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EFFECTIVE COMMUNICATION


Vinson & Elkins

As one of the world leaders in the legal profession, the Benefits Department of Vinson & Elkins wants to communicate effectively with its employees. After all, it's the employees that help to make the firm successful. V&E employees look forward to receiving their total compensation and benefit statements provided annually by the firm. The firm did not want to loose this, however the cost was becoming an issue and something needed to be changed.

Challenge

The vendor cost of providing annual total compensation and benefit statements is continually rising. V&E wanted a way to reduce this cost, and maintain all the services of providing annual statements. Under V&E's defined benefit pension plan the benefits are calculated by their actuarial firm and then the numbers can be fed to the vendor. The vendor then puts the numbers into the annual total compensation and benefit statements. This process is lengthy and costly to complete.

Solution

Through the help of one of the premier benefits brokerage firms of Lockton Dunning, V&E found PensionBenefits. PensionBenefits is a communication firm that specializes in actuarial services, total compensation & benefit statements along with a custom pension calculation system.

First, PensionBenefits reviewed with V&E the overall process. Second, PensionBenefits identified error-pronged areas and thirdly, PensionBenefits recommended a simplified process.

By using an automated web-based publishing engine, PensionBenefits was able to efficiently produce the total compensation and benefit statements. In addition, PensionBenefits publishing engine was able to rely on their Pencal module to generate pension numbers for each employee at various ages. Pencal is a pension calculation system developed by PensionBenefits. Thus, PensionBenefits does not need another actuarial firm to feed the pension numbers. PensionBenefits was able to calculate them in house, therefore eliminating a large costly portion of the process. This saves time and money.

Results

Simply, PensionBenefits cut the time of producing total compensation and benefit statements in half and saved the firm at least 40% in cost. In addition, PensionBenefits provides V&E's statements online for no additional charge. This is an added feature that allows the employees to review their information at their convenience and print out statements any time they need one. PensionBenefits was able to save the client money and offer them more features than they were getting from their previous vendor.

About Vinson & Elkins

For almost a century, Vinson & Elkins lawyers have provided innovative business solutions for clients whose needs are as diverse as the entities they represent. Vinson & Elkins L.L.P. began in Houston, Texas, as a two man partnership in 1917, when James A. Elkins and William A. Vinson joined professional forces. For more information on V&E visit their web site at www. http://www.vinson-elkins.com



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