1 What is a PEO? Competitive solutions for compliance, online technology and administration Presented by: Donna Meek, Staff One Vice President of Business Development PPACA Certified Professional 1
2 Agenda Discussion Topics 1. Introduction 2. Explain what a PEO is, importance of accreditation, licensing, variations in the industry, key considerations in working with a PEO and the future. 3. PEO services to solve insurance and compliance needs, issues and challenges with ACA reporting, and online technology. 4. Protect your client relationships. 5. Grow your book of business with comprehensive solutions including an example of a case study. 6. Gain a competitive advantage.
3 Introduction PEO Facts Approximately 250,000small and mid-sized businesses and 2.5 million people are part of PEO arrangements. The average size of a small business client of a NAPEO member is 20 employees. According to one business study, 40 percent of small businesses in PEO relationships upgrade their total employee benefit offerings as a result of the PEO relationship. While only 27 percent of small businesses overall offer employee retirement plans(according to the NFIB), approximately 95 percent of NAPEO s members offer retirement plans to their small business worksite employees. Virtually all of those offer some level of matching contribution. Actuarial data shows that PEOs aggressively manage workers compensation risks and reduce the basic costs of workers compensation by as much as 25 percent for small business enterprises. To date, 40states have adopted some form of PEO legislation and PEOs operate in all 50 states. Using a PEO is like having a human resources department, you have a team of HR people, but only pay a portion of the expenses. Our PEO has been with us every step of the way handling challenging employee issues. The staff is always there to help us with benefits and payroll. Our relationship with a PEO gives us the freedom to focus our attention on our customers.
4 What is a PEO? Professional Employer Organizations (PEOs) provide HR-related services such as employee benefit administration, payroll, HR compliance, employee training, workers compensation administration, and safety and risk management through a shared coemployer relationship. PEOs are a great resource for a small businesses that cannot afford to hire full-time human resources staff and/or don t have the time to dedicate to the administrative responsibilities of human resources. For larger businesses, PEOs can also provide employees, tools and resources to supplement internal human resources staff. According to a new study released recently by the National Association of Professional Employer Organizations (NAPEO): PEOs generate between $136 and $152 billion in gross revenues provide services to between 2.7 and 3.4 million workers offer HR, benefits administration, and compliance assistance to between 56,000 and 180,000 small to mid-size businesses
5 PEO Relationship Through a shared /co-employment relationship (illustrated below), the business will transfer many of the risks, time consuming responsibilities, and costs associated with employing a workforce, while maintaining the management relationship with their employees. As the worksite employer, the business retains complete control of the ability to direct the daily work performance of its employees while the PEO is allocated the responsibility for traditional employee-related administrative functions.
6 Why a PEO? The benefits for your client PEOs help their clients comply with increasingly complex employment laws and regulations by providing proven policies and procedures and access to centralized professional expertise at a fraction of the cost otherwise required. PEOs can provide services to manage risks and reduce costs related to workers compensation, state unemployment, and employment practice exposures. PEOs can reduce turnover and improve productivity of client workforces by providing services to promote teamwork, ensure good job fit and improve employee satisfaction. Most PEOs provide clients with secure 24/7 electronic access to wage and benefit costs and personnel records needed for timely and accurate management decisions. The proactive HR services provided by PEOs help prevent or otherwise reduce the time and costs associated with employment related claims, fines and litigation. A PEO's comprehensive employer services solution allows clients to reduce the time required to manage vendor relationships by reducing the number of outside service providers. Most importantly, by outsourcing non-productive employer requirements, PEO clients can more effectively focus on their company's growth and profitability.
7 How to evaluate a PEO for your client Assess your clients needs. What services are important? Do they need just basic payroll and benefits administration or complete HR services? Assessing your client s needs first will help the PEO better understand how best to help you help them. Become a partner. Referrals are invaluable to a client. Get to know your PEO partner s team, understand the proposal process, how they handle pricing, services offered, and commitment to client. Find out whether fees are flat or based on a percentage of total payroll. Also, does the PEO reserve the right to tack on additional fees? Understand your Partnership agreement. What services will you provide and what will the PEO provide? How will they work with you during enrollment/renewal, ongoing communication, residual revenue stream or one-time referral fee? Does the PEO have E&O coverage for benefit administration? Verify that the PEO is accredited by the Employer Services Assurance Corporation (ESAC), an independent nonprofit organization. A quick verification search is available on the organization's website, and you can also search for accredited PEOs in your state. Verify licensing or registration. Some states require PEOs to be licensed, others require registration, and others have no requirements. Find out what the rules are in your state and, if applicable, verify that the PEO is compliant.
