You want the highest caliber employees and need to attract and retain them by providing an employee benefit program that meets their needs now and throughout their careers at your organization. Attracting great talent creates a productive workforce, resulting in a better bottom line - isn't that the purpose of employee benefit programs? The success of health plans depends upon accurate and thorough design, implementation and documentation meeting state and federal requirements. It also relies upon periodic, timely, easy-to-understand employee communications and notifications. Remember that every employee benefit plan has guidelines for the plan development, design and administration that must meet and maintain compliance with regulations. It is particularly important to acknowledge and follow guidelines for health plans as noncompliance may cause taxability to the plan and potential fines to you.

KBC provides valuations of post-employment benefits as well as consulting services to evaluate and restructure post-employment benefits.

In this process, we have found government entities that find it more appropriate to provide a non-elective 403(b) contribution or an HRA plan. Some 403(b) plans include an annual employer match with a vesting schedule. The amount of contribution or match may increase based upon the employees’ years of service. Out of a need for good post-employment record keeping, we have expanded our services to include such post-employment HRA and 403(b) recordkeeping. Note that this is not plan administration, but rather the recordkeeping functions that are cumbersome to the employer to track and maintain. Please contact us if your organization is interested in this service.