Retiree Premium Collection
Many corporations, municipalities and Board of Education charge for retiree coverage. When this amount cannot be deducted from a pension check, we provide a cost solution to collect these sums.
We Cover:
- Communications with retirees
- Collections
- Rate changes
- Credits
- Balance billing
- Accounting
- Funds transmittal
- Reconciliation
- Reporting
Internal tracking of payment checks and reconciliation to the correct account has become a burden for many offices. Outsourcing these functions to Stirling can help reduce staff or redirect current staff to other services.
Auditing cash and check deposits has heightened importance due to several publicized cases of theft and fraud. As a third party, we can reduce your office liability and the need for separation of staff duties and audit controls. Our service not only frees your staff, it helps assure a smooth external audit.
As your service partner, we can reconcile collections with your list bill. We can help assure that the Plan Sponsor is only paying for members who have actually contributed to the plan.
Finally, as a third party, it is often easier to have Stirling issue the termination letter to a retiree that has not paid their premium. Our services can help professionalize the premium collection process.