The Handbook of Employee Benefits

, by Rosenbloom, Jerry S.

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ISBN: 9780786304714 | 0786304715
Cover: Hardcover
Copyright: 6/1/1996

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Supplemental Materials

1996 Legislative Changes

xxvii

PART ONE THE ENVIRONMENT OF EMPLOYEE BENEFIT PLANS

(72)

The Environment of Employee Benefit Plans

(12)

Employee Benefits Defined

(2)

Reasons for the Growth of Employee Benefit Plans

(4)

Group Technique

(2)

Overall Employee Benefit Concerns

(4)

Functional Approach to Designing and Evaluating Employee Benefits

(24)

The Functional Approach in Concept

(1)

Need for the Functional Approach

(1)

Consistency with an Employer's Total Compensation Philosophy

(3)

Application of the Functional Approach

(19)

Risk Concepts and Employee Benefit Planning

(18)

Risk and Employee Benefits

(7)

Insurance and Insurable Risk

(8)

Summary

(3)

Regulatory Environment of Employee Benefit Plans

(16)

Private Pension and Welfare Plans

(2)

ERISA Title I: Protection of Employee Benefit Rights

(1)

ERISA Title II: Minimum Standards

(2)

ERISA Title IV: Plan Termination Insurance

(4)

Additional Regulatory Agencies

(1)

The Regulation of Insurance

(2)

Federal, State, and Local Government Pension Plans

(1)

Disability Programs

(1)

Conclusion

(2)

PART TWO MEDICAL AND OTHER HEALTH BENEFITS

(254)

The Environment of Health Plans in the 1990s

(26)

Introduction

(4)

History of Health Insurance as an Employee Benefit

(10)

Players and Their Roles in Health Care

(2)

Changes in the Market Environment

(2)

Public Policy Issues

(6)

Conclusions

(2)

Health Plan Designs and Strategies

101

(26)

Introduction

101

(1)

Hospital/Medical Plan Designs---Then and Now

102

(8)

Managed Care Plan Design

110

(6)

Variation in Plan Design

116

(1)

Underwriting and Funding Approaches

117

(2)

Provider Reimbursement Approaches

119

(5)

Summary and Conclusions

124

(3)

Understanding Managed Care Health Plans: The Managed Care Spectrum

127

(34)

Introduction

127

(1)

Economic Trends Facing the Employer

128

(4)

The Development and Growth of Managed Care

132

(4)

Types of Managed Care Plans

136

(25)

Understanding Managed Care Health Plans: The Cost Equation

161

(38)

Expected Savings from Managed Care

162

(16)

Evaluating Managed Care

178

(13)

Conclusion

191

(8)

Dental Plan Design

199

(18)

Introduction

199

(1)

Differences between Medicine and Dentistry Drive Plan Design

199

(2)

Providers of Dental Benefits

201

(1)

Covered Dental Expenses

202

(1)

Types of Plans

203

(5)

Orthodontic Expenses

208

(1)

Factors Affecting the Cost of the Dental Plan

209

(8)

Prescription Drug, Vision, and Hearing Care Plans

217

(16)

Prescription Drugs

217

(9)

Vision Care

226

(4)

Hearing Care

230

(1)

Conclusion

231

(2)

Preventive Health Care Strategies: An Overview for Employers

233

(34)

Background

234

(1)

Health Promotion/Wellness

235

(16)

Clinical Preventive Services (CPSs)

251

(7)

Demand Management

258

(8)

Conclusion

266

(1)

Health Care Quality: Are We Getting Our Money's Worth?

267

(22)

Introduction

267

(1)

Is Quality of Care Important?

268

(4)

Defining Quality

272

(1)

Evaluating Quality

273

(14)

Conclusion

287

(2)

Long-Term Care

289

(18)

What is Long-Term Care?

