MINNEAPOLIS (Jan. 11, 2023) – PBI Research Services, the leading death audit and locate service provider, today announced CertiCensus Certified, a new gold standard certification for its customers and the industry marking the most thorough verification and documentation process for pension plan participant data management.
CertiCensus is the industry’s first single-source, proactive pension plan population management platform to help pension plans reduce costs, eliminate overpayments, ensure regulatory compliance and mitigate cybersecurity risk. With the CertiCensus Certified platform, customers can have the confidence their data has been through rigorous validation processes. Comprehensive audit reports and procedure documents that align with Department of Labor (DOL) guidance accompany this certification, giving plan sponsors the documentation they need to be fully audit ready.
CertiCensus offers continuous participant monitoring for up-to-date census data, comprehensive reporting and a full audit trail. This complete population management solution includes: identifying decedents with 95% accuracy compared to an industry average of 70%, locating missing participants and/or beneficiaries, updating Personally Identifiable Information (PII), and sending required participant communications and managing all returned mail. Every outreach attempt is date and time stamped and compiled into a certified audit report.
In addition to the audit report, pension plan managers receive a procedure document that outlines PBI’s thorough process. This document is a requirement of the DOL and meets the standards laid out in the Employee Retirement Income Security Act (ERISA). With the inclusion of the audit report and procedure document, PBI’s CertiCensus can now manage the entire pension plan process from documenting the procedures to providing a certified audit report of the results.
“With CertiCensus Certified, PBI gives pensions the confidence they are doing their due diligence at every step in the process, in addition to eliminating overpayments and additional fees,” said John Bikus, President of PBI Research Services. “This true end-to-end process gives plan sponsors all the tools they need to optimally manage their resources, extending the life of their plan while offering much-needed efficiencies.”
About PBI Research Services
PBI Research Services is the leading provider of proactive pension plan management including death audit, locate services, and uncashed check management. With the largest team of experts in the industry, PBI delivers exceptional data accuracy using artificial intelligence, 26,000 integrated databases, proprietary processes, 40 years of best practices and human expertise. PBI has helped thousands of customers including some of the largest pension plans, insurance companies, third-party administrators, and financial institutions save over $200 million in overpayments, minimize fraud, meet compliance regulations, and locate participants and beneficiaries.
