Overview
What is Rbc Usa Health & Welfare Benefit Plan?
Rbc Usa Health & Welfare Benefit Plan is a self-insured employee welfare benefit program based in Jersey City, New Jersey. This nonprofit organization provides medical and dental coverage to eligible employees and former employees of U.S. subsidiaries and branches of Royal Bank of Canada, in compliance with the Consolidated Omnibus Budget Reconciliation Act (COBRA). The mission of the plan is to ensure that certain employees of employer companies have access to essential medical and dental benefits.
What are the reviews and ratings of this charity?
The RBC USA Health & Welfare Benefit Plan is currently not rated by Charity Navigator. This absence of a rating results from its status as a non-501(c)(3) organization, which means it cannot be evaluated under Charity Navigator's methodology for nonprofit organizations. The lack of rating does not provide a positive or negative indication of the organization's performance or impact.
Since the organization is not a 501(c)(3), it is ineligible for evaluation under several Charity Navigator beacons that assess different aspects like Accountability & Finance, Impact & Measurement, Culture & Community, and Leadership & Adaptability. Furthermore, data about its total revenue, expenses, and salaries of key persons is unavailable, which limits transparency concerning financial operations.
No user reviews are currently available for this organization on GreatNonprofits, which means public feedback on individual experiences or perceptions of the nonprofit is lacking at this time.
This AI summary has been generated from information found on Charity Navigator.
Is Rbc Usa Health & Welfare Benefit Plan legitimate?
Rbc Usa Health & Welfare Benefit Plan is a legitimate nonprofit organization registered as a 501(c)(9) entity. Rbc Usa Health & Welfare Benefit Plan submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Rbc Usa Health & Welfare Benefit Plan?
The Rbc Usa Health & Welfare Benefit Plan is a self-insured employee welfare benefit program, which extends medical and dental coverage to eligible employees and former employees of US subsidiaries and branches of Royal Bank of Canada. The primary objective of this plan is to ensure that certain employees receive essential health and dental benefits, even after their employment status may have changed. By offering these benefits under the Consolidated Omnibus Budget Reconciliation Act (COBRA), the plan enables individuals to continue their coverage, thus maintaining access to crucial health services.
What is the revenue of Rbc Usa Health & Welfare Benefit Plan?
Rbc Usa Health & Welfare Benefit Plan's revenue in 2023 was $189,947,406.
Who are the executives of Rbc Usa Health & Welfare Benefit Plan and what are their salaries?
There is 1 key member and their salary:
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Rbc Usa Health & Welfare Benefit Plan?
Rbc Usa Health & Welfare Benefit Plan's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Rbc Usa Health & Welfare Benefit Plan
The Rbc Usa Health & Welfare Benefit Plan is a self-insured employee welfare benefit program that extends medical and dental coverage to eligible employees and former employees of U.S. subsidiaries and branches of Royal Bank of Canada. In essence, this plan serves as an essential safety net, offering essential healthcare services to a selected group of people in the organization's workforce.
Through this initiative, the Rbc Usa Health & Welfare Benefit Plan ensures that its beneficiaries continue to have access to vital medical and dental benefits even after they have left their employment with the covered subsidiaries. This commitment to providing continued healthcare coverage is made possible under the Consolidated Omnibus Budget Reconciliation Act (COBRA), a significant piece of legislation that enables individuals to maintain their group health coverage when they would otherwise lose it due to a qualifying event.
By offering medical and dental benefits, the Rbc Usa Health & Welfare Benefit Plan plays a crucial role in promoting the overall health and well-being of its members. This, in turn, can lead to increased productivity, lower absenteeism, and improved morale within the workforce. In summary, the Rbc Usa Health & Welfare Benefit Plan is a vital component in the support structure for the health and well-being of eligible employees and former employees of U.S. subsidiaries and branches of Royal Bank of Canada.
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Impact
October, 2024
The Rbc Usa Health & Welfare Benefit Plan serves a critical role by providing essential medical, pharmacy, and dental benefits to eligible employees and former employees of U.S. subsidiaries of the Royal Bank of Canada. By being self-insured, the plan directly manages its risks and benefits, ensuring a sustainable support system for its members.
The impact of this plan can be seen in several key areas:
1. **Employee Well-being**: By offering comprehensive medical and dental benefits, the plan enhances the health and well-being of employees and their families. This support helps reduce financial stress related to healthcare costs, allowing employees to focus more on their work and personal lives.
2. **Retention and Recruitment**: Competitive healthcare benefits are crucial for attracting and retaining talent. The Rbc Usa Health & Welfare Benefit Plan aids in positioning US subsidiaries of RBC as desirable employers, which is vital for maintaining a skilled workforce.
3. **Compliance with COBRA**: By adhering to the provisions of the Consolidated Omnibus Budget Reconciliation Act (COBRA), the plan ensures that eligible former employees can access continued health benefits, thereby providing necessary support during transitional periods.
4. **Financial Stability**: As a self-insured plan, it effectively manages costs associated with employee benefits, which can lead to financial savings for the organization while still meeting the healthcare needs of its members.
Overall, the Rbc Usa Health & Welfare Benefit Plan significantly contributes to the welfare of its participants, promoting health security, employee satisfaction, and organizational efficiency.
This information is meant to be a general summary of Rbc Usa Health & Welfare Benefit Plan. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $284,129
- Gross Receipts: $189,947,406
Assets and Liabilities:
- Total Assets: $10,408,832
- Total Liabilities: $494,172
- Net Assets: $9,914,660
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Organization Details
Founding Year
2002
Principal Officer
Rohit Sharma
NTEE Category
Code: Y43 - Mutual benefit
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