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Welcome to the Institute for Human Resources (IHR) Benefits: Cost Containment, Audits and Legal Risks Workshops and Program! This session will introduce the Benefits Community and the Institute for Human Resources (IHR) certification program. You’ll find out about the workshops that will be available, and learn how the IHR certification process works. Amanda Norris is the “Go Getter” at HR.com. She manages HR.com’s Institute for Human Resources Benefits: Cost Containment, Audits and Legal Risks, Performance Management and Health and Safety. She is responsible for building and aligning the curriculum for these Institutes as well as generating a strong network of industry professionals who will be able to collaborate and offer content to the HR.com members. Throughout this conference you will gain practical ideas and concepts that you’ll be able to put into practice in your business.
The Institute is committed to furthering the deploying and adoption of best practices across the Benefit vertical. The Institute provides an opportunity to bring together industry thought leaders in a year-long community that promotes best practices among vendors and HR Professionals with a series of research, webcasts, presentations, virtual events, awards and market research. The next two days mark the seventh virtual event for this great community. We have a very exciting event planned for you with many informative sessions covering the hot topics and trends in this exciting space.
You will be introduced to the Advisory Board, learn about the opportunity to become certified within the IHR and see who is speaking and their topics. You will be given guidance on how to chat online with colleagues and access the virtual exhibit hall. You will have the opportunity to ask questions as it relates to the overall program, prior to its commencement. You can access all of the archived sessions where we launched this Institute in May, 2011.
Fiduciary competency is rightfully on the minds of many fiduciaries due to the tightening regulatory environment and heightened fiduciary awareness. Indeed, fiduciaries must insulate themselves from breaches of duty as well as possible litigation, and they must be ready to provide evidence of fiduciary compliance. In their preparedness, they must be prudent experts, required to apply substantive and procedural prudence – assessing the right information in the right way.
Knowledge of the right information requires a firm understanding of fiduciary roles and responsibilities - an ongoing education – especially when considering evolving regulations. Establishment of a framework for fiduciary compliance with assessing such information in the right way requires proactive measures to identify potential fiduciary exposures.
The Employee Retirement Income Security Act (ERISA) of 1974, which governs 401(k) plans, requires that fiduciaries, such as the committee members or corporate officers who make decisions about the plans, engage in a prudent process to manage and monitor the plan. As a starting point, fiduciaries are required to look at the right information in the right way. Most plan sponsors do not have the time, resources, or expertise to properly monitor and evaluate their company’s 401(k) plan.
The purpose of this webinar is to help fiduciaries of 401(k) plans avoid common fiduciary errors. Learn the common mistakes and how by having a prudent fiduciary process these mistakes can be avoided. Case studies will be used to illustrate how to use a prudent process. By attending this webinar, attendees will have a better understanding of their role as a fiduciary and how to properly apply it to fulfilling their fiduciary duties.
The retirement plan landscape is changing quickly and much of that change is taking place in 2013. Join us in a discussion on best practices for retirement plans for small-mid size businesses to learn what is required to start and succeed at creating a retirement plan. Learn about staff time commitments, costs involved in starting a plan and keeping it going; who pays for the plan expenses, what parties are involved in retirement plans, and what their duties are. We will discuss successful plan design concepts, and what it takes to create successful outcomes for your employees participating in the plan in addition to the 2012 401(k) fee disclosure changes affecting both employers and employees. As more and more businesses look at 401ks as a competitive benefit, knowledge of basic concepts and terminologies in the 401k retirement plan landscape is need-to-know information that we’ll walk through. We will also discuss investor behavior, how it often works against the well-intentions of investors, and how to create processes, and best practices, to mitigate poor investment decisions due to emotional behavior.
Half of Americans do have access to a retirement savings plan at their workplace. For those that do, about one-third fail to join. And for those that do join tend to save too little and often make unwise investment decisions. The 401(k) arena is in crisis, and workers need sound guidance and help. This webinar will help employers who have yet to set up a retirement plan learn the steps to do so to include commitments to time, costs and associated risks.
The United States wastes $275 billion annually on healthcare spending through administrative inefficiencies, fraud, and abuse – that’s nearly $9,000 per second. Yet group health benefits remain one of the least monitored corporate expenses. Most organizations rely on third-party administrators to manage the healthcare claims payment process, and claims auditing is often low on their long list of competing priorities.
To help employers maximize the financial performance of their healthcare benefit, Truven Health Analytics has identified seven critical money errors made by plan sponsors. Eliminating these errors will lead to increased compliance, more informed decision making, and a healthier bottom line as you eliminate claims payment errors and mitigate cost trends.
This presentation will address the following:
• How to improve recoveries by making adjustments to standard contract language.
• The drivers for using 100-percent-of-claims vs. stratified random sample audit approach.
• Making continuous monitoring a best practice.
• Raising the performance bar for claims administrators.
• What to do if you plan to or have recently changed administrators or plan designs.
Join us for this timely and informative session to hear Marie Bowker, Senior Director of Audit and Compliance at Truven Health, as she reviews some of the top business challenges facing plan sponsors and offers solutions to help you ensure the payment accuracy of your healthcare administrators.
About Truven Health Analytics
Truven Health Analytics, formerly the Healthcare Business of Thomson Reuters, delivers unbiased information, analytic tools, benchmarks, and services to the healthcare industry. Hospitals, government agencies, employers, health plans, clinicians, pharmaceutical, and medical device companies have relied on us for more than 30 years. We combine our deep clinical, financial, and healthcare management expertise with innovative technology platforms and information assets to make healthcare better by collaborating with our customers to uncover and realize opportunities for improving quality, efficiency, and outcomes. With more than 2,000 employees globally, we have major offices in Ann Arbor, Mich.; Chicago; and Denver.
