Presentation I developed for the Director of Finance to present to the Board of County Supervisors regarding the sudden increase in local government contributions to employees retirement plans.
This document provides a summary of recent regulatory updates affecting retirement plans. Key topics include the Supreme Court ruling on the Defense of Marriage Act and its impact on spousal benefits in retirement plans, guidance on revenue recapture accounts and fee disclosure timing, proposed changes to money market fund regulations, and compliance projects conducted by the IRS on college/university and 457(b) plans. Emerging state initiatives to establish alternative retirement savings programs are also discussed.
The document discusses evaluating retirement plan health and defining success. It outlines traditional metrics used to measure plan health like participation rates and account balances. It then introduces a new way to evaluate plan health using replacement ratios to determine if participants will have enough savings for a dignified retirement. The new evaluation focuses on whether participants are on track to meet their goals and are properly diversified based on their risk tolerance. It promotes using a Retirement Plan Health Check report to provide qualitative plan statistics compared to peers to accurately measure a plan's value.
The past 30 years has born witness to the collapse of the private pension system with for-profit employers, tax-exempt entities and now the governmental sponsors replacing defined benefit pension programs with defined contribution plans. This practice spawned a well-documented transfer of investment and funding risk from employer to employee. Now, most defined contribution plans render the employee the sole decision maker on the four factors that determine an employee's ability to retire successfully: contribution rate, investment strategy/return, time horizon, and spending needs in retirement.<br /><br /> In this presentation we will address what employers can do to help employees meet the demands of the new retirement plan era.
This document provides an overview and agenda for a presentation on common 403(b) plan compliance issues and solutions. It begins with introductions of the presenter and his background and experience. It then outlines the IRS and DOL voluntary correction programs that can be used to resolve plan failures. The majority of the document details frequent plan document issues, operational errors, and governance problems that 403(b) plans encounter. It provides examples and recommends best practices for correction.
Times are changing and retirement plan documents and plans need to change with the times. We will be reviewing current and effective plan design strategies to enhance the retirement readiness of your employees and review best practices for plan compliance.
Even with the most earnest intentions, mistakes inside of a retirement plan will most likely happen from time to time. Plan sponsors can take solace in knowing that there is a corrective solution for nearly every compliance problem. Knowing how to correct a plan error will help plan sponsors act swiftly so as not to ripen the problem should one occur. It can also help save the plan sponsor money. In this program, Multnomah Group will provide an overview of the correction programs available through both the Internal Revenue Service (for Internal Revenue Code issues) and the Department of Labor (for issues under the Employee Retirement Income Security Act).
Taxation policies affect the demand for healthcare insurance. In the UK, most health insurance policies are subject to Insurance Premium Tax of 5% of annual premiums. In Rwanda, VAT of 18% is charged on medical insurance premiums and broker commissions. Companies can deduct healthcare insurance premiums for employees as a business expense but employees must pay income tax on premiums as a taxable benefit. Health trusts were developed as an alternative to insurance to avoid Insurance Premium Tax, but come with administrative burdens. Stop-loss insurance protects against high-cost claims and is subject to Premium Tax. Self-insurance, cash policies, and spending from savings are also alternatives to traditional health insurance.
The document outlines key provisions and requirements of the Affordable Care Act implemented between 2010-2018. Some highlights include dependent coverage until age 26 starting in 2010, prohibiting pre-existing condition exclusions for those under 19 in 2014, health insurance marketplaces beginning in 2013, and individual mandate starting in 2014. The medical device tax and Cadillac tax are scheduled for 2018.
This document provides a summary of recent regulatory updates affecting retirement plans. Key topics include the Supreme Court ruling on the Defense of Marriage Act and its impact on spousal benefits in retirement plans, guidance on revenue recapture accounts and fee disclosure timing, proposed changes to money market fund regulations, and compliance projects conducted by the IRS on college/university and 457(b) plans. Emerging state initiatives to establish alternative retirement savings programs are also discussed.
The document discusses evaluating retirement plan health and defining success. It outlines traditional metrics used to measure plan health like participation rates and account balances. It then introduces a new way to evaluate plan health using replacement ratios to determine if participants will have enough savings for a dignified retirement. The new evaluation focuses on whether participants are on track to meet their goals and are properly diversified based on their risk tolerance. It promotes using a Retirement Plan Health Check report to provide qualitative plan statistics compared to peers to accurately measure a plan's value.
The past 30 years has born witness to the collapse of the private pension system with for-profit employers, tax-exempt entities and now the governmental sponsors replacing defined benefit pension programs with defined contribution plans. This practice spawned a well-documented transfer of investment and funding risk from employer to employee. Now, most defined contribution plans render the employee the sole decision maker on the four factors that determine an employee's ability to retire successfully: contribution rate, investment strategy/return, time horizon, and spending needs in retirement.<br /><br /> In this presentation we will address what employers can do to help employees meet the demands of the new retirement plan era.
This document provides an overview and agenda for a presentation on common 403(b) plan compliance issues and solutions. It begins with introductions of the presenter and his background and experience. It then outlines the IRS and DOL voluntary correction programs that can be used to resolve plan failures. The majority of the document details frequent plan document issues, operational errors, and governance problems that 403(b) plans encounter. It provides examples and recommends best practices for correction.
