Welfare plans (group life, medical, and disability arrangements, as well as other employer-sponsored heath and welfare benefits) are actually subject to ERISA, the Employee Retirement Income Security Act of 1974, the same law that governs qualified retirement plans. Although ABP does not act in an insurance broker capacity, our years of ERISA experience allow us to provide the following services to help meet the numerous fiduciary and administrative requirements imposed by the law:
ABP employs a fee for service model. We use a standard fee schedule and engage all clients with an administrative services agreement that typically identifies a flat dollar fee for each defined service. Time and charges billing applies only to unusual situations where it is not possible to precisely identify the scope of work.