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Social Security and Medicare News, Q3 2008

The latest Social Security and Medicare News supplies 2009 Medicare Parts A, B and D amounts. The Part B monthly premium announced Sept. 19 is the same as last year. Social Security facts and figures conclude this issue. (Social Security & Medicare News, 3 Oct 2008) More | Article

House panel mulls bill to bar retiree health cuts

Senior and employer groups squared off at a House committee hearing over a bill to bar employers from reducing or eliminating retiree health benefits for current retirees. (Select News, 26 Sep 2008) More

FASB fine-tunes retirement plan asset disclosures

Revisions to FASB's disclosure standard for retirement plan assets and investment risks should outline disclosure objectives and require breakdowns by asset category, the board decided Sept. 24. The amended standard won't apply before Dec. 15, 2009. (GRIST, 25 Sep 2008, 2 pages) More | Article

CMS issues 2009 Medicare premiums, deductibles

CMS has announced the 2009 premiums, deductibles and other cost-sharing amounts for Medicare Parts A and B. The standard Part B monthly premium will remain $96.40, although people in higher-income brackets will see their premiums increase. (GRIST, 19 Sep 2008, 2 pages) More | Article

CMS updates Part D rebate guidance

Updated guidance from CMS clarifies the accounting method for manufacturers' rebates and price concessions when applying for Medicare Part D retiree drug subsidy payments. CMS also is extending to Jan. 1, 2007, the date for vendor contract compliance. (GRIST, 17 Sep 2008, 4 pages) More | Article

Welfare plan amendment violates anti-cutback rules

A welfare plan amendment denying retiree health care benefits to pension plan participants who elected lump sum distributions violates ERISA's pension anti-cutback rules, a federal court in New Jersey has ruled. (GRIST, 15 Sep 2008, 1 page) More | Article

Preparing for retiree drug subsidy program audits

To receive Medicare's retiree drug subsidy, employers must not only match or beat Part D's prescription drug coverage but also agree to undergo audits. This GRIST's checklist, adapted from an actual audit, can help employers know what to expect. (GRIST, 27 Aug 2008, 5 pages) More | Article

CMS issues 2009 national average Part D premium

The national average monthly premium for Medicare prescription drug plans will be $30.36 in 2009, up from $27.93 in 2008, CMS predicts. Employers seeking the retiree drug subsidy use this figure to determine their benefits' actuarial equivalence. (GRIST, 21 Aug 2008, 1 page) More | Article

Rx creditable coverage notices updated

CMS has revised its model creditable coverage notices that group health plans offering prescription drug benefits must give Medicare-eligible employees and retirees. Updates to this GRIST provide links to the latest CMS models. (GRIST, 1 Aug 2008, 13 pages) More | Article

Prepare now for 2009 retiree drug subsidy

Applications for the 2009 Medicare retiree drug subsidy (RDS) are due by Oct. 2 for calendar-year plans, so employers should start the process now. The RDS requires annual applications, even from sponsors that previously received the subsidy. (GRIST, 23 Jul 2008, 1 page) More | Article