Whether you work with a benefits team of one or 100, chances are you don’t have time to check every calculation you make. Yet simple mistakes can cost an organization millions of dollars in benefits overpayments.
Take the case of the company that invited its first 100-year-old retiree and his family to a birthday bash—only to discover the man had died 20 years earlier and his son had been cashing his retirement checks ever since.
Richard DeFrehn, head of thepractice at Sibson Consulting, says an every-other-year “death audit” would have caught the fraud years earlier. He recommends that organizations search for death records for every retiree during the audit.
Here are six other ways to head off benefits administration mistakes before they wind up costing your organization big bucks.
Build in checks and balances
Make sure staff have each others’ backs.
1. Cross-train administrators who do similar jo...(register to read more)