289

(2)

Long-Term Care as an Employee Benefit

291

(1)

The State Plans

292

(1)

Coordination of Long-Term Care with Other Benefits

293

(5)

The Insurance Companies' View

298

(3)

Communication---The Make-or-Break Element in LTC Programs

301

(1)

Caregivers---Also in Need of Assistance

302

(2)

Conclusion

304

(3)

Disability Income Benefits

307

(20)

Disability Risk

307

(1)

Early History

308

(1)

The Modern Era of Disability Income Benefits

309

(1)

Types of Disability Income in the Public and Private Sectors

310

(15)

Summary

325

(2)

PART THREE DEATH BENEFITS

327

(62)

Group Life Insurance: Term and Permanent

329

(26)

Introduction

329

(1)

Group Mechanism

330

(1)

Group Term Life Insurance

331

(11)

Permanent Forms of Group Life Insurance

342

(1)

Group Paid-Up Life Insurance

342

(6)

Group Ordinary Life Insurance

348

(2)

Future of Permanent Group Life Insurance

350

(2)

Retired-Lives Reserve

352

(1)

Accidental Death and Dismemberment (AD&D) Insurance

352

(1)

Supplemental Group Life Insurance

352

(1)

Group Carve-Out Plans

353

(1)

Group Universal Life Programs

353

(2)

Group Universal Life Programs

355

(16)

Background

355

(1)

About GULP

356

(1)

Specific GULP Features

356

(4)

Tax and Legal Issues

360

(5)

Advantages and Disadvantages

365

(2)

Administration Design Checklist

367

(3)

The Future

370

(1)

Corporate-Owned Life Insurance

371

(18)

Corporate-Owned Life Insurance

371

(3)

Split-Dollar Life Insurance

374

(2)

Analyzing Proposals: General Issues

376

(13)

PART FOUR OTHER WELFARE BENEFIT PLANS

389

(92)

Dependent Care Programs

391

(30)

Employee Problem

392

(1)

Challenge for Employer

393

(1)

Types of Employer Dependent Care Benefits

393

(13)

Tax Policy

406

(4)

Employer Objectives

410

(3)

Issues

413

(3)

Design of Benefits

416

(3)

Conclusion

419

(2)

Family and Medical Leave Programs

421

(20)

Introduction

421

(2)

The Development of Family Leave as a Benefit

423

(2)

Compliance with the FMLA

425

(7)

Design of Family Leave Benefits

432

(9)

Group Legal Services Plans

441

(8)

Introduction

441

(1)

What Is a Group Legal Services Plan?

441

(1)

Group Legal Services Plans as an Employee Benefit

442

(1)

IRC Section 120

443

(1)

Current Tax Status

444

(1)

Choosing a Group Legal Services Plan

444

(3)

Reporting and Recordkeeping Requirements

447

(1)

Summary

447

(2)

Educational Assistance Programs (Section 127 Plans)

449

(6)

Introduction

449

(1)

Job-Related vs. Nonjob-Related Educational Assistance

450

(1)

Educational Assistance Program Requirements

451

(3)

Summary

454

(1)

Financial Planning as an Employee Benefit

455

(16)

Financial Planning

455

(9)

Financial Planning as an Employee Benefit

464

(5)

Conclusion

469

(2)

Property and Liability Insurance as an Employee Benefit

471

(10)

Kinds of Benefits

471

(2)

Kinds of Programs

473

(1)

Advantages for Employees

474

(1)

Disadvantages for Employees

475

(1)

Role of Employer

475

(1)

Federal Income Tax Consequences

476

(1)

U. S. Labor Code

477

(1)

State Regulation

477

(3)

Summary and Conclusions

480

(1)

PART FIVE FLEXIBLE BENEFIT PLANS

481

(60)

Cafeteria Approaches to Benefit Planning

483

(22)

Introduction

483

(2)

Types of Plans

485

(4)

Reasons for Employer Interest

489

(1)

Potential Barriers

490

(6)

Consideration and Plan Design

496

(6)

Conclusion

502

(3)

