NAICS Code 525110-05 - Pension Health & Welfare Funds
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NAICS Code 525110-05 Description (8-Digit)
Hierarchy Navigation for NAICS Code 525110-05
Parent Code (less specific)
Tools
Tools commonly used in the Pension Health & Welfare Funds industry for day-to-day tasks and operations.
- Actuarial software
- Investment management software
- Risk management software
- Financial modeling software
- Portfolio management software
- Compliance management software
- Data analytics software
- Customer relationship management software
- Accounting software
- Tax preparation software
Industry Examples of Pension Health & Welfare Funds
Common products and services typical of NAICS Code 525110-05, illustrating the main business activities and contributions to the market.
- Health insurance benefits
- Retirement benefits
- Disability benefits
- Life insurance benefits
- Dental insurance benefits
- Vision insurance benefits
- Prescription drug benefits
- Mental health benefits
- Wellness program benefits
- Flexible spending account benefits
Certifications, Compliance and Licenses for NAICS Code 525110-05 - Pension Health & Welfare Funds
The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.
- Certified Employee Benefit Specialist (CEBS): This certification is offered by the International Foundation of Employee Benefit Plans (IFEBP) and the Wharton School of the University of Pennsylvania. It covers topics such as group benefits, retirement plans, and compensation. CEBS is a widely recognized certification in the employee benefits industry.
- Certified Pension Consultant (CPC): This certification is offered by the American Society of Pension Professionals & Actuaries (ASPPA). It covers topics such as plan design, administration, and compliance. CPCs are qualified to provide consulting services to retirement plan sponsors.
- Certified Retirement Counselor (CRC): This certification is offered by the International Foundation for Retirement Education (InFRE). It covers topics such as retirement planning, income management, and estate planning. CRCs are qualified to provide retirement counseling services to individuals.
- Chartered Benefit Consultant (CBC): This certification is offered by the National Association of Alternative Benefits Consultants (NAABC). It covers topics such as employee benefits, retirement plans, and healthcare. CBCs are qualified to provide consulting services to employers.
- Chartered Retirement Planning Counselor (CRPC): This certification is offered by the College for Financial Planning. It covers topics such as retirement planning, income management, and estate planning. CRPCs are qualified to provide retirement planning services to individuals.
- Sources:
- CEBS:
- CPC:
- CRC:
- CBC:
- CRPC:
History
A concise historical narrative of NAICS Code 525110-05 covering global milestones and recent developments within the United States.
- The Pension Health & Welfare Funds industry has a long history dating back to the early 20th century when labor unions began to negotiate health and welfare benefits for their members. In the 1940s, the Taft-Hartley Act was passed, which allowed employers to contribute to multi-employer health and welfare funds. This led to the creation of many pension health and welfare funds across the United States. In recent years, the industry has faced challenges due to rising healthcare costs and an aging population. However, the industry has adapted by offering new products and services such as wellness programs and telemedicine to meet the changing needs of its customers.
Future Outlook for Pension Health & Welfare Funds
The anticipated future trajectory of the NAICS 525110-05 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.
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Growth Prediction: Stable
The Pension Health & Welfare Funds industry is expected to grow in the coming years due to the increasing demand for retirement and healthcare benefits. The aging population in the US is driving the growth of this industry as more people are retiring and requiring healthcare services. Additionally, the COVID-19 pandemic has highlighted the importance of healthcare benefits, which is expected to further increase demand for this industry. However, the industry may face challenges due to changes in government regulations and economic conditions. Overall, the Pension Health & Welfare Funds industry is expected to experience steady growth in the coming years.
Industry Innovations for NAICS Code 525110-05
Recent groundbreaking advancements and milestones in the Pension Health & Welfare Funds industry, reflecting notable innovations that have reshaped its landscape.
- Implementation Of Digital Tools: Pension Health & Welfare Funds are increasingly using digital tools to manage their operations, such as online enrollment and claims processing, which has improved efficiency and reduced costs.
- Expansion Of Services: Some Pension Health & Welfare Funds have expanded their services to include wellness programs, mental health services, and financial planning, which has increased the value of their offerings to members.
- Increased Focus on Sustainability: Some Pension Health & Welfare Funds have started to invest in sustainable and socially responsible investments, which aligns with the values of their members and can lead to long-term financial benefits.
- Collaboration with Healthcare Providers: Some Pension Health & Welfare Funds have partnered with healthcare providers to offer integrated healthcare services, which has improved the quality of care for members and reduced costs.
- Adoption Of Telemedicine: Some Pension Health & Welfare Funds have started to offer telemedicine services, which has increased access to healthcare services for members, especially those in rural areas.
NAICS Code 525110-05 - Pension Health & Welfare Funds
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