New York, NY – December 3, 2015 – The Department of Labor (DOL) has awarded ALM’s Judy Diamond Associates (JDA) a contract to supply mission-critical data on ERISA-qualified employee benefits packages including health, life, dental and retirement.
The Department of Labor’s Employee Benefits Security Administration (EBSA) administers and enforces the reporting and disclosure of the ERISA act and their oversight ensures the security of private-sector employer-sponsored health and retirement plans. In support of this mission, EBSA sought out data partners to provide enhanced benefits data and insights into the well-being and performance of these plans.
As a result, the EBSA subscribed to four databases within JDA’s suite of health and retirement products. Those databases are the American Directory of Group Insurance Plans, The Brokers & Carriers Market Share Database, Retirement Plan Prospector and Compass. These products provide enhanced form 5500 data for agents, brokers and advisors in the benefits and retirement market including reliable lead intelligence, competitive insight and market share.
The DOL’s ongoing mission is to ensure that employer-sponsored benefits packages are healthy and well run for the benefit of plan participants. There are about one million 5500 disclosure forms filed yearly, which JDA ranks and scores to determine which plans will make the most successful prospects. Among the key metrics evaluated are the plan’s design, administration and performance.
“We’ve worked with the Department of Labor’s data for 30 years, and it’s exciting to have the original source of your data recognize the additional value that you add to it,” says Eric Ryles, Managing Director of JDA. “We put a lot of time, thought and resources into transforming raw 5500 data into useful tools for our insurance and financial services clients and it’s great to see that those efforts are also of use to EBSA.”
To find out more about Judy Diamond Associate’s suite of products, click here.
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