Benefit Plan Consulting
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.
Benefit Design and Restructure
- Active Benefits
- HRA, FSA, HSA, COBRA, Health, Dental, Life, etc.
- Nondiscrimination testing of health or health related plans
- Health plan benefit audit and compliance services
- Compensation studies (benefits and wages)
- Cash flow projections
- Post-Employment Benefits
- Strategic planning
- Facilitation of discussions/meetings regarding goal and objective setting
- Cost impacting of proposed plan options
- Assistance with presenting changes
- Preparation of plan documents, handbook verbiage, etc.
Communication and Documentation
- Employee Communications Regarding Active and Post-Employment Benefit Plans
- Flyers, brochures and other written notices
- Website and electronic communications
- Assistance with videos, blogs, etc.
- Summary plan descriptions
- Handbook language
- Employer Documents
- Plan documents
- Board resolutions
- Forms for administration
- Other compliance documentation
Benefit Plans: Other Services
- Adding or consolidating benefits
- Employee benefit plan audit
- Assistance with bid and analysis of vendor services
- Evaluation of administration services accuracy, efficiency and professionalism
- Cost control, technological options/services, benefit trends, etc.
- State and Federal compliance in coordination with legal services
Unique Projects and Services
Looking for a unique or one-of-a-kind benefit program? Our expertise and boutique style services make us the perfect firm to 'think outside the box' and provide you with unique and innovative consulting services and assistance that doesn't fit the mold of any current or ongoing services. In fact, we enjoy these projects and empowering you and your organization to create an exclusive program that fits your needs!
Key Benefit Concepts is a leader in the
of GASB Statements pertaining to post-employment actuarial valuations.
Post-Employment 403(b) and HRA Recordkeeping
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.
We have been a leader in the development of policies and procedures for HIPAA compliance. Click here to learn more!