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| Fidelity Workplace Services offers a wide variety of consulting services to help you design solutions that address the unique needs of your organization. Our consulting services cover the entire range of benefits and are managed by highly experienced and knowledgeable consultants with specific experience in benefits consulting. |
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Defined Benefit Actuarial and Consulting Services
Fidelity's highly experienced actuaries and consultants will help you in the design, financing, delivery, and communication of your defined benefit plan. Our consultants will help you evaluate the latest marketplace trends, review alternative plan strategies, gain insight into the behavior of your participants, and benchmark your programs against those offered by your peers or competitors. Our primary services include: |
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Actuarial and financial analysis |
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Plan design, nondiscrimination testing, and related compliance services |
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Government contractor consulting |
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Administrative consulting |
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| Data Consulting Services - "Real-time" benefits administration is an important evolution in defined benefit plan management, and clean and complete data is critical to successful real-time administration and participant satisfaction. Fidelity addresses this need within an organized, three-step process: |
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We provide you with a comprehensive assessment of your data quality and propose a strategy for data cleanup and automation to focus efforts |
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We perform an automated cleanup effort to fill in data gaps and correct errors, using algorithms based on plan provisions and administration procedures |
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We perform a final manual cleanup to correct issues that may remain after the automated process; this also includes calculating missing benefits for terminated employees or special populations |
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Health & Welfare Consulting Services
Fidelity offers strategic benefits consulting and plan management services for all group health & welfare benefits. We work closely with you to design an overall strategy for your benefits program, focusing on: |
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Health care strategy |
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Retiree welfare design |
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Life insurance |
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Long-term care |
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Benchmarking |
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Vendor selection |
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Assessment of employee behaviors |
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| Plan Management Services - Fidelity consultants will help you create a more efficient annual enrollment process by coordinating plan management and administrative activities. Services include: |
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Annual planning to help establish your service expectations and to communicate annual enrollment time frames |
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Insured rate negotiations and administrative service fee negotiation for all health and welfare plans |
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Collection of data from your plans needed to support annual enrollment, such as plan design changes and service area ZIP codes |
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Documentation of annual renewal agreements with your vendors |
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Vendor service status reporting, including service area changes and changes to the plan's financial status, quality, and/or offerings |
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Health & Welfare Actuarial Services - To avoid high costs in organizing your claim data, our actuaries provide a preliminary utilization analysis using standard, vendor-provided reports. We help you target your areas of analysis before implementing an expensive database. In addition to a utilization review, you may also call upon our actuaries to: |
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Develop cost projections for self-funded plans |
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Price employee contribution rates |
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Evaluate cost impact of plan design changes |
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Assess stop loss levels and catastrophic claim expectations |
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Establish reserves |
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Perform cost-benefit ROI analysis and benchmarking |
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Human Resources and Administration - Fidelity has developed a senior staff of consulting professionals who focus on helping clients understand where they spend their current HR resources, how they might effectively redeploy those resources to more value-added activities within the organization, and to help manage the change effort along the way. Our consultants can help you to: |
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Achieve buy-in, support, and endorsement from senior management, operating companies and business units, and HR staff |
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Recharacterize the role of HR within the company and the roles of HR staff |
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Help employees understand the rationale for any changes in the way HR, payroll, and benefit transactions work within a new service delivery model |
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Communicate the responsibilities and opportunities for HR staff and employees within a new service delivery model |
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