Workflow Templates: Benefits Administration Checklist

Review current benefit offerings and identify areas for improvement

Analyze the competitive landscape to ensure benefit offerings are attractive to potential hires

Consult with insurance brokers or benefit consultants to discuss plan options and costs

Ensure all benefit plans comply with federal, state, and local regulations such as the Affordable Care Act (ACA) and ERISA

Update summary plan descriptions (SPDs) and other benefit communications to reflect current plan terms and legal requirements

Conduct nondiscrimination testing for benefits that require it, such as 401(k) plans and cafeteria plans

Set up an annual open enrollment period and communicate the timeline to employees well in advance

Provide clear, easy-to-understand educational materials about benefit options and enrollment procedures

Implement an efficient benefits administration system to handle enrollments, changes, and terminations

Develop a communication plan to keep employees informed about their benefits throughout the year

Offer training sessions or webinars to help employees understand and utilize their benefits effectively

Provide ongoing support for benefits-related questions and issues that employees may encounter

Regularly evaluate the performance of benefit plan vendors and consider alternatives if necessary

Negotiate with vendors for the best rates and services for the firm's employees

Establish service level agreements (SLAs) to define the expectations and responsibilities of each vendor

Monitor the financial performance of benefit plans and report on their impact to the firm's budget

Reconcile benefit-related invoices and ensure timely payment to vendors

Prepare and submit required compliance reports and filings related to benefits, such as Form 5500

Benefits Administration Checklist