Benefits Admin 101 Infographic

Benefits Admin 101 Infographic

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  Lockton Can Help  Vendor Selection Implementation Oversight  Project Management  Situational Analysis BENEFITS ADMINISTRATION 101 Benefits administration is the process of establishing, maintaining, and managing benefits for the employees of an organization. Percentage of Lockton clients who use or plan to use an online benefits administration system.%91.3 Cost of a core benefits administration online solution.* *Additional $0.25-$6 per employee, per month for additional functionality (i.e., call center, FSA/HSA/HRA, COBRA, etc.) Per Employee, Per Month3-6 Approximately 72%-82% of employers have 1/1 effective dates. 50% Best of Breed Benefits Administration System Comprehensive HRIS Platform with Benefits Administration Component vs. Benefits Administration system functionalities include:  Life Events  Defined Contribution  Communications  Total Compensation Statements  Decision Support Tools  Call Center  COBRA Administration  HSA, FSA Administration  401(k) Administration  Premium Billing Reconciliation  ACA Reporting IMPROVES Automation Reporting Choice © 2016 Lockton, Inc. All rights reserved. mid Outsourcing benefits administration first emerged. Emerging Trend Offsetting the cost of benefits administration with voluntary benefits and carrier subsidies. Percentage of Lockton clients currently using an online benefits administration system.%54.3 Decisions, Decisions (ADP case study) Percentage of employers that believe benefits administration will be more complex, as a result of health reform. $ $ Percentage based on anecdotal feedback from Lockton vendor-partners