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Defined Benefit Plans
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Bringing employers together in Farm
Credit Foundations has created significant economies of scale, enabling
all participating employers regardless of size to collectively gain
negotiating power in the benefits marketplace. By consolidating our
purchasing power, we can better manage the escalating costs of benefits
and related services.
Consolidation also brings savings
through centralized operations/resources, pooling the plans’ investment
assets, and having access to a broader set of HR-related expertise and
services. Employers could not achieve this level of savings or reach
on their own.
Economies of scale allows our
clients to provide a competitive benefits package with reputable HR
services and health and wellness providers that are attractive and easy
to communicate to plan participants. This creates a robust and
attractive platform for current and future Farm Credit employees.
Centralized administration also
brings great economies of scale and significant risk reduction by
ensuring compliance with plan documents and legislative requirements.
Having a center of excellence which
manages all operations related to benefits and payroll creates greater
consistency and reinforces a shared services culture that fits the Farm
Credit values and culture.
Employers have access to a range of
workforce management services on a user-pay basis. These services
include compensation consulting, affirmative action plans, and an
online performance management system that aligns performance objectives
and reviews with salary administration. Foundations Consulting
researches best practices in the human capital arena and offers
employers customized services to audit their HR policies and
environment, ensuring they are not only compliant, but competitive.
The Foundations team has experts on
site across the full spectrum of HR benefits, operations and
Foundations Consulting. Employers and their employees have quick and
easy access to answers across the full spectrum of services, from the
routine questions, all the way to specialized problem solving support
for those unique and often overwhelming situations.