N.C. DOT offers wellness program to employees Feb 6, 2008
The state's health plan administrators will work with N.C. Prevention Partners and Health Dialog to measure the program's impact on employees. Latest News. (Charlotte Business Journal, NC)
Arthur J. Gallagher & Co. Announces Fourth Quarter and Full Year 2007 Financial Results, Intention to Sell Reinsurance Operations, Record Acquisitions and Expense Reduction Actions Jan 30, 2008
Percentages used hereinafter are computed excluding 2006 non-recurring charges related to retail contingent commission litigation and changing medical plan administrators. Additionally, current and prior year amounts have been restated to reclassify the revenues and expenses of discontinued operations (as discussed below). (PR Newswire)
Supreme Court to rule in Met Life case that could increase cost of employee benefit plans Jan 19, 2008
The dual arrangements are allowed under ERISA, the Employee Retirement Income Security Act, but the question before the justices is whether judges should consider such arrangements potential conflicts in disputes between employees seeking disability benefits and plan administrators. The case began in 2000 when Wanda Glenn, who worked at Sears, Roebuck & Co. for 14 years, sought disability benefits due to a heart condition. (San Diego Union-Tribune -- Business)
The More Things Change, The More They Stay The Same Dec 28, 2007
Now that is what I call popularity, and that popularity is really catching fire among not only individual investors, but also retirement plan administrators, hedge fund managers and just about anyone who wants to get their money allocated to a variety of market segments in the easiest, lowest cost and most efficient manner available today. I have no doubt that 2008 will be another banner year for the growth of ETFs, and to that I say, bravo. (Human Events Online)
Market volatility causes concern Dec 23, 2007
for next year," he said.That shouldn't be a problem for investors who are in stocks for the long haul, at least seven to 10 years, he said."If you're looking to pull money out inside of seven years, you should consider shifting out of stocks and into something less volatile, like bonds," he said.Those staying in the market can "buy themselves a bit of insulation" by moving to areas that have traditionally done better in weak economies, such as health care and consumer staples.Large companies... (Florida Today)
Market volatility prompts steps to increase emergency funds, rebalance investments Dec 20, 2007
Many retirement plan administrators make investment information and counselors available to consumers, McBride pointed out. And Sonders added: Many people think they're too small to have access to help, but that's not the case. (San Diego Union-Tribune -- Business)
Ruling on Retirement Nov 30, 2007
The problem is that this type of claim by a person who has lost money in a 401(k) by what we call a fiduciary duty and in Erisa law fiduciary duty is put on the plan administrators to act on the best interests of the plan's participants they have to identify a section under Erisa by which to make their claim ... I think this rule will give more incentive for plan administrators to work out the problems between 401(k) holders and employers. (SmartMoney)
Supreme Court Argument Report: Justices Consider Claim for Pension Plan Losses Nov 27, 2007
James LaRue sued his employer, DeWolff, Boberg iates Inc., seeking to recover $150,000 that he says was lost from his 401(k) account because the plan administrators twice disregarded his instructions to transfer his investments to different mutual funds. The 4th U.S. Circuit Court of Appeals ruled in favor of DeWolff, finding that the claim could not be brought under ERISA.. (Law.com)
Can a worker sue to recover retirement losses? Nov 27, 2007
Ginsburg pointed to LaRue's argument that many months passed before he became aware plan administrators had twice not carried out his investment instructions. By the time LaRue realized what had happened, "it's over and done with," Ginsburg said. (MSNBC -- Business)
Retirement-Fund Case at Top US Court May Bolster Right to Sue Nov 26, 2007
Those groups say Congress, in enacting a 1974 employee-benefits law, intended to limit lawsuits against employers and other plan administrators so that more employers would offer pensions and other benefits. We're trying to encourage more savings for retirement, and opening this kind of Pandora's box is inconsistent with that,'' said DeWolff Boberg's lawyer, Thomas Gies of Crowell & Moring in Washington. (Bloomberg)
National Investment scouting deals from Dublin Nov 26, 2007
Davis, 46, who started with the company in February, said National's goal is to become a big name among retirement plan administrators. "We're very quickly growing a huge reputation," he said. (Columbus Business First, OH)
Court to Consider Investor's 401(k) Suit Nov 26, 2007
Opening up plan administrators to liability will increase the cost of running ERISA plans, result in fewer being established or reduce the level of benefits, the business group says. The case is LaRue v. DeWolff, Boberg & Associates Inc; and DeWolff, Boberg & Associates Inc., Employees' Savings Plan, 06-856. (Atlanta Journal-Constitution -- World)