Cafeteria Plans in Operation

505

(36)

How Cafeteria Plans Operate

506

(11)

Using Cafeteria Plans to Control Costs

517

(5)

Administration of a Cafeteria Plan

522

(8)

Special Rules for Cafeteria Plans

530

(7)

Impact of a Cafeteria Plan on Other Plans and Policies

537

(2)

Summary

539

(2)

PART SIX SOCIAL INSURANCE PROGRAMS

541

(70)

Social Security and Medicare

543

(36)

Old-Age Survivors and Disability Insurance Program

544

(18)

Supplemental Security Income Program (SSI)

562

(1)

Medicare Program

563

(6)

Medicaid

569

(2)

Computation of Average Indexed Monthly Earnings

571

(1)

Application of Windfall Elimination Provision

572

(7)

Workers' Compensation Insurance

579

(18)

Financing Workers' Compensation

583

(2)

Workers' Compensation Prices

585

(4)

Claims and Benefits

589

(5)

Workers' Compensation in the 1990s

594

(1)

Summary

595

(2)

Unemployment Compensation Programs

597

(14)

Objectives of Unemployment Compensation

598

(1)

State Unemployment Compensation Provisions

599

(4)

Extended Benefits Program

603

(2)

Financing Unemployment Compensation

605

(1)

Administration of Unemployment Compensation

606

(1)

Unemployment Compensation Problems and Issues

607

(4)

PART SEVEN RETIREMENT AND CAPITAL ACCUMULATION PLANS

611

(274)

Retirement Plan Design

613

(26)

Employer Objectives

614

(4)

Plan Provisions

618

(16)

Defined Contribution versus Defined Benefit Plans

634

(5)

Profit-Sharing Plans

639

(34)

Definition of Profit Sharing

639

(2)

Importance of Profit-Sharing Plans

641

(1)

Employer Objectives in Establishing a Deferred Profit-Sharing Plan

642

(4)

Qualification Requirement Applicable to Deferred Profit-Sharing Plans

646

(3)

Contributions to Deferred Profit-Sharing Plans

649

(11)

Allocation of Investment Earnings and Forfeitures

660

(2)

Loan and Withdrawal Provisions

662

(4)

Additional Features of Deferred Profit-Sharing Plans

666

(4)

Distributions

670

(3)

Section 401(k) Plans (Cash or Deferred Arrangements) and Thrift Plans

673

(22)

Contributions Under a Thrift Plan

674

(2)

Legislative History of CODAs

676

(1)

Technical Requirements for CODAs

677

(12)

Other Considerations for CODAs

689

(3)

Advantages and Disadvantages of CODAs

692

(3)

Employee Stock Ownership Plans (ESOPs)

695

(62)

Introduction and Overview

695

(6)

Corporate Objectives in Establishing ESOPs

701

(13)

Special Fiduciary Liability Rules under ERISA for ESOPs

714

(5)

Plan Design Considerations

719

(34)

Comparison of ESOPs with Other Employee Stock Ownership Arrangements

753

(1)

Conclusion

754

(3)

Cash Balance Pension Plans and Other Evolving Hybrid Pension Plans

757

(20)

One Employer's Story

757

(3)

What Is a Cash Balance Plan?

760

(2)

Comparison with Traditional Plans

762

(5)

Plan Funding

767

(1)

Conversion of an Existing Plan

767

(2)

Legal Considerations

769

(1)

Other Nontraditional Qualified Plan Designs

770

(7)

Individual Retirement Arrangements (IRAs), Simplified Employee Pensions (SEPs), and HR-10 (Keogh) Plans

777

(24)

Individual Retirement Accounts

777

(15)

Simplified Employee Pensions

792

(2)

HR-10 (Keogh) Plans

794

(4)

Trends and the Legislative Environment

798

(3)

Executive Retirement Benefit Plans

801

(18)

Why Executive Retirement Benefits?

