As the multiemployer benefits landscape becomes more complex, trustees are finding it increasingly important to communicate with plan participants and search for a way to represent the full value of the benefits plans and programs they provide to their participants.
Benefit statements are a popular and cost-effective tool that can assist in this communication. (The value of benefit statements is discussed below. To go directly to that discussion, click here.)
It is Segal's belief that while the challenges our clients' face may be similar, the solutions must be uniquely designed to match each client's business issues, demographics, plans and overall benefit strategy. Because the work we do is always customized to meet each client's goals, our personalized communications consulting services range from simple to comprehensive. (To go directly to sample images, click here.) We typically conduct an exploratory meeting to discuss the overall parameters and objectives of the benefit statement and then tailor the content, text and design accordingly.
Our Personalized Communications consultants come from both communications and benefit consulting backgrounds. Consultants have a team of writers, analysts and actuaries available to assist or participate on each project. In addition, we work with outside graphic designers and printers to professionally produce the final product. We have the systems ability to process external data and technical expertise to calculate the values that best describe the plan benefits.
We produce a variety of statements for our clients, including:
- Standard Pension statements
- Retirement Income statements
- Comprehensive statements
Specific aspects of statements are discussed in the following sections.
The statement text can include tables, charts and summary pages and can range from a single page to a booklet. We work with our clients to develop suitable text that describes their plans and personal messages to their participants.
Design refers to the colors, graphics and layout of the statement. A statement's design can strengthen the personal element and the importance of the benefit program to the participant and give your message a greater and lasting impact. Only imagination, creativity and budget limit the design you choose.
For a larger view of any of the sample images below, simply click on the image:
Methods of Delivery
- Electronic: Statements can be delivered electronically, using any of the following methods: online via the Internet or a local intranet, e-mail attachments in Adobe Portable Document Format (PDF) or other format, or CD-ROM in Adobe Portable Document Format (PDF).
- Paper: Paper statements can be mailed to the work site or directly to each participant's home.
Benefit statements can:
- Illustrate the overall cost, coverage and value of benefits
- Improve relationships, morale, and motivation
- Convey personalized messages and information
- Increase knowledge of current or future benefit issues such as alternate options or plan changes
- Be used as a retirement planning tool
- Encourage feedback from participants
Effective communications that lead to a greater appreciation, comprehension and education of benefits can assist in the recruitment and retention of members.