Dividend Reinvestment In Danger Nov 19, 2007
I think that s partly to blame with the deteriorating service levels I see coming from plan administrators. These few transfer agents are taking on more and more shareholders across more and more companies, and the increased complexity of their businesses (which is often exacerbated by the merging of different technology platforms) is affecting shareholder-service levels. (Forbes)
Donna Coughey Nov 7, 2007
with offices in Moultonboro, N.H. Its clients include retirement plan administrators, foundations and high net worth individuals. Carnegie owner Roy Johnston will join Willow and continue to manage his team. (Philadelphia Business Journal, PA)
Harwood Feffer Announces an Investigation On Behalf of Participants and Beneficiaries of the Merrill Lynch & Co., Inc. Employee Stock Ownership Plan Nov 3, 2007
In particular, the investigation focuses on whether the Company and certain Plan administrators breached their fiduciary duties of loyalty and prudence to the Plan and its participants by, inter alia: (a) misrepresenting and failing to disclose material facts to the Plan and the Plan participants in connection with the management of the Plan's assets and (b) permitting the Plan to be invested in Merrill Lynch common stock when it was imprudent to do so. If you are a Plan participant and hold... (Primezone Releases)
401(k) loans: Use sparingly Oct 13, 2007
Federal law imposes no restrictions on how you can use the money from a 401(k) loan, though plan administrators can limit the money to certain purposes. The most common are medical expenses and student loans. (USA Today -- Money)
Wells Fargo Offers Online Benefit Administration for Business and Individual Healthcare Consumers Oct 5, 2007
Single sign-on to access CEO helps plan administrators view real-time status of file validation, receive immediate file error notification, view file submission history and details, download guides, and generate reports. Individual plan participants will enjoy similar advantages to using the Wells Fargo Health Account Manager(SM) online at. (PR Newswire)
YRC Worldwide Provides Update on Recent Action With the Central States Plan Oct 2, 2007
Information regarding the Central States Plan funded percentage is based on publicly available information, which is often dated, and on the limited information available to YRC Worldwide from plan administrators or plan trustees, which may not be independently validated. Both the current funded percentage and the projected funded percentage if UPS withdraws from the plan by the end of 2007 are based on Central States Plan actuarial estimates that the plan has not formally certified and YRC... (PR Newswire)
Retirement Ripoff Sep 18, 2007
By selecting these funds, employers and plan administrators reduce their costs and increase their profits at the expense of employees. Of course, if those funds performed well, the higher costs wouldn't be such a bad thing. (MSNBC -- Business)
Coventry completes Florida acquisition Sep 15, 2007
Coventry (NYSE: CVH) agreed in July to acquire Florida Health Plan Administrators, gaining 295,000 health care customers. It is the latest in a string of acquisitions for Coventry, including the $120 million acquisition of some health plans from Mutual of Omaha in April. (South Florida Business Journal, FL)
Coventry completes Fla. acquisition, boosts forecast Sep 13, 2007
Healthcare, now a national player in the HMO industry after a series of acquisitions, has completed its $685 million takeover of Florida Health Plan Administrators, owner of Vista Healthplans ... Coventry (NYSE: CVH) agreed in July to acquire Florida Health Plan Administrators, gaining 295,000 health care customers. (Washington Business Journal, DC)
Hagens Berman Sobol Shapiro: Countrywide Financial Faces Class Action Citing ERISA Violations Sep 12, 2007
The suit makes several claims of wrongdoing by Countrywide and retirement plan administrators, including: failure to prudently and loyally manage the plan's assets, failure to provide complete and accurate information to participants and beneficiaries, failure to monitor the compensation and benefit plan committees and provide them with accurate information, breach of duty to avoid conflicts of interest, and co-fiduciary liability. Under ERISA law a plan participant can bring a civil action on... (PR Newswire)
2nd Circuit's ERISA Ruling Revives Benefits Claim by Firm 'Partner' Aug 17, 2007
The circuit, in Strom v. Siegel Fenchel P.C. Profit Sharing Plan, 06-3107, said a magistrate judge erred in deferring to a "non-existent decision" by pension plan administrators (the firm's name partners) rejecting her "partner" status and erred a second time in finding that Ms. Strom had waived any claim she had to a cash plan because she failed to exhaust her administrative remedies ... "We express no opinion concerning SFP's claim that Strom refused to cooperate, but rather observe that the... (Law.com)
Read more... Aug 8, 2007
