According to Watson Wyatt, BenTrack allows companies to manage data for a range of retirement plans and benefit programs — including pensions, medical and dental coverage, death and disability benefits, termination and severance provisions, stock plans and company cars.
Watson Wyatt said the system has the ability to generate
side-by-side comparisons of benefits across business
divisions and borders.
With BenTrack, the company said users may:
- track pension plan investment performance
- track names and contact details of internal company personnel consultants and other advisers in relation to the compensation and benefits plans
- capture comprehensive information on benefits plans and compensation programs for multinational locations and employee groups
- store current and historical financial and accounting data (UK, US and international accounting standards)
- view up-to-date information on social security benefits and typical company practice in countries around the world
- access current statutory benefit summaries from
around the world
generate reports that can be downloaded into Microsoft Word and Excel
BenTrack also facilitates increased corporate governance, enabling organizations to monitor local plans’ compliance and market competitiveness, check for consistency across borders and identify opportunities for cost containment and consolidation, the company press release said.
Financial information entered in local currency amounts
is automatically converted to the corporate reporting
currency when rolled up on a regional or global basis. The
system also allows organizations to enter information
relating to the multinational pools they operate worldwide.
The data is stored on Watson Wyatt servers.