Business issues: Your organization has used the same broker(s) and consultant(s) for years and, while the relationship seems to work, emerging expectations around plan sponsors serving as a fiduciary under the Consolidated Appropriations Act of 2021 justify a review of all plan service providers. Furthermore, it is possible that relationships that worked for your organization in the past are not best positioned to add value in the future.
While this priority stands out as timely and worthwhile, your HR, finance, and administrative teams are already stretched thin. So, when should this be prioritized?
Solution: ThorCo Solutions LLC (TCS) has developed a solution to consult with plan sponsors to make this 2022 priority actionable without stressing your team. TCS will work with your team to take decades of expertise in benefits consulting and craft an RFP which responds to your firm’s profile and priorities, including in areas of cost, capabilities, account management model, and philosophy. By collaborating with TCS on the structure of the RFP and confirming the recipients from whom a proposal is desired, the work of coordinating “back and forth” with possible vendors and management of a virtual data room can be delegated to TCS and save your team time. TCS will provide original copies of all proposals along with an executive summary comparing the competing proposals.
Impact: Benefits arising from this approach include a) improved management of your obligations under ERISA and CAA, b) accomplishing a priority to align best available service providers to benefit your firm and its employees, and c) creating financial savings by virtue of leveraging competition to get a best available fee structure for your firm.
About ThorCo Solutions LLC
TCS is positioned to save your firm time and money, and improve its employee benefits service and risk profile, by standing as an independent advisor to your team. Jens Thorsen has 24 years of expertise in the insurance industry, including time as president of a regional benefits consultancy and practice leader spanning multiple states for a global insurance broker. Thorsen also has insurance industry credentials (e.g. CEBS, ChFC) and education from both The Pennsylvania State University (BS Economics and Business Administration) and NYU Stern School of Business (MBA General Mgmt, concentrations in corporate finance and leadership.)
TCS maintains a professional network that includes (but is not limited to) independent actuaries, attorneys, tax professionals, commercial lenders, insurance wholesalers, insurers, pharmacy consultants and technology firms.
Reach out to Jens Thorsen for a proposal: jens@thorcollc.com
ThorCo Solutions, LLC 