Let Empower handle the Runout from your Prior Administrator
Most of our new customers come to us from another Administrator because they are looking for the personal attention they receive from Empower. Working with these new Employers over the years has made us experts at helping Employers lead a smooth transition from the outgoing Administrator to Empower. One item that we feel is crucial is to allow Empower to handle the runout period from the prior administrator.
What is Runout?
Typically, when the Plan Year ends, the FSA plan provides a period of time that employees can submit claims for the outgoing Plan Year. This is know as the runout period.
Why should Empower Administer the Runout?
Letting Empower administer your runout from the prior Administrator has the following advantages:
- Data Integrity. Empower will have the the ending balances and carryover in our system from the prior year so there will be fewer reports to run from your old Administrator.
- Smooth Transition. Employees know to submit claims to Empower on the same date that their new Plan starts. There are fewer items that your employees need to remember.
- Increased confidence. Many times, employees are also frustrated with the prior Administrator. Letting Empower perform the runout reduces their interactions with the prior Administrator.
