Employee Benefits Top Stories
The Occupational Safety and Health Administration last month issued an Emergency Temporary Standard that requires health care employers to remove staff from the workplace if they have contracted or been exposed to COVID-19 and continue to provide compensation and benefits while they are out of the workplace.
The Society for Human Resource Management, in partnership with Raymond James Financial Inc., has launched a SHRM-branded 401(k) plan marketplace to offer retirement plans and services that typically would be out of reach of smaller employers.
Volvo North America won approval of salary and benefits it offered in a new six-year contract with the United Auto Workers union, ending a strike at its tractor truck plant in Dublin, Va.
The California Public Employees’ Retirement System, or CalPERS, has agreed to pay up to $2.7 billion to settle a class-action lawsuit over double-digit increases in long-term care insurance premiums for polices that included “inflation-protection” coverage.
Pharmacy discount company GoodRx Inc. has analyzed cash prices for the top 100 brand name drugs in the U.S. with the costliest brand being Humira (made by AbbVie) at $9,065 per month.
PPG Industries Inc. won a summary judgment in a federal lawsuit alleging it was liable for maintaining retiree benefits for a company it spun off that later terminated those benefits.
New York City reached an agreement with municipal worker unions to shift retiree health care benefits to a new plan under Medicare Advantage, a program in which public benefits are administered through private companies.
As monthly federal student loan payments are set to resume in the fall, more employers are considering some form of student loan relief as an employee benefit.
Yum! Brands Inc. is facing a lawsuit in federal court from a man who claims he was misclassified as an independent contractor, rather than as an employee, thus improperly denying him full retirement benefits.
The Purchaser Business Group on Health, a national employer coalition focused on reducing health care costs and improving care quality, has added four new members to its board of directors.
The COVID-19 pandemic has accelerated the trend of consumerism in health care, with more people taking control of their own care.
McDonald’s Corp. franchises are expected to offer backup childcare and other new benefits to help retain and attract employees. In addition to emergency childcare, the Oak Brook, Ill.-based company is aiming to boost hourly pay, give workers paid time off and help cover tuition costs.
TIAA-CREF Individual & Institutional Services LLC agreed to pay $97 million to settle conflict of interest charges brought by the Securities and Exchange Commission stemming from rollover recommendations to participants in TIAA record-kept employer-sponsored retirement plans.
Large self-insured employers lack the market power in most metropolitan areas to effectively negotiate lower hospital prices.
HealthPartners UnityPoint Health will offer health insurance plans for small businesses in Iowa, expanding its reach into the employer-based market.
Koch Industries Inc. will pay $4 million and find a new retirement plan record keeper as part of a class action settlement of a lawsuit that challenged administrative fees of its retirement savings plans.
Acadia Parish officials in Louisiana are considering a plan to pay a portion of parish police officers’ health insurance premiums after retirement up to Medicare age.
Employer groups say additional regulation of brokerage windows is not needed in defined contribution plans, according to testimony presented to the U.S. Department of Labor’s ERISA Advisory Committee.
Actuarial consultant Milliman Inc. reports that, for the first time in 2021, funding levels of U.S. corporate pensions declined.
San Diego city officials are moving to re-open its pension system to new hires, as well as compensate recent hires who were offered a 401(k) retirement savings plan rather than a traditional defined benefit pension.
A federal judge ruled in favor of Cigna following a lawsuit that accused the insurer of unjustly denying claims made by former NFL players, according to Becker’s Hospital Review.
Washington state employers will be required to collect, remit and report premiums that workers must pay into the state-run mandatory long-term care insurance plan, which takes effect in 2022, according to an analysis by Littler Mendelson.
Walgreens Boots Alliance Inc. will open 29 primary care clinics in Texas this year in partnership with VillageMD.
Health insurers filed for a 12.9% average increase in rates next year for Connecticut small group health plans covering employers with fewer than 50 workers.
Despite a requirement that hospitals publicize pricing data on their web sites to help consumers shop for medical services, it’s nearly impossible for the average consumer to understand the pricing information that hospitals have posted, according to the Wausau Pilot & Review, citing a Kaiser Health News report. “The prices I examined were as transparent […]
News stories about the Baby Boomer generation’s accumulation of wealth and how it will be transferred overlook a key reason for these gains: the shift in the private sector to defined contribution pension plan from defined benefit pension plans, according to City Journal. The shift to pension plans with individual savings accounts placed an unprecedented […]
A Texas man pleaded guilty in federal court to wire fraud charges in connection with a sham health plan that was marketed to employers and their employees nationwide as a supplemental benefits plan to reimburse out-of-pocket medical expenses, according to the Orange Leader. Joseph Anthony Borino was national marketing director of The Total Financial Group […]
President Joe Biden signed an executive order calling on the Department of Justice and Federal Trade Commission to take a tougher stance on mergers of health insurance companies, hospitals, pharmaceutical firms and hearing aid makers that decrease competition and raise prices, reports Healthcare Finance News. Consolidation in the health insurance industry, for example, has meant […]
A failure to reach agreement on health insurance premium increases are at the heart of a breakdown in talks between PepsiCo and union truck drivers, route drivers, merchandisers, and other delivery personnel working at the Pepsi bottling plant in Munster, Ind., according to The Shelbyville News. Workers are going on strike Monday after rejecting the […]
Approximately 200 troubled multiemployer defined benefit pension plans covering some 3 million workers will get help from the Pension Benefit Guaranty Corporation, according to 401K Specialist. The funds were earmarked by the American Rescue Plan stimulus package. “Collectively, these plans hold about $496 billion in assets but face $1.2 trillion in liabilities for a net […]