Contributions Processing: The least evolved of all recordkeeping processes?

Most record keepers today use several different software, both home grown applications and external products, for managing various recordkeeping processes like enrollment, contributions, loans, distributions, compliance testing, etc. With time, some of these business processes have become more evolved and streamlined compared to some others. There are dozens of products that are released every year, [...]

An Approach to Seamless Data Migration during Retirement Plan Recordkeeping Platform Modernization

The change in the customer environment in the US retirement markets, coupled with the increased competition and need for growth in plan participant base, has caused US retirement plan providers to reassess their platform/technologies and processes. It’s the right time for the plan provider organizations to establish a level of parity from a technology perspective [...]

6 Simple Productivity Boosters for 401K Plan Administrators

401K Plan Providers often faces difficult challenges during the calendar year due to thin profit margins and seasonal spikes in demand for resources. With multiple stages of managing a plan like eligibility, testing, form 5500 preparation, transactional processing and general day to day operations, errors in plan administration can happen frequently, have serious drag on [...]

Making Plan Administrators’ Lives Easier and Enhancing Customer Engagement through New Generation Technologies

Kodak was the Google of its day! In 1976 it had a monopoly in the film-based camera business, accounting for 90% of film and 85% of camera sales in America. However, times were changing and digital camera technology was around the corner. Unfortunately for Kodak, the company did not appreciate this threat to its film-based [...]

Legacy Systems are the “White Elephants” for Retirement Service Industries

The Retirement Services Industry traditionally has been a slow adopter of information technology solutions. While the transition from VISIO Calc to next generation systems was gradual, the retirement industry has been stuck there for long time with those yester year proprietary and legacy systems which indeed are like white elephants from a continued maintenance expense [...]

4 Reasons why pension providers don’t want to upgrade Aging and Obsolete Enterprise Systems:

In the retirement services industry, aging IT Systems that have been upgraded with a piecemeal approach over the years are a major challenge to the pension providers. Not only has this approach led to technology obsolescence but has also adversely affected the overall productivity due to increased maintenance and administration overheads. What are the key [...]

Retirement Plan Information: Paper versus Electronic communication Dilemma in the retirement plan record keeping process

While legislative and regulatory policies are allowing the plan providers to have the electronic delivery of communication in the retirement plan record keeping as their default channels, the story is different from plan participants’ standpoint. Plan participants want the paper communication as the default channel in the retirement plan record keeping, with an option to [...]