The statements below describe the functional approach to designing and evaluating employee benefits. Select the statement that is FALSE: Group of answer choices The functional approach can be used to evaluate new benefit options but is not as effective in reviewing existing benefit plans options. Changing tax laws and regulatory environments created a need for a systematic approach to employee benefits planning such as the functional approach. Because employee benefits generally represent a large labor costs, the functional approach can provide effective planning and minimize waste/overlap in providing benefits. The functional approach can be used to make sure that various benefit programs can be properly integrated with each other