Accurate participant data is a challenge to union pension plans. Missing or wrong data creates compliance challenges that are compounded by the complexity of unions, multiple employers and TPAs. Correct and up-to-date data is crucial to a plan’s ability to meet their fiduciary responsibilities. Communicating important information to participants or beneficiaries and ensuring pension payments only go to those entitled are critical responsibilities. Unfortunately, the administrative challenges of participant data validation can be a nuisance. At times it’s overlooked with the myriad of other plan administrative priorities.
You need a company that will help you actively address these data and compliance challenges. We offer customizable, flexible, and scalable solutions that can meet your compliance objectives. PBI simplifies these administrative efforts, so you can focus on more pressing fiduciary and compliance tasks.