Authoria eSPD revolutionizes Summary Plan Descriptions
Authoria Inc., the trusted world leader in personalized, dynamically generated, Web-based communication, today launched an addition to their Authoria HR suite, Authoria eSPD, the industry's first solution that allows companies to create, maintain, and distribute online and printable Summary Plan Descriptions (SPDs) that satisfy ERISA requirements. With Authoria eSPD, employees get easy-to-understand, up-to-date SPDs in a print-ready PDF format that is also easily navigable online.
Seldom used, and often misunderstood SPDs cost U.S. companies millions of dollars to produce each year. Frequently written in confusing legalese "The employee is covered for Type II Dental Services" instead of "Crowns are covered" SPDs are often a poor substitute for how people experience HR and benefits in their lives. Moreover, new Department of Labor regulations with direct impact for employers in the 2002 plan year make creating SPDs more burdensome to HR departments than ever before.
"Authoria eSPD was developed after listening to HR professionals who were looking for solutions that would make their jobs easier, empower employees with Web self-service, and allow them to focus on more strategic work." said Authoria President and CEO Tod Loofbourrow. "Authoria eSPD further rounds out our innovative suite of solutions dedicated to streamlining the corporate HR function while realizing maximum return on technology investment."
While companies can purchase Authoria eSPD separately, the solution is also designed to work in tandem with Authoria HR™, Authoria's flagship Web-based application for communicating benefit plans and HR policies to employees. Designed to handle even the most complex plan designs, Authoria eSPD captures benefit plan information by walking a benefits administrator through a series of questions about their plan offerings, then organizing and producing the information online in easily navigable PDF files.
Authoria eSPD dramatically lowers the costs and time commitment associated with creating, maintaining and distributing SPDs because it:
Offers built-in content: Authoria eSPD gives benefits administrators a head start on SPD creation by providing built-in content developed by HR and benefits professionals with years of industry experience.
Leverages existing plan data: For companies that have already implemented Authoria HR, it's easy to reuse the same variable data and existing group/plan structure to create ERISA-compliant SPDs. That's because Authoria HR features links from dynamically generated content to the appropriate summary plan description based on employee group.
Eliminates SPD Rewrites: Changes to federal regulations, amendments for plan changes, updating and clarifying requirements, descriptions of added benefits all are instances where SPDs need to be updated or rendered obsolete. Authoria eSPD helps manage change with powerful data management tools, allowing HR professionals to make adjustments to variables (deductibles, copays, etc.) when components change. Because all information is stored in a knowledgebase, you can make changes to variables as needed to insure that they are in sync with your online communications.
Reduces consulting services costs: Authoria eSPD eliminates high consulting services costs associated with the creation of SPDs, allowing companies to produce these documents in-house, with attention to compliance issues.
Slashes design, printing, distribution and postage costs: With Authoria eSPD, employees can easily access benefit-related SPD information online, dramatically reducing design, printing, distribution and postage costs.
Cuts fulfillment and storage costs: With SPDs available online, companies don't have to worry about storage or fulfillment. Moreover, SPDs are automatically archived upon creation and are easily retrievable by HR staff for review.
About Authoria
Authoria is the trusted world leader in personalized, dynamically generated, Web-based communication. Authoria's software allows employers and benefit providers to communicate vital information to their employees and customers via the Internet, intranet or call center - anywhere, anytime. Millions of people rely on Authoria's products through leading outsourcers such as Buck Consultants, Inc. and Exult and Global 2000 industry leaders such as McDonald's Corporation, T. Rowe Price, Weyerhaeuser and Wells Fargo. With a unique blend of Internet technology and an unparalleled knowledgebase, Authoria HR 3.0 and Authoria AnswerWise™ provide employers and benefit providers with an application to deliver intelligent, personalized, Web-based answers to thousands of benefit and HR policy questions. Authoria's products instantly and dynamically generate answers to employee and member questions based on their individual needs.
Incorporated in 1997, Authoria has been ranked twice by Inc. Magazine as one of America's fastest-growing private companies and by Deloitte & Touche in the New England Fast 50 and National Fast 500. For more information, visit the Company's Web site at www.authoria.com or call 781-530-2000.