal insurance exchanges must verify whether applicants seeking tax credits to buy health care coverage through an exchange are enrolled or eligible for qualifying coverage in an employer-sponsored health care plan.
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Workers' Wellness Goes Wireless With Activity Trackers
Unlike its predecessor the pedometer, which tracked only steps and whose data couldn't be uploaded or easily shared, the accelerometer monitors steps, distance and calories burned. It even tracks sleep.
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Get Up, Stand Up: Workers on Notice to Re-energize With Movement
Workplace program pushes people to leave their desk and walk around for one to two minutes every 25 to 30 minutes.
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Certifications Aid Navigation of the Affordable Care Act Maze
Finding a qualified partner in the employee benefits industry can help companies adjust to the ACA regulatory landscape. Accreditations are enhancing their knowledge.
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Tobacco Cessation Report Lights Up Coverage Gaps, Confusing Language
Researchers found 'significant variation in how private health insurance coverage works for tobacco cessation treatment' when analyzing 39 insurance contracts in six states.
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Employers Hungry for Returns When Updating 401(k) Menus
Plan sponsors see big bounce in performance after adding new funds but it doesn't last.
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Higher Financial Penalties Proposed for Uninsured Massachusetts Residents
In 2012, the maximum penalty for non-compliance was $105 a month, or $1,260 a year. The maximum penalty this year for those with incomes that exceed 300 percent of the federal poverty level will be $106 for each month that an individual is not covered by health insurance, or $1,272 a year.
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Certifications Aid Navigation of the Affordable Care Act Maze
Finding a qualified partner in the employee benefits industry can help companies adjust to the ACA regulatory landscape. Accreditations are enhancing their knowledge.
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Massachusetts Bill Would End Employer Penalty for Not Offering Health Plan
Under the governor's plan, the current annual assessment—known as the Fair Share contribution—of $295 per employee on employers not offering coverage would end on June 30.
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Narcotic Pain Drugs Remain Atop List of Workers' Comp Insurer Concerns
Concern over the long-term implications of prescribing narcotic pain medications to injured workers has grown during the past two years.
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Illegal Immigrants Covered by Nebraska Workers' Comp System: Court
Those courts concluded that denying workers comp benefits to illegal immigrants creates a financial incentive to hire them because it allows an employer to escape liability for worker injuries, giving that employer an unfair advantage over competitors who follow the law, Nebraska's high court said...
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Wellness Programs Can Reduce Worker Medical Costs by 18 Percent: Study
The report said wellness programs could reduce costs for risks such as physical inactivity, smoking, high blood pressure and obesity. If the risk factors were lowered to “theoretical minimums,” health care expenses could be lowered by an average of $650, or 18.
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No-Strings-Attached Roth 401(k) Conversion Is Good Deal—for Select Few
Until now, to make such a distribution without incurring a 10 percent penalty, workers must either have been retiring, terminating their job with their employer or turning 59½.
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Labor Department Proposes Allowing Coca-Cola to Fund Life, AD&D Benefits in Captive
Atlanta-based Coca-Cola wants to use its Red Re Inc. captive to reinsure life insurance and accidental death and dismemberment policies written by Metropolitan Life Insurance Co.
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Specialty Drugs and the Cost Conundrum
Steep prices of specialty drugs—such as Humira or Enbrel, which can cost more than $14,000 annually—are prompting employers to focus on managing the expense. But the question is how.
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IRS Rules Ease Compliance With Health Reform Law Employer Mandate
The massive $2,000-per-full-time-employee penalty will not apply so long as employers offer coverage to at least 95 percent of their full-time employees and their dependents up to age 26, the IRS said.
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Tax Bill Will Reduce 401(k) Taxes, Ease Fund Transfers
A provision tucked into the American Taxpayer Relief Act will expand the opportunities for employees to transfer funds from traditional 401(k) plans to Roth 401(k)s. Employees who are in lower tax brackets now compared with when they retire will reap big tax savings from such transfers.
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Group Benefits Costs to Rise at Slowest Rate in 11 Years: Study
A survey of 123 insurers and benefits administrators, released Dec. 17, indicated that group health care plan cost increases through June 2013 will be between 0.2 percent and 0.6 percent lower than they were in the first half of this year.
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Workers Indicted for Defrauding Employer-Sponsored Wellness Program
The employees are accused of falsely reporting that they participated in healthy activities in order to earn rewards through a wellness program included in their employee health insurance plans.
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Minnesota, Rhode Island Get OK to Launch Health Insurance Exchanges
The U.S. Department of Health and Human Services has given tentative approval to applications filed by Minnesota and Rhode Island to launch health insurance exchanges in 2014.
