Products October 15, 2008

Principal Offers Plan Sponsors an "Edge"

October 15, 2008 (PLANSPONSOR.com) - Things change - and a new tool introduced by the Principal is designed to make it easier for plan sponsors to keep up.
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According to a press release, eBenefits Edge by the Principal “…takes a manually-intense process off the plate of the human resource manager and simplifies the day-to-day administration of employee benefits.”   The online system, capable of consolidating all employee information for each carrier into one location, “eliminates duplication while also providing extensive reporting capabilities,” according to the firm.

Other Benefits

eBenefits Edge also offers:

  • 24/7 access for both employees and HR specialists
  • integration with virtually all existing carriers and payroll systems
  • weekly updates sent electronically to carriers and payroll to “help reduce, or even eliminate, data entry and improve data accuracy”

“The average   cost for an HR department to manually enroll one employee’s benefits is just over $100, compared to the $21 on average that’s spent when using an automated system,” said Deanna Strable, senior vice president of the Individual Life and Specialty Benefits Division of the Principal Financial Group. “eBenefits Edge from The Principal not only saves money, but also the time spent on benefit administration, allowing human resource managers to focus on higher priority tasks.”

According to an announcement, while eBenefits Edge by The Principal is a helpful tool for companies of any size or industry, it can be particularly effective for growing businesses, those with high turnover rates, a transient employee base or a business with multiple locations.

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