According to a news release, the enhancement called BenePay for Participants focuses primarily on the defined benefit market.
“BenePay for Participants is a convenient tool for plan participants that translates into an easier flow of information and fewer inquiries for plan sponsors to handle directly,” said Mary Benton, Senior Vice President, SunTrust Retirement Services. “It encourages participants to use their Web browsers instead of their plan sponsors to access information, for a more efficient use of sponsors’ resources.”
Other existing capabilities of BenePay Online include the ability for sponsors to view online plan- and participant-level information, access payment history and tax records, and receive and request reports online.
Sponsors can also set up payments and update participant information using the online service.