The End of Employer-Provided Health Insurance: Why It's Good for You and Your Company

Chapter 16How to Choose a Defined Contribution Solution Provider

Your company should utilize a third-party solution provider to help implement and administer the defined contribution program. The right provider will allow your company to administer your defined contribution programs online, easily add reimbursements (or stipends) to payroll, and change plan rules and documents at any time. Most importantly, your defined contribution solution provider will also help ensure your company stays in compliance by keeping your solution up to date with all current statutes and regulations including but not limited to Internal Revenue Service (IRS), Health Insurance Portability and Accountability Act (HIPAA), and Employee Retirement Income Security Act (ERISA) rules. This chapter will guide you through the process of choosing a defined contribution solution provider.

Tip: You should establish a formal defined contribution program to ensure compliance, save time, and create a powerful recruiting and retention tool.

Best Practices for Defined Contribution Healthcare

Establish a Formal Defined Contribution Program

The first best practice is to set up a formal defined contribution program. This will establish a tangible health benefits program your company can use as a marketing tool for recruiting and retention purposes. Additionally, a defined contribution solution provider can help ...