8 PEO Accreditation Choosing the best PEO partner is critical. Verifying a PEO's accreditation should be your first step because accreditation is the only practical way for a PEO client company to confirm: 1. Ongoing financial reliability (confirmed by quarterly financial statements and an independent CPA's annual audit and quarterly verification of the payment of wages, payroll taxes, insurance premiums and contributions to retirement plans); 2. Ongoing compliance with important industry best practices, multi-state PEO licensing requirements, and other applicable state and federal laws and regulations; 3. Ongoing assurance of the payment of taxes, insurance premiums and contributions to employee retirement plans, backed by ESAC's client assurance program with millions of dollars of surety bonding.
9 PEO Accreditation A PEO s ESAC accreditation is the gold standard for financial reliability in the PEO industry and is the only practical way for you to be sure on an ongoing basis that a PEO is financially reliable, is in compliance with regulatory requirements and is meeting important industry operational, financial and ethical standards. 24/7 access to online verification that the PEO is financially stable, is in compliance with important state and federal employment laws and PEO regulations, and is owned and operated by qualified people who have a personal and business track record of meeting their obligations in an appropriate manner. says: "PEOs are becoming one-stop shops for business owners eager to outsource all of their HR functions and focus instead on their core business."
10 PEO Accreditation ESAC s financial assurance program backs an accredited PEO's performance of key employer responsibilities with millions of dollars of bonding! This program's objectives are similar to those of the FDIC for the banking industry, the Security Investor Protection Corporation (SIPC) for the securities industry, and state insurance guaranty associations for the insurance industry. ESAC's assurance program provides: ESAC Financial Assurance Reimbursement to the PEO s clients, worksite employees, taxing authorities, and insurers in the unlikely event of a default by the PEO to pay wages, payroll taxes, contributions to employee retirement plans, workers' compensation premiums and group life and health insurance premiums or plan contributions. Assurance is provided through underlying surety bonds held on behalf of each ESAC accredited PEO plus a $15 million excess bond covering all program participants. Bonds are backed by an A-rated national surety bond carrier and are held in trust at a major national bank. says: "A PEO is one of the best-kept secrets of many successful small businesses. The best are accredited by the Employer Services Assurance Corporation..."
11 Variations in the PEO Industry Services Fee structure flat dollar amount vs. % of gross wages Flexibility in service offerings Some require health insurance and workers comp to be under the PEO, some allow client to retain own policies. Some will administer client owned benefits and others will not. Technology options Online paperless options Integrated portals such as applicant tracking, onboarding, and timekeeping. Phone support dedicated team vs. call center Online benefit enrollment options Availability of reports Ease of access Mobile options
12 Variations in the PEO Industry Services Years in business and accreditation Transactional HR services (online only) vs. Strategic HR services (certified HR team available in person or phone) Commitment to services offered Guaranteed response time Contract terms/agreement for services Penalties for cancellation Mid year agreements affecting benefit renewals 30-day notice of cancellation only Service team requirements Certified vs. data entry Years of expertise in area of specialty
13 Driving factors for increase need in HR Solutions According to the Small Business Administration (SBA), the total cost of federal regulations alone for small businesses has increased to $10,585 per year 36% higher than the regulatory cost facing large firms.
14 Challenges employers face HR Management and compliance Employment liability Guidance on hiring and recruiting Managing productivity/performance Training; management & employee, leadership development and team building Increasing labor costs and labor law compliance (854 new regulations) Dealing with workplace conflicts Creating and executing an effective HR strategy & infrastructure/strategic HR Initiatives Employee engagement New hire process/onboarding experience Employee record maintenance and information tracking/reporting Unemployment claims management EEO and other employee matters Job descriptions and employee handbooks Wage and hour compliance/audit
15 Challenges employers face Benefit Administration Increasing costs/evaluation Benefits administration Retirement plan administration & fees 125 plan administration & fees COBRA compliance & administration HIPAA compliance ERISA compliance Filing form 5500s ACA Compliance ACA tracking and reporting Premium reconciliation and payment/premium leakage Required notices and enrollment packets Online accessibility Participation requirements Managing different plan designs and cost structure Benefit record storage/access Complexity of new regulations
16 Challenges employers face Payroll and Tax Administration Execution of payroll & deductions/tax liability Tax filings & deposits SUTA, 940, 941 Other taxes and filings W-2s & W-3s Payroll vendor fees, management and reports Court ordered garnishments and tax liens Payroll account reconciliation Payroll software conversion Time and attendance system Maintain vacation and sick leave records Wage and hour regulations 1099 contractors
17 Challenges employers face Workers Compensation and Risk Management Increasing workers compensation premiums Down payment Premium audit Audit premium Frequency & severity of claims Providing a safe workplace Managing claims OSHA compliance and administration Work site safety inspections/audit Safety plan Risk specific safety training materials
18 Challenges with ACA Reporting and Compliance Determining eligibility for employees with flexible hours can be a challenging and time-consuming process. Having access to eligibility reports helps to quickly and easily determine if employees meet the full-time equivalent (FTE) threshold. Large Employer Status Calculating and predicting a company s classification, specifically, if they are considered a large employer, is a huge part of determining which ACA regulations apply. With PEO technology, you are able to analyze the company size across any date range, so you can deliver the right benefits in compliance with ACA requirements. Affordability Test (The 9.5% Test) According to the ACA, to be considered affordable, an employee s cost of the lowest cost ACA-compliant plan available must be 9.5% or less of their annual household income. PEO technology helps you ensure that you are providing one of the three approved calculation methods for affordable and compliant healthcare options. Continuous System Updates As ACA regulations are added and modified, PEO HR technology is updated so that the company has the necessary tools and information to remain compliant, including the upcoming 1094 and 1095 requirements.