"With Americans more responsible than ever for making better choices to secure their financial futures, financial literacy and an understanding about those decisions is increasingly important," said David Certner, Legislative Counsel and Policy Director for AARP. "Consumers need to get more informed and ask questions. In return, plan administrators are going to have to be more transparent and make the necessary information about 401(k)s readily available to plan participants." ... In comments... (PNN Online)
State workers, UM drive insurance market Aug 7, 2007
This independence allows the plan administrators all 16 of them for 50,000 customers to make the best decisions for employees covered by the plans, she says. They can bargain down prices for expensive procedures and drug purchases, while keeping costs down for the plan, which means less expense for employees and the taxpayer, they say. (Montana Standard, MT)
Survey shows most dont understand 401(k) fees Aug 2, 2007
Plan administrators also would have to disclose all potential conflicts of interest some of which arise because pension consultants are not required to disclose payments they receive from companies that manage 401(k) plan assets. advertisement. (MSNBC -- Business)
Prop. 13 override could raise taxes Jul 15, 2007
While similar rules generally apply to 401(k) plans, you ought to ask your employers or 401(k) plan administrators to spell out the rules for you. Also, take a look at IRS Publication 590, Individual Retirement Arrangements, and Publication 575, Pension and Annuity Income. (San Francisco Chronicle -- Business)
Coventry to acquire Florida Health Plan Administrators Jul 12, 2007
Members: Not Registered. for free extra services. (Orlando Business Journal)
Coventry Health Care to Buy Florida Health Plan Jul 10, 2007
Coventry Health Care, a Bethesda-based managed-care provider, has agreed to acquire privately held Florida Health Plan Administrators for about $685 million in cash. Florida Health owns the Vista Healthplans network, which has 295,000 enrolled members. (Washington Post)
Agency For Health Care Administration Jul 10, 2007
Florida Health Plan Administrators, owner of , signed a deal to be acquired by in a $685 million cash transaction ... The team of James Lebovitz, Ian Hartman, Marc Lindsay, Ken Young, Richard Wild, Joshua Milgrim, Paul Kimbol, Jeffrey Brennan, Abbi Cohen, Beth Rubin, Jay Johnston, Sean Porter, John Ix, Joseph Sasson, Jessica Zaklad and Jennifer Coon represented Florida Health Plan Administrators, while Bass, Berry & Sims PLC represented Coventry. (South Florida Business Journal, FL)
Stocks Poised To Open Higher On Falling Bond Yield Jul 9, 2007
Apollo Management LP's Hexion Specialty Chemicals Inc. raised its takeover bid for chemical company Huntsman Corp.; Barrons said FedEx Corp. might be the target of a buyout; and Coventry Health Care Inc. agreed to acquire Florida Health Plan Administrators, LLC, owner of Vista Healthplans, for $685 million. A slew of takeovers has given the stock market support in recent months. (WFOR.com, FL)
Advice on dire diagnoses from a survivor Jul 5, 2007
Its recommendations are based not just on the author's experiences with illness, but also on interviews with more than 250 others: patients, family members, nurses, doctors, health plan administrators, managers of busy practices and nonprofit leaders. The First 48 Hours. (International Herald Tribune -- Health)
Former lineman Lynch files suit Jun 28, 2007
Cy Smith, a partner at the Baltimore law firm Zuckerman Spaeder alleges in the federal court suit that Lynch was improperly denied full disability benefits because plan administrators claimed his disabilities were not the result of an "active" football injury. The suit says Lynch, 34, suffered an "on-the-field injury" that ended his career. (Sunspot.net -- Sports)
Voters to take up sales tax hike today Jun 26, 2007
Another nonprofit will be formed to hire case workers and plan administrators. Note to Article Comment users pnj. (Pensacola News Journal)
Mutual Funds &Personal Finance Jun 26, 2007
Payments will go to plan administrators. They will dish out paybacks in accordance with their plan rules. (Investors Business Daily)
Early voting ends today Jun 24, 2007
Tax referendum Tuesday is election day. Supervisor of Elections Main Office, 213 Palafox Place, second floor. (Pensacola News Journal)
Harwood Feffer LLP Announces Investigation Concerning Sterling Financial Corp. 401(k) Retirement Plan Jun 23, 2007
In particular, the investigation focuses on whether the Company and certain Plan administrators breached their fiduciary duties of loyalty and prudence to the Plan's participants and beneficiaries under ERISA. In particular, if it is determined that the Plan's fiduciaries breached their duties by: (a) offering and/or continuing to hold Company stock as an investment when it was not prudent to do so; (b) withholding or concealing material information from Plan participants and beneficiaries... (Primezone Releases)
Health tax up to voters Jun 17, 2007
Another nonprofit will be formed to hire case workers and plan administrators. To participate in the plan, a person must. (Pensacola News Journal)
Valiant Trust launches new employee incentive plan system Jun 14, 2007
