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Most group practices have a retirement plan as part of their benefit package. However, groups have responsibilities well beyond funding to keep the plan qualified and in good standing with regulatory agencies. An additional complication is the federal government's frequent changes in the qualified pension laws. With these changes, compliance has become more complex and confusing.
The majority of senior health service managers are long serving career managers, nurtured for years in a relatively safe and secure career structure. It is a shattering experience, therefore, for a manager to find him or herself facing redundancy or premature retirement. Roger Taylor provides a framework of ideas to help managers cope with these events, and to help them obtain the most advantageous settlement.
Retirement is another phase and not an endpoint in one's career. Therefore, planning for it is much like planning for a job change or a career change.
At St. Leonard Center, a retirement community in Dayton, OH, community benefit programs are such a critical part of daily operations that the organization could not continue to flourish without them. Founded in 1983, the center now serves more than 600 persons. St. Leonard offers independent living arrangements, as well as assisted living and skilled nursing care. From its beginning the center has depended on collaborative arrangements with local churches, agencies, and other organizations. As the center has grown, it has continued to work with others to enhance services to its clients and to local residents. Recent arrangements with St. Elizabeth Medical Center in Dayton have enabled the center to offer home healthcare, as well as outpatient and inpatient rehabilitation. Integrated pharmacy, medical supply, and laboratory services are also available, and a systemwide management information system is currently under development. St. Leonard Center also reaches out to local elderly residents through adult day care and respite programs, as well as through its Senior Network, a resource center (cosponsored by St. Elizabeth) with about 25,000 enrollees. The center also offers three special educational programs for children.
California's big Public Employees' Retirement System has been touted as the nation's best example of managed competition. But evidence suggests that it has plenty room for improvement.
In this first installment of a series on clients, P-A Prospects talks with decision-makers in the field of continuing-care retirement communities. At a time when architectural commissions are getting scarcer, it is all the more important that design professionals understand the interests and needs of clients. P-A Prospects is meant to give architects insight into the minds of prospective clients: how they judge architects' proposals, how they respond to their presentations, and how they evaluate them at interviews. Profiles of decision-makers inside client organizations will let architects and designers see how things look from the other side of the table.
This document contains a proposed regulation revising the minimum requirements for benefit claims procedures of employee benefit plans covered by Title I of the Employee Retirement Income Security Act of 1974 (ERISA or the Act). This proposed regulation would establish new standards for the processing of group health disability, pension, and other employee benefit plan claims filed by participants and beneficiaries. In the case of group health plans, as well as certain plans providing disability benefits, the new standards are intended to ensure more timely benefit determinations, improved access to information on which a benefit determination is made, and greater assurance that participants and beneficiaries will be afforded a full and fair review of denied claims. If adopted as final, the proposed regulation would affect participants and beneficiaries of employee benefit plans, plan, fiduciaries, and others who assist in the provision of plan benefits, such as third-party benefits administrators and health service providers or health maintenance organizations that provide benefits to participants and beneficiaries of employee benefit plans.
Here is a description of some recent changes in U.S. tax law that now allow tax-exempt non-profit organizations to improve one employee benefit--at a minimal cost to the employer. Tax-exempt organizations can now offer employees 401(k) retirement plans.
More than legislation, the recent amendments to the Age Discrimination in Employment Act also symbolize a growing interest in the older working population, both in the United States and Canada, particularly the question of their "failing" job skills and the effects of retirement age on the economy. Sociologist Rix examines this issue in terms of demographic, economic and biomedical factors, discussing their implications for management, employee counselors, insurance and pension planners, the tax payers and employees of all ages.
Various retirement plans, especially TSAs and 401(k)s, are becoming popular in the not-for-profit sector. Both plans offer advantages and disadvantages with regard to eligibility and discrimination, maximum contributions, tax treatment of distributions, and access to funds. The main advantage of a TSA is its ability to discriminate. The major advantage of the 401(k) is its benefits are taxed at lump-sum distributions. Healthcare administrators must decide which plan best fits the needs of their employees and institutions.
A CCRC is the only type of housing alternative that typically provides an integrated continuum of services that older persons need at different times during retirement. But if CCRCs are to remain financially viable, they must establish fees for their services that take into account the type, scope, and amount of services provided and adjust the fees periodically as economic conditions warrant.
Only 24.5% of nurses are vested in their workplace retirement plan. Are you one of them?
