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Benefit Fund Administration

 

Benefit Fund Administration

ABS specializes in providing benefit fund administrative services to trusts, Multi-employer Welfare Arrangements (MEWAs), unions and other specialized clients. These groups each may offer cafeteria style benefit programs through a variety of regulatory arrangements, including ERISA and Taft-Hartley Plans. Within such an arrangement, multiple benefit levels for medical, dental, life, or short-term disability coverage may be available according to plan rules established by the Trustees or Plan Sponsors.

ABS provides comprehensive health, welfare and trust administration and financial and regulatory administrative services to help even the most sophisticated of these clients manage their benefits and comply with applicable laws.

Health, Welfare and Trust Administration Services:

ABS coordinates with all insurers, PBMs, PPOs, wellness providers, and other applicable entities, in a HIPAA-compliant, secure environment utilizing 834 and 837 files. 

Retiree Drug Subsidy Services (RDS / Medicare Part D):

ABS offers services to help benefit fund clients collect their Medicare Part D Retiree Drug subsidies and streamlines the collection process. ABS coordinates with the PBM and Centers for Medicare and Medicaid Services on the client’s behalf. 

Eligibility Maintenance, Consolidated Billing and Contribution Accounting:

ABS maintains eligibility down to the member level, allowing for multiple layers of eligibility within one employer. ABS staff reconciles all premium bills and customizes billings to the applicable Trust’s requirements. Utilizing hour and week banks, accurate records are maintained to ensure correct benefit eligibility. 

Delinquency Management:

ABS audits and reports on delinquencies and refers any outstanding delinquencies to outside counsel.  

Financial and Regulatory Administrative Support

ABS provides specialized financial, accounting and regulatory support for Trust, MEWA, Union and ERISA-sponsored employer plans. The ABS financial and accounting team, led by CPAs with public accounting and audit partner experience specializing in healthcare and employee benefits, provides the following services:

  • Preparation of quarterly and year-end financial statements
    On a quarterly basis, ABS prepares a custom balance sheet and expense statement. In compliance with SAS 112 and SAS 115 requirements, year-end GAAP financial statements are also produced.
  • Facilitation of external audits
    ABS facilitates and coordinates external audits, including annual Department of Labor audits, on behalf of our clients.
  • Planning of expense payments
    ABS pays all expenses according to plan-established procedures.
  • Compilation of governmental filings
    ABS assists clients in meeting regulatory and reporting requirements. ABS accounting staff compiles all required data, including claims data, insurance premiums, paid commissions, and other vendor payments, necessary to complete the 5500.
  • Consultation and recordkeeping
    ABS attends quarterly board meetings, presenting plan financial statements and ensuring the financial goals of the plan are met and exceeded. ABS staff monitors plan assets and processes, and manages cash transfers as designated by the plan.

Get a Quote

For more information, contact your ABS sales Representative or submit a quote request form using the button below.

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