Times are changing and retirement plan documents and plans need to change with the times. We will be reviewing current and effective plan design strategies to enhance the retirement readiness of your employees and review best practices for plan compliance.
Even with the most earnest intentions, mistakes inside of a retirement plan will most likely happen from time to time. Plan sponsors can take solace in knowing that there is a corrective solution for nearly every compliance problem. Knowing how to correct a plan error will help plan sponsors act swiftly so as not to ripen the problem should one occur. It can also help save the plan sponsor money. In this program, Multnomah Group will provide an overview of the correction programs available through both the Internal Revenue Service (for Internal Revenue Code issues) and the Department of Labor (for issues under the Employee Retirement Income Security Act).
Taxation policies affect the demand for healthcare insurance. In the UK, most health insurance policies are subject to Insurance Premium Tax of 5% of annual premiums. In Rwanda, VAT of 18% is charged on medical insurance premiums and broker commissions. Companies can deduct healthcare insurance premiums for employees as a business expense but employees must pay income tax on premiums as a taxable benefit. Health trusts were developed as an alternative to insurance to avoid Insurance Premium Tax, but come with administrative burdens. Stop-loss insurance protects against high-cost claims and is subject to Premium Tax. Self-insurance, cash policies, and spending from savings are also alternatives to traditional health insurance.
The document outlines key provisions and requirements of the Affordable Care Act implemented between 2010-2018. Some highlights include dependent coverage until age 26 starting in 2010, prohibiting pre-existing condition exclusions for those under 19 in 2014, health insurance marketplaces beginning in 2013, and individual mandate starting in 2014. The medical device tax and Cadillac tax are scheduled for 2018.
Affordable Healthcare Act and Your Businessgotopaz
The Affordable Care Act establishes several new provisions that will impact businesses and their health plans. It creates simple cafeteria plans for small employers, limits health FSA contributions to $2,500 annually, and requires employers to report the cost of health coverage on W-2 forms. It also expands the Medicare tax, provides a tax credit for small businesses that offer coverage, and establishes penalties for large employers that do not offer affordable coverage. The document provides examples to help businesses determine if offering coverage or paying penalties would be more affordable based on employee wages.
This document discusses key provisions of the Affordable Care Act that will impact employers and individuals in 2013 and beyond, including the individual mandate, employer shared responsibility requirements, reporting obligations, costs and fees, and state health insurance exchanges. It outlines compliance considerations and financial implications for businesses related to offering health coverage, penalties for non-compliance, and rising health care costs. State exchanges creating new health plan options starting in 2014 could disadvantage employers if not addressed as part of a comprehensive benefits strategy.
This paper will discuss the most effective and ineffective financial management practices in the healthcare setting. Healthcare is the most difficult industry to prepare financial operating budgets. There are many factors and variables that must be taken into consideration. These factors and variables can change yearly making the preparation of the budget even more difficult.
This paper will cover an analysis of the financial statements of the fictitious Patton-Fuller Hospital for the years of 2008 and 2009. The analysis is bases on the Balance Sheets and the Statements of Revenue and Expenses for the above years along with the written annual report.
Created by WEA Trust Vice President & General Counsel Vaughn Vance, this presentation helps explain to employers the changing health insurance marketplace. You'll learn about new fees and taxes, plan restrictions and employer obligations under health care reform.
This document provides a guide for fixing common mistakes made with 401(k) plans. It lists 12 common mistakes employers make including failing to update plan documents, not following plan terms, incorrectly defining compensation, and failing nondiscrimination tests. For each mistake, it provides how to find the mistake, how to fix it, and how to avoid it in the future. It recommends reviewing plan documents annually, communicating changes to relevant parties, and conducting annual reviews to ensure compliance. The document also provides an overview of the IRS's Employee Plans Compliance Resolution System which allows plans to self-correct certain issues, use the Voluntary Correction Program to get IRS approval, or correct under audit with a sanction.
ATTENTION SNF OPERATORS: Find out how how your facility’s rehospitalization rates will determine how you are reimbursed moving forward.
Are you ready for a Big Game Changer? Health care reform mandates will directly impact your bottom line starting January 2017. As CMS rolls out the “SNF VBP Program,” SNFs nationwide may find themselves scrambling to protect 2% revenue.
Rick Pummill - TRPC - Effective Plan Design and AdministrationDowney Brand LLP
In his presentation at the 2015 Savannah Fiduciary Seminar, Rick Pummill of The Retirement Plan Company presented on how to make 401(k) or Defined Contribution Plan operations more effective, from design tips to electronic delivery of disclosures.
This document proposes pension reform for the Public Safety Personnel Retirement System (PSPRS) in Arizona. It summarizes the challenges facing PSPRS, including a massive increase in unfunded liabilities, skyrocketing costs for governments, and previous reforms being struck down. The main causes identified are permanent benefit increases (PBI) that have undermined solvency, an unrealistic expected return rate of 7.5%, and actual returns averaging 5% since 2002. The proposed reform would replace PBI with a pre-funded COLA for current members, introduce a hybrid pension/DC plan for new hires after 2017, and cap pensionable pay.