801

(2)

Total Planning Context

803

(1)

Supplemental Executive Retirement Plans

804

(3)

Deferred Compensation Agreements

807

(3)

Legal, Accounting, and Related Background Considerations

810

(8)

Summary

818

(1)

Section 403(b) Plans for Non-Profit Organizations

819

(22)

Introduction

819

(1)

Eligible Non-Profit Organizations

819

(1)

History of the 403(b) Tax-Sheltered Account

820

(1)

Uses of 403(b) Plans

821

(1)

Distinguishing Characteristics of 403(b) Plans

822

(1)

Limits on Contributions to 403(b) Plans

823

(3)

Sequential Calculations of Limits

826

(14)

Summary

840

(1)

Section 457 Deferred Compensation Plans

841

(16)

Background

841

(1)

Introduction to Section 457 Plans

842

(1)

Eligible Plan Requirements

843

(5)

Ineligible Plan Requirements

848

(1)

Plan Availability among Employee Groups

849

(1)

457 Plan Reporting and Disclosure

850

(1)

Investment of Unfunded 457 Plan Assets

850

(1)

Deferred Arrangements Not Considered Deferred Compensation Plans

851

(1)

Deferred Compensation Plans Not Subject to Section 457

852

(2)

Taxation of Nonelective Deferred Compensation Subject to Section 457

854

(1)

Conclusion

855

(2)

Retirement Preparation Programs

857

(28)

Factors Affecting Growth of Retirement Preparation Programs

858

(3)

Rationale for Retirement Preparation Programs

861

(5)

Independent Planning Steps by Employees

866

(1)

Extent of Retirement Preparation Programs

867

(1)

Personal Computers and Retirement Preparation

867

(2)

Characteristics of Programs

869

(7)

Establishing a Program

876

(2)

Benefits of Retirement Preparation Programs

878

(3)

Program Evaluation

881

(2)

Conclusion

883

(2)

PART EIGHT ACCOUNTING, FUNDING, AND TAXATION OF EMPLOYEE BENEFIT PLANS

885

(198)

Employers' Accounting for Pension Costs

887

(34)

Defined Benefit Pension Plans: Annual Provision for Pension Cost

889

(15)

Multiemployer Pension Plan

904

(1)

Disclosure

904

(2)

Funding and Plan Administration

906

(2)

Accounting for Settlements and Curtailments of Defined Benefit Plans and Termination Benefits

908

(8)

Other Issues

916

(5)

Employee Benefit Plan Accounting and Reporting

921

(28)

Financial Reporting Requirements

922

(1)

Accounting Literature

922

(1)

Accounting Records

923

(1)

Employee Benefit Plan Financial Statements

924

(8)

Defined Benefit Plans

932

(2)

Defined Contribution Plans

934

(2)

Health and Welfare Plans

936

(1)

Auditor's Report

937

(2)

Summary

939

(10)

Accounting and Financial Reporting for Health and Welfare Benefit Plans

949

(10)

Nature of the Plans

949

(1)

Plan Accounting and Reporting

950

(3)

Summary

953

(6)

Costing and Funding Retirement Benefits

959

(38)

Introduction

959

(1)

Funding Media

959

(7)

Factors Affecting Funding

966

(3)

Actuarial Costs

969

(7)

Actuarial Cost Methods

976

(10)

Minimum Funding Requirements

986

(4)

Tax Deduction of Employer Contributions

990

(2)

Deduction of Employee Contributions

992

(1)

Accounting for Pension Plan Liabilities and Costs

992

(5)

Funding Retirement Plans-Investment Objectives

997

(24)

Four Fundamental Elements of Successful Investing

998

(1)

The Prudent Fiduciary

999

(3)

Characteristics of the Three Favored Classes of Investments

1002

(8)

Identification of Appropriate Investment Objectives

1010

(4)

Evaluation and Selection of the Investment Facility

1014

(1)

Development and Documentation of Investment Policy

1015

(6)

