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The employee benefit planning process has become a high stakes and complex procedure.
Through a proactive planning system, Tailored Benefits, Inc. helps clients take control
of their plans to insure that the investment made supports their broader business goals. The
strategic benefits consulting process is ongoing, and includes:
- Establish annual benefits objective
- Analyze financial/non-financial performance of benefit plans
- Conduct competitive Benchmarking and Analysis
- Provide insight into legislative issues and their impact on company plans
- Introduction to new and progressive benefit concepts
- Identification and exploration of cost control strategies
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Tailored Benefits, Inc. assists clients on a full range of technical issues, from budget development to high-level strategy issues pertaining to employee benefits:
- Annual benefit budgets
- Plan design options and alternative funding analysis
- Underwriting projections
- Renewal negotiations
- Financial forecasting
- Plan cost/claim pattern trend analysis
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Assisting clients with the process of vendor selection, management and negotiation is perhaps the most critical function we perform for our clients. Our bidding process is comprehensive, and typically involves the following process:
- Pre-qualifying potential vendors
- Bid specification development
- Evaluation of proposed services, program design, cost and funding alternatives
- Negotiation of final contract terms
- Implementation and communication plan for new benefit programs
- Evaluation of service providers and performance guarantee negotiation
- Day to day problem resolution on plan design issues, claim/eligibility, billing problems, and other difficulties
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Tailored Benefits, Inc. offers its clients, at no cost, a web-based solution, HR Connect. Through HR Connect, companies can access a wide range of HR services to support basic HR functional needs including on-line enrollments, communicate benefits and costs, obtain automated regulatory reporting, HR employee forms, benefit handbooks, new employee orientation, manager training and compliance.
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An evolving benefits program generates a never-ending list of benefit administration tasks. Administration services range from simple forms assistance to comprehensive outsourcing services. Our capability in this area includes:
- Assisting in development of internal management systems to simplify the administration of various programs
- Providing forms and templates as required to enable employercompliance with COBRA, HIPAA and other benefits regulations
- COBRA Administration
- Assistance with selection implementation of automated benefits enrollment outsourcing vendors
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Benefits programs are of little value unless clearly communicated and understood by plan participants. Tailored Benefits, Inc. works closely with our clients to develop custom employee benefits communications programs to gain the appreciation of plan participants. We have experience developing custom high quality and professional materials including:
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- Open Enrollment Announcements
- Benefit Highlights Brochures
- Benefits Statements
- Benefits Summary Brochures
- Benefits Information Wallet “ID” Cards
- Consolidated Enrollment Forms
- On-Line Benefits Communication Portals
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Tailored Benefits, Inc. helps clients understand how legislation affects and shapes benefit plans and personnel policies. Our legislative compliance and regulatory counseling services include:
- ERISA, Federal and State requirements
- Form 5500 preparation
- Schedule A form preparation
- Summary Annual Reports/Summary Material Modifications
- Notification and advise on emerging benefits legislation
- Retained ERISA counsel
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Tailored Benefits, Inc. retirement plan professionals are uniquely positioned to provide unbiased evaluation of service providers, as we do not offer proprietary investment management, administration, trustee, or actual services. Our staff has the experience and the expertise to help companies reduce plan costs, outsource administrative functions, and enhance employee education/communication programs. |
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