Products May 1, 2003

Wilmington Trust Initiates Web-Based Benefit Payment System

May 1, 2003 (PLANSPONSOR.com) - Wilmington Trust Company is unveiling a new Web-based tool designed to streamline the benefit payment process.
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Benefits PayView allows plan sponsors and third-party administrators (TPA) real-time access to benefit disbursement and tax reporting information for participants in defined contribution, defined benefit and other retirement plans serviced by Wilmington Trust.  

With PayView, plan sponsors can a ccess historical participant information with a browser-based inquiry system and receive participant data to answer inquiries such as when a check was issued, where it was sent, and whether or not it has cleared.   Further, the system allows for data to be downloaded through various reporting programs:

  • Check Register Report – provides payment information for each distribution made for a specified period
  • Tax Ledger Report – summarizes 1099R and W-2 information
  • Payment Status Report – reflects a check’s status.

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