Which of the following is NOT a core activity in employee benefits?

Investment banking is not considered a core activity in employee benefits. Core activities in employee benefits primarily focus on the management and administration of benefits programs for employees, including designing benefits plans, managing costs associated with these plans, and ensuring compliance with legal and regulatory standards.

Benefits plan design involves creating plans that suit the needs of both employees and employers, while cost management relates to maintaining the financial sustainability of these benefits. Legal and regulatory compliance ensures that the benefit programs adhere to laws and regulations, which is crucial for protecting both the organization and its employees.

In contrast, investment banking is more aligned with financial services such as underwriting, mergers and acquisitions, and helping companies raise capital, which do not directly pertain to employee benefits. Therefore, it does not fall within the essential activities involved in managing employee benefit programs.