How can you launch a new benefits and retirement plan when you only have a month?

The challenge

In the deal for a major acquisition, it was agreed that the level of health and retirement benefits offered to employees would remain unchanged under the new owners. The plan would have to be up and running before the deal closed, or employees would be left without coverage. We had exactly 35 days.

The Accompass touch

The benefits and retirement plans we were matching had been designed for a large corporation. We needed comparable benefits for a smaller group. Working closely with the carrier, we obtained rates and negotiated plan design in a matter of days. Where we couldn’t provide identical benefits, we delivered creative solutions. For example, the new plan offered a lower level of critical illness, but provided it to every employee instead of it being optional.

 

Twenty-two days after opening the case, members of our Benefits & Health and Investment & Retirement practices met directly with employees to walk them through their benefits. Just over a week later, new drug cards were mailed directly to employees’ homes.

The outcome

In just over a month, our client accomplished what normally takes 60-90 days – including negotiation, plan design, setting up administration, enrollment, and employee education. When the company changed hands, the transition to their new benefits and retirement plans was seamless. In fact, employees said that, due to our face-to-face education, they clearly understood their benefits for the first time.