This enhanced Web-based system provides pension plans an inclusive payment history, multiple pay sources and deduction options, and real-time inquiry and update capabilities, according to the announcement. Mellon’s system also furnishes pension plans with the ability to develop customized reports that summarize activity through Mellon’s Workbench technology, the news release said.
“With Mellon’s real-time system, plan sponsors can streamline their benefit disbursements process and improve the service for their pensioners,” said Stephen Trowbridge, senior vice president and head of operations for Mellon Global Securities Services. “In addition, through our Workbench product, clients can obtain a wide array of reports, securely and conveniently, from any personal computer with Internet access. This user- friendly tool enables users to search for account and participant data, all at their fingertips.”
Mellon’s benefit disbursement group processes more than 900,000 payments every month.