Randall Webb - TJSDD - Common Pitfalls and Deficiencies Found in Plan AuditsDowney Brand LLP
At the 2015 Savannah Fiduciary Seminar, Randall Webb of TJS Deemer Dana presented the most common deficiencies identified during plan audits and how plan sponsors should correct those deficiencies going forward.
Understanding the Impact of Health Care Reform on Your Business in 2013Insperity
This document summarizes key provisions of the Affordable Care Act that will impact businesses in 2013 and beyond, including the individual mandate, employer shared responsibility requirements, reporting obligations, costs and fees, and state health insurance exchanges. It outlines compliance requirements and penalties businesses may face if they do not offer affordable health coverage or if employees receive subsidies through state exchanges. The increasing complexity of the regulations and their potential effects on a business's health care costs, administrative workload and competitiveness are also discussed.
Covenant Care offers a self-funded health insurance alternative for employers with 25 to 250 employees that caps costs and protects against premium increases. It guarantees total maximum plan costs for years 2 and 3. The program focuses on risk management rather than cost shifting to control rising healthcare costs long-term. Case studies found savings of up to 62% by motivating employees to improve their health.
Web presentation 10162014 understanding your actuariesCarol Buckmann
This document discusses the role of enrolled actuaries in pension funding. It provides an overview of key terms and requirements related to pension funding standards under the Internal Revenue Code and Pension Protection Act. Specifically, it outlines the responsibilities of enrolled actuaries in certifying minimum funding requirements, funded status, and actuarial assumptions. It also reviews standards of practice that enrolled actuaries must follow regarding actuarial cost methods, economic assumptions, and demographic assumptions.
This document discusses defined benefit pension plans. It provides definitions and explanations of key terms related to DB plans, including funded status, accumulated benefit obligation, projected benefit obligation, plan surplus, total future liability, retired lives, and active lives. It also discusses factors that influence a DB plan's investment objectives and strategies, such as tax concerns, legal/regulatory issues, time horizon, plan features, and workforce characteristics. The document then provides an example of the primary objective, funding objective, investment objective, and return objective of a specific DB pension plan in Kenya.
The document discusses several of the Department of Labor's national enforcement projects and regional enforcement projects for FY 2016. The national projects focus on areas like contributory plans, health benefits, ESOPs, and prohibited persons. The regional project for New York focuses on alternative investments and valuations. The document also summarizes an interpretive bulletin on economically targeted investments and fiduciary duties when considering non-economic factors.
Webinar: “While You Were Sleeping…Proposed Rule Positioned to Significantly I...PYA, P.C.
The proposed rule would significantly impact physician compensation by re-valuing outpatient E/M services. It increases reimbursement for E/M codes but reduces the conversion factor, resulting in higher payments for some specialties and lower payments for others. This redistribution could increase revenue for specialists providing many E/M services but decrease revenue for proceduralists. Employers may need to adjust physician contracts to account for these changes. The rule also introduces new E/M guidelines and codes effective 2021, requiring preparation from medical practices.
Strategies to Overcome Objections to Auto Plans - Elizabeth KaidoBPAS
This document summarizes a presentation on strategies to overcome objections to automatic enrollment plans. It discusses the benefits of automatic enrollment, escalation, and re-enrollment features in increasing retirement savings rates. It addresses common sponsor objections that these features are too paternalistic, employees can't afford to save, or are too costly and administratively burdensome. The presentation provides data showing that automatic plans dramatically increase participation and savings rates with minimal opt-out rates. It also notes ways that automatic plans can reduce an advisor's workload while engaging more participants in financial wellness.
News Flash October 27 2014 Transitional Reinsurance Fee Counts Due By Nove...Annette Wright, GBA, GBDS
The document summarizes the requirements for transitional reinsurance fees established by the Affordable Care Act. Employers with self-insured health plans must submit enrollment counts and payment by November 17, 2014. They can pay the full 2014 fee by January 15, 2015 or pay in two installments. Late payments will incur interest and penalties. The document provides details on calculating enrollment counts, submitting forms through Pay.gov, and the penalty process for late payments.
The document analyzes the operating budgets of Patton-Fuller Community Hospital for 2008-2009 and proposes a 2010 budget. It recommends giving nurses a $1/hour raise to retain staff. This will increase expenses but is less costly than replacing nurses. The budget projects a 238% rise in expenses due to the raise but a reduced operating loss, improving the hospital's financial situation. It differentiates between managerial accounting and financial management concepts and explains how cost measurement helps analyze variances for maintaining budgets.
Presented to Board of Social Services the status of the budget vs. actual and the reduced turnback which can be a measure of how effective the budget is implemented.
The document outlines 4 tasks and a final challenge for a group: design a strong cube, tall tower, strong tower, and long bridge, then create a marble rollercoaster with a loop and hill. The final challenge is to create a structure that will support the team off the ground for 5 minutes.
Affordable Healthcare Act and Your Businessgotopaz
The Affordable Care Act establishes several new provisions that will impact businesses and their health plans. It creates simple cafeteria plans for small employers, limits health FSA contributions to $2,500 annually, and requires employers to report the cost of health coverage on W-2 forms. It also expands the Medicare tax, provides a tax credit for small businesses that offer coverage, and establishes penalties for large employers that do not offer affordable coverage. The document provides examples to help businesses determine if offering coverage or paying penalties would be more affordable based on employee wages.
