Consulting
Consulting Services
The primary objective of W.A. Health’s consulting services is to ensure the client obtains the best professional advice possible for decision making so their duties and fiduciary responsibilities can be properly discharged.
The following outlines the various consulting services available from W.A. Health at different times:
1
Provide our clients with administration services for their plans on a cost-effective and efficient basis.
2
Work with our clients in reviewing any existing procedures, documentation, contracts, or cyber security compliance, ensuring our clients and their beneficiaries receive the best service and protection.
3
Provide the best approach to our clients ensuring maximization of the plan design and administration/reporting requirements.
At the Inception of the Employee Life and Heath Trust
- Develop a projected budget
- Design plan benefits to suit the budget
- Report on plan cost projections
- Report on eligibility rules
- Prepare and submit specifications – bids to providers
- Review insurance contracts
- Co-ordinate insurance installation procedures
- Draft documents for distribution to plan members.
- Assist accountants and lawyers
- Assist in the design and implementation of administration procedures.
On a Day-to-Day Basis
- Act as the intermediary between the Trustees and professionals
- Review and advise on the plan’s administration procedures
- Initiate and review cost containment procedures.
- Assure the provision of periodic reports to the Trustees
On Annual Basis
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Review insurance company’s operations
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Report to the Trustees on the plan’s claims experience
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Report to the Trustees on benefit adequacy
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Advise the Trustees
Reports
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Periodic competitive bids
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Provide financial modeling
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Report on new underwriting practices
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Report regarding revision of collection methods
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Report overall benefit costs and projected costs to assist the Trustees
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Report on new cost containment procedures
Pension Programs
At the Inception of the Pension Plan
- Develop a projected budget
- Design plan benefits to suit the budget
- Draft announcement material
- Assist accountants and lawyers
- Design and implement customized administration forms and procedures.
On a Day-to-Day Basis
- Act as the intermediary between the Trustees and Professionals
- Determine death, retirements and termination entitlements
- Respond to enquiries from members, and beneficiaries
- Prepare periodic reports to the Trustees
- Initiate and review cost containment procedures
On an Annual Basis
- Prepare pension statements for distribution to the members
- Conduct a reconciliation of the pension fund
- Conduct an audit of payments made to pensioners
- Prepare and submit Provincial Annual Information Returns as required
- Assist auditors
- Prepare an Administrators Report for the Trustees
- Report to the Trustees on benefits adequacy
- Assist in the Actuarial Valuation
Special Reports
- Report on new cost containment procedures
- Report benefits costs
- Help the actuary to prepare Triennial Actuarial Valuation Reports