{"id":176,"date":"2005-04-20T01:57:00","date_gmt":"2005-04-20T09:57:00","guid":{"rendered":"https:\/\/systematichr.com\/?p=176"},"modified":"2005-12-02T21:38:19","modified_gmt":"2005-12-02T21:38:19","slug":"benefit-compliance-and-vendors-part-2","status":"publish","type":"post","link":"https:\/\/systematichr.com\/?p=176","title":{"rendered":"Benefit compliance and vendors part 2"},"content":{"rendered":"<div style=\"clear:both;\"><\/div>\n<p class=\"MsoNormal\">Single sourcing, or using multiple vendors?<span style=\"\">  <\/span>Let\u2019s take 401(k), where you might have Fidelity doing the recordkeeping and account administration (stock investments).<span style=\"\">  <\/span>This seems like the fox guarding the henhouse and goes back to the whole Spitzer conversation again.<span style=\"\">  <\/span>I think this may be the next place he goes hunting for indiscretions.<span style=\"\">  <\/span>Let\u2019s take another example for benefit administration.<span style=\"\">  <\/span>Isn\u2019t it better if you have your broker, benefit administrator and benefit consultant as separate entities?<span style=\"\">  <\/span>In my opinion, you simply need to be wary of commissions these days and if possible, move your brokers toward fee based services.<span style=\"\">  <\/span><a href=\"http:\/\/moneycentral.msn.com\/content\/P114436.asp\">http:\/\/moneycentral.msn.com\/content\/P114436.asp<\/a><\/p>\n<p class=\"MsoNormal\">Now I\u2019m a big proponent of single vendor management.<span style=\"\">  <\/span>But looking at the mess in the <st1 :country-region><\/st1><st1 :place>US<\/st1> insurance industry and projecting out what might be next, I think there are compliance risks that we may encounter in the future, and if your organization is not sufficiently forward looking, you have exposure.<\/p>\n<div style=\"clear:both; padding-bottom: 0.25em;\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Single sourcing, or using multiple vendors? Let\u2019s take 401(k), where you might have Fidelity doing the recordkeeping and account administration (stock investments). This seems like the fox guarding the henhouse and goes back to the whole Spitzer conversation again. I&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[24,3],"tags":[],"class_list":["post-176","post","type-post","status-publish","format-standard","hentry","category-benefits-management","category-vendors"],"_links":{"self":[{"href":"https:\/\/systematichr.com\/index.php?rest_route=\/wp\/v2\/posts\/176","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/systematichr.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/systematichr.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/systematichr.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/systematichr.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=176"}],"version-history":[{"count":0,"href":"https:\/\/systematichr.com\/index.php?rest_route=\/wp\/v2\/posts\/176\/revisions"}],"wp:attachment":[{"href":"https:\/\/systematichr.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/systematichr.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/systematichr.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}