PBI Research Services has launched CertiCensus, which it says is the industry’s first single source proactive pension plan population management solution to help pension plans reduce costs, eliminate overpayments, ensure regulatory compliance and mitigate cybersecurity risk.
CertiCensus offers continuous participant monitoring for always-up-to-date census data, comprehensive reporting and a full audit trail. This complete population management solution includes identifying decedents with CertiDeath, locating missing participants and/or beneficiaries, updating personally identifiable information (PII), and sending required participant communications and managing all returned mail.
Complexities in identifying decedents and lost/missing participants and beneficiaries, as well as continued issuance of regulatory guidelines that can lead to audits coupled with ever-increasing cybersecurity threats add to the burden of managing pension plan populations, PBI says. These complexities have required pension plans to build internal processes, work with a variety of service providers, and use disparate data sources and information to manage their pension participant pool. All of which are costly, time-consuming, result in missing participants/beneficiaries and unidentified decedents, result in increased cybersecurity threats, and often fall short of Department of Labor (DOL) compliance.
“Pension plan population management continues to become a more difficult, costly, time-consuming and riskier process,” says John Bikus, president of PBI Research Services. “With CertiCensus, PBI offers a solution combining unparalleled decedent identification, a locate product conforming to DOL guidance, service to manage required participant communication, and consistently-updated participant/beneficiary information.”
He adds: “CertiCensus helps pension plans maximize the lifetime of the fund by reducing costs and minimizing overpayments in addition to providing auditable trails to help with regulatory compliance.”
To learn more about PBI’s services and calculate how much CertiCensus could save an organization annually, visit www.pbinfo.com.
« DOL’s ESOP Valuation Case Against Engineering Firm Falls Flat