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| Pension Administration System: |
| The Pension Administration
System is comprised of a calculation engine, data management program,
report writer and development platform for use by plan sponsors, third
party administrators, and benefits consultants. It models complex
benefit plans through parameter definitions, pre-programmed business
objects and rules-based entry points tailored to meet any defined
benefit administration requirements. The system uses N-tier architecture,
which partitions the application into distinct layers, enabling a
flexible, building-block approach to design and growth as well as
fast, cost-effective integration with existing client infrastructures. |
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| Web version screenshots
Client/Server version screenshots
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| The Pension Administration
System is customized to automate all pension administration functions
without complex programming. Below is a list of some of the functionality
(processes) that is available in the system. |
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| Employee Selection |
| The administrator may
select a participant based on a member or employee ID, employee or
beneficiary Social Security Number, partial employee or beneficiary
name, employee or beneficiary date of birth, etc. This feature gives
the user flexibility when searching for and selecting an employee. |
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| Employee Data Storage and Management |
| Any amount and type
of employee information can be stored in the system. The system allows
the user to edit all employee (and beneficiary) data depending upon
security privileges provided to the user. |
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| Employer Data Storage and Management |
| Employer information
is stored and used for contact management and billing purposes. |
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| Plan Data Storage and Management |
The BenXL system combines
parameters along with entry points that use a scripting language to
provide ultimate plan flexibility. All plan rules and scripting languages
are stored in the underlying database and are retrieved during execution
of a plan. The plan rules are stored in the same database that also
holds employee and employer information thus making it easy for backups.
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| Benefit Calculations Under Various Events |
Some of the events include:
Termination
Retirement
Disability
Death in Service
Retiree Death
Survivor (Beneficiary) Death
Contribution Refund
These events can be run for one participant at a time and some in
bulk through a batch process. The events allow the user to update
the tables after each event. The process generates a detailed calculation
worksheet if the calculation was successful. |
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| Complex Plan Structures |
The BenXL system can
model any complexity in the benefit structure. It provides unlimited
plan rules and provisions setup. The scripting language allows us
to glue different pieces of structure in any order. It provides a
completely customized solution without the effort of programming from
scratch. It handles all types of pension plans such as Final Average
Pay, Excess and Offset Plans, Career Average, Cash Balance, Dollar
Per Month, Contributory, Target Benefit & Supplemental Plans, etc.
The BenXL system calculates 415 and 401(a)(17) limits. The statutory
limit amounts are stored in a table that is easily updