Savage & Associates tailors our process for developing an effective Employee Benefits Package to your specific needs and requirements. Together, we will explore opportunities and examine risks and rewards.
Stage 1: Assessment
1. Assess current benefits: Our professional will sit down with you and review your current Employee Benefits package.
2. Establish your benefit plan's goals: We will outline your goals and expectations for your new plan.
3. Establish measures to reach goals: We will define specific plans to meet these goals in the most effective way.
4. Determine the target group: Once the goals have been set, we work with you to determine who should benefit from this package.
Stage 2: Design
5. Determine deficiencies in existing plan: Decide what the current plan is missing and what needs to be added.
6. Establish benefit targets for: Retirement, Survivor, Disability, Severance, Incentives, Retention, etc.
7. Establish desired benefits attributes: Vesting, Security, Portability, etc.
8. Build plan financing models: The models will include comparisons for cash flow and earnings impact.
9. Make final recommendations: Based on our assessment of the requirements that you have provided, we will create a detailed plan that satisfies your needs.
Stage 3: Implementation
10. Prepare specifications: We will assemble all the aspects of your product selections.
11. Orientation: We will provide your executive group with a complete orientation to define the benefits package to them.
12. Enrollment: Each participant will go through an individual enrollment session.
13. Documentation: We will complete all the plan documents and necessary forms.
14. Establish review procedure: We will monitor the plan for follow-ups and future changes.