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Domino's Pizza Founder Wants Exemption From Contraceptive Mandate
The U.S. Department of Health and Human Services law requires most employers to provide cost-free coverage for birth control prescriptions, sterilization, preventative screenings and other forms of women's preventative care.
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Weighing in on Wellness Incentives
The American Heart Association and American Cancer Society are among the groups providing guidance on how organizations can design outcomes-based incentives programs that don't discriminate against employees.
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Cabinet-maker Among Firms Adding Wellness to Health Care Cupboard
For companies considering healthy programs, it's important to create a wellness culture, one executive says. “If you're doing it just to attack claims, don't do it. It won't succeed.”
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Lockheed Martin Offers Lump-Sum Option to Some Former Employees
When participants take lump sums and move out of a pension plan, employers can reduce certain fixed costs, such as the payment of sharply rising premiums to the Pension Benefit Guaranty Corp.
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The 401(k) Consolidation Conundrum
Consolidating retirement accounts is typically a worker's responsibility, but employers can offer guidance to make the process easier.
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HHS Approves Health Insurance Exchanges for Two More States, D.C.
Kentucky and New York join the District of Columbia in receiving the latest approvals. In all, exchange applications filed by eight states, plus the District of Columbia, have received tentative regulatory approval.
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Find Great Rank-and-File Workers
Recruiting strategically can give employers an edge and reduce costly turnover.
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Changes in Tax Rules Could Cut 401(k) Plan Sponsorship: Survey
Almost half of employers, 46 percent, said they would consider dropping their plans under the 28 percent tax credit scenario, while one-third would do so in the event of a limited tax exclusion or under the 20-20 proposal.
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Pennsylvania Will Not Set Up Health Insurance Exchange
Pennsylvania is the latest state to declare it will not set up a state health exchange. States have until Dec. 14 to inform federal regulators whether they intend to establish exchanges.
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2013: A Time for Re-imagining How Work Gets Done
How work gets done, who does it and the tools they use to accomplish the task are all shifting as the new year approaches.
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2013 Employment Forecast: A Fiscal Cliffhanger
How well the job market recovers in the next 12 months could depend on what Congress decides in the next few weeks.
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Workers' Spending on Health Premiums Surges 74 Percent in 8 Years
A worker, on average, spent $3,962 on family premiums in 2011, an increase of 74 percent from 2003. Meanwhile, the average family premium totaled $15,022, an increase of 62 percent from 2003, the report said.
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Clients Kind of Blue Over IBM's 401(k) Surprise
Starting next year, Big Blue's match will be contributed as a lump sum on Dec. 31.
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HHS Gives Tentative Approval to Six State Health Insurance Exchanges
Those six states are Colorado, Connecticut, Maryland, Massachusetts, Oregon and Washington.
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American Pilots Accept Contract With Pension Freeze Provision
The pilots' approval clears the way for parent company AMR Corp., Fort Worth, Texas, to continue its Chapter 11 bankruptcy proceedings. The pension proposal is contingent on the resolution of the bankruptcy proceedings.
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Pension Envy for Employees Not On the Government's Dime
A recent analysis by Hearts & Wallets of individuals who are near or in retirement showed that those with a public pension are happier in retirement and have higher income than those who don't have a defined-benefit plan.
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Year-End Pension Funding Gaps Could be Largest on Record: Mercer
The aggregate funding deficit in pension plans sponsored by S&P 1500 employers narrowed to $607 billion in November, down $12 billion from the $619 billion deficit recorded in October.
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Pharmaceutical Giant Puts Medical-Home Concept to the Test
Working with a nonprofit program, GlaxoSmithKline is giving its North Carolina employees the opportunity to test a medical home's efficiency. The pharmaceutical company will see whether the two-year pilot program could mean cost savings.
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The Medical Home Evolves From Recordkeeping to a Community of Care
A patient-centered medical home practices preventive medicine and helps manage chronic illnesses through a partnership between patients and their primary care physician and other health professionals
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Employee Opinion of Health Care Benefits Value Drops: Mercer
Thirty-six percent of employees polled in Mercer's annual Workplace Survey indicated that their out-of-pocket costs were 'definitely' commensurate with the health benefits they receive through their employer, down from 44 percent in 2011 and 38 percent in 2010.
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Fiscal Cliff Talks Target Retirement Plans
Retirement plans are in congressional crosshairs for one basic reason: the tax-deductible contributions made to the plans cost the government tens of billions of dollars a year in reduced tax revenues.
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HHS Details Fees to Be Paid, Provides Guidance for Transitional Reinsurance Program
Much of the $25 billion in assessments—to be paid annually over a three-year period—will be used to partially reimburse commercial insurers writing policies for individuals with high health care costs.
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The Last Word: Spending the Holidays With Obamacare
There is a large contingent of HR and benefits managers who face implementation now, during the holiday season no less.
