The Enhanced Benefits Valuation Analysis (Enhanced BVA) is a custom, comparative, benchmarking report. It analyzes how benefit plans compare to the peer group in degrees of increasing specificity – by all plans together, by plan groupings, and by individual plans. Two significant elements that are not included in the Basic BVA are:
- For each degree of specificity, the Enhanced BVA displays the values and comparative results for 11 sample benchmark employees and a composite workforce. This shows how competitive benefits are within certain groups and compares internal equity.
- Displaying market replacement dollar values of each benefit plan along with the index that measures the ratios of your values to the median. For example, the average dollar value of a life insurance plan is $200 with an index of 100, while a defined benefit plan would be $6,800 and 100. It is clear that while the index is the same for both, the defined benefit plan is more valuable.
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The overall competitive positioning of benefits plans is driven by a myriad of factors, such as level of employee and employer contributions, employee demographics and plan design. The Enhanced BVA includes an executive summary highlighting some of the key drivers and relates them to the prevalence in the market, and includes the market comparison report allowing for understanding of benefits by profile to assess plan design gaps or over-positioning to market.