March 26, 2011
Samson Electrical Selects CheckPoint HR to Power Employee Benefit Savings and other Business Processes
Samson Electrical is a leading independent electrical supply company based in South Plainfield, NJ. Serving the New Jersey marketplace for more than 60 years, the company represents the top lines in the industry and carries an extensive inventory that is supported by an inside sales team with more than 20 years average experience.
Challenge
Samson Electrical was faced with a 42% increase in health insurance from their previous carrier, which translated to a significant rise in annual costs. In an effort to offset these expenditures, Samson Electrical sought a provider who would be creative and exemplify strategic ideas that aligned with the company’s belief of maintaining a high quality employee benefit program. In addition, the company wanted a service provider that integrated both a payroll and benefits solution. This would allow Samson Electrical to implement a full-service platform that could simplify processes, improve HR initiatives, and much more.
The Choice
After a detailed and thorough evaluation of multiple providers, Samson Electrical selected CheckPoint HR in 2005. In an attempt to offset the rising health care costs, CheckPoint HR reviewed their current plan and presented Samson Electrical with a number of creative ideas and strategic programs that would deliver a high quality benefits solution. One of these options was an enhanced Health Reimbursement Arrangement (HRA) plan.
According to Patrick Carragher, Director of Benefits at CheckPoint HR, “we helped Samson Electrical analyze their options not only with their current carrier, but also with competitors. We discussed the advantages and disadvantages in a variety of funding strategies from Health Savings Accounts, MERP plans and Health Reimbursement Arrangements. At the end of our evaluation and due diligence process, our HRA and specific funding recommendation was clear and concise and one that would be the best fit for Samson Electrical.”
Solution “One of the things that we were looking for was a provider that offered a variety of benefit analysis and how we could be strategic with our benefits,” said Brian Dubey, Controller and CFO at Samson Electrical. “We wanted a well-rounded plan that was good for both the company and employees. As far as a payroll/HRMS solution is concerned, we were looking for a flexible solution and CheckPoint HR provided us with the ideal fit.”
The CheckPoint HR solution has been deployed for all of Samson Electrical’s benefits administration needs – including medical, dental, disability, etc – as well as for payroll processing, reporting and other HR functions.
The ResultsWith the selection of CheckPoint HR, Samson Electrical has acknowledged significant cost savings. With the HRA plan in place, the company projected a significant annual cost savings, as well as a 25% reduction in annual premiums.
“The other thing that we have seen since making the switch to CheckPoint HR is that all of our HR processes run a lot smoother – from an administration standpoint, it is less of a headache,” explained Mr. Dubey. “Using our previous solution, we received multiple notifications each month. But with CheckPoint HR, the system is able to gather and report on information seamlessly – plus it is very easy-to-use. In addition, with many of the new health care laws coming out, CheckPoint HR has provided us with a comprehensive overview and analysis of the law changes and has allowed us to stay compliant.”
“Our goal at CheckPoint HR is to provide our clients with information, strategies and effective analysis to help them offset the rising cost of health care,” added Mr. Carragher. “For Samson Electrical, we were able to provide and analyze a number of options until one was a perfect fit. Implementing the HRA plan has proved beneficial to both the company and employees.”