Benefit Plan Funding
The final monthly benefit plan burden is paying the premiums. After we have reconciled your benefit program invoices, we produce a report of all premiums due in a concise Monthly Consolidated Billing Summary. After review and approval, BSC offers you premium remittance options other than handling the remittance internally:
- Employer Sends One Payment – your company initiates a single aggregate amount to BSC, and we distribute the funds to all the benefit carriers and vendors on your behalf
- BSC Initiates ACH Debit – Same as above, but instead of your company sending one payment, BSC can debit your designated account via ACH transfer as an aggregate total or by each benefit plan and distribute the funds to all the benefit carriers and vendors on your behalf
BSC can assist plan sponsors with many direct billing needs depending on the type of plan and circumstance. For example, BSC offers direct billing support for new active employees that missed the first payroll cycle, ongoing retirees, and employees that may be on LOA and have missed payroll deduction contributions. BSC can manage the headache that comes with all these scenarios.
Some employers require employees to share in the cost of benefit plans using payroll deductions. BSC collects the employee deduction information during benefit enrollment and sends it to the payroll department based on the payroll schedule. Each week, we review all employee payroll deductions and confirm the payroll system matches the employee deductions on file. If any discrepancies exist, we send a discrepancy report to the employer. Some differences can be expected, such as when an employee is out on an LOA. During the annual open enrollment, we reconcile all the new plan year deductions as well to make sure the first payroll cycle of the new plan year is correct.
Employers that offer 401k benefits can sometimes experience problems informing, educating, and engaging employee involvement with this great retirement benefit. We offer a solution to increase awareness and engagement. During the annual open enrollment, our BeneSource platform can include information and resources detailing the 401k plan, and employees can request to be contacted if they want instructions on how to participate.