19 Top 5 Compliance Responsibilities Initiative Summary Plan Description COBRA and state continuation notices Summary of Benefits and Coverage Required documentation X X X Required notice to employees X X X Mandatory reporting Potential fines or penalties $110 per day per participant $100 per day per affected individual $100 per day per individual plus $1,000 per failure Form 5500 X X Up to $1,100/day Benefit program eligibility and enrollment policies, procedures and oversight Section 125 rules and testing X Increased exposure to DOL audit. Fines and penalties applicable based on infractions found
20 Administration and Compliance
21 Administration and Compliance
22 Administration and Compliance
23 Administration and Compliance
24 Preparing to Report or Respond Reporting -- Applicable Large Employers (ALEs) and ALE members Responding -- ALEs, ALE members, non-ale employers offering group coverage Information to Gather Each Calendar Year 1. Information that demonstrates employers status as an ALE or non-ale, including number of full-time and full-time equivalent employees by month; 2. Name, address and taxpayer ID of employees who satisfy the ACA definition of fulltime; 3. Proof of offer of coverage to full-time employees (and their dependents) along with written acceptance or declination; 4. Certification that at least one plan offered to all full-time employees (and their dependents) meets minimum value and the months that coverage was available; 5. The full-time employee s share of the lowest cost monthly premium (self-only) for minimum value coverage offered to that full-time employee, by calendar month; 6. The safe harbor method used to establish affordability
25 Employer Reporting Instructions Type IRS Form Number Fullyinsured Carrier Self- Insured Plan ALE 1 w/ Fully-Insured Plan ALE w/ Self - Insured Plan ALE w/ No Plan Offered Health Plan Coverage Employer- Sponsored Coverage 1094-B X X 1095-B X X C X X X 1095-C X 3 X 4 X 5 1 ALE = Applicable Large Employer employer sharing/mandate applies 2 Applies to self-insured plan sponsors who are not ALEs 3 ALEs need only complete Parts I & II the fully-insured carrier completes Part III 4 ALEs complete Parts I & III for all employees and Part II for full-time employees only 5 ALEs with at least one full-time employee
26 PEO Provides Online Technology Solution Improve Onboarding Speed and Efficiency HR Center Onboarding makes it easy to capture employee demographic information, federal, state and local tax filing forms. With a complete set of digital and online forms combined with electronic signature functionality, new hires can get started fast with complete, accurate records and data. Seamless Integration Onboarding and Enrollment are fully integrated into the HR Center. This means data gathered during in the hiring process automatically feeds into Onboarding and Enrollment. And, employee data gathered during onboarding and enrollment is seamlessly added to payroll.
27 PEO Provides Online Technology Solution ONBOARDING & ENROLLMENT Simplify Enrollment The Enrollment module streamlines the employee benefits enrollment process with easy-touse online tools, customized workflows and tracking. Secure All forms and documents associated with Onboarding and Enrollment are securely tracked and stored. Digital signatures can be easily captured for complete and auditable records.
28 Protect Your Client Relationships These are a few of the areas where a PEO can assist Educate your clients on changes with ACA, rates, carrier requirements, etc. Stay connected with client throughout the year, not just during open enrollment or renewal. Provide client solutions for compliance Be aware of client internal processes Do they outsource payroll? Are they using an internal payroll system such as QuickBooks? What are their options for tracking hours and reporting? Spreadsheets? Are they understaffed? Watch for major changes in client executive team Look for patterns in growth or downsizing Provide resources and checklist to be ready for Department of Labor Audits
29 Protect Your Client Relationships Various payroll providers are starting an online service known as a private insurance exchange that will let workers shop for coverage among multiple health plans, much the same way consumers can select policies on a government-run exchange under Obamacare. One new feature is designed to help companies limit costs: Employees can be given a fixed sum of money to spend on the plan they pick, with any extra cost coming out of each paycheck. In order to offer this solution as a payroll client, the agent of record must be assigned to the payroll provider s insurance division. This provides no hands on expertise or agent interaction. All transactions are handled electronically and via the phone. Article referenced from:
30 Competitive landscape example Many payroll and online technology providers are requiring that in order to receive their ACA solution for reporting and compliance, they must assign the agent of record to the payroll provider. I have included an example of an actual document provided by a very large payroll service provider. This will remove the agent from the group. Don t let this happen to you.
