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CCH Pension & Benefits NetNews™

May 6, 2008
 

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    • Featured This Week

    Employee Benefits Management News

    Pension Plan Guide News

    Employee Benefits Management News

    House passes genetic nondiscrimination bill; Bush expected to sign

    On May 1, 2008, the U.S. House passed, by a vote of 414-1, a landmark bill designed to protect personal genetic information from misuse by employers and insurance companies. The US Senate passed the measure on April 24, 2008, by a vote of 95-0, and the bill will now go to the White House where President Bush is expected to sign it into law. The Genetic Information Nondiscrimination Act (GINA) (H.R. 493 as amended) would prohibit employers from using individuals' genetic information when making hiring, firing, job placement or promotion decisions. It would make it illegal for group health plans and health insurers to deny coverage to healthy individuals or charge them higher premiums based solely on a genetic predisposition to a disease. For details, see ¶2017O.

    Most companies oppose single-payer health care system and state coverage mandates, survey finds

    Most U.S. companies do not support a single-payer health care system or state legislation mandating coverage. Instead, they prefer relying on private-sector solutions, according to research by Watson Wyatt Worldwide and the National Business Group on Health. For more information, see ¶2017K.

    Hewitt survey suggests U.S. companies not effectively managing workplace flexibility programs

    A rapidly shrinking talent pool, coupled with increased work-life pressures and a more diverse, global and independent workforce, have prompted an increasing number of companies to offer flexible work arrangements as another way to attract, retain and engage talent, according to Hewitt Associates. But while companies believe that workplace flexibility is a critical retention and recruiting tool, most do not have the structure or support in place to maximize the value that these programs can provide. For more information, see ¶2017M.

    More than six million enrolled in health savings account plans

    More than 6.1 million Americans are covered by Health Savings Account (HSA)-eligible insurance plans, a 35 percent increase since last year, a new census released by America's Health Insurance Plans (AHIP) found. HSAs were authorized starting in January 2004. Since then, AHIP has conducted a periodic census of its members participating in the HSA plan market. For more information, see ¶2017N.

    Pension Plan Guide News

    EBSA issues guidance and amends regs on Qualified Default Investment Alternatives (QDIAs)

    The Employee Benefits Security Administration (EBSA) has issued a Field Assistance Bulletin (FAB) and amended the regulations on Qualified Default Investment Alternatives (QDIAs). For more information, please see ¶19,981W, ¶24,807S, ¶82C, and ¶82E.

    IRS issues notice of June 6 hearing on hybrid defined benefit plans

    The IRS has announced a public hearing on proposed regulations relating to hybrid defined benefit plans. For more information, please see ¶82F.

    IRS requests applications for IRS Advisory Council

    The IRS has requested applications for membership on the IRS Advisory Council (IRSAC). For more information, please see ¶82A.

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