Focus on Enhancing Core Business: Get Experts to Manage Benefits Administration for You

To recruit and retain good talent, companies need to offer a comprehensive benefits package. However, administering these benefits involves challenges such as changing compliance mandates, time management, and increasing care costs. It also involves extensive back-office work and is cost intensive, putting a strain on your bottom line.

The TechM BPS Edge

With our extensive breadth and depth of domain capabilities we have delivered savings of $20M+ over 4 years to our clients with significant reduction in cost per participant.

Our solution approach delivers significant and sustainable cost reduction – Centralization, Six Sigma-based improvement, Standardization, Functionalization, and Automation.

We have built a strong practice, delivering impeccable benefits administration service and partnership with niche providers and TPAs.

Benefit Administration Capability

Participant Data Management
  • Eligibility and enrollment
  • Plan allocation
  • Maintain participant records
  • Non-financial updates
    • Beneficiary set up
    • Demographics
    • Return mail
    • Participant data maintenance
    • Member inquiry
    • New member PIN
    • Statement and letters
Money In
  • Payroll contribution files
  • Loan payoffs
  • Match and other contributions
  • Investment gains and losses
  • Rollovers in
  • Ad-hoc contributions
  • Forfeitures
Money Out
  • Distribution processing
    • Calculation of distribution amount
  • Loan processing
    • Set up of loan accounts
    • Preparation of promissory note and amortization schedule
    • Tracking loan repayment
  • Hardship withdrawal processing
    • Determination of hardship distribution amount
    • Preparation of application forms
  • Tax Payments
Plan Maintenance
  • Plan set up and changes
  • Services installation
    • Eligibility tracking
    • Fund additions and changes
  • Cash and share recon
  • Cash flow reports
  • Cashbook reserving
  • Prepare annual financial statements
  • Prepare annual returns and reports required by IRS, DOL
  • Maintain records
  • Liaise with external auditors
  • Asset reconciliation
  • Plan valuation and year-end activities
Compliance and Government Reporting
  • Testing
    • NDT/Top Heavy
    • ADP/ACP
    • HCE/Non-HCE
    • Limit testing
  • Monitor compliance with definitions and special rules (§414)
  • Prep of DOL/IRS reports
    • 5500 and related schedules
    • Form 5558
    • 1099's and statements
    • Prepare Summary Annual Report for participants
    • Prepare PBGC form; AFTAP certification (for DB plans only)
Experience in multiple administrative platforms – SunGard and Sonata
Experience across implementation/IT services/analytics and channel management
Experience in setting up benefits programs in an integrated Tech + Operations model
Experience servicing large record keepers across mid-market, institutional and mega plans (both standardized and client-centric teams)
Expertise across member communication, payment gateways F&A, quality, BI, correspondence documentation systems

Key Drivers for Benefits Administration

Process Efficiency and Compliance
  • Robust quality model to achieve defect-free processing – Leverage Six Sigma expertise
  • W-2 reporting, manage complex compliance areas such as COBRA, 401(K) retirement plans, and FSA administration
Administrative Burden and Costs Efficiency
  • Maximize cost take-outs through a mixed-shore model
  • Year-on-Year cost take-outs through Six Sigma based process re-engineering and automation
  • Guaranteed cost savings and gain share models for health and benefits plan challenges
  • Analytics-led cost benchmarking and ROI reporting
Employee Engagement and Appreciation
  • Employee engagement is critical to the success of the benefits administration programs
  • Increase use of employee self-service technologies, web enrolment, plan comparison tools, etc.

Why TechM BPS?

  • Enable cost savings in excess of 30%
  • Ability to scale up service by 70% in one year
  • Delivered over 90% reduction in unallocated funds
  • Improved customer experience through technology innovation
  • SLA-based service model with track record of high performance

Learn more about our Benefits Administration practice:

Hear from clients whom we've partnered with successfully.