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Over the past few years, plan sponsors have moved toward selecting 401 (k) providers who offer bundled services. Many of them realize ease of administration, cost effectiveness and the benefits of dealing with only one provider. Recently some of the larger 401(k) providers have moved to offer what has been termed total benefits administration. This service allows plan sponsors one contact point with regard to all aspects of benefits, which along with retirement, may include health and welfare and life insurance. Of the following plan sponsors who discussed the issue, three felt the sponsor may lose some control over the administration and day-to-day operations of the plan, while only one felt TBA was a good idea
AGL RESOURCES
AGL Resources' manager of employee benefits, Steven Morris, believes having one point of reference for all human resources needs is a good idea. Total-benefits administration saves time because it frees up benefits department personnel from such tasks as data entry and transactional tasks, he says, noting AGL runs a call center that currently performs such duties. The Atlanta gas production/distribution concern will consider outsourcing its entire...