Inaccurate and outdated participant data can lead to overpayments and compliance risks. Data clean-up is the solution.
Plan Sponsor Article: Ensuring Clean Participant Data
"One of the most critical aspects in maintaining a healthy retirement plan is guaranteeing clean participant data, says John Bikus, president of PBI Research Services, a provider of death audit and location services. Having correct Social Security numbers and dates for critical life points, including birth and retirement, is integral to identifying missing and deceased participants, Bikus says. He points out that defined benefit (DB) plan overpayments, such as to a deceased participant, also [...]