Average PPO cost per family hits all-time high: Milliman

By: Matt Dunning

Published May 15, 2012 - 2:17pm CST

While cost increases for families enrolled in employer-sponsored preferred provider organizations have slowed since 2010, average total costs per family still hit an all-time high, according to a report released Tuesday by Seattle-based Milliman Inc.

Regulators provide guidance on summary of benefits rules

By: Jerry Geisel

Published May 14, 2012 - 9:33am CST

WASHINGTON—Adding additional certainty to previous guidance, federal regulators made clear last week that they will not impose financial penalties on employers that do not fully comply with health care reform law requirements that will require them to distribute to employees a new summary of benefits and coverage statement.

Towers Watson to purchase Extend Health, operator of private health insurance exchanges

Published May 14, 2012 - 9:00am CST

NEW YORK (Reuters)—Towers Watson & Co. said on Sunday it would buy Extend Health Inc., operator of the largest private Medicare exchange in the United States, to boost its health benefits offering for employers.

Plan Sponsor Council of America President David L. Wray to retire

By: Robert Steyer

Published May 14, 2012 - 9:26am CST

CHICAGO—David L. Wray, president of the Chicago-based Plan Sponsor Council of America will retire at the end of September.

COMMENTARY: Health care cost increases may be easing

By: Jerry Geisel

Published May 13, 2012 - 6:00am CST

Making accurate predictions about future health care cost increases is fraught with peril.

N.J. governor vetoes state health insurance exchange legislation

By: Jerry Geisel

Published May 11, 2012 - 11:57am CST

TRENTON, N.J.—New Jersey Gov. Chris Christie on Thursday vetoed legislation, that would create a state health insurance exchange where insurers could provide coverage to individuals and small employers.

More employers offering wellness initiatives: Study

By: Matt Dunning

Published May 11, 2012 - 9:30am CST

While more companies are turning to wellness programs to curb employee medical costs and improve their workers' general health, relatively few are measuring the actual return on investment those programs generate, according to a study by the Brookfield, Wis.-based International Foundation of Employee Benefit Plans.

PBGC moves to take over Dewey & LeBoeuf's pension plans

By: Jerry Geisel

Published May 10, 2012 - 5:08pm CST

WASHINGTON—The Pension Benefit Guaranty Corp. said Thursday that it intends to take over and terminate three underfunded pension plans sponsored by financially ailing law firm Dewey & LeBoeuf L.L.P. in New York.

Pension plan funding levels slip in 2011: Towers Watson

By: Jerry Geisel

Published May 10, 2012 - 9:34am CST

Hurt by falling interest rates, which boosted the value of plan liabilities, as well as mediocre investment results, the funding levels of the nation’s largest employer-sponsored pension plans slipped in 2011, according to a Towers Watson & Co. analysis.

EBRI's Salisbury honored with public service award

By: Hazel Bradford, Pensions & Investments

Published May 09, 2012 - 3:42pm CST

WASHINGTON—Dallas Salisbury received the International Foundation of Employee Benefit Plans' Public Service Award at the group's meeting Tuesday in Washington.

15 health insurers in N.Y. to pay $2.7M for violating 'Timothy's Law'

By: Matt Dunning

Published May 09, 2012 - 11:51am CST

ALBANY, N.Y.—Fifteen health insurers in New York will pay a total of $2.7 million to the state's Department of Financial Services for failing to notify small businesses of available coverages for mental illness and children with serious emotional disturbances.

Couple retiring in 2012 needs $240,000 to cover medical expenses: Fidelity

By: Jerry Geisel

Published May 09, 2012 - 10:25am CST

A 65-year-old couple retiring in 2012 without employer-provided retiree health insurance will need about $240,000 to pay future medical-related expenses, Fidelity Investments said in an analysis released Wednesday.

Pension plan funding levels fall in April: Milliman

By: Jerry Geisel

Published May 09, 2012 - 10:18am CST

Funding levels of pension plans sponsored by large publicly held U.S. employers fell in April as lower interest rates fueled a rise in plan liabilities, Milliman Inc. said in an analysis released Wednesday.

Business Insurance In FOCUS video: Alternative benefit financing

Published May 08, 2012 - 6:00am CST

In our latest weekly video, we examine innovative approaches employers are using to rein in their health care costs

Company to pay $1.3M for violating San Francisco's health care spending law

By: Matt Dunning

Published May 07, 2012 - 2:32pm CST

SAN FRANCISCO—A janitorial services firm has been ordered to pay $1.3 million to nearly 300 current and former employees who were denied health care expenditures guaranteed to them under San Francisco's health care spending law.

Labor Department captive benefits funding regulator Gary Lefkowitz to retire

By: Jerry Geisel

Published May 07, 2012 - 10:18am CST

WASHINGTON—Gary Lefkowitz, a Labor Department attorney who has been involved in reviewing captive insurance company employee benefits funding arrangements for more than 30 years, will retire at the end of next month.

Health care reform act funding poses many issues

By: Jerry Geisel

Published May 06, 2012 - 6:00am CST

WASHINGTON—No federal law comes close to the 2010 health care reform law when it comes to its potential impact on employer-sponsored health care plans and the issues confronting them.

Drug benefit reviewed by employers due to tax change

By: Louise Kertesz

Published May 06, 2012 - 6:00am CST

Employers are turning to alternative financing strategies as they face the loss of a federal tax deduction in 2013 for a subsidy they receive for providing drug coverage to Medicare-eligible retirees. While most companies are implementing an employer group waiver plan, many anticipate ending direct sponsorship of the drug benefit by giving a defined contribution to retirees to purchase coverage...

PBGC faces big hit if Hawker Beechcraft folds pension plans

By: Jerry Geisel

Published May 04, 2012 - 12:02pm CST

WASHINGTON—The Pension Benefit Guaranty Corp. would be hit with a loss of more than $500 million if financially troubled aircraft manufacturer Hawker Beechcraft Inc. terminates its underfunded pension plans.

Wellness, brain health firms partner on tech offering

By: Anna Gaynor

Published May 03, 2012 - 1:46pm CST

SAN FRANCISCO—Two San Francisco-based companies have partnered to combine employee wellness efforts with brain health.

Longtime employee benefits lobbyist to retire from ERIC

By: Jerry Geisel

Published May 03, 2012 - 1:16pm CST

WASHINGTON—Mark Ugoretz, the first and only permanent head of the ERISA Industry Committee, will retire next month after nearly 29 years with the Washington-based employee benefits lobbying organization.

Cigna profit misses Wall Street target

Published May 03, 2012 - 9:00am CST

(Reuters)—Insurer Cigna Corp. posted a lower-than-expected first-quarter profit on Thursday, as spending weighed on its disability and life coverage segment, but the company raised its full-year profit outlook.

CVS Caremark ups outlook, grabs Walgreen patrons

Published May 02, 2012 - 2:00pm CST

(Reuters)—CVS Caremark Corp. raised its full-year forecast on Wednesday after reporting a sharp rise in first-quarter sales as the drugstore operator and pharmacy benefits manager continued to win over former patrons of Walgreen Co. stores.

New York bill would allow injured employees to choose their own pharmacy

By: Sheena Harrison

Published May 02, 2012 - 12:19pm CST

ALBANY, N.Y.—A bill moving forward in New York's legislature would allow injured workers to use the pharmacy of their choice, rather than sticking with an employer-mandated pharmacy for workers compensation prescriptions.