According to UBOC, SelectBenefit Plus is designed to provide defined benefit plan sponsors with trust services while allowing participants and retirees to monitor their accounts online or via the telephone. Plan sponsors can access plan information online to monitor plan assets, estimate participant future benefits, and generate reports. The program allows open architecture for both investment management and actuarial services, so plan sponsors can work with any investment manager or actuary they choose.
Furthermore, the product provides services such as:
- Account record maintenance
- Settlement of asset transactions
- Cash management
- Benefit and expense payments
Participants can go to www.selectbenefit.com to access an array of planning and education tools available to them. Active employees will be able to utilize a planning calculator to model estimated future benefits, while all participants can access investment tools and other plan related information. Additionally, SelectBenefit Plus provides call center services with retirement plan representatives, a 24-hour automated voice response unit and quarterly benefit statements.