Case Studies
Estate Planning
BRG's custom solution saved this client over $15,000,000 in estate tax savings over 20 years, with an immediate savings of approximately $1,750,000.
Life Insurance Policy Audit I
BRG's life insurance policy audit helped this client consolidate policies, with the annual reduction in premium resulting in a $291,000 savings over the next 10 years.
Life Insurance Policy Audit II
Thanks to careful auditing practices on the part of BRG and favorable underwriting, BRG was able to maintain this client's current premium structure and recommend new coverage with a cumulative savings of $300,000 over the next 20 years.
Life Insurance Policy Audit III
Following a thorough policy audit, BRG was able to leverage its strong carrier relationships to improve this 62-year-old business owner's risk class from decline to standard. In doing so, BRG also increased the length of the premium guarantee period from 2 years to 15 years, which saved the client over $500,000 in premiums over the 15 year period.
Long Term Care
With efficient plan design and implementation, BRG was able to provide this client with a long term care insurance plan that provides sufficient asset protection today ($49,000) and in future years (year 20 is $1,300,000). This long term care insurance plan also provides them with the ability to receive quality care at home whether part time or full time.
Long Term Disability
BRG helped a local law firm address serious deficiencies in its long term disability program which resulted in increased coverage levels (including bonus compensation) while excluding many prohibitive limitations. Even after significantly improving the group long term disability benefits, BRG negotiated a lower rate for the client.
Proprietary Medical Implementation Process
A client with an underperforming policy set to expire before his life expectancy approached BRG for help. After careful analysis, BRG was able to leverage its relationship with M Financial to obtain a proprietary policy guaranteed to last our client to age 100.
Dependent Eligibility Audit
BRG helped this 4,000+ employee, self-funded employer remove 488 ineligible dependents, saving our client $1,250,000 in the first year alone, with savings sustainable year after year. BRG also helped the client implement procedures to ensure its intent to meet its fiduciary responsibility.
Health Policy Audit
This prospective client was using a fee-based third party administrator for health reimbursement. BRG conducted an intensive analysis and aggressively negotiated with a new carrier for coverage over an expanded network of providers, with streamlined administration and a cost very close to its current plan (a 9% savings over simple renewal).
Health Savings Account Analysis
Our client was looking for a cutting edge, long term solution for its high cost health care plans. BRG recommended a 3-year roll out of the Health Savings Account compatible plan that resulted in significant premium savings, a reduction in the premium to claims loss ratio and much more. BRG also played a key role in communicating the benefits and value of the plan to employees.
Predictive Modeling/Risk Management
BRG helped this 220-life client control existing conditions and mitigate or avoid future larger claims. By implementing a special program that uses pharmacy data to identify future risks, BRG was able to help this client reduce potential costs for high risk members by $197,459, with aggregate savings trended over 3 years to almost $654,000. Savings were accomplished without any plan design changes.
Random Dependent Eligibility Audit
BRG helped this 1,000+ employee, self-funded financial institution reduce plan costs and meet their fiduciary responsibility by completing a random dependent eligibility audit. We were able to save our client over $260,000 in the first year alone, with savings sustainable year after year. BRG also helped the client implement procedures to ensure its intent to meet its fiduciary responsibility.
Spousal Waiver
BRG helped this 500-life charter school decrease costs without modifying the benefits offered to employees. By completing BRG's spousal waiver audit, the employer’s estimated annual savings is approximately $150,000. This reflects a 7.5% decrease to the overall premium.
Worksite Marketing
A 200-life manufacturing company wanted to make its benefits program more competitive without spending additional money. BRG worked with the client to add 3 new products to the program, holding group and individual worksite meetings to communicate the benefits to employees. Our client was able to offer more competitive benefits program and increase morale, all without spending additional money.
401(k) Compliance Test Review
As part of BRG's annual service, our consultants review compliance testing performed by the vendor. Our goal is to uncover or correct any errors, thereby minimizing refunds of 401(k) deferrals which then become taxable income to the participant. BRG was able to improve the test results for 4 clients, preventing costly tax ramifications and helping our clients' employees more effectively save for retirement.
401(k) Plan Expense Review
As part of Benefits Resource Group’s (“BRG”) annual retirement plan service, we review our clients' plan expenses to ensure they remain competitive as the plan grows and to continually negotiate lower expenses with the plan provider on behalf of the client. BRG was able to negotiate a fee reduction on behalf of 3 clients.
401(k) Plan Investment and Expense Review
Our client's plan investments and expenses had not been reviewed in more than 10 years. BRG performed a full investment and expense review, which resulted in (among other things) an Investment Policy Statement, a replacement of 70% of the funds due to poor performance, successful negotiations with the investment provider and a 20% reduction in fees. All of these results were achieved within a one-month period.
403(b) and 457 Multiple Plan Audit
A Plan Sponsor offers three different retirement programs to their employees and wanted to minimize their fiduciary risk by identifying plan defects from an investment, expense and administrative standpoint. BRG analyzed each plan and alerted the company on several processes that the vendors were not completing to mitigate future risk. In addition, BRG made several recommendations that represent potential savings of $665,107 over a 10 year period.
