A dynamic package of employee benefits is one of the best ways for companies to succeed. By offering wellness programs, transportation reimbursement, medical insurance and retirement plans, businesses can attract the best candidates at different positions and begin offering a higher level of service to customers and clients. To make this appealing scenario affordable, plans and benefits often need to be tweaked and altered.
However, government regulations such as those defined by the Employee Retirement Income Security Act (ERISA) force employers to provide detailed documentation of any plan changes to any member of workforce that they affect. This adds a new dimension of complication to the process of building an agile and dynamic benefit plan but is nonetheless a crucial part of the the entire system.
Organizations that don't have the time or resources to properly execute this documentation should consider using the services of an employee benefit consultant. Such professionals can analyze a plan, draft the required Summary of Material Modification (SMM) and bring employee compensation in at the cost that an employer outlines. This delegation of power is an important step in the process of a company becoming more solvent and increasingly efficient.
