General Q & A
Q. What is plan administration?
Plan administration is the process of converting the language of benefits and funding into the language of business and finance:
Accounting for plan benefits
Accounting for informal plan funding
Historical documentation (paper trail)
Accounting for plan events
Management information
Consulting with clients advisors
Communicating benefits to plan participants
Q. What benefits options do you offer?
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We provide customers a full range of benefits services:
- Section 125 Plan Administration
- Single Source Billing System
- Section 403b Plan Administration
- Flexible Spending Accounts
- Section 457 Plan Administration
Q. What are the benefits of third-party administration?
A Third Party Administrator (TPA) is a supervisor of Benefit plans for employers who offer benefits to their employees. Today, more than 44 million persons are receiving benefits through self-funded and insured plans, which represent about 55% of all U.S. workers.
Q. What communications do you provide to employees?
In order to achieve the greatest level of employee appreciation, plan benefits and features must be properly communicated to employees.
For this reason, we strongly encourage employers to hold periodic employee meetings. The professionals at FEBCO will hold annual employee meetings, whether changing plans, installing new plans or as part of a periodic review. Your employee benefit program will be explained to your employees in simple, concise language. Meetings can be held at any time of the day, at any location, and time will be reserved to address all of your employees' questions and concerns.
We Will Bring A Team Of Qualified Benefit Professionals during peak events - like open enrollment periods, plan entry dates, employee orientation, new benefit launches, and educational meetings.