This document discusses key provisions of the Affordable Care Act that will impact employers and individuals in 2013 and beyond, including the individual mandate, employer shared responsibility requirements, reporting obligations, costs and fees, and state health insurance exchanges. It outlines compliance considerations and financial implications for businesses related to offering health coverage, penalties for non-compliance, and rising health care costs. State exchanges creating new health plan options starting in 2014 could disadvantage employers if not addressed as part of a comprehensive benefits strategy.
This paper will discuss the most effective and ineffective financial management practices in the healthcare setting. Healthcare is the most difficult industry to prepare financial operating budgets. There are many factors and variables that must be taken into consideration. These factors and variables can change yearly making the preparation of the budget even more difficult.
This paper will cover an analysis of the financial statements of the fictitious Patton-Fuller Hospital for the years of 2008 and 2009. The analysis is bases on the Balance Sheets and the Statements of Revenue and Expenses for the above years along with the written annual report.
Created by WEA Trust Vice President & General Counsel Vaughn Vance, this presentation helps explain to employers the changing health insurance marketplace. You'll learn about new fees and taxes, plan restrictions and employer obligations under health care reform.
This document provides a guide for fixing common mistakes made with 401(k) plans. It lists 12 common mistakes employers make including failing to update plan documents, not following plan terms, incorrectly defining compensation, and failing nondiscrimination tests. For each mistake, it provides how to find the mistake, how to fix it, and how to avoid it in the future. It recommends reviewing plan documents annually, communicating changes to relevant parties, and conducting annual reviews to ensure compliance. The document also provides an overview of the IRS's Employee Plans Compliance Resolution System which allows plans to self-correct certain issues, use the Voluntary Correction Program to get IRS approval, or correct under audit with a sanction.
ATTENTION SNF OPERATORS: Find out how how your facility’s rehospitalization rates will determine how you are reimbursed moving forward.
Are you ready for a Big Game Changer? Health care reform mandates will directly impact your bottom line starting January 2017. As CMS rolls out the “SNF VBP Program,” SNFs nationwide may find themselves scrambling to protect 2% revenue.
Rick Pummill - TRPC - Effective Plan Design and AdministrationDowney Brand LLP
In his presentation at the 2015 Savannah Fiduciary Seminar, Rick Pummill of The Retirement Plan Company presented on how to make 401(k) or Defined Contribution Plan operations more effective, from design tips to electronic delivery of disclosures.
This document proposes pension reform for the Public Safety Personnel Retirement System (PSPRS) in Arizona. It summarizes the challenges facing PSPRS, including a massive increase in unfunded liabilities, skyrocketing costs for governments, and previous reforms being struck down. The main causes identified are permanent benefit increases (PBI) that have undermined solvency, an unrealistic expected return rate of 7.5%, and actual returns averaging 5% since 2002. The proposed reform would replace PBI with a pre-funded COLA for current members, introduce a hybrid pension/DC plan for new hires after 2017, and cap pensionable pay.
Randall Webb - TJSDD - Common Pitfalls and Deficiencies Found in Plan AuditsDowney Brand LLP
At the 2015 Savannah Fiduciary Seminar, Randall Webb of TJS Deemer Dana presented the most common deficiencies identified during plan audits and how plan sponsors should correct those deficiencies going forward.
Understanding the Impact of Health Care Reform on Your Business in 2013Insperity
This document summarizes key provisions of the Affordable Care Act that will impact businesses in 2013 and beyond, including the individual mandate, employer shared responsibility requirements, reporting obligations, costs and fees, and state health insurance exchanges. It outlines compliance requirements and penalties businesses may face if they do not offer affordable health coverage or if employees receive subsidies through state exchanges. The increasing complexity of the regulations and their potential effects on a business's health care costs, administrative workload and competitiveness are also discussed.
Covenant Care offers a self-funded health insurance alternative for employers with 25 to 250 employees that caps costs and protects against premium increases. It guarantees total maximum plan costs for years 2 and 3. The program focuses on risk management rather than cost shifting to control rising healthcare costs long-term. Case studies found savings of up to 62% by motivating employees to improve their health.
Web presentation 10162014 understanding your actuariesCarol Buckmann
This document discusses the role of enrolled actuaries in pension funding. It provides an overview of key terms and requirements related to pension funding standards under the Internal Revenue Code and Pension Protection Act. Specifically, it outlines the responsibilities of enrolled actuaries in certifying minimum funding requirements, funded status, and actuarial assumptions. It also reviews standards of practice that enrolled actuaries must follow regarding actuarial cost methods, economic assumptions, and demographic assumptions.
This document discusses defined benefit pension plans. It provides definitions and explanations of key terms related to DB plans, including funded status, accumulated benefit obligation, projected benefit obligation, plan surplus, total future liability, retired lives, and active lives. It also discusses factors that influence a DB plan's investment objectives and strategies, such as tax concerns, legal/regulatory issues, time horizon, plan features, and workforce characteristics. The document then provides an example of the primary objective, funding objective, investment objective, and return objective of a specific DB pension plan in Kenya.
The document discusses several of the Department of Labor's national enforcement projects and regional enforcement projects for FY 2016. The national projects focus on areas like contributory plans, health benefits, ESOPs, and prohibited persons. The regional project for New York focuses on alternative investments and valuations. The document also summarizes an interpretive bulletin on economically targeted investments and fiduciary duties when considering non-economic factors.