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Mercer to Launch Health Insurance Exchange for Medicare-Eligible Employees
The exchange, which Mercer is offering along with Connextions Inc., a technology solutions company, will provide assistance to retirees during enrollment periods and throughout the year.
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Same-Sex Domestic Partner Benefits Would Cost Government $144M Over 10 Years
If the Domestic Partnership Benefits and Obligations Act were enacted, it would override DOMA's provisions regarding federal employees, but not its overarching definition of marriage for tax and Social Security purposes.
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AMR Seeks Court Approval to Remove Lump-Sum Benefit Option in Pilots' Pension Plan
American Airlines Inc. parent AMR Corp. has asked a federal bankruptcy court in New York for permission to allow the airline to amend its frozen pilots' pension plan so that retiring pilots cannot receive their accrued benefits as a lump-sum.
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Depression Leads in Top Risk Factors for Employer Health Spending
Annual medical spending for an employee with depression is $2,185 higher, or 48 percent more, than for a worker without depression, according to a new study.
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Medicare Beneficiaries Face Boost in Out-Of-Pocket Expenses
Medicare beneficiaries will face higher out-of-pocket expenses next year, according to the U.S. Department of Health and Human Services.
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Worker's Inability to Speak English Appropriately Considered in Disability Ruling: Court
The case of Merivic Inc. and Zurich North America v. Enrique Gutierrez involved a workers' comp claimant who had a ninth-grade education and a 'limited working knowledge' of English despite having lived in the United States for 34 years, according to the opinion.
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HHS Proposes Rules on Employee Wellness, Essential Health Benefits
Officials said the proposed rules on wellness programs are designed to give employers greater flexibility to design programs that will positively affect their employees' overall health while providing individuals with enhanced protections against discriminatory practices.
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Health Care Reform Timeline
Implementation of the Patient Protection and Affordable Care Act has been slow since its passage in March 2010. That will change starting in January when more regulations and requirements begin kicking in. Here is a list:
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Hostess Brands to Terminate Pension Plan as Part of Liquidation
Hostess suspended payments to the 42 multiemployer pension plans to which it contributes in August 2011. The company's IBC Defined Benefit Plan had about $56 million in assets and $111 million in liabilities as of April 30, according to the PBGC.
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The (Employer) Match Is Back
Recent data show that employers have not only restored the matching 401(k), but also that employees are contributing more to their retirement plans as well.
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PBGC Deficit Hits Record $34 billion in 2012 Fiscal Year
The deficit in the PBGC's insurance program for single-employer plans climbed to $29.1 billion in fiscal 2012, up from $23.3 billion the previous year. The deficit in the agency's insurance program that covers multiemployer pension plans climbed to about $5.2 billion, up from $2.
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Obamacare Health Exchanges Could Take a Big Bite Out of Broker Commissions
State-run health care exchanges could offer one-stop shopping experiences for small businesses, which usually pay more for insurance because they lack the buying power of bigger companies.
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Fixing Patients the First Time Holding Health Care Costs Down
New York hospitals face steep revenue cuts for readmissions that are preventable.
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California Department of Industrial Relations Provides Information on Workers' Compensation Reform
California recently adopted workers' compensation reform laws that could help employers reduce their costs, but only if they understand how to take advantage of the changes.
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Corporate Weight-Loss Initiatives: Motivational or Stigmatizing?
Amid the proliferation of corporate weight-loss efforts, some researchers worry that well-intentioned initiatives can risk employee backlash. Sprint Nextel and O'Neal Steel leaders describe how they strive to marry motivation and results.
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Group Health Plan Costs Up 4.1 Percent in 2012, Smallest Increase in 15 years: Mercer
The 4.1 percent increase brought health plan costs to an average of $10,558 per employee in 2012, compared with $10,146 per employee in 2011, according to the survey.
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HealthPass New York Selects Bswift to Provide Exchange Technology, Services
Bswift Inc. will provide HealthPass New York clients and members with functions and capabilities including reporting tools, dashboards and alerts for employers, as well as shopping tools, decision and enrollment support for employees.
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Obama Re-election to Accelerate Release of Health Care Reform Law Guidance
Some health care reform law issues may be discussed during the remaining weeks of the current legislative session as lawmakers look for ways to reduce the federal budget deficit.
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401(k) Plan Balances Hit Record High for 2012: Fidelity
For the three-month period ending Sept. 30, employees' average account balances jumped 4.2 percent from the prior quarter, and 18 percent compared with the end of the third quarter of 2011 when account balances averaged $64,300, according to Fidelity Investments.
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States Up the Pressure on Retirement Plans for Private Workers
California's new state-administered retirement savings program for certain private-sector workers could serve as a model for other states.
