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5500 Preparer's Manual for 2012 Plan Years
The premier resource in the field of Form 5500 preparation, 5500 Preparer's Manual will help you handle the required annual Form 5500 filings for both pension benefits and welfare benefit plans.
from Spencer’s Benefits Reports: Government workers are not likely to see their health benefits disappear, but they are likely to face a lot of other changes as public employers struggle to control costs, according to a recent study from the Government Finance Officers Association (GFOA). The report, Containing Health Care Costs: Proven Strategies for Success in the Public Sector, funded by a grant from Colonial Life & Accident Insurance Company, identified strategies government employers are using to manage the quality and cost of their employee benefits programs.
Top among the changes government workers could see in their benefits packages were wellness initiatives. Seventy-nine percent of GFOA members said they placed a greater emphasis on preventive care, and 77 percent said they promoted healthy behaviors as a cost-control technique. An equal number said they have established Sec. 125 plans and are focused on maximizing participation in pretaxed benefits. Only 4 percent said they planned to eliminate health benefits.v
“Public employers clearly see benefits that help them maintain a healthy and productive workforce also can be effective strategies for controlling their benefits costs,” said Anne Spray Kinney, GFOA’s director of research and consulting.
The study also showed the most common cost-savings techniques were not always the most effective. Health plan design changes, including carving out pharmacy benefits, expanding use of generic drugs, implementing health savings accounts, and tightening provider networks, were the four most often-cited strategies. Yet just over half of those making health plan design changes strongly recommended that strategy to others.
In fact, some strategies getting the strongest endorsements apparently are not being widely implemented. Moving noncore benefits to employee-paid voluntary benefits was recommended by 87 percent of those who implemented this change, but only a third of employers have done so. Using a benefits carrier to handle benefits education and communication was recommended by 84 percent, but just over half have made this move.
Study participants who implemented cost-control strategies reported significant savings in their employee health care benefits. More than half—55 percent—of government employers reported saving at least 6 percent, with 40 percent of these reporting that they saved more than 10 percent. However, a quarter of respondents said they did not know how much they have saved.
For more information, visit http://www.coloniallife.com.
For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.
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