For over 40 years, PBI has been working with pensions across the nation to identify decedents. Not only does quick decedent identification eliminate overpayments, minimize fraud, and preserve the longevity of the plan, but it also satisfies the fiduciary duty to participants and beneficiaries. PBI can help ensure you’re doing what’s best for the participant/beneficiary and build trust with your participant population.
PBI’s ability to find the hard to find can be life changing, especially when PBI finds beneficiaries who need and deserve the benefits they are owed.
One example:
PBI performed a test sample of a participant database for a union pension fund. PBI quickly discovered information that had been overlooked for 1,800 missing beneficiaries. A participant had been dead for nearly two years and his wife was not receiving her benefits as a beneficiary because she had not been listed as a beneficiary.
Within 24 hours of PBI’s report, the plan administrators contacted his daughter and sent out an application for her mother to fill out. Less than two weeks later, she met with plan administrators to finish the necessary enrollment paperwork which started the payments owed to her as a beneficiary. In addition, the beneficiary was able to collect retiree benefits.
PBI identified many others in the fund who would not only receive a spousal pension, but health benefits as well.
Learn more about how PBI finds beneficiaries here.
