PBI Blog

Case Study: PBI Research Services Helps Corporate Pension Fund Stop Overpayments

Challenge: XYZ company had been manually managing their employee pension plan with over 790 participants. The process was a resource-heavy task to stay up -to-date on deceased participants and required mailings. In addition, with internal audits coming up, a new benefits team was concerned about not meeting the Department of Labor (DOL) guidelines for missing participants and making overpayments. Solution: In February 2022, the company reached out to PBI Research Services about proactive pension [...]

2023-06-15T10:24:42-05:00March 2nd, 2023|Case Studies, Pensions, Population Management & CertiCensus|
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Case Study: PBI Research Services Finds Over $200,000 in Overpayments for a Public Pension Fund

Each year, Public Pension Fund (PPF) pays out more than $2.8 Billion in pensions to more than 100,000 retirees and their beneficiaries. Challenge: For years, PPF worked with a third party to identify decedents. On average, they would receive 100 to 150 identified deaths per month, but PPF in further review discovered they were missing decedents and were potentially making overpayments. In addition, they struggled with the user experience their third party provided. It [...]

2023-06-15T10:25:50-05:00February 23rd, 2023|Case Studies, Death Audit & CertiDeath, Pensions|
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Case Study: PBI Research Services Saves Michigan Public Employee Union Pension Thousands

The Michigan Education Association (MEA) is a self-governing education association representing about 120,000 teachers, education support professionals and higher-education employees throughout the state. The association has grown from their inception in 1852. Today, they offer public school employees healthcare through MESSA, as well as retirement and insurance programs through Michigan Education Association Financial Services (MEA Financial Services). Challenge Over the past few years, the MEA pension system, the Staff Retirement Plan (SRP), has struggled [...]

2023-06-15T10:28:39-05:00February 21st, 2023|Case Studies, Death Audit & CertiDeath, Pensions|
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You received PBGC SFA funds, now what?

You have conducted your Death Audit based on the PBGC guidelines. You have gone through the SFA application checklist, and you finally receive an approval notice from the PBGC for your requested SFA funds. Now what? Although the PBGC does not expect SFA fund recipients to repay the awarded cash, these funds come with a catch. There are several terms and conditions that apply to awarded SFA funds. Many of these can be found [...]

2023-12-12T10:15:46-06:00February 15th, 2023|Pensions, Webinar Recaps|
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Why the DMF isn’t Adequate for Insurance Companies

Identifying deaths has become harder for insurance companies. In 2011, a change to the SSA Death Master File (DMF) fundamentally altered the Death Audit landscape resulting in challenges to Death Audit providers accompanied by a significantly increased burden placed on insurance companies to accurately identify deaths of policyholders. Because of this, missed deaths are leading to overpayments for insurance companies in their Pension Risk Transfer (PRT) and Structured Settlements lines of business. In Long Term Care (LTC), [...]

2024-05-01T14:24:57-05:00February 9th, 2023|Death Audit & CertiDeath, Insurance|
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