A new study by Prudential shows that many companies are turning to third party administrators to outsource their benefits administration.
The "Sixth Annual Study of Employee Benefits: Today & Beyond" found that more than two-thirds of brokers/consultants interviewed felt that the benefits decision-making process has changed in the past five years. Only 40 percent of plan sponsors felt that the process had changed.
Two-thirds of plan sponsors say four or more areas of their organization are influential in the employee benefits decision-making process: 45 percent say four to seven areas are involved, 21 percent say eight or more areas are involved, and only 34 percent report zero to three areas are involved to some extent.
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