Key Features
- Standardization of SPDs
- Automation of updates, eliminating redundancy
- Document workflow with email notification
- Centralized Collaboration with other departments and their external vendors
ROI Stats
- Created over 330 SPDs at a 25% reduction in legal and consulting fees over the previous year.
- Updated over 250 of the documents at a 75% cost reduction in 7 weeks (previously took 18 months)
- Increased internal staff efficiencies and recognized a 40 - 50 hour/month time savings
At Textron, our people are our most important asset, and ensuring that they have the most accurate and complete benefits information available to make informed choices is critical. Doing so in a fashion that enables our HR teams to fulfill important regulatory and compliance requirements is equally important. We're happy to have found an alternative that enables us to address what had been a highly manual process, with HighRoads' SPD management solution."
Summary Plan Description (SPD) Service
HighRoads Summary Plan Description (SPD) Service, a component of HighRoads' HR Control suite of services for benefits supply chain management, helps FORTUNE 500 employers manage the full SPD lifecycle, from discovery through distribution. Discovery begins with a comprehensive inventory assessment, identifying the current state for each SPD and performing a gap analysis towards full compliance. Following the discovery process, HighRoads reviews existing content and customizes a new SPD template to automate new content development so that it can be properly propagated throughout each applicable SPD document.
By combining our approach and experience in the HR industry with our industry-standard technology, we are able to provide efficient and strategic advice compared to traditional alternatives.
HighRoads is the only company equipped to manage the time-consuming process of creating, updating and managing Summary Plan Descriptions, providing the following benefits:
- A central repository for current and historical documentation
- Best practices in structure, content, and workflow
- Dramatically reduce time and cost of updating and maintaining SPDs while maintaining continuity and consistency across documents
Today, clients work with our team specifically in these areas:
- Discovery
- SPD inventory
- Current state analysis
- SPD compliance roadmap
- Compliance Review
- Compliance assessment
- Automated workflow for client review and approval process
- Maintenance
- Update SPDs to reflect plan design, vendor and/or regulatory changes
- Creation of new SPDs
- Ongoing compliance review
- Content
- Existing content review and update
- New content development
- SPD template creation for content automation
- Distribution
- Assistance with pre-production, production and distribution
- Translation, design and printing assistance
The end result is ERISA compliant SPDs in less time and for lower cost, freeing you up to focus on more strategic initiatives.
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