Products December 12, 2006

CitiStreet Upgrading DB, DC Web Sites

December 12, 2006 (PLANSPONSOR.com) - CitiStreet is rolling out a new generation of Web-based applications designed to give plan sponsors and participants broader and easier access to information about their benefit plans.
Reported by

First to be unveiled, according to a CitiStreet news release, is a reporting tool on the Sponsor Connect Web site for defined contribution customers. The enhanced tool provides plan sponsors real-time access to a range of DC plan reports, CitiStreet said.

The new reporting tool provides customers with:

Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.

  • easy-to-use functionality with Windows-style drag-and-drop capabilities,
  • access to comprehensive plan and participant data,
  • real-time ad hoc custom reporting capabilities,
  • pre-built ‘Dashboard Reports’ measuring plan and participant metrics, and
  • online payroll integration for small companies or payroll locations.

Over time, the Sponsor Connect reporting tool will replace all traditional reporting methods currently available for all the services CitiStreet offers.

Upgrades for DC, defined benefit and health and welfare plan sites are planned over the next twelve months, according to the company. “These enhancements are part of the ongoing process at CitiStreet of refining, developing and enhancing technology to improve service for both plan sponsors and their participants,” said Sandy McCarthy, CitiStreet president of retirement services, in the news release.

More information about the company is here .

Compliance December 11, 2006

Oregon Latest to Move Toward Universal Health Care

December 11, 2006 (PLANSPONSOR.com) - Oregon's Senate Interim Commission on Health Care Access and Affordability has approved a draft of a universal health care plan for the state.
Reported by

The Oregonian reports the plan would require all employers and individuals to contribute money to a common pool called the Oregon Health Care Trust Fund. Money from businesses would possibly be collected via a payroll tax, according to the Oregonian. Large companies with self-insurance plans would have their contributions reimbursed.

In addition, an 11-member Health Care Trust Fund Commission or board, appointed by the governor, would adopt regulations and administer the trust. Businesses and individuals could choose health plans, which would be paid through the trust with rates set by the commission or board.

Get more!  Sign up for PLANSPONSOR newsletters.

The plan would give every state citizen access to a health card that could be used to buy a complete health care package – including dental, mental health and vision coverage – for less than most businesses and individuals now pay, according to the Oregonian. Residents who earn less than 250% of the poverty level would not have to pay to be in the plan. Those who choose not to participate in the plan would lose their personal state income tax deduction. All participants would be required to write an advance directive, describing the level of care they would want at the end of life.

The commission’s plan will be refined into a bill that, if passed by the Senate next year, will establish only the trust fund commission and a small semi-independent agency that will work out details for the plan, including costs, the newspaper said. Then, the Legislature would have to pass another bill to put money into the fund, meaning Oregon residents may not see the plan in action before 2009.

Oregon is just the latest in a ripple of states that have passed or are considering universal health care mandates since Massachusetts passed its aggressive health care bill in April (See MA House Overrides Vetoes of Health Care Bill). Tennessee governor Phil Bresden singed Cover Tennessee, a universal health care mandate, in June (See TN Gov. Signs Health Care Bill).

Other states including Michigan (See MI’s Granholm Joins Health Reform Trend ), Minnesota (See Minnesota Looking Into Universal Health Care ), and Vermont (See VT Health Care Reform Moves Forward ) have introduced similar bills providing health care subsidies for low income individuals and imposing fees on businesses that do not provide employee health care coverage. However, in July a federal judge threw out a Maryland law mandating employee coverage from large employers in the state, saying the Employee Retirement Income Security Act overrides the state mandate (See Judge: ERISA Trumps MD ‘Wal-Mart’ Health Care Law ).

«