BENEFIT PROCESSING                          

Benefits typically account for 25 to 30 percent of an employee’s total compensation.  It is important that they understand their benefits and make wise choices for themselves and their families.  Employees can contribute to some benefits that are tax exempt (sections 125, 129, 401(k), 403(b)), which in effect allows the employer to give more pay with no added cost.  Administering these benefits can be burdensome and costly, which is where the HRSB adds value.

Most employees do not fully appreciate their benefits, thinking that the employer is paying only half of what than they actually cost.  See Benefit Statement Article.  Through benefit statements, the HRSB will show the true value of benefits to employees, which has proven to be an effective retention strategy. 

According to Risk Insurance Magazine, the accurate information provided by the HRSB can save up to 7% of health care premiums.

Here is how the HRSB will help your organization administer its benefits:

Benefit enrollment - Once the employee is hired, they will be automatically enrolled into the organization’s standard benefit program.  Where the employee has a choice of benefits, they can choose them on-line through the employee portal according to the organizations rules.  The employee will also enter beneficiaries and dependents on-line.  The HRSB will provide access to organization benefit information, plan descriptions, providers, and links to carrier sites.  The organization does not need to go to the expense of printing all of this information.  It also does not need to worry about changing government mandates, since the HRSB will take care of it.  In addition, the HRSB can provide a comparison of benefits to aid in the employees choice.

The organization may have separate benefits based on a number of factors such as location, department, years of service, or  level in organization.  The HRSB will accommodate the benefit rules; so that each employee only sees the benefits they are entitled.

401(k) enrollment - If the organization offers a 401(k) or 403(b) plan, the HRSB will provide the capability for employees to enter their pay deduction percent and fund elections on-line.

Annual enrollment - The HRSB will administer the annual enrollment process on behalf of the organization.  The employees will make their elections on-line, saving effort for the organization.  This multi-step process includes updating premiums and employee contributions according to company instructions; production of standard enrollment forms; production of confirmation forms; standard reports; default benefits, carrier reporting; and a standard payroll interface. 

Family Status changes/ life events - As an employee progresses through their life with the company, events occur such as promotions, job changes, marriage, births, divorce and deaths.  As a result, the employees can change their benefit elections according to the organization’s and government's rules.  The HRSB automates this process, so whenever the employee has such a change they are notified to go on-line and make the allowed benefit changes.

Carrier Reporting/Interface - For the annual enrollment, the HRSB will provide the resulting enrollment information to standard carriers in a common format, saving the organization the effort.  On a monthly basis, the HRSB will provide carriers a standard report of changes in enrollment or an interface for the HRSB’s major carriers.  Accurate reporting of employee registration to carriers can save thousands of dollars for the organization.  An electronic carrier feed is also an option.

Premium Reporting - The HRSB will create monthly reports summarizing the premiums the organization is paying by benefit for accounting purposes.

Reimbursement Administration - The government allows employees to deduct pre-tax dollars from pay for healthcare, dependent care and parking.  The HRSB will provide the mechanism for employees to make such deductions on-line according to the organization’s and government’s rules.  The HRSB will then administer employee reimbursement claims and balances on behalf of the organization.

Benefit Statements - Benefit statements or the more comprehensive Total Compensation statements help give employees a full appreciation for all of the benefits and expenses the organization pays on their behalf (25 – 30 percent of pay).  The HRSB will produce standard on-line or printed benefit statements for the organization and its employees.  Benefit statements have proven to be an effective motivational and retention tool, saving many times their cost in employee recruiting fees.  See Benefit Statement Article.

Workers Compensation - The HRSB will administer Workers Compensation on behalf of the organization according to governmental rules saving the organization that burden.  

Benefit enrollment, Family Status Changes, Carrier Reporting and Premium Reporting are included in the Base Product.  Annual enrollment and Benefit Statements may be ordered separately.  Reimbursement Administration and Workers Compensation will be available according to client demand. 

For more information, a brochure or a demonstration please contact us at the HRSB.