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Friday, September 10, 2010
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Employee Benefits & HR

Paychex CEO Judge to resign at end of July

by Eric Reinhardt

Jonathan Judge, CEO and president of Paychex, Inc., will step down at the end of this month, the payroll and human-resources services company announced today. An executive committee will take over until a replacement is found.


Brown & Brown acquires Meridian Group

by Traci DeLore

 

Brown & Brown of New York, Inc. has acquired the assets of Utica-based Meridian Group of New York, Inc., according to a joint release from both companies.

Meridian Group, with annual revenue of approximately $1.3 million, provides life, health, and other employee-benefits products and services to individuals, businesses, public entities, nonprofit organizations, unions, and associations. Ross Kraft, Meridian president, and Andrew Biernat, vice president, and their staff will combine their operations into Brown & Brown's Rome office under the leadership of David Carello.


State applies for federal funding to help the uninsured

by Eric Reinhardt

 

Gov. David Paterson on Thursday announced the state has applied for federal funding to provide health-insurance coverage to eligible individuals who are uninsured and have pre-existing health conditions.

Paterson expects New York will receive nearly $300 million of the $5 billion available in the federal health-care reform legislation over the next three years.


Paychex profit rises in fourth quarter, declines in fiscal year 2010

by Eric Reinhardt

 

Paychex, Inc. (NASDAQ: PAYX) announced Wednesday it earned $115 million in its fiscal fourth quarter, up 2 percent from the same quarter a year ago.

Diluted earnings per share of 32 cents were "flat" compared to the same quarter in 2009, the company said in a news release. The firm's fiscal fourth quarter ended May 31.


State law authorizes prior review for rate hikes

by Eric Reinhardt

 

The New York State Insurance Department again has the authority to review and approve health-insurance premium increases before they take effect.
Gov. David Paterson signed the bill allowing the reinstatement of the power today.

Since 2000, New York had regulated health-insurance premiums under a "file and use" law that "significantly" limited the state's ability to disapprove premium increases and allowed the insurance industry to regulate itself, the governor's office said in a news release.



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