Business Process as a Service (BPaaS)
Retirement Plan Providers, Recordkeepers and Third Party Administrators (TPAs) are challenged to keep pace with regulatory changes, system upgrades, manual processes and seasonal demand spikes. Reasons could be legacy applications, outdated processes or skill gaps, which are increasing inefficiencies, costs and risks. CORE BPaaS offering can help!
BPaaS solutions from Congruent can help you outsource the services, technologies and integration points associated with managing record-keeping and retirement plan processes. They provide streamlined, standardized and industry compliant comprehensive range of ready-to-use process solutions specifically designed for Retirement Plan Providers, Recordkeepers and Third Party Administrators (TPAs). A combination of cloud infrastructure combined with a consumption-based model will provide you better control over end-to-end record keeping and plan administration processes and expenses.
Key BPaaS offerings are:
- End-to-end DC Recordkeeping
- Census Data Management
- Eligibility runs and Enrollments
- Contributions Processing
- Payroll Processing (includes census, eligibility, enrollment and contribution processes)
- Loans and Distributions Processing
- Year End Processing
- Plan On-Boarding, Conversions and Takeovers
For developing these BPaaS offerings, Congruent aligned its decade old extensive retirement plan administration experience, domain expertise, state-of-the art CORE recordkeeping and plan administration solutions, and a deep understanding of industry objectives and challenges.