US Defined Contribution (401k) Plans
Staying Ahead of the Curve in 2013 - What every US 401(k) plan sponsor needs to know, including:
Forces moving sponsors to benchmark, conduct targeted renegotiations with their current providers, or conduct a service provider RFP
• The aftermath of market turmoil, provider consolidation, regulatory initiatives.
• The recent settlement of 401(k) litigation
• 401(k) fee compression
Recent developments in the legal and regulatory environment
• Update on plans' compliance with fee disclosure requirements
• Upcoming guidance on the definition of fiduciary
• IRS pronouncements on annuity distributions
• Update on excessive fee and stock drop litigation and review of best practices for fiduciaries
• Review of developments affecting target-date retirement funds
• Trends — Washington Update on Retirement Savings Initiatives
Benchmark Studies and Provider Searches
• Fact and fiction regarding benchmark studies and provider searches.
• Pros and cons of a provider search for a total bundled provider versus separate searches for each plan.
• Benchmarking fees, services, plan provisions, and the providers' performance in comparison with marketplace and versus the needs of your plan participants.
• Required preparation for a benchmark study/provider search.
• Overview of the most common process used today.
• Our results including highlights from actual benchmark studies / provider searches completed in 2012.
Plan Architecture / Plan Design
• A look at how plan sponsors have designed plan expense allocation
• Expense allocation methodology, per capita or pro rata and the unequal distribution of plan expenses
• Overview of trends in deriving revenue to pay plan expenses, including investment related revenue sharing or line item participant fees.
• Act 40 investment options vs. collective trust or separate account options
The Affordable Care Act generally requires that “large” employers - generally those with 50 or more full-time equivalent employees - provide a minimum level of health plan coverage to “full-time” employees or pay a penalty. Employers can face a penalty of $2,000 per full-time employee for failing to offer minimum essential coverage to just 5% of their full-time employees and employers who fail to offer affordable coverage can face a penalty of $3,000 for each employee who goes to an exchange and receives subsidized coverage.
Although this “Pay or Play Rule” technically does not start applying until January 1, 2014, decisions employers make as early as 2013 can impact the coverage that is offered in 2014. For example, employers who intend to offer coverage will need to count 2013 hours to determine who qualifies as "full-time" for 2014. Thus, employers need to immediately start considering their health plan strategy.
This seminar will focus on the latest IRS guidance, including the following topics addressed in the new regulation issued on December 28, 2012:
• Identifying applicable large employers, including new rules for employers close the 50-employee threshold;
• The new rule for coverage of employees' adult children;
• How to count hours for employees on leave and employees who are rehired;
• Two new affordability safe harbors; and
• Special transition rules for 2014.
Don’t miss this seminar, which is designed for benefits professionals with some experience with the Pay or Play rules -- it will keep you “ahead of the curve” on how the new rules work!
Whether your company outsources its absence management, or manages it in-house, if you’re focusing only on leaves that fall under the FMLA, you could be placing yourself at risk for failing to comply with the Americans with Disabilities Act. With the recent amendments to the ADA and increased agency enforcement, employers need to think broadly when administering employee leaves.
The Americans with Disabilities Act Amendments Act, which became in 2009, significantly broadened the scope of the ADA. As a result, more employees qualify as disabled under the ADA and, therefore, are entitled to the ADA’s protections. These protections include being provided with reasonable accommodations that enable them to perform the essential functions of their job.
Under the FMLA, employees are entitled to up to 12 weeks of unpaid, job protected leave, due to their own serious health condition. When administering FMLA leave, it is critical that employers also ensure that they are meeting their obligations under the ADA. It is not uncommon for a serious health condition under the FMLA to also qualify as an ADA disability. In these situations, an employee may be entitled to additional unpaid leave if they are unable to return to work at the end of their FMLA leave.
The Equal Employment Opportunity Commission (EEOC), one of the federal agencies that enforces the ADA, has listed increased ADA enforcement as part of its multi-year Strategic Enforcement Plan. Therefore, it is critical the employers understand the ADA and its interaction with the FMLA and ensure that they are properly administering these laws.
In 2010/11, the introduction of healthcare reform saw Finance peering through the Human Resources window wondering what the department was up to. In 2012, Finance got a little more interested and walked into the Human Resources department. Now, in 2013, Finance has clearly made its way into the department and the million dollar question has become, how can the two departments work together to successfully introduce healthcare reform into the respective organization? As healthcare reform takes shape within your organization over the next 6 years, it will be important to develop a relationship with your Finance function so that you can work together to make the best business decisions for the company. This will include everything from determining the respective roles that each respective department will play, learning all that is involved from a hard and soft cost perspective, and effectively strategizing the future of the company’s health insurance benefits program.
This presentation will provide an opportunity for Human Resource professionals to:
- Learn how to work effectively with the Finance department over the next 6 years;
- Determine the key healthcare reform provisions that Finance will be most interested in;
- Understand the major financial modeling considerations associated with healthcare reform;
- Communicate the soft cost impact of healthcare reform to Finance so they may be taken into consideration when developing the overall health insurance strategy.
With this information in hand, it will provide a greater opportunity for you as a Human Resources professional to not only work successfully with your Finance counterparts but also determine whether you will play the lead, follower, or middle role as healthcare reform is introduced within your organization.