Particular areas of concern include legislative activity, medical benefits for retirees, prescription drug costs, funding, and cost control methods. Group Term Life Insurance. In order to receive the benefit of Section 79, life insurance plans must meet certain requirements. Plans must provide term life benefits that are excludable from beneficiaries' income, cover a group of employees or former employees, and provide benefits under a policy carried directly or indirectly by the employer. There are three exceptions to the exclusion limit, and these arise when an employee has terminated employment and is disabled, the employer is the worker's sole beneficiary, or if a charity is the worker's sole beneficiary under the plan.
Employers are worried about recruiting and retaining qualified workers in the tight labor market.
They have reviewed methods for maximizing the value of their benefit programs to make them more useful in recruitment and retention efforts. Many companies use the Internet to offer workers voluntary or elective benefits that provide needed services or help workers to reach their financial objectives. When selecting an Internet site to help them deliver voluntary benefits, employers should look for access to preferred product providers, seamless interfacing to all products and services, personalized financial planning, proactive financial monitoring, education elements, and proven online service capabilities that will minimize burdens on human resources professionals. Legal Decisions Affecting Pension Plans. Mitzner, Ira R. Employee Benefits Journal v25 no2 pp 45-54 Jun 2000 Several important court rulings will impact pension plans.