Using its new Benefit Payments Passport product, Northern Trust clients can gain real-time access to participants’ plans, allowing plan sponsors to query and update participant information within a user-friendly environment, according to the firm.
Benefit Payments Passport eliminates the need for manual forms and performs a myriad of participant functions online, according to Northern, including:
- initiating stop payments,
- receiving photocopy requests,
- rescheduling pending payments,
- reissuing payments, and
- requesting duplicate tax forms.
Northern Trust processes over 12 million benefit payments a year and files more than 1.3 million tax forms on behalf of its clients.