What is a benefit plan administrator?
A benefit plan administrator is a person or company that is responsible for the day-to-day management and operations of health benefits and pension plans on behalf of their participants and beneficiaries.
What are the 4 major types of employee benefits?
There are four major types of employee benefits many employers offer: medical insurance, life insurance, disability insurance, and retirement plans. Below, we've loosely categorized these types of employee benefits and given a basic definition of each.
What is BPA best life?
BPA BestLife is an amazing online app designed to equip employees with the knowledge and tools they need to enjoy a better, healthier life. Through this free resource, employees can access health insights that will encourage and promote their health journey. STEP 1: Visit bpabestlife.org to begin creating your account.
What is a group administrator for insurance?
Group Administrator means an individual or entity licensed by the Workers' Compensation Board pursuant to the Workers Compensation Law which is responsible for assisting the Comp Alliance with complying with the provisions of the Workers Compensation Law and the rules and regulations promulgated there under, and for ...
What are 5 employee benefits?
Here is a list of the top five types of benefits employers can offer to employees - each can be a valuable tool for recruiting and retaining employees.1) Health Benefits. ... 2) Retirement. ... 3) Workplace Flexibility. ... 4) Wellness Program. ... 5) Tuition Reimbursement.
What are 3 types of benefits employers offer their employees?
The most common benefits are medical, disability, and life insurance; retirement benefits; paid time off; and fringe benefits. Benefits can be quite valuable. Medical insurance alone can cost several hundred dollars a month. That's why it's important to consider benefits as part of your total compensation.
Do employees contribute to a defined benefit plan?
Employers are normally the only contributors to the plan. But defined benefit plans can require that employees contribute to the plan. You may have to work for a specific number of years before you have a permanent right to any retirement benefit under a plan.
Who should be the plan administrator?
A 401(k) plan administrator is the entity that oversees the operation of the plan. Unless otherwise named, plan sponsors also serve as the plan administrator (and may also be the plan's Named Fiduciary). Plan sponsors and plan administrators are often the same entity.
Is the plan administrator the employer?
The person(s) or entity identified in the plan document as having responsibility for running the plan. It may be the employer, a committee, a company executive or someone hired for that purpose (3(16) Plan Administrator).
How does a TPA make money?
TPAs may make a commission from the premiums paid to an insurer for health coverage. A TPA can also charge specific fees for its services, or it may make money through a combination of commission and fees depending on the scope of the services they provide.
Highlights
View contacts for A&I Benefit Plan Administrators to access new leads and connect with decision-makers.
Details
A&I Benefit Plan Administrators, Inc. is based in Portland, Oregon, and offers a complete line of employee benefit plan administration services to single employers, associations and multi-employer Taft-Hartley groups throughout the western United States.
M&A Details
A&I Benefit Plan Administrators was acquired by BeneSys on Sep 3, 2015.
What is a benefit plan administrator?
A benefit plan administrator is a person or company that is responsible for the day-to-day management and operations of health benefits and pension plans on behalf of their participants and beneficiaries. Before you set up one of these plans and consider appointing or hiring a plan administrator, learn what these important managers do.
What are the duties of an employee plan administrator?
Under federal law, the employee plan administrator must perform these duties: Act solely in the interest of plan participants and their beneficiaries. Carry out their duties with skill, prudence, and diligence. Follow the plan documents, making sure they are consistent with ERISA.
What is a TPA?
A benefit plan administrator may be a company official or an outside company, called a third-party administrator (TPA). Plan administrators have a fiduciary responsibility to comply with employment and tax laws and only for the benefit of participants. Hiring a TPA should be done carefully to make sure the company is reputable ...
What is a fiduciary in ERISA?
A fiduciary is someone who acts with the responsibility of care for the money, property, or interests of someone else. A plan may have several fiduciaries, including a trustee, an investment manager, ...
What is investment advice in ERISA?
Giving “investment advice” is a specific fiduciary function under ERISA. 2.
What is ERISA regulated by?
Employee benefit plans (both retirement plans and welfare benefit plans) are regulated by the U.S. Department of Labor under the Employee Retirement Income Security Act (ERISA). Under this law, plan administrators must meet specific standards of conduct in their plan duties. In addition, employers may choose these plans to be qualified by ...
What happens if a fiduciary doesn't follow the basic standards of conduct?
If a fiduciary doesn’t follow the basic standards of conduct, they can be personally liable for any losses to the plan, or to restore any profits made from improper use of plan assets.
Savings Trifecta
Self-insured plans save on reduced costs compared to fully-insured plans when healthcare is well-managed, elimination of taxes on premiums, and benefits from cash-flow optimization.
Flexibility
While carriers have stringent rules on how care is provided, self-funded plans choose their preferred care options, which can lead to superior care at a reduced cost.
Cost Transparency
Monthly statements offer you transparency into the performance of your plan so you can have the confidence that your funds are well-managed.
Risk Management
Unlike a fully insured plan, overages are possible. Stop Loss will help you mitigate risk and manage any unexpected claims.
Customization
Your employee population is unique. We can help you customize your plan to your particular population needs.
Concierge Care
Your employees have access to our concierge care team. We’re here to help them manage every aspect of their healthcare journey, resulting in better outcomes and lower costs.
