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BANKScores brings together the leading benchmarking and rating resources to evaluate your organization’s executive and employee benefit plans.
This benchmarking tool is powered by Meridien Benefits, Inc. and is now available exclusively for our bank and credit union clients.
BANKScore

BANKScores was designed to provide benefit plan sponsors with a comprehensive executive and employee benefit evaluation tool.
Attracting and retaining talented executives and employees is directly related to the quality and “health” of your benefit programs. The BANKScores process will assure that your bank or credit union is providing the most competitive and cost effective benefit plans.

Vital Benefit Plan Components

Include excellence in plan design, leading plan access and communication technology, reasonable expenses, strong carriers , identification of funding liabilities, and competent, proactive consultants and administrators.

Six Important Plan Components
  1. Plan Design
  2. Plan Expenses and Fees
  3. Access Technology and Communications
  4. Carrier, provider, and administrator
  5. Benefit liabilities vs. funding
  6. Role of consultants, actuaries, and brokers

As an employer, you want your retirement plan to be successful and provide the necessary components to help your participants retire securely, while also meeting your fiduciary obligations.

 

“A successful and healthy benefit plan is one that meets the needs of your executives and employees; is financially sustainable; while still fulfilling legal and compliance requirements.” -Philip G. Backholm, CPA, NFP Executive Benefits


Plan Design

Proper plan design is essential to give your company an advantage in attracting and retaining top talent. Once designed, it is equally important that employees fully understand the benefits offered and options available to them. Innovative technology and portals now exist that can deliver content and help employees with benefit selection and compliance.


Carriers, Providers, and Administrators

Choosing highly rated carriers and providers is an important consideration when determining appropriate benefit programs. The strength of the carrier assures that benefits are available when needed. The performance of all product and service providers must be reviewed on a periodic basis along with associated fees and expenses.


Access Technology and Communications

The technology options utilized as part of your plan(s) are a crucial component of any benefits strategy. Not only does it allow you, the plan sponsor, to access data that will guide you in your design decisions, it also supports compliance. Technology enables your executives and employees to access to all benefits related information 24/7 including enrollment communications, benefit statements, and important information to aid in their benefit selection decision-making process.

BANKScores assists to evaluate and determine appropriate communication access systems so your executives and employees can appreciate the overall value of the benefits provided to them.

 


Plan Expenses and Fees

It’s important to assess and evaluate all plan expenses and fees for competitiveness and cost effectiveness. This requires regular and ongoing monitoring and benchmarking.


The Role of Consultants, Actuaries and Brokers

Benefit consultants and brokers continue to play an important role in helping employers with requests-for-proposals, dedicated human resource tools and programs. Their roles also need to be evaluated through BANKScores


Benefit Liabilities vs. Funding

Identifying and quantifying current and future benefit plan liabilities is essential to understanding total plan costs.


Want to use BANKScores for your organization?
Simply contact us and let us know and we will have someone personally assist you.

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