After performing a thorough assessment of your employee benefits plan, coupled with a benchmarking analysis, our recommendations will lead us to develop a multi-year benefits strategy supported by an annual project plan.
Our strategy discussion will focus on funding and financial analysis, renewal and rate negotiation, vendor selection and third party services evaluation (including pharmacy carve-out, FSA/COBRA administration, and benefits administration outsourcing). We also track your claim performance on a regular basis to better inform you of potential future rate action and report trends of utilization patterns to assist in future benefit design, funding and communication strategies. Additionally, we will work closely with you to develop a complementary wellness strategy, leveraging both internal and external resources.
Frequently, our clients experience either a merger or acquisition that requires our involvement to evaluate benefits and risk of the new company as it relates to our client. We often assist with developing a revised strategy to achieve the best integration possible.
Many of our clients also have employees and offices abroad, requiring our assistance in benchmarking analysis to develop competitive programs, as well as implementing and maintaining benefits. In many of these circumstances, we partner with our parent company, Marsh & McLennan Companies, to optimize our world class resources.
Your employee benefits program is a key business investment, structured to attract and retain the best talent. Employee communications and education is critical to ensuring your employees understand their benefits and can maximize their value. Our team helps you develop a communications strategy that fits with your corporate culture, leverages various mediums, and occurs at the right frequency to ensure the message reaches employees at the correct time.
With ever-changing regulations, Marsh & McLennan Agency regularly reviews our clients’ employee benefits plans, plan documents, and related compliance topics to identify and address any potential risks. These topics include ERISA, COBRA, HIPAA and PPACA, amongst others. Our review ensures a higher level of comfort and security if you are audited by the Department of Labor. Additionally, we are positioned to assist you with annual 5500 preparation, as well as providing you with both ERISA and HR legal support for various questions that arise.