Features of the new system include multi-lingual and multi-currency capabilities, online access for company plan administrators and plan participants, electronic statement delivery and real time data processing. SG Vestia, a leading employee incentive plan provider headquartered in Toronto, developed the new plans system on behalf of Valiant Trust. (Canada Newswire)
Investment plans see lower prices Jun 11, 2007
Today, however, the majority of the institutional investments are priced daily, and that information is typically available on the Web sites of plan administrators, experts said. Morningstar Inc. also offers information on nearly 800 collective investment trusts and separate accounts, which participants can access through their plan administrators. (Sunspot.net -- Business)
School district cutting teachers May 25, 2007
The Montana Standard. The Montana Standard. (Montana Standard, MT)
PERS fund now has surplus thanks to bull market Apr 29, 2007
Results guide decisions about what the investment managers and plan administrators need to change to meet projected pension obligations. The surplus marked an impressive turnaround from four years ago, when the fund faced a projected actuarial shortfall of $17 billion. (KGW Northwest NewsChannel 8, OR -- Business)
Your Money: Sandra Block Mar 20, 2007
Designed by state treasurers and plan administrators, this site is never going to compete with YouTube. But it provides lots of basic information, such as the tax benefits of a 529 plan, how a plan will affect financial aid and the types of expenses that are covered by tax-free withdrawals. (USA Today -- Money)
Five Great 529 Plans Mar 3, 2007
You'll pay a management fee to plan administrators of 0. 10% to 1. (SmartMoney)
Faculty Senate rejects four-by-four proposal Feb 20, 2007
At Friday's meeting in the Marvin Center, the body passed a resolution recommending that the schools should not switch at this time from the three-credit, five-class system to the four-class, four-credit plan administrators have proposed. The Senate's resolution states that reduced class time will not lead to improved academics and that there is little evidence that the model will save costs. (GW Hatchet, Washington DC)
Kaiser launches genetics study Feb 17, 2007
The Oakland-based company's research arm is running the project and Kaiser officials sought Wednesday to allay privacy concerns and fears that the volunteers' medical information might be shared with health plan administrators. "The information does not go into members' medical records," said Kaiser scientist Cathy Schaefer, the other co-leader of the project. (Herald Online, SC -- Health)
Kaiser launches study into genes, environmental disease causes Feb 15, 2007
The company's research arm is running the project, and Kaiser officials said information will be kept confidential and not shared with health plan administrators. "The information does not go into members' medical records," said Kaiser scientist Cathy Schaefer, the other co-leader of the project called the Research Program on Genes, Environment and Health. (International Herald Tribune)
Hidden 401 (k) fees drawing closer attention Feb 4, 2007
It said obsolete regulations impeded effective oversight and made it hard to identify potential conflicts of interest among investment companies and plan administrators - conflicts that could result in higher costs to participants. "The GAO recommendations are generally consistent with the regulations we have been developing," Campbell said. (Sunspot.net -- Business)
Eligible expenses for FSAs Feb 1, 2007
Many flex-plan administrators and pharmacies have developed their own lists of qualified expenses, based on their interpretation of the tax law ... Employees can appeal denials to their plan administrators or employers and might get expenses covered if they make strong cases ... Many employers leave it up to their flex-plan administrators to decide what to include and exclude. (San Francisco Chronicle -- Business)
Panel: Keep Health Plan County-Run Jan 20, 2007
If the County Commission accepts the oversight committee's recommendation, plan administrators hope they can move rapidly to hire the extra people. "There's a breaking point to the staff you have in house, how much you can work them," said Ed Smith, head of the county division that manages the plan. (The Ledger)
A health-care remedy? Dec 26, 2006
But health-care inflation has also spawned a vibrant new market in the insurance industry, for plan administrators that specialize in carving out savings in group plans. One of the new markets biggest players is Charleston-based Vested Health LLC.. (Charleston Gazette, WV -- News)
County faces 10 percent hike in insurance Nov 29, 2006
Cleveland said her company has changed pharmacy plan administrators from Caremark to Catalyst RX and explained how county employees can get their existing prescriptions transferred to the new company. Employees who have an ongoing supply of drugs via mail order will have a small discount for ordering in quantity; those who order a three-month supply will have a co-pay equivalent to 2-1/2 months rather than the full three months. (Waynesille Daily Guide, MO)
Law allows switch of IRA assets to charity without tax Nov 3, 2006
