Services for Plan Sponsors

To attract, retain and reward highly valued employees, companies sponsor nonqualified benefit arrangements such as deferred compensation plans, supplemental executive retirement plans (SERPs), benefit restoration plans, and 401(k) excess plans, among others. While "qualified" plans, such as 401(k) plans, must follow rigid IRS and ERISA guidelines, nonqualified plans provide the sponsoring company the ability to design the plan based on its own goals and objectives. Companies can select participant eligibility, determine compensation sources and impose vesting schedules. For key executives, the tax-deferred savings and earnings opportunities these plans offer make them one of the most effective ways to accumulate wealth.

There are many different types of nonqualified plans, an endless number of plan design variations, and numerous informal funding strategies to hedge and offset the liabilities these plans can create. RD Benefits Group facilitates all of the administrative, recordkeeping and communications functions and can customize those services to meet individual client requirements. A dedicated, multi-disciplinary network (alliance) of professionals and support staff is assigned to each client to facilitate the implementation and/or transition process.

For more than three decades, RD Benefits Group has specialized in providing strategies and services related exclusively to executive benefit plans, using a systematic approach that reduces our clients’ internal staffing needs and conserves their valuable resources. Today, we continue to develop solutions to deliver more value to our clients and their key executives.

• Plan Design Solutions
• Informal Funding
• Enrollment & Communication
• Plan Administration
• Compliance

Cost Subsidized Based on Group Size

Access to HIPAA compliance software
 

The Health Insurance Portability and Accountability Act of 1996 (HIPAA), is a law regulated by the Department of Health and Human Services, contains a Privacy Rule that employer and health providers use to gather, store, evaluate, and transmit employee health information.

RD Benefits Group provides access to several firms that have developed educational software that can be obtained for training of employers and their HR staff.

Online employee benefits web portal
 

Employees can greatly benefit in managing their own health care and may prevent serious diseases when they have access to their own online web benefit, which discloses the plans available, summary of benefits, and preventive information to common diseases. RD Benefits Group utilizes the services of a few companies that sell this web portal, and the cost can be subsidized depending on the number of participants in the group.

COBRA administration
 

The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) amends sections of the Employee Retirement Income Security Act (ERISA). COBRA requires group health plans to offer certain individuals (known as "qualified beneficiaries"), who would otherwise lose their group health plan coverage as a result of a specific qualifying event (such as employment termination or certain changes in family status), the opportunity to continue their group health plan coverage for a specified period of time at applicable group rates.

RD Benefits Group counts on a network of valued business contacts that provide the administration of COBRA at a nominal cost.

Qualified Plan Guidance
 

RD Benefits offers creative strategies that are specific to situations, relevant choices and solutions to plans in place. This, in turn, enables our clients to make informed decisions; once decisions are made, we communicate in writing to the different selected carriers the intention to renew or terminate the existing agreement, and we notify them as well of any changes in plans or contributions.

RD Benefits Group is compensated by third parties in the form of a service commission on products sold. The following services are provided at no additional cost to the group:

Strategic Assessment and objective setting

• Client meeting to review current plan year operation
• Realign plan specifications with sponsor objectives

Shop Available Modes

• Prepare carrier analysis
• Prepare benefit comparison
• Make recommendations based on client’s objectives

Plan design cost impact analysis planning

• Develop cost sharing analysis
• Create optional benefits structure with resulting savings and/or costs

Plan funding and cash flow analysis
 

Ongoing plan administration and health plan financial monitoring

• Manage and maintain insurance policy and service provider agreements
• Assist in staff training on benefit communication, enrollment and billing issues
• Intercede on behalf of client to resolve difficult claims or administrative issues with product or service provider

Legislative compliance
 

Marketing of service vendors, i.e. internet based enrollment and communication service packages, COBRA, and  HIPAA, FSA administrative services
 

Renewal analysis and negotiation
 

Plan change documentation
 

Open enrollment coordination and communication

• Plan documentation
• Employee communication materials
• Coordinate employee meetings
• Coordinate and oversee employee enrollment documents, including submission to service or insurance provider
• Shop available markets

Management and oversight of third party vendors for HIPAA, COBRA, FSA, and ERISA
 

Contract and document management