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Health insurance will soon replace pensions as the most costly type of employee benefit, according to a newly released study by the Employee Benefit Research Institute (EBRI). But a further EBRI study indicated that, while many employers are considering adopting consumer-directed health plans to control costs, these high-deductible plans often fail to meet the needs of employees. IBM Enhances 401(k) While Freezing Pension Plan IBM announced in January it would freeze its defined benefit pension plan, but it softened the blow to employees by introducing a substantially enhanced 401(k) plan. The move was seen as further evidence that the shift from defined benefit to defined contribution plans is accelerating among large U.S. employers, including financially stable companies with well-funded pension plans like IBM. Unions Promote Legislation Forcing Large Employers To Pay For Health Benefits The AFL-CIO has announced it is putting pressure on lawmakers in 33 states to pursue legislation requiring large employers, including Wal-Mart, to provide health insurance to employees or contribute to Medicaid expenses. U.S. Health Spending Accounted For 16% Of GDP In 2004 Health care spending represented 16% of the U.S. economy in 2004, the highest share on record, according to an article by economists from the Centers for Medicare and Medicaid Services published in the January issue of Health Affairs. |
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