Managing Benefit Plans Part 2
This course is required to earn the following designations: GBA, CEBS (updated January 2023)
GBA 1 provides a framework of concepts, principles and processes for effective benefit plan management that is transferable to varying types of plan sponsor contexts. Building on that foundation, GBA2 dives deeper into specific design, funding, administration and communication considerations associated with life, short-and long-term disability, dental, extended health care and employee assistance benefits that can influence a plan sponsor's options and choices. Specific tax and privacy legislation constraints and more detailed discussion of some key terms and provisions are covered. The tension between the Canada Revenue Agency's position and the benefits industry's position/practice regarding coverage limits for the range of health benefits typically provided under group extended health care plans, health care spending accounts and/or taxable spending accounts is discussed. GBA2 brings the concepts, principles and processes covered in GBA 1 and GBA 2 to conclusion with a discussion of flexible benefit approaches as an alternative to a traditional benefits plan design for meeting workforce expectations for security, choice and personalization and for managing plan sponsor cost and utilization challenges. Flexible-benefit tax implications, pricing and credit structure, setting price tags and allocating flex credits are covered. Text-based reading is supported with tax guidance. Applications are illustrated in numerous case studies.