Webinar: “While You Were Sleeping…Proposed Rule Positioned to Significantly I...PYA, P.C.
The proposed rule would significantly impact physician compensation by re-valuing outpatient E/M services. It increases reimbursement for E/M codes but reduces the conversion factor, resulting in higher payments for some specialties and lower payments for others. This redistribution could increase revenue for specialists providing many E/M services but decrease revenue for proceduralists. Employers may need to adjust physician contracts to account for these changes. The rule also introduces new E/M guidelines and codes effective 2021, requiring preparation from medical practices.
Strategies to Overcome Objections to Auto Plans - Elizabeth KaidoBPAS
This document summarizes a presentation on strategies to overcome objections to automatic enrollment plans. It discusses the benefits of automatic enrollment, escalation, and re-enrollment features in increasing retirement savings rates. It addresses common sponsor objections that these features are too paternalistic, employees can't afford to save, or are too costly and administratively burdensome. The presentation provides data showing that automatic plans dramatically increase participation and savings rates with minimal opt-out rates. It also notes ways that automatic plans can reduce an advisor's workload while engaging more participants in financial wellness.
News Flash October 27 2014 Transitional Reinsurance Fee Counts Due By Nove...Annette Wright, GBA, GBDS
The document summarizes the requirements for transitional reinsurance fees established by the Affordable Care Act. Employers with self-insured health plans must submit enrollment counts and payment by November 17, 2014. They can pay the full 2014 fee by January 15, 2015 or pay in two installments. Late payments will incur interest and penalties. The document provides details on calculating enrollment counts, submitting forms through Pay.gov, and the penalty process for late payments.
The document analyzes the operating budgets of Patton-Fuller Community Hospital for 2008-2009 and proposes a 2010 budget. It recommends giving nurses a $1/hour raise to retain staff. This will increase expenses but is less costly than replacing nurses. The budget projects a 238% rise in expenses due to the raise but a reduced operating loss, improving the hospital's financial situation. It differentiates between managerial accounting and financial management concepts and explains how cost measurement helps analyze variances for maintaining budgets.
Presented to Board of Social Services the status of the budget vs. actual and the reduced turnback which can be a measure of how effective the budget is implemented.
The document outlines 4 tasks and a final challenge for a group: design a strong cube, tall tower, strong tower, and long bridge, then create a marble rollercoaster with a loop and hill. The final challenge is to create a structure that will support the team off the ground for 5 minutes.
This document outlines a training project proposal to create an electronic device that regulates energy usage in the home. The project aims to raise awareness about conserving water and electricity through educational campaigns. It would develop an electronic regulator to help optimize energy use and reduce costs for utilities. The 10-month project would involve 63 trainees and instructors developing the regulator device. It requests a budget of $3.1 million for equipment, tools, instructor salaries, and training materials. The project expects social and environmental benefits from lowering utility bills and global warming impacts.
This document contains personal and academic information for 5 students who are members of the group "Leaves of Life". It includes each student's name, address, phone number, email, date of birth, identification card number, primary and secondary schools attended, as well as family information like parents' names, occupations, and number of siblings.
This document discusses accounting for pensions and postretirement benefits. It covers:
1) Defined benefit and defined contribution pension plans, and how a company determines annual costs for each.
2) How a company determines the annual cost of a defined benefit pension plan using a three step process involving actuaries to calculate future benefits, present value, and period to spread costs.
3) Factors that impact pension expenses such as changes in discount rates, expected returns on assets, compensation growth rates, additional benefits granted, and changes to life expectancies or employee turnover assumptions.
The Vicissitudes of Valuing Value--Legal and Valuation Issues Associated with...PYA, P.C.
PYA Principal Carol Carden co-presented “The Vicissitudes of Valuing Value--Legal and Valuation Issues Associated with Value-Based Payment Models” at the 2017 American Health Lawyers Association Physician and Hospitals Law Institute, February 1-3, 2017, in Orlando, Florida.
The presentation addressed:
Emerging alternative payment models (APMs)
The application of fraud and abuse laws and IRS rules to provider network payments
Existing market data and regulatory guidance
Considerations in determining fair market value and commercial reasonableness
Dan Exceen - Acsa superintendent jan 31 2014 final presentationCASupts
This document outlines steps that school districts need to take to comply with provisions of the Affordable Care Act (ACA). It discusses conducting an actuarial value assessment and affordability report to ensure plans meet minimum coverage requirements. Districts must track hours for variable hour employees over a measurement period and then apply eligibility during a subsequent stability period. The document provides timelines of key ACA provisions and penalties for employers if they do not provide adequate coverage to full-time employees. It aims to help districts strategically address ACA mandates.
The CMS Innovation Center held a Comprehensive Care for Joint Replacement Model webinar on proposed rule changes to the model on September 7, 2016.
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Implementation of a Perioperative Surgical Home (PSH)Wellbe
The PSH is a patient-centered, physician-led system of coordinated care that guides patients through the entire surgical experience. From the decision for surgery to 30-90 days post discharge from a medical facility, the PSH model of care is re-engineered to improve patient care and outcomes while decreasing total cost. Learn how your physicians can earn financial incentives from both the PSH and the new CMS requirements for Alternative Payment Models (APMs).
