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EMPLOYEE BENEFIT PLANS, INC., REORGANIZES UNDER NEW NAME

 MINNEAPOLIS, July 9 /PRNewswire/ -- Employee Benefit Plans, Inc. (NYSE: EBP) (EBP) announced that it has reorganized its managed care services under the name "EBP HealthPlans, Inc." The company's common stock and debentures will continue to trade on the New York Stock Exchange under the symbols EBP and EBP/06, respectively.
 "The name EBP HealthPlans serves to unify all of the company's managed care businesses," said William E. Sagan, EBP chairman, president and chief executive officer. "Our new name reflects the unique coverage we provide, which helps customers to effectively manage health care costs while providing quality health care benefits for their employees."
 EBP HealthPlans serves more than 2,700 customers nationwide and processed approximately $2 billion in benefit payments during calendar year 1992. "Our goal is to be the nation's premier provider of managed health care services for small- and medium-sized businesses," said Sagan. "Our new identity will serve us as we continue to grow."
 In addition, the company announced that the board of directors has restructured the executive compensation program for senior management. Several members of management, including the chief executive officer, have voluntarily accepted base salary reductions and, in return, received one-time grants of restricted stock. The restricted stock, in combination with stock options and a new stock ownership program, create an increased alignment between top management compensation and the company's stock performance. The program is structured to require that management maintain a minimum ownership level of the company's stock.
 EBP HealthPlans, Inc., a wholly owned subsidiary of Employee Benefit Plans, Inc., headquartered in Minneapolis, is a leader in providing benefit design and consulting, administrative services, stop-loss insurance, and managed care programs to companies throughout the United States.
 -0- 7/09/93
 /CONTACT: Rick Newell of EBP HealthPlans, 612-525-7491/
 (EBP)


CO: Employee Benefit Plans, Inc.; EBP HealthPlans, Inc. ST: Minnesota IN: INS SU:

DS -- MN012 -- 0088 07/09/93 17:29 EDT
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Publication:PR Newswire
Date:Jul 9, 1993
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