Success Stories
How do you measure success?
At Independent Benefit Services (iBEN), we measure success differently from typical employee benefit brokers. Because our approach is to treat clients’ programs — and strategic goals — as if they were our own, we measure our success by our clients’ success. Here are a few examples of how our experience, independence and personal commitment are making it easier for our clients to stay competitive and compliant, while making it easier for their employees to stay healthy and secure their futures.
iBEN’s outsourced HR shows immediate ROI
Dissatisfied with the quality of the internal HR department, a government contractor with 150 employees came to us for outsourcing. We put two of our HR professionals onsite, replacing the previous staff of three. The contractor immediately saved one salary. By cleaning up personnel areas and re-evaluating benefit plans, we stopped thousands of dollars from being wasted each month — including saving $45,000 just by renegotiating the CEO’s life insurance package. The new HR environment also boosted employee morale and contributed to improvements in recruiting, retention and performance.
iBEN uncovers unnecessary retirement plan limits
When iBEN Advisors reviewed an association’s retirement plan, they found that the vendor had been limiting participants’ contributions to an unnecessary degree. By identifying the right limit, iBEN enabled plan participants to more than double their retirement contributions.
iBEN steps in to prevent a compliance nightmare
On the day of the reporting deadline, a 401(k) vendor informed a client that its plan had failed testing. iBEN quickly stepped in and made adjustments the plan vendor had overlooked. The client ended up passing its test avoiding stiff sanctions for noncompliance.
iBEN protects a company from insurance liabililty
Jane – an employee of an iBEN client – was court-ordered to provide health insurance for her son. Jane didn’t tell her company about the requirement for six months, and then it took another month to complete the paperwork. By the time coverage became effective, Jane was gone, leaving her company stuck with a $3,000 doctor bill for her son. By examining the contract language, iBEN was able to convince the insurance company to refund the entire $3,000 to the company.
These testimonials may not be representative of the experience of other clients, and are no guarantee of future performance or success.