Does Operational Efficiency impact plan participation?

Employees these days are cognizant about the importance of retirement savings and appreciate the assistance from their employers. They want a financially secure life at the end of their careers. State Street Global Advisors recently conducted a survey on people considered as millennials and Generation X. The survey findings suggest that 87% people agree that [...]

IT projects in the US Retirement industry – Challenges with Budgets, Timeline and Resources

  One retirement plan provider that Congruent recently talked to mentioned that one of their internal implementation was 18 months late and three times more expensive than the original expected cost. Another plan provider has to scrap their project after 8 months for budget overrun reasons. These stories are common in most of the plan [...]

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 [...]

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 [...]

3 Most Important Technology Considerations for Modern Retirement Plan Recordkeeping Systems

It is a matter of fact that the typical plan provider organizations must provide enterprise services to an ecosystem of many stake holders: plan administrators, sponsors, advisors, participants, TPAs, and other service providers. Because of the varying needs of the stakeholders, most plan provider organizations find themselves forced to manage a complex heterogeneous environment comprised [...]

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 [...]

Consolidate or Replace : IT Application labyrinths in the Retirement Plan Administration Organizations

Plan provider organizations which complain about the cost of IT maintenance often fail to realize that the root cause for the humongous IT expenditures are the labyrinths of IT applications, they have coddled over years. Plan providers have built those software applications and even bought a few software packages from different suppliers one at a [...]

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 [...]

Big Data: Time for the data to drive the opportunities inthe Retirement Industry

In 2012, with the onset of new transparency requirements, Timoty Slavin of Broadridge prophesied that a clear insight into the fees related to plan and fund administration, brokerage windows, commissions, sales charges, etc., will be available for plan sponsors and participants. However that insight is correlated to the factor that how well the complex data [...]

Pension Auto-enrollment Employee Assessment – Getting it right!

Auto-enrolment pension reform made it mandatory for every UK employer to enroll workers automatically into a qualifying pension scheme – starting in October 2012. Auto-enrolment brings a new set of duties and obligations, as well as major operational, financial, compliance and reputational risks to all employers – including the challenge of managing huge inflow of [...]