(Boston, MA July 2010) On July 20, 2010, the U.S. Patent and Trademark Office granted U.S. Patent No.7,761,352 entitled “Program for Alternative Funding of Employee and Retiree Benefits” to Spring Consulting Group, LLC. The patent relates to a system and method for configuring, optimizing, managing and tracking alternative funding of employee and retiree benefits and benefit plans. Spring is the first company to develop the patented technology enabling alternative funding of employee and retiree benefits.
Over the last decade employers have been forced to seek alternative funding methods that will deliver greater cost control and predictability in response to ever-increasing employee and retiree benefits expenses. Retiree medical and pension obligations, for example, can represent a multi-million dollar balance sheet liability for many companies.
Spring’s patented funding process enables organizations to manage and stabilize these costs while still ensuring benefit coverage for employees and retirees.
Karin Landry, Managing Partner at Spring said: “The team at Spring has been building innovative employee and retiree benefit funding methodologies for some of the most sophisticated organizations in the U.S. and overseas. I am very pleased that our innovation in this field has been recognized in the form of a patent.”
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