31 Grow your book of business- long term value Solidify status as a true trusted advisor to your clients Discover that the prospect is not interested in only insurance, but has HR needs as well Streamline your operations and enhance your service offering Gain a competitive advantage and provide long term value to your clients Client is suffering from the following pain points: Spending too much time on HR and administrative duties Using a PEO but not happy Employee turnover Employee lawsuit Distributed business model (multiple locations and/or multiple states) Multi-state exposure Key man risk Inefficient HR processes or bloated overhead HR person recently left Payroll and taxes not administered correctly and/or timely Needs to expand quickly but doesn t have the HR infrastructure to do so
32 PEO Case Study #1 Client was actively seeking a PEO to assist with risk management/safety services and more HR resources. Client was outsourcing payroll Client had experience a layoff and turnover over the last couple of years that increased their labor cost. Client received health renewal with a 9% increase and had experienced premium leakage from not reconciliation of the billing on a regular basis. Did not want to hire an HR Manager or safety specialist. Workers compensation cost had not been managed properly because the company was just paying the premium and didn t have a good understanding of the rates, claim process, modifier and claim experience. Wanted an electronic technology solution for new hire onboarding and enrollments.
33 PEO Cost Analysis Case Study #1 PEO Investment/(savings) Analysis Case Study Employee Count 44 Est. Annual Wages $ 1,283,264 Current Staff One Admin Fee 44,880 SUTA 30,191 6,732 Suta rate currently 4.1% Dedicated HR Professional 0 Included need to hire a HR person est. cost $65000 Risk Management Costs 74,583 58,421 Includes risk consulting Benefit and 401K Admin 4,500 Included Outsourced Payroll Costs 15,600 Estimated cost for payroll services Employment Practice Liability Ins 0 Included $6000-$9000 Value Health Insurance 144, ,960 Received a 9% increase with BCBS (kept plan the same) $ 268,874 $ 266,993 Savings $ (1,881) Employee Count State Est. Annual Wages WC Code FICA FUTA SUTA Workers Comp Admin Fee 30 OK $787, % 0.60% 1.10% 6.61% $ OK $76, % 0.60% 1.10% 0.57% $ OK $280, % 0.60% 1.10% 0.39% $ PA $138, % 0.60% client 3.52% $85.00
34 PEO Case Study #2 Client was handling everything in house except payroll. Payroll was processed by bank. 35% growth in business over past year Another 20% growth expected for rest of year. No HR expertise on staff /accounting clerk handling employee questions and benefits. Risk management and workers comp was in great shape. Low rates, no claims and manager was involved in providing safety program to employees. Health insurance had not been looked at in last couple of years. Had a great plan with BCBS, but census had grown significantly since last renewal. No technology system to track employee data, hours, and benefits.
35 PEO Cost Analysis Case Study #2 PEO nvestment/(savings) Analysis Employee Count 56 Est. Annual Wages $ 2,113,625 Current Staff One Admin Fee 50,400 Assigned HR Professional 0 Included Benefit Adminsitration 0 Included Outsourced Payroll Costs 1,200 Included Employment Practice Liability Ins 0 Included Insurance Option 1 TW58 211, ,732 62,443 $ 212,375 $ 199,132 Savings $ (13,243) Employee Count State Est. Annual Wages WC Code FICA FUTA SUTA Admin Fee 42 TN $1,375, % 0.60% 1.30% $ TN $127, % 0.60% 1.30% $ TN $150, % 0.60% 1.30% $ TN $460, % 0.60% 1.30% $75.00
36 Questions to gain competitive advantage 1) Are you prepared to handle the 854 regulations under health reform? 2) How do you currently handle payroll, HR and benefits? 3) Are you interested in learning more about HR outsourcing which will save you time dealing with non-core tasks and increase your compliance with all regulations? 4) Are you prepared for Affordable Care Act reporting? 5) Do you ever experience premium leakage? 6) Are you prepared for a Department of Labor Audit? 7) When was the last time you had an HR audit?
37 Competitive Advantage Online enrollment portal Automatic integration of benefits data Benefit administration, payroll, workplace safety and HR solutions Enrollment forms tracked and stored for auditable records Benefit Specialist assigned to each client Affordable Care Act (ACA) compliance and reporting PHR-certified HR Manager assigned to each client Easy access to renewal, census and new hire information Updates on client throughout year Tools and resources
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