|Volume 1 Issue 1 April 2005|
In This Issue:
In 1950, there were
seven working age people for every elderly person in the United States.
By 2030, there will be only three.
According to the U.S.
Bureau of Statistics, more than 25% of the working population will reach
retirement age by 2010, resulting in a potential worker shortage of
nearly 10 million.
According to the U.S. Census Bureau, the number of people age 55 and older will increase to 73% by 2020. The number of younger workers will grow only 5%.
Our daily interactions with so many clients and other professionals in the pension administration and outsourcing business routinely put us at the crossroads of a great deal of information about industry issues and trends. Earlier this year, we decided that sharing this information would be useful to a broader audience. That was the genesis of BenXL Digest, our new electronic newsletter. This is the premier issue. About every six weeks we will produce and email an opt-in newsletter to our clients and other friends of BenXL highlighting news and commentary that we hope you will find interesting.
In this first issue, we cover one of our newest products, a Call Center TM software program for TPAs, plan sponsors and consulting firms. Our product suite is now a more complete solution with this new addition. The BenXL Call Center TM is an extremely easy to use program to better handle recording and extracting information for large volumes of callers. We went the extra distance in research and development to create a truly trouble-free program and interface that meets the standards we want you to expect from BenXL.
We also have an item on educating employees about saving for retirement, one of the most important issues facing plan sponsors and public officials. It’s estimated that half of the 77 million Baby Boomers who are approaching retirement will not be able to retire at 65 because of inadequate financial planning. Additionally, about one third of current retirees return to the work force because of insufficient retirement income. The BenXL Retirement Planner TM can be used by employees to help plan and save for their financial security. With colorful and interactive graphs and charts, employees can visualize, measure, and anticipate their own personal and unique financial needs for retirement.
Finally, we offer interesting statistics about the workforce and answers to frequently asked questions about our products and pension administration services. We invite you to submit questions. Each will receive a response, and if we receive several questions on the same topic, we’ll share our response in this newsletter.
BenXL is a small company, with big products and big ideas. We want to continue offering the kind of intimate, personal service we’re noted for. By using the Internet and other communication techniques, we will regularly affirm BenXL as the leading authority on pension administration.
BenXL Retirement Planner: A Better Path
to Retirement Security
alarming 52% of American workers report that the total value of their
cash savings and investments is less than $25,000, not including real
estate equity, according to the Employee Benefit Research Institute (EBRI).
Lack of planning is one of the major contributory factors. BenXL’s
Retirement Planner has the power to change the future of thousands of
pension plan participants.
Only 15% of workers save for retirement through automatic payroll deduction; 25% say that retirement is their primary savings goal, and a scant 20% add that their children’s education is a secondary goal.
The American dream of a comfortable retirement may be an illusion for millions: the population 65 and over is projected to rise from 13% in 2010 to nearly 20% in 2030. A high percentage of them will still be working or looking for a paycheck job because their retirement nest eggs are going to be a few eggs short.
The solution is to motivate employees to save and to educate them in how to develop a basic financial plan. BenXL’s Retirement Planner was developed to help plan participants create a variety of retirement scenarios based on their lifestyles and circumstances. With just a few clicks, an employee can project income needs, estimate income sources and see exactly where the shortfalls are. The result is a customized plan the employee can use as a road map to retirement. If supplemental income looks as if it will be required, the employee has the time to prepare for the kind if income producing activities that match his or her skills and interests, or learn new skills in anticipation of trying something different.
Most of all, the BenXL Retirement Planner can help the employee develop a healthier attitude toward retirement, and to see it as a transition to another stage of life rather than the end of a working career.
For information, call us at 610-313-2300 or go to http://www.BenXL.com.
410 Feheley Drive
We're On The
Call centers, introduced over 15 years ago as a more economical alternative to HR staff taking inbound calls, have become a preferred means of servicing the benefit information needs of employees and their families. Corporate spending on dedicated in-house call centers or outsourced call centers has increased an estimated 40% (Datamonitor.com) in the last seven years.
Software can decrease queue delays and shorten call time by providing quick information at the agent’s fingertips. In addition to “how fast”, software is crucial for ‘how well’ information is passed. Each agent must handle a wide range of tasks across various means of communication, including phone, email, fax, page, chat, instant messaging, and the web.
To support the increase in call center activity, BenXL has created Call Center TM software to help our clients manage Human Resource call centers. BenXL’s Call Center TM significantly reduces operational costs by enabling agents to handle service and support seamlessly across the most trafficked of communication channels – email, phone, and web.
TPAs, plan sponsors and consulting firms can use Call Center TM to transform an over-taxed call center into a next-generation, cost-effective contact center for defined benefits needs. Our Call Center TM software is an easy interface for taking employee calls and administering the most complex pension plans. Its greatest appeal is its ease of use and consistency for reliable, accurate pension calculations.
The benefits of our Call Center are powerful and tested:
The larger the enterprise and the greater the number of participants, the more sophisticated its integration and customization requirements become. While web applications have quickly established a reputation for eliminating the cost and complexity of software-based deployments, the question about how such systems can meet demanding enterprise requirements is still an open issue. BenXL has leveraged the latest web technology to produce a unified application and utility for modern contact centers. The software provides all the advanced functionality of our pension administration system while being extremely intuitive and user-friendly. Furthermore, it incorporates all the essential functionality required by today leading contact centers, with the further advantages of flexibility and affordability. Contact us at 610-313-2300 for a demonstration.