“Free implementation” has become a ubiquitous element of benefit plan administration proposals. The appeal to plan sponsors is understandable, but rest assured, with free implementation, you get what you pay for. Understanding the true cost of implementation will help plan sponsors evaluate potential benefit administrators and initiate the implementation process with eyes wide open and a more realistic budget.
Each phase of pension plan termination involves numerous decision points and incredible amounts of data-crunching.
Confirming marital status when a participant dies is an important part of a plan administrator’s responsibilities, but it takes legwork and personalized attention. Here are some tactics we have used with great success.
Periodic checkups can keep plans running smoothly and help plan sponsors identify issues early, before those become difficult and expensive to correct. Such audits come in two varieties—transactional audits and operational audits.