What does SGR Reform and PSH have in common? Dr. Mike Schweitzer, a national leader in PSH, will show you how physicians can leverage a PSH to meet the new APM requirements. The Medicare Access and CHIP Reauthorization Act (MACRA) replaces SGR with a new performance-based payment system and financial incentives for participation in alternative payment models. The law requires that major changes occur by January 1, 2017 – the measurement year for penalties and rewards in 2019. Dr. Schweitzer will describe how to develop a PSH program in your organization. He will share strategies to engage physician leaders to prepare for MACRA or Value Based Payments through PSH.
This webinar will enable you to:
- Identify the burning platform for a PSH
- Define the elements of a PSH
- Outline the infrastructure needed to implement a PSH
- Build and sustain the metrics to support a PSH
- Learn how to engage physician champions
About the Speaker:
Dr. Mike Schweitzer is the Vice President of Healthcare Delivery Transformation at VHA Southeast in Tampa, FL. Mike is also the Medical Director guiding the ASA-sponsored Perioperative Surgical Home Collaborative involving 44 healthcare organizations across the nation. Dr. Schweitzer is a nationally recognized speaker and has published many articles on the Perioperative Surgical Home.
Dr. Schweitzer previously served as the Chief Medical Officer for Northeast Baptist Hospital in San Antonio, TX where he was involved in the CMS Pilot for Acute Care Episodes, ACO development, and co-management programs.
The document summarizes the Groton Central School District's 2008-09 budget proposal. It outlines priorities like maintaining facilities, improving student performance, and fiscal stability. It also details anticipated revenues, expenditures, and tax impacts. The budget proposes a 4.78% operational increase and seeks voter approval for bus purchases and to establish a building capital reserve fund.
Fee Policy Statement Kit: Best Practices for Managing Plan Expenses - Brian B...BPAS
The document discusses the evolution of defined contribution plan governance from the 1970s to present day. It emphasizes the importance of fiduciary duties to pay only reasonable plan expenses and follow a prudent process. A fee policy statement is recommended as a tool to document how a plan will monitor and allocate costs. It explains concepts like revenue sharing, expense recapture accounts, and expense allocation methods to help fiduciaries meet regulatory requirements.
The document provides information about the Virginia Retirement System (VRS) retirement plan for staff employees at Virginia Tech, including details about the VRS plan types, hybrid plan components, contribution rates, eligibility requirements, and options for leaving employment and accessing retirement funds. Staff employees have a mandatory retirement contribution deducted from each paycheck that is distributed between a defined benefit and defined contribution plan under the VRS hybrid plan.
Virginia Tech - New Employee Orientation - Faculty Retirementvt-hr-service-center
The document provides information about retirement plan options for Virginia Tech faculty including the Virginia Retirement System (VRS) pension plans, the VRS Hybrid plan which includes both defined benefit and defined contribution components, and the Optional Retirement Plan (ORP). It describes the eligibility and features of each plan including contribution rates, vesting periods, and benefit calculations at retirement. Employees must make an irrevocable choice between the VRS and ORP plans within 60 days of hire.
The document provides an overview of the Employees' Retirement Fund of the City of Dallas for 2014. The fund provides retirement, disability, and death benefits to city employees. As of 2014, it had 7,180 active members, 6,958 benefit recipients, and 739 inactive members. Net assets totaled $3.4 billion with an investment rate of return of 6.5% for the year. Additions to the fund's net assets included $92.4 million in contributions and $300.5 million in total investment income. Deductions totaled $234.4 million, including $225.6 million in benefits paid.
COVID-19: The Impact on Retirement PlansCBIZ, Inc.
As COVID-19 continues to impact the stock market and organizations around the world, we understand that you have concerns about how recent market fluctuations may affect your retirement plan. What you should know is that there are options you may have to minimize these effects on your business and your employees. We’ve developed a summary of these complex issues in this whitepaper. You will learn about:
- Impacts to both defined benefit plans and defined contribution plans
- Potential options for your organization to minimize negative effects on your business and your employees
- Legislative updates from the CARES Act
- Important considerations and actions to take next
This document discusses how to comply with Governmental Accounting Standards Board (GASB) statements 16, 27, 45, and 47 regarding accounting for employee benefits. It provides an overview of each statement and how they relate to compensated absences, pensions, other post-employment benefits (OPEB), and termination benefits. It then offers recommendations for districts to monitor requirements, measure benefit promises accurately, understand their options within the GASB framework, and potentially adjust benefits or funding to reduce costs while maintaining compliance.
Small business owners have several options for establishing a retirement plan for their employees. The document discusses the need for retirement planning and outlines various plan types including defined benefit pensions, 401(k) plans, SEP-IRAs, and SIMPLE IRAs. It provides details on eligibility requirements, contribution limits, tax benefits and administration considerations for small business retirement plans. UBS Financial Services can help business owners evaluate their options and set up a plan that meets their needs.
