Benefits June 9, 2005

Workers Comp Claims Dropped in 2004

June 9, 2005 (PLANSPONSOR.com) - The number of workers compensation injuries continued falling in 2004, according to new research.
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A news release from the Boca Raton, Florida-based NCCI Holdings Inc. said the frequency decline included nearly all occupations and employer sizes.

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According to the announcement, a decline in the frequency of smaller lost-time claims has outstripped a decline in larger lost-time claims. Additionally, nearly all body parts and injury categories have experienced drops. NCCI said.

Also there appears to be little regional differences in frequency changes, NCCI research showed. Claim frequency for Western states declined 23%, the largest regional decline over a five-year period. Southeastern states had the smallest frequency decline during the five-year period at 18%.

NCCI manages the nation’s largest database of workers compensation insurance information, according to the company. The research brief is here .

Administration June 8, 2005

Janus, Regulators Finalize Settlement

August 18, 2004 (PLANSPONSOR.com) - Janus Capital Group Inc has reached final settlements with the Attorneys General of New York and Colorado, the Colorado Division of Securities, and the Securities and Exchange Commission (SEC).
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The announcement by Janus settles charges brought by the state attorney generals and the SEC after the investment managerdivulged 12 arrangements that allowed for market timing across its domestic mutual fund business.  Janus, which had been named in a complaint by Spitzer as having allowed hedge fund Canary Capital to engage in market timing in certain Janus funds (See  Spitzer Fund Abuse Probe Pumps Out More Subpoenas ), said in a November 2003 SEC filing that “significant, frequent” trading appeared to have occurred in four of the arrangements.

Janus said the monetary amounts and other terms of the final settlements are consistent with Janus’ previously announced agreements in principle with state regulators and the SEC staff (See  Janus Settles Up ).   In April, the Denver-based mutual fund company announced a $225 million settlement that called for Janus to pay$50 million in restitution to investors and $50 million in civil penalties, and will reduce the fees it charges investors by $125 million over five years.  

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Also, under terms of the settlement in principle that has now been finalized, Janus will make $1.2 million in other settlement-related payments required by the state of Colorado. Specific fee reductions on a fund-by-fund basis will be determined by the independent trustees of the respective Janus funds in consultation with the New York Attorney General’s office.  

“I want to thank our fund holders and employees who have remained loyal to Janus during a difficult time,” said Janus Chairman and Chief Executive Officer Steve Scheid. “We are focused on delivering strong, consistent performance to our fund holders and putting their interests first and foremost. These are the two principles on which Janus was founded 35 years ago.”

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