Developments in the legislative environment have meant significant changes for company employee benefits and other fringe benefits that are critical for the employee benefit administrator to pay attention to.
At Sela, we have partnered with industry specialists to provide you with modern, workable employee benefit solutions.
- Here are some of the key changes to the employee benefits industry:
- The switch from defined benefit to defined contribution funds, transferring the investment risk from the employer to the employee.
- Legislation requiring member-elected and company-appointed trustees and the active role by the principal officer in the fund’s operation.
- IT advancements resulting in the speed, volume and quality of information available.
- Full disclosure, creating a transparency that was not previously available i.e. costs and administration charges.
The three disciplines
Sela’s approach is to outsource the three most important disciplines to companies that specialise in these areas:
Incorporating the latest technology to ensure the most efficient and speedy transfer of information.
- Investment expertise
Introducing asset consultants to provide the full spectrum of investment products and portfolios, both local and offshore, to suit individual needs.
- Risk benefits
Group life, disability, dread disease, funeral and accident insurance is negotiated to meet your requirements and is revised annually.