Blog Archives

Streamlining EFT Operations: The Importance of NACHA Nested TPS Rules

The world of electronic funds transfer (EFT) underwent a significant shift in September 2022 with the implementation of the NACHA Nested Third-Party Sender (TPS) rules. Those impacted include third-party benefits administrators (TPAs) who utilize an ACH provider to initiate payroll deductions or premium payments, thus acting as nested TPSs within the ACH network. Understanding the NACHA Nested TPS rules is crucial to ensure smooth operations and avoid potential penalties. What are the NACHA TPS rules?

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BPM: Key to Organizational Success

Companies must focus on streamlining operations, cutting costs, and enhancing consumer satisfaction to succeed in the modern marketplace. One efficient method of doing that, which has become a mainstay of organizational success, is Business Process Management (BPM). What is Business Process Management? BPM is a methodological way of improving a company’s processes. It covers the business process’s plan, implementation, control, and improvement to an agreed-on goal. BPM is more than robotizing tasks and cost-cutting; it

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Designing Good Employee Benefits: 8 Questions You Should Ask

As we enter the last full month of summer, many employers are already working to develop their benefits programs for 2025. Creating a benefits plan that pleases everyone, especially in a diverse workforce, can seem impossible. To be successful, it is vital to identify which types of benefits various employee groups require. The secret to a successful scheme is asking the right questions that engage employees and meet their needs. What Are Targeted Questions? Employers

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5 Ways to Control Rising Benefit Costs

Healthcare costs in America have risen significantly since the 1970s, leading many employers to expect modest yearly cost increases in the benefits they offer. However, current economic conditions, an aging population, and increased costs related to managing chronic conditions have led to less manageable increases for many employers. Here are five ways TPAs can help employers continue offering high-value benefits while working to control rising benefits costs. #1 Ask Participants What They Need Before considering

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The Rise of “BPO 2.0”

Business process outsourcing (BPO) is undergoing a metamorphosis. At one time, outsourcing solutions were one-size-fits-all, with providers offering generic services to many clients. Today, we’re seeing the rise of what has been called “BPO 2.0”: a shift to specialization and niche outsourcing. BPO Evolves Reduced expenses and streamlined operations fueled BPO’s early days. Companies outsourced non-core functions to reduce labor costs and improve productivity. However, as the industry matured, clients began seeking more value from

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DataPath Receives New Honors for Marketing

DataPath, Inc. has recently received five prestigious awards, showcasing the company’s dedication to excellence in direct mail marketing and thought leadership communications. Two of DataPath’s direct mail campaigns have been acknowledged for their innovative approach and compelling messaging. The “Recipes for Success” campaign, which creatively combines unique brochure construction with targeted messaging, has been honored with a Platinum award in the Hermes Awards and a Gold award in the DANDA Awards. This campaign effectively showcases the

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Building Benefits Packages that Attract and Retain Baby Boomers

This article delves into effective benefits strategies for Baby Boomers, exploring their preferences and offering recommendations for engagement. Understanding Baby Boomers Baby Boomers were born between 1946 and 1964 and have played a significant role in shaping American society and the workforce. As the enrollment season approaches, it’s crucial to understand what motivates this generation, the benefits they value most, and their preferred methods of communication and learning. Baby Boomer Profile Boomers have unique characteristics

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Building Customer Loyalty and Retention with Financial Wellness

As trusted advisors, banks and credit unions are in a unique position to offer guidance. They can also support and educate consumers to help with their financial well-being. Customers who feel their financial institutions support their financial wellness are 3 times more likely to be “very satisfied.” They are also 3 times more likely to recommend their financial institution and 5 times more likely to want to buy more from it. Another survey, this one

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How COBRA Interacts with ICHRA and HRA Plans

The Consolidated Omnibus Budget Reconciliation Act (COBRA) mandates employers to offer continuing health coverage to employees facing qualifying events such as job loss or reduction in work hours. However, navigating the interaction between COBRA and some reimbursement accounts, such as Individual Coverage Health Reimbursement Arrangements (ICHRAs) and Health Reimbursement Arrangements (HRAs), presents complexities. What are ICHRA and HRA plans? ICRHAs and HRAs are both exclusively funded by the employer and generally not taxable to the

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Student Loan Assistance and Financial Well-Being

Student loan debt continues to be a significant financial burden for millions of Americans. More than half of college students finance their education with loans, whether they attend public or private four-year institutions. As of 2023, according to Forbes, total student loan debt (including federal and private loans) stood at $1.75 trillion, or an average of $28,950 per borrower. With the moratorium on student loan payments ending in October 2023, millions of borrowers are now

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