Alternative Insured and Self-Funded Arrangements

1021

(44)

Conventional Insurance Arrangement

1021

(2)

Alternative Funding Arrangements

1023

(2)

Insured Alternative Funding Arrangements

1025

(29)

Noninsured (Self-Funding) Arrangements

1054

(10)

Conclusion

1064

(1)

Federal Tax Law Requirements for Welfare Benefit Plans

1065

(18)

General Tax Law Requirements

1066

(10)

Taxation of Contribution and Benefits

1076

(6)

The Future

1082

(1)

PART NINE EMPLOYEE BENEFIT PLAN ADMINISTRATION AND COMMUNICATION

1083

(54)

Benefits Plan Administration: A Changing Organizational Function

1085

(30)

Introduction

1085

(1)

Focus of Benefits Management Activity

1086

(25)

The Outsourcing Alternative

1111

(2)

Summary and Conclusion

1113

(2)

Employee Benefit Communications

1115

(22)

Introduction

1115

(1)

The Role of Benefit Communications

1116

(6)

Who Is Responsible for Benefit Communications

1122

(1)

Benefit Communication Events

1122

(1)

Types of Employee Benefit Communications

1123

(1)

The Benefit Communications Program

1124

(12)

Conclusion

1136

(1)

PART TEN EMPLOYEE BENEFIT PLAN ISSUES

1137

(2)

Fiduciary Liability Issues under ERISA

1139

(1)

Fiduciary Duties under the Common Law of Trusts

1139

(2)

Exclusive Benefit Rule under the Internal Revenue Code

1141

(1)

Fiduciary Standards under ERISA

1142

(7)

Who Is a Fiduciary?

1149

(1)

Liability for Fiduciary Breaches Under ERISA

1150

(3)

Allocation of Fiduciary Responsibilities

1153

(1)

Summary

1153

Plan Termination Insurance for Single-Employer Pension Plans

1155

(1)

Plans Covered

1156

(2)

Plan Termination Defined

1158

(6)

Benefits Guaranteed

1164

(3)

Allocation of Assets on Plan Termination

1167

(3)

Liabilities on Plan Termination

1170

(3)

Premiums

1173

(1)

Security Rules for Underfunded Plans

1174

(1)

Welfare Benefits for Retirees

1175

(1)

Current Trends and Issues

1176

(1)

Life Insurance

1177

(1)

Health Benefits

1178

(9)

Financing

1187

Multiemployer Plans

1193

(1)

Multiemployer Plan Defined

1194

(1)

The Taft-Hartley Connection

1195

(1)

``Built In'' Portability of Benefits

1196

(1)

Joint Board of Trustees

1197

(1)

Withdrawal Liability

1198

(2)

Plan Termination and Insolvency

1200

(1)

Plan Qualification

1201

(3)

COBRA

1204

(2)

Conclusion

1206

(1)

State and Local Pension Plans

1207

(1)

Benefit Provisions of Public Sector Pension Plans

1208

(4)

Financing Public Pensions

1212

(4)

Public Pension Plan Investment Performance

1216

(2)

Forces Driving Change

1218

(2)

Conclusions

1220

(3)

International Employee Benefits

1223

(1)

Background Considerations

1224

(2)

Understanding the Local Environment

1224

(12)

Global Benefit Objectives and Plan Design

1236

(5)

Administration and Financial Management of International Benefit Plans

1241

(6)

Summary

1247

(2)

The Future of Employee Benefit Plans

1249

(1)

Pre-ERISA Predictions about Employee Benefit Plans (1970)

1249

(3)

Social Security/Medicare

1252

(1)

The Employee's Decision to Retire

1253

(1)

Demographic Change

1254

(1)

Economic Change

1255

(1)

Government Regulation

1256

(1)

Employee Benefit Trends

1257

(3)

Conclusion

1260

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The Handbook of Employee Benefits

Table of Contents

Supplemental Materials

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Table of Contents

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