This report is based on data from the Federal Reserve Board's triennial Survey of Consumer Financies (SCF), which provides the most comprehensive data available on the wealth of American households. The most recent SCF data are for 1998, and this report tracks information from the 1992, 1995, and 1998 surveys. The percentage of families with a participant in a pension plan from a current job increased from 38.8 percent to 41.0 percent over this six-year period. If one focuses exclusively on those families with a worker and in which the head is under age 65, the percentage for 1998 increases to 56.8 percent. The previously documented trend toward defined contribution plans was confirmed and the significance of 401(k)-type plans for those families participating in a pension plan more than doubled, from 31.6 percent in 1992 to 64.3 percent in 1998. The percentage of family heads eligible to participate in a defined contribution plan that did so increased from 73.8 percent in 1995 to 77.3 percent in 1998. Of those families choosing not to participate in a defined contribution plan, 40.3 percent were already participating in a defined benefit plan. Overall, "personal account plans" represented nearly one-half (49.5 percent) of all the financial assets for those families with either a defined contribution plan account, IRA, or Keogh, in 1998. This was a significant increase from 43.6 percent in 1992. The average total account balance in personal account plans for families with a plan in 1998 was $78,417, an increase of 54 percent in real terms over the 1992 balance of $50,914 (expressed in 1998 dollars). For families participating in a defined contribution plan, IRA, or Keogh in 1998, 52 percent of the overall average was attributed to IRA/Keogh balances (43 percent from IRAs alone), and 44 percent of the average was from account balances in defined contribution plans with the current employer. There is a marked tendency for lower-income families to have larger percentages of their total personal account plan retirement portfolio in IRAs, although this trend appears to be fading with time. The impact of rollovers on the average total account balance for all individual account balances appears to be quite large: $152,451 for those with at least one rollover, versus $78,471 for all families participating in at least one personal account plan, regardless of whether they have had a rollover. The vast majority of the rollovers would appear to be going to IRAs, as opposed to a defined contribution plan with a new employer.
The Railroad Retirement Board (Board) hereby amends its regulations under the Railroad Unemployment Insurance Act (RUIA) to permit a "nurse practitioner" to execute a statement of sickness in support of payments of sickness benefits under the RUIA. The Board does not currently accept statements executed by a nurse practitioner, which in some cases may delay payment of benefits.
This document contains a final regulation revising the minimum requirements for benefit claims procedures of employee benefit plans covered by Title I of the Employee Retirement Income Security Act of 1974 (ERISA or the Act). The regulation establishes new standards for the processing of claims under group health plans and plans providing disability benefits and further clarifies existing standards for all other employee benefit plans. The new standards are intended to ensure more timely benefit determinations, to improve access to information on which a benefit determination is made, and to assure that participants and beneficiaries will be afforded a full and fair review of denied claims. When effective, the regulation will affect participants and beneficiaries of employee benefit plans, employers who sponsor employee benefit plans, plan fiduciaries, and others who assist in the provision of plan benefits, such as third-party benefits administrators and health service providers or health maintenance organizations that provide benefits to participants and beneficiaries of employee benefit plans.
This action delays for at least six months and not more than one year the applicability date for the regulation governing minimum requirements for benefit claims procedures of group health plans covered by Title I of the Employee Retirement Income Security Act. As published on November 21, 2000, the benefit claims procedure would be applicable to claims filed on or after January 1, 2002. The current action amends the regulation so that it will apply to group health claims filed on or after the first day of the first plan year beginning on or after July 1, 2002, but in no event later than January 1, 2003. This action provides a limited additional period within which group health plan sponsors, administrators, and service providers can bring their claims processing systems into compliance with the new requirements. A postponement of the applicability date with respect to group health claims will allow a more orderly transition to the new standards and will avoid the confusion and additional expense that would be caused if certain pending Congressional bills are enacted before or soon after the original applicability date. This action does not apply to pension plans or plans providing disability or welfare benefits (other than group health). For these plans, the regulation will continue to be applicable to claims filed on or after January 1, 2002.
A large proportion of Swedish men and women would consider winding down and stopping work before retirement age, according to a report from the Swedish National Institute for Working Life.
This article is based on two recent reports by the American Council of Life Insurers (ACLI) that illuminate the reasons why individuals purchase private long-term care insurance in both the group and individual markets. This information suggests that a younger and more diverse group of individuals are becoming increasingly interested in private long-term care insurance and that workplace education linkage the purchase of long-term care insurance to retirement planning may promote coverage.