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How Whirlpool Boosted Employee Productivity
One organization's data shows that health-related productivity losses cost U.S. employers $227 billion annually. Whirlpool officials are striving to reduce one component, called presenteeism, by providing employees with better mental and physical support at the work site.
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Obama Win Seen as Victory for Health Care Reform
President Barack Obama's victory serves as a vindication for the Patient Protection and Affordable Care Act, industry experts said soon after the president won re-election Nov. 6.
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With Election Near, Romney, Obama Take Very Different Stances on Health Care Reform Law
Republican challenger Mitt Romney said numerous times during the campaign that one of his first acts, if elected, would be to seek repeal of the Patient Protection and Affordable Care Act.
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American Airlines Freezes Its Pension Plans
In January, American said it would seek bankruptcy court approval to terminate the plans, which have about 130,000 participants.
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Mercer Analysis Explores Funded Status of Pension Plans in Several Countries
In the United States, plans sponsored by employers in the S&P 1500 were on average 73 percent funded as of Sept. 30, down from 75 percent as of Dec. 31, while funding for plans sponsored by Canadian employers in the S&P/TSX fell to 83 percent, down from 87 percent as of the end of 2011.
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Thirty Percent of Eligible Employees Take GM Lump-Sum Offer
GM announced on June 1 it would offer 42,000 salaried retirees a lump-sum offer. Another 76,000 salaried retirees, along with those who declined the lump sum, will receive annuity payments from Prudential.
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New Research Shows Retirees Are Bailing on 401(k)s Earlier
The data suggest that more retirees are taking their money and bailing from their plan even sooner after they stop working than used to be the case.
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There's No 'I' in 'Team'
Companies are finding that team wellness challenges work better to create behavior change than individual incentives. But team challenges have their limits, too.
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Out of Sight but Not Out of Mind
Employers are tailoring wellness offerings to suit staffs that aren't in the office. Programs must be “highly timely, personalized and relevant,” an expert says.
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Aging Workforce Not as Costly as Some Think: NCCI Report
The new report adds to NCCI Holdings Inc. research findings published in 2011 concluding that on average costs for workers aged 35 and older tend to be similar.
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Most Employers to Continue Offering Health Benefits: Survey
Out of 111 Midwestern employers surveyed in August, only 8 percent said they intend to drop health care coverage for active employees in 2018, when the last of the federal health care reform act's provisions are expected to take effect, according to the Chicago-based business group's report.
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Health, Safety Lapses in Lab Tied to Fungal Meningitis Outbreak
Investigators found “serious health and safety deficiencies” at the compound pharmaceutical lab tied to the fungal meningitis outbreak, according to a preliminary report released Oct. 22.
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Illinois Pension Plans on Road to Ruin: Report
Pension costs are projected to take up 25 percent of the state's budget in fiscal year 2015, up from 8 percent in 2008 and 20 percent in 2012.
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Kimberly-Clark Offers Lump-Sum Pension Benefits
Participants will have until Nov. 21 to make the election. The lump sum payments will be funded from plan assets and will be made by the end of 2012.
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Employer-Sponsored Health Benefits for Retirees Dying Out
Data from the Employee Benefits Research Institute showed that in 1997, 10.2 percent of private-sector employers provided health insurance to Medicare-eligible retirees and that 11.3 percent provided such coverage to early retirees. As of last year, those numbers fell to 6.1 percent and 6.
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Get Healthier or Pay Up
That's the approach some new wellness ventures and employers are embracing to inspire employees to kick bad habits.
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Integrating Wellness Programs With Incentives
A company that sees itself as a 'universal remote' for wellness programs aims to help employers and their workforces see all of a program's offerings in one place.
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Verizon Buys Group Annuity and Sheds $7.5 Billion in Pension Liabilities
New York-based Verizon became the second major employer in recent months to announce such a pension plan risk-reduction strategy.
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Expedia Constructing Work-Site Clinic at Headquarters
The clinic is being constructed by Qliance Medical Management Inc., a Seattle-based health care firm that contracts with employers to provide primary care to employees and their dependents through its network of clinics.
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A Perk the Boss Can't Afford
New York City wants to give small business workers paid time off—a benefit some of their employers can rarely take.
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Benefit Tech Tools Aim to Turn Employees Into Smart Shoppers
Health care consumerism—a movement to empower employees with information to help them choose plans, providers and treatments—is giving rise to online decision-support tools that assess the best benefit plan for their needs.
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Court Rules Employer Does Not Need to Pay for Employee's Gastric Bypass
On the doctors' advice to lose weight, Melinda McKenzie underwent unauthorized gastric bypass surgery in 2006 and eventually lost 241 pounds, records show. However, MCI denied authorization and payment for McKenzie's procedure.
