A news release from the San Rafael, California-based firm said the service monitors Social Security Administration and state Vital Records databases and reports to the plan sponsor or third-party administrator when it identifies a participant death. The announcement said previous services involved clients uploading a report about their participants so that PBI could identify deaths periodically.
The company said the service can help eliminate overpayments and reduce future funding liabilities. “Our clients need a service that can efficiently verify deaths and maintain accurate participant records in the wake of this crisis to reduce costs and meet their fiduciary responsibilities”, said Sue McDonald PBI president, in the news release.
The news release said the offering also includes a Hits Tracker component that tracks the necessary follow-up activities after a participant death has been reported. “We realize that once a death is reported there’s a unique set of tasks that need to take place. This tool is designed to manage the workflow of those activities while providing oversight to management and peers”, said McDonald.
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