Gibson says an important aspect of reaction to the legislation is distribution from plan administrators to charitable organizations, which will have to be established from scratch since the dispersal option is brand-new. Pages: 1. (Columbus Business First, OH)
Price of gas in U.S. drops to 2006 low Oct 18, 2006
The 401(k) plan administrators "imprudently" used the money to buy Agway securities and gave participants false information about the investment, the department said in court documents filed Oct. 13 in federal court in Syracuse, N.Y. Agway, in the process of being liquidated, listed $1. 57 billion in assets and $1. (Orlando Sentinel -- Business)
Amherst chamber to sell insurance Sep 22, 2006
The organization is one of the largest third-party health plan administrators in the state, with an in-house staff to work with members on benefits issues. "It's helpful to members," said Partnership spokeswoman Hadley Pawlak. (Buffalo News)
NMHC Reports Fourth Quarter and Fiscal 2006 Results; Gross Profit... Sep 12, 2006
National Medical Health Card Systems, Inc. provides PBM services to plan clients, which include managed care organizations, local governments, unions, corporations and third party health care plan administrators through its network of licensed pharmacies throughout the United States. The Company's PBM services include electronic point-of-sale pharmacy claims management, retail pharmacy network management, mail service pharmacy claims management, specialty pharmacy claims management, benefit... (CNBC -- Research Alerts)
School board meeting includes closed session Sep 11, 2006
Kimble said Tuesday's closed-session also is needed to update board members on potential sites for a new elementary school the district would build in the western part of Cole County, as part of the full-day kindergarten bond-issue plan administrators are developing. he recommended guideline is 10 acres for an elementary building, and one additional acre for (each) 100 students being served, Kimble said. (Jefferson City News Tribune, MO)
Planners given breathing room on project changes Sep 7, 2006
com: Planners given breathing room on pr. Durham, Chapel Hill and the Research Triangle Region. (Herald Sun)
Clark Consulting Acquires Baden Retirement Plan Services, LLC, a Third Party Administrator of Employee Benefit Plans Sep 1, 2006
For the second consecutive year, BRPS has been ranked in the Top 10 Plan Administrators in the nation in the 401k Exchange Provider Ratings. Clark Consulting plans to retain all Baden Retirement Plan Services personnel and resources. (PR Newswire)
Automatic 401(k) enrollment benefits employees Aug 28, 2006
The law frees plan administrators from liability for investment performance, providing due diligence has been used in choosing investment advisors for the plan, according to Jim Bartoszewicz, president of , which is based Downtown. For the first time, investment advice can be given directly to participants, but the advisors have to disclose all fees they receive. (Pittsburgh Business Times, PA)
People on the move Aug 20, 2006
This conference is recommended for cafeteria plan administrators who are advanced in all areas of employee benefits. . (Pensacola News Journal)
New Opportunities for 401(k) Plans Provided by the Pension Protection Act of 2006 Aug 18, 2006
"Until now, there have been legal implications that discouraged employers from offering investment advice through their plan administrators." Under the new law, beginning in 2007, plan sponsors will be able to offer fund-specific investment advice to their plan participants through their retirement plan provider or other fiduciary adviser. Such fund-specific advice may be made available using a computer model that is appropriate for retirement investing and is certified and audited by an... (PR Newswire)
Picking the right plan Aug 10, 2006
Allowing a plan administrator to offer advice poses a potential conflict of interest, say many consumer advocates and independent financial planners, who stood to gain business had plan administrators been barred from providing advice ... That's why federal pension law bans plan administrators from offering such guidance ... Some plan administrators, however, say the legislation will make companies more comfortable providing advice options already available to them. (Newsday -- Business)
Options scandal grew out of 1990s strategy Jul 30, 2006
Professional advisers were giving advice that may not have been very good and stock plan administrators made mistakes. " Bottano said the software commonly used in the 1990s to administer options grants made it easy to change records, facilitating backdating. "You could make an edit, the program didn't ask for any verification," he said. "It was more a tool than an auditing mechanism. (San Francisco Chronicle -- Business)
Drug plan serves seniors poorly Jul 12, 2006
Now the Government Accountability Office has released a report demonstrating that Medicare prescription drug clients are being poorly served by their plan administrators. The GAO had investigators make 900 calls to 10 of the largest drug plan sponsors and found they received complete and accurate answers to their questions only about a third of the time. (Carlisle Sentinel, PA)
