Standard Speeds Up Contribution Processing with EFT

June 23, 2003 ( - Plan sponsors can now expedite the investment of retirement plan contributions with an enhanced feature from Standard Insurance Company.

Standard, a subsidiary of StanCorp Financial Group, Inc., has added an electronic funds transfer (EFT) feature to its Participant Data Management (PDM) Web-based tool for retirement plan sponsors.   The feature will allow plan contribution transfers from retirement plan sponsors’ bank accounts to The Standard, and can also be used by plan sponsors to manage any forfeitures in their plans.

PDM allows plan sponsors to validate contribution data and transmit it directly to The Standard’s administration system, which the Portland, Oregon-based firm says will lead to:

  • improved accuracy of participant information,
  • elimination of census work at year end, and
  • better control over data quality.

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