Whether your annual benefits open enrollment is 9 months or 90 days away, focusing on these three areas can help ensure its success.
To defend themselves against ERISA violations, plan sponsors need to understand their fiduciary obligations. As the parties generally responsible for plan oversight, benefits committees play a central role in minimizing compliance risk.
“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.
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.