Post by OverseerCWFJ on Sept 13, 2004 15:31:16 GMT -5
As the reality of unmarried America sinks in, CEOs, politicians, and judges will be challenged to design benefits, structure taxes, and develop retirement models that more fairly match the changing population. Already in Corporate America, more than 40% of the 500 largest companies have started to revise their marriage-centric policies, reexamining everything from subsidized spousal health care to family Christmas parties. Companies such as Merrill Lynch & Co. (MER ) and Bank of America have (BAC ) have begun to accommodate the shift by instituting "extended family benefits." These plans allow employees to add a qualified adult household member to their health plans -- be it a domestic partner, extended family member, or grown child. American Express Co. (AXP ) is considering a plan whereby employees who are parents pay more for each kid they add to the health plan. At Xerox Corp. (XRX ), employees now get $10,000 upon joining the company, on top of a standard benefits package, to spend on whichever programs they choose rather than having it automatically earmarked for families; at Prudential Securities Inc. (PRU ), cohabitants can get health benefits for opposite or same-sex partners as long as they've been living together at least six months.
Writ large, these kinds of changes could lead to more European-style systems that de-link marital status from eligibility for social benefits. Already, a bill is pending in Congress that would make benefits for household members and domestic partners tax-free, just as they are for spouses. Another would mandate that the federal government offer health benefits to domestic partners; in the past few years, Minneapolis, San Francisco, and Seattle, among other cities, have also passed laws obligating companies doing municipal business to do so. (Go to Part V)
Writ large, these kinds of changes could lead to more European-style systems that de-link marital status from eligibility for social benefits. Already, a bill is pending in Congress that would make benefits for household members and domestic partners tax-free, just as they are for spouses. Another would mandate that the federal government offer health benefits to domestic partners; in the past few years, Minneapolis, San Francisco, and Seattle, among other cities, have also passed laws obligating companies doing municipal business to do so. (Go to Part V)
