Adding to its Plan Data Intelligence ReSource feature, Burrmont Compliance Labs LLC has implemented a plan Benchmark Report designed for third party administrators (TPAs), advisers and certified public accountants (CPAs).
The latest element is now available on ERISApedia.com’s Plan Data Intelligence Prospecting tool, and will compare plans to peer groups based on industry type, plan size, and “eight highly relevant operational metrics” on a long-term basis. The feature will also deliver advice regarding ‘”individual operational benchmark results’” and other qualities, and utilize vibrant graphs to offer insight about operational performance.
“We are excited to offer this new feature to help our subscribers win new business,” saysTimothy McCutcheon, JD, CPA, MBA, the publisher of ERISApedia.com. “This is only one part of our ongoing efforts to add products and services of value to the benefit plan community.”
Each user will have the chance to design the report on their own terms, from selecting a certain color scheme in the report, to adding a firm’s logo. The report will be distributed as a Microsoft Word file after customizing, therefore any further adjustments from users could then be applied.
The benchmarking database will be updated monthly and presently includes 176 peer groups.