Tools commonly used in the Employee Plans-Consultants industry for day-to-day tasks and operations.

• Retirement plan software
• Benefits administration software
• Compliance tracking software
• Actuarial software
• Investment analysis software
• Payroll software
• Human resources information systems (HRIS)
• Data analytics tools
• Financial modeling software
• Risk management software

Common products and services typical of NAICS Code 541618-15, illustrating the main business activities and contributions to the market.

• Retirement plan design
• Pension plan administration
• Health insurance benefits consulting
• 401(k) plan consulting
• Employee stock ownership plan (ESOP) consulting
• Deferred compensation plan consulting
• Executive compensation consulting
• Compliance with ERISA regulations
• COBRA compliance consulting
• HIPAA compliance consulting

The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.

• Certified Employee Benefit Specialist (CEBS): CEBS is a professional certification program that provides knowledge and expertise in the employee benefits field. It is offered by the International Foundation of Employee Benefit Plans and the Wharton School of the University of Pennsylvania. The program covers topics such as group benefits, retirement plans, and compensation.
• Certified Pension Consultant (CPC): CPC is a professional certification program that provides expertise in the design, installation, and maintenance of retirement plans. It is offered by the American Society of Pension Professionals & Actuaries (ASPPA). The program covers topics such as plan design, administration, and compliance.
• Qualified Pension Administrator (QPA): QPA is a professional certification program that provides expertise in the administration of qualified retirement plans. It is offered by the American Society of Pension Professionals & Actuaries (ASPPA). The program covers topics such as plan design, administration, and compliance.
• Enrolled Retirement Plan Agent (ERPA): ERPA is a professional certification program that provides expertise in the administration of retirement plans. It is offered by the Internal Revenue Service (IRS). The program covers topics such as plan design, administration, and compliance.
• Certified Financial Planner (CFP): CFP is a professional certification program that provides expertise in financial planning. It is offered by the Certified Financial Planner Board of Standards. The program covers topics such as retirement planning, investment planning, and estate planning.

A concise historical narrative of NAICS Code 541618-15 covering global milestones and recent developments within the United States.

• The Employee Plans-Consultants industry has a long history dating back to the early 20th century when the first pension plans were introduced in the United States. In the 1920s, the first group pension plans were established, and by the 1940s, pension plans had become a standard employee benefit. The Employee Retirement Income Security Act (ERISA) of 1974 was a significant milestone for the industry, as it established minimum standards for pension plans and created the Pension Benefit Guaranty Corporation (PBGC) to protect the retirement benefits of workers. In recent years, the industry has seen notable advancements in technology, with the development of online retirement planning tools and the increased use of automation in plan administration. In the United States, the Employee Plans-Consultants industry has experienced significant growth in recent years due to the increasing demand for retirement planning services. The aging population and the shift from traditional pension plans to defined contribution plans have contributed to the growth of the industry. The industry has also benefited from the increasing complexity of retirement plans and the need for specialized expertise in plan design, administration, and compliance. The industry has responded to these trends by developing new products and services, such as online retirement planning tools and customized plan design. Overall, the Employee Plans-Consultants industry has a rich history and continues to evolve to meet the changing needs of the retirement planning market.

The anticipated future trajectory of the NAICS 541618-15 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Stable

  The Employee Plans-Consultants industry is expected to grow in the coming years due to the increasing demand for employee benefit plans. As the workforce becomes more diverse, companies are looking for ways to attract and retain employees, and offering competitive benefits packages is one way to do so. Additionally, the industry is expected to benefit from the growing trend of outsourcing HR functions to third-party providers. However, the industry may face challenges due to the increasing use of technology in HR functions, which could lead to a decrease in demand for consulting services. Overall, the industry is expected to experience moderate growth in the next few years.

Recent groundbreaking advancements and milestones in the Employee Plans-Consultants industry, reflecting notable innovations that have reshaped its landscape.

• Implementation Of AI and Machine Learning In Employee Benefit Plan Design and Management: AI and machine learning are being used to analyze employee data and provide personalized benefits packages to employees. This technology can also help companies identify areas where they can improve their benefits offerings.
• Expansion Of Wellness Programs: Many companies are expanding their wellness programs to include mental health services and financial wellness programs. This trend is expected to continue, and consultants in the Employee Plans-Consultants industry can help companies design and implement these programs.
• Increased Focus on Retirement Planning: With the aging of the workforce, retirement planning is becoming increasingly important. Consultants in the Employee Plans-Consultants industry can help companies design retirement plans that meet the needs of their employees.
• Use Of Data Analytics to Improve Benefits Offerings: Data analytics can be used to analyze employee data and identify areas where companies can improve their benefits offerings. Consultants in the Employee Plans-Consultants industry can help companies use this data to design more effective benefits packages.
• Adoption Of Flexible Benefits Programs: Many companies are adopting flexible benefits programs that allow employees to choose the benefits that best meet their needs. Consultants in the Employee Plans-Consultants industry can help companies design and implement these programs.