This document summarizes key points from an annual conference on GASB 75 requirements for other post-employment benefits (OPEB) reporting. Some of the main topics discussed include: changes to the frequency and content of OPEB financial reporting; differences from prior GASB 45 requirements including more frequent actuarial valuations and measurements; considerations for "off year" updates and lookback valuations; disclosure requirements and sample financial statement notes; and assumptions like discount rates, healthcare trends, and participation rates that significantly impact OPEB liability calculations. The presentation also covers issues like the Cadillac tax, funding policy implications, and risks to consider in OPEB plan management and reporting.
In late January, the FASB released two proposed accounting standards updates that affect Topic 715, Compensation—Retirement Benefits. One is designed to improve the presentation of net periodic pension cost and net periodic post-retirement benefit cost. The exposure draft seeks to clarify where entities report pension-related costs and how the costs are presented within the financial statements. The other addresses disclosure requirements for defined benefit plans.
Health Reform Bulletin – Completing the Transitional Reinsurance Fee Form CBIZ, Inc.
information on the release of Transitional Reinsurance reporting forms by the CMS Center for Consumer Information and Insurance Oversight (CCIIO):
1. Steps for completing the ACA Transitional Reinsurance Program Annual Enrollment Contribution Submission Form
2. Links to the User Manual, the companion to the reporting form
The Multiemployer Pension Reform Act of 2014 (MPRA) made several changes to multiemployer pension plans, including increasing PBGC premiums, expanding guaranteed benefits, and modifying funding rules. It added new statuses like "critical and declining" and allowed certain assumptions to be made for insolvency projections. MPRA also required additional information in annual funding notices and Form 5500 filings to improve transparency regarding plan funding statuses and insolvency risks.
This document discusses 401k essentials for 2015, including contribution limits, employee education best practices, enrollment and documentation requirements, and distributions for terminated employees. It also provides an overview of legal and legislative updates such as conflicts of interest with proprietary funds and in-plan Roth conversions. The document concludes with a discussion of important plan features to consider like managed accounts, online tools, and fiduciary support models.
The document discusses how the IRS reduced the affordability contribution percentages under the Affordable Care Act for 2018. Specifically:
- For plan years beginning in 2018, employer-sponsored coverage will be considered affordable if the employee contribution is 9.56% of household income for purposes of the pay or play rules and premium tax credit eligibility, and 8.05% for an individual mandate exemption.
- This is the first reduction in the affordability percentages since these rules were implemented. As a result, some employers may need to reduce employee contributions for 2018.
- The reductions apply to determining affordability under the pay or play rules, premium tax credit eligibility, and individual mandate exemption.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
Good afternoon Chairman, members of the Board. There have been various discussions and questions surrounding PWC’s VRS contributions. We have been diligently looking into this issue also, and I believe our presentation will facilitate your understanding of these issues and begin to answer your questions.
We are going to talk about: Where we were How did we get there? Where we are How did we get here? Staff met with VRS regarding Bolton’s Report that was dispatched to you with the staff report on 3/26 And we will share with you their comments
A Board of Trustees oversees VRS with a Fiduciary responsibility they are not elected officials PWC has participated in VRS since 1962 Participation is irrevocable (sec. 51.1-139).
PWC has 4,894 participants as of 6/30/03 consisting of employees with PWC former employees separated from PWC that are still earning benefits in VRS Former employees that are not earning benefits in VRS and are vested, and those that are not Retirees from PWC receiving benefits Retirees from other employers that were with PWC at one time, now receiving benefits
The rates employers pay are expressed as a % of “covered” payroll. A % of compensation to active employees is the source of funding the retirement plan. PWC funds this contribution through the general fund. Most of your questions are regarding the Employer’s Contribution Rate this is a percent determined every 2 years by VRS based on actuarial information for PWC Employee’s Share of 5% of salary, that PWC as an employer pays for its employees. (The County Attorney has concluded that this contribution is also irrevocable.) Health Insurance Credit of 0.12%, and changes insignificantly.
I said what we would show you today would begin to address your questions, most questions are about the contribution rate that is greater than in prior years. This is a history of our contribution rate including both the 5% PWC picks up for employees and the employer contribution rate. What does this chart tell you? Well, it tells you where we have been with the employer contribution rate since FY95. You can see our contribution rate climbing at a slow rate and then dropping from 10% to just above 8% effective July 1, 2001. You can see that recently, PWC prior to this budgeting cycle, dropped down to just above 6%. By the way, that’s 6% of “covered” payroll. In other words, the employer share was 1%. The employee share stayed at 5%. How did PWC drop to 6% when formerly up between 8-10%? To understand these changes, I need to briefly talk to you about some terms used in pension funding.
Actuarial Present Value. This is the amount that would have to be invested so that the invested amount + investment earnings would provide funding for Total Projected Benefits. If you have a retirement plan, you don’t pay for just current retirees, but you MUST provide adequate funding over time for future retirees – your current employees you said you would provide a defined benefit for. The actuary determines this amount based on life expectancies, employment longevity, and other specialized information. PWC’s normal cost currently approximately 12% of “covered” payroll, annually. So, if we aren’t paying 12%, what is happening?
We already defined what actuarial present value is. Actuaries also value the assets and liabilities of the plan. In valuing the assets & liabilities, they use assumptions. The assumptions used by VRS for PWC are: 3% cost-of-living adjustments (last changed in 2000 from 3.5%) Pay raises from 4% to 6½%, this being COLA + Merit (last changed in 1997) 8% market rate of return (last changed in 1989) The first 2 assumptions are close to actual results for PWC. The actuary utilizes a time horizon that smooths out changes varying from assumptions and allows the employer to contribute to the plan over a period of time. The longer your horizon, the greater the window of time to realize results close to the assumptions. The shorter the horizon, the shorter the time to realize results. Market return is the most significant assumption regarding valuing the assets for the plan.
