Managing employee benefits is a critical part of running a successful business, yet it often comes with layers of complexity, from regulatory compliance to ensuring employees fully understand and take advantage of the benefits available to them. The stakes are high, as missteps can lead to costly errors, compliance issues, and unhappy employees.
At KMA, we understand how overwhelming benefits administration can be, especially for growing businesses. Our HR consultants specialize in simplifying this process for employers, taking on the administrative burden so that you can focus on running your business. Whether it’s managing medical and dental plans, or helping with the handling 401(k) plans, we’ve got you covered.
Why Benefits Administration Matters
Benefits administration isn’t just about processing paperwork. It plays a critical role in your employees’ satisfaction and well-being, which directly affects your business’s ability to attract and retain top talent. When done correctly, it ensures your team understands and appreciates the benefits you offer, and that your business remains compliant with applicable laws and regulations.
Here are some areas of benefits administration where KMA can provide support:
Employee Education and Enrollment
One of the biggest challenges employers face is ensuring their employees fully understand the benefits available to them. With an array of options – medical, dental, vision, Flexible Spending Accounts (FSA), and more – employees can easily feel overwhelmed. KMA’s HR consultants can guide both new hires and current staff through their benefit options, helping them make informed decisions and navigate the enrollment process confidently.
Customized Benefit Guides for Your Recruiting Process
Your benefits package is a powerful tool in attracting new talent. KMA can create a customized Summary of Benefits Guide to showcase your offerings during the recruiting and hiring process. Stand out from competitors for talent by highlighting the benefits that make working for your company attractive and unique.
Streamlined Vendor Management
The logistics of benefits administration involve more than just selecting the right plans for your employees. Coordinating with multiple vendors, managing enrollments and terminations, and ensuring smooth communication between all parties is essential. We can handle these tasks for you, working with insurance providers, payroll teams, and benefits brokers to ensure seamless management and timely updates.
Payroll Integration and Reconciliation
Errors in payroll deductions or benefit plan enrollments can cause major headaches for both employees and employers. KMA can work with your payroll team to ensure all benefit-related deductions are processed accurately. We can also track enrollments and reconcile invoices, reducing the risk of costly errors.
Managing Open Enrollment
Annual open enrollment can be one of the most hectic times for HR departments. It requires careful planning, clear communication, and spot-on execution. KMA can support you in managing this process, from preparing materials to resolving any issues that arise, ensuring your employees are set for the year ahead.
Benefit Issue Resolution
Predictably, employees may encounter issues with their benefits, whether it’s confusion over coverage, problems with insurance claims, or complications in enrolling or changing plans. KMA can act as a liaison between your employees and benefits administrators, resolving issues quickly and addressing your team’s concerns efficiently.
Are You Offering Competitive Benefits?
A competitive benefits package is key to attracting and retaining top talent, while keeping your employees engaged. To ensure your benefits package aligns with current market trends, KMA can undertake a comprehensive benefits analysis. We’ll compare your current offerings with industry data, helping you identify any gaps or opportunities for improvement with your compensation strategy.
Beyond Basic Benefits Administration
Our expertise goes beyond the fundamentals of benefits administration. We can also assist with:
- 1095-C Audits: If your business has 50 or more full-time employees, we can audit your 1095-Cs to ensure compliance with the Affordable Care Act (ACA).
- 401(k) Plan Administration: From managing enrollments to compliance checks, we can support the ongoing administration of your retirement plans.
- FMLA & ADA Administration: Keeping track of leave requests and accommodation needs is critical for compliance with federal and state regulations. We can help manage leave requests under the Family Medical Leave Act (FMLA) and track ADA accommodations for your employees.
- HRIS System Analysis: Looking to upgrade or implement a new HRIS system? We can help evaluate your options and make recommendations based on your needs.
Why Choose KMA for Your Benefits Administration Needs?
Managing all the complexities of benefits administration requires expertise, attention to detail, and a commitment to staying compliant with evolving regulations. KMA’s team of HR professionals can take on all of this and more. By retaining us for your benefits administration, you’ll save time, reduce errors, and also provide your employees with the support they need to take full advantage of the benefits available to them.
Ready to simplify your benefits administration? Reach out to us today and let our experienced consultants handle the details, so you can focus on growing your business.