Interact HRMS offers a comprehensive suite of Benefits Management tools designed to simplify the administration of employee benefits while ensuring compliance and transparency. These modules empower organizations to manage health, retirement, and welfare benefits efficiently, enhancing the overall employee experience.
- Benefit Management
- Define and manage diverse health, welfare, and retirement benefits.
- Support for employee and dependent enrollment, eligibility, and coverage tracking.
- Seamless integration with benefits providers for automated communication.
- Pension Fund Management
- Configure and track pension fund contributions with real-time balances.
- Define eligibility criteria, service year rules, and reduction factors for early retirement.
- Support automated payroll deductions and comprehensive reporting for fund analysis.
- Investment and Savings Plan Management
- Create employer-sponsored savings or investment plans with customizable contribution settings.
- Link funds to specific employee benefits for tailored financial planning.
- Enable employees to manage contributions and withdrawals via self-service portals.
- Indemnity Payments Management
- Define rules for triggers and eligibility for indemnity payments such as severance or legal expenses.
- Flexible payment calculations using flat amounts or formula-based methods.
- Integration with payroll for streamlined payment processing and automated bank transfers.
- COBRA Management
- Ensure compliance with COBRA regulations for U.S.-based employees.
- Automatic notifications for qualifying events and integration with benefit providers.
- Comprehensive tracking of COBRA participation and contributions.
These modules collectively enhance an organization’s ability to manage comprehensive employee benefits, ensuring compliance, transparency, and an improved employee experience.