Actuarial value of assets is how the actuary values the assets of the plan, given a set of assumptions and the particular types of assets in the plan. Generally, any gains/losses in market value are only partially reflected in the actuarial value of assets, approximately 20% annually. Therefore, recouping market losses or reaping market gains are spread in the actuarial value of assets over 5 years. This is what the market value of assets were according to VRS actuarial report for PWC on 6/30/00, and the actuarial value of assets. The $43 million is not realized all at once in the plan but over a period of years.
The next term, Actuarial Accrued liability. This is the sum of all costs based on service prior to the current year, or valuation date + any interest accrued on those costs. So, take the difference between the actuarial value of assets and the actuarial accrued liability and you’ve either overfunded or underfunded your plan. And those results also have some specific terms: unfunded actuarial accrued liability, positive or negative. But generally, you can always expect a difference between the projected benefits and actuarial value of assets, and the market returns and employer contribution over time makes up for that difference.
These are results in the actuary report VRS issued to PWC as of June 30, 2000. Therefore there was not an unfunded liability: there was a negative unfunded liability of $52,542,951. Based on actuarial calculations, this resulted in a lower contribution rate for PWC for the next 2 years, as VRS sets the rate for a 2-year period.
This is what happened when the contribution rate was set beginning July 2002. First, the actuarial valuation was performed as of June 30, 2001. At that point, the market performed better than the long-term assumption.
Simultaneously, VRS implemented the banding methodology discussed in the staff report distributed to you. The methodology of determining employer contribution rates based on Unfunded Actuarial Liability was changed and it provided for an even shorter amortization period of the Unfunded Actuarial Accrued Liability, so the negative unfunded liability was used up over a shorter period resulting in an even lower contribution rate. This had the effect of reducing the employer contribution rate so significantly it fell below normal cost. If the amortization period was not shortened to 9 years due to banding, the resulting contribution would be approximately 9%. W/out bands the amortization period would have been 25 years. What happened the following year? Well, market performance dropped significantly – the market performed lower than the assumption of 8%, and the value of assets supporting the plan dropped.
Back to market value and actuarial value, this is the difference between Market value and actuarial value as of 6/30/03. The plan has deferred losses of $67,600,000 as of 6/30/03, and at that time PWC had an unfunded actuarial liability of $9,967,281. This is why PWC’s contribution rate increased: PWC must make up over time the unfunded liability through employer contributions and assets performing greater than the assumptions. Without significant market gains before the next valuation, we expect our contribution rate to increase again in the future. (flip)
Our required contribution rate today is making up for market losses, but not all $67,600 million. The assets need to increase to get closer to market value through employer contributions as a % of payroll and market performance of the assets in the plan. Bolton partners calculated this rough estimate based on the actuarial reports they did have from VRS and came up with a rate increase to approximately 14% in the next two years, an increase in the FY07 and FY08 of $2.6 million and $2.7 million respectively.
For comparison purposes, if a longer amortization period was used starting July 2002 and continuing to the future, say amortization of 30 years, we would still have to make up for losses in the market as they were significant, but the changes in the rate would be less volatile.
PWC Staff Met with VRS on 3/26/04
The same VRS actuarial methods are used for every participating political subdivision and the Commonwealth Participants’ contribution rates are not set based on Commonwealth budgets but rather they are based on the actuarial assumptions and the employer-specific asset and liability data
Localities participating in VRS must pay the contribution determined as a result of actuarial studies There are statutory penalties for failure to make the required contributions
VRS assures us the Commonwealth’s budget does not change actuarial methods and assumptions. They don’t need to. The Commonwealth contributed the employees’ 5% and ½ the employer share in FY02. In FY03, The commonwealth contributed the employees’ share of 5%, but has not contributed the employer’s share. I am told the Commonwealth can do this w/out being in default on the plan. However, GASB does require the Commonwealth to recognize this and it is shown here as from their CAFR for FY03.
Banding was implemented prior to significant market swings up and down as a way to limit fluctuation in employer contribution rates That is not the result given the subsequent market performance Market performance was not forecasted by VRS or its actuary
Chairman, members of the Board, Thank you for your attention through this complex matter. I hope we have made some things a bit clearer for you. Staff has been researching this and discussing alternatives given where we are today. We cannot go back and change what has already happened. Here are our recommendations. VRS Actuary interpret and explain key issues as they arise VRS Actuary explain the impact on the future of this current valuation in budgeting terms Actuary to provide a 5-year forecast for PWC utilizing assumptions and estimates We would like to send VRS a letter requesting these actions.
Contract with an actuary to review actuarial reports from VRS and use actuarial methods to provide 5-year projections Staff to recommend funding strategies within the County’s 5-year budget plan to stabilize the County’s contribution rate Smooth out fluctuations in the rate and the impacts on the 5-year plan Make prepayments to VRS to cushion our contribution rate Incorporate in Principles of Sound Financial Management policies regarding funding of VRS