Controlling the cost of benefits without sacrificing plan quality is a constant challenge. Many employee benefit plan managers shop their plans, endeavoring to get equal or better services for less cost. But plan managers can also enhance the financial health of their plan and increase overall efficiency by improving their control over operational procedures and plan costs.
This effort involves taking steps against inefficiency, unnecessary spending, undetected cost overruns, making decisions without sufficient information, and embezzlement. Plan trustees who initiate a thorough review of operational procedures will be able to detect and rectify small problems before they become big problems. This review should encompass:
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