How many FTEs in your fund office?
Which budgets exist in your fund office?
What do fund offices measure?
Reporting to management and the board
Which functions does IT manage?
Public sector and multiemployer benefit plans have been hit by the perfect storm of risk, compliance and regulatory overload. As a result, most fund administrators agree that it is getting more and more complicated to run the fund office and administer benefits. In response, MIDIOR initiated a study of Public and Taft Hartley benefit fund operations in 2014 and we are committed to conducting this research annually.
Today, benefits administration can range from determining health eligibility to adjudicating claims to processing retirement benefits. In addition, regulatory scrutiny and compliance obligations have become onerous and yet, fund office operations are behind the curve in adopting new technologies that can help them keep up. In an era of unfunded liabilities, it can be hard to justify the significant expense of modernizing systems and retooling business processes simply to maintain the status quo for operational efficiency. For administrators, greater insight into how benefit funds are operating today could be a helpful benchmark as they chart their future path.
Although an administrator for a small Taft Hartley fund may think that his/or her operational challenges are very different from those faced by a statewide public pension fund, in fact, this research shows that they are struggling with many of the same issues. We understand that every plan is unique but when you look across the responses you will notice common themes related to technology, capital planning and staffing. We hope you are able to leverage this study as you consider how to best tune your operations in the coming year and be sure to consult the appendices for more detailed information and charts.
Complete the following form to access the free download:
The following functions are managed by internal staff