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February 2013 Archives

Your source for the latest health, disability and insurance news and tips.

ERISA case against ING is example of big company getting it wrong

Life insurance and annuity giant ING reached a settlement with the labor department for $5.2 million. That money will go toward compensation for the retirement plan clients of ING due to the company's failure to process transactions in a timely manner. The company retained gains on investments, instead of handling transactions that would have allowed the clients to retain those gains. This is a violation of ERISA, which governs employee benefits. Retirement accounts are part of those benefits, which is what caused ING's poor choices to fall under that guideline. Transaction processing errors were rampant throughout ING, and in the future the company must also disclose the policies it has for its transactions as part of the settlement.

Long-term disability care: 'A woman's issue'

Overall, disability doesn't discriminate. Both men and women get sick, get injured and need medical and related financial help. Men and women buy disability insurance. But a recent New York Times report suggests that it is women who, right now, need to act and consider their long-term disability insurance benefits.

Concussions in the NFL: Are You Protected?

The 2012-13 NFL season saw more than 160 players go down with head injuries, a high-profile wrongful death lawsuit, and even had President Obama commenting on the extreme violence in football. In response, the NFL donated $30 million in September to the National Institutes of Health (NIH) for brain injury research. Given that this was the single-largest donation in league history, it's obvious that the NFL is concerned about the growing number of concussions and head injuries occurring in the league.