Managing a pension plan becomes more difficult each year. There are numerous steps and requirements that Plan Administrators and Plan Sponsors need to take. These include sending required mailings, managing returned mail, locating missing participants and beneficiaries, identifying decedents, documenting everything, and following the latest cyber security guidance from the Department of Labor (DOL).

In our recent webinar, CertiCensus®: Accurate, Streamlined, and Secure Pension Participant Management, Jeff Anderson, New Business Development Manager at PBI Research Services, discussed the importance of a comprehensive pension participant plan service. CertiCensus is the only proactive pension plan management solution on the market that solves for the vast majority of the challenges pension plans face.

With CertiCensus, pensions just send a participant file and PBI goes to work making sure the pension plan is always audit ready. Each week, PBI runs a death audit, provides validated deaths, and does beneficiary research when necessary. This allows pension plans to eliminate overpayments, extending the life of their plan. On average, one in seven Americans change their address every year, this is why PBI runs a quarterly address verifications. This helps minimize the cost and time associated with returned mail. Every year, PBI will create and mail the plan’s Annual Funding Notice that is required by the DOL. PBI tracks every update and sends pension plans comprehensive reports so there’s a full audit trail on each participant. By working with one provider for multiple solutions, pension plans reduce their overall cyber security risk. PBI is SSAE 18 SOC 2, Type II certified, assuring pension plans their participant data is secure.

JC Oviedo, New Business Development Manager at PBI, provided a quick tour of PBI’s CertiCensus online portal that is expected to launch later this year. This portal includes a dashboard that captures an overview of the pension participant pool including the total number of participants, verified deceased, confirmed addresses, mailings sent, and beneficiaries identified. The portal also makes it easy to access the latest reports and most current participant data.

Here is the recorded webinar:

Watch previously recorded webinars or sign up for future PBI webinars at: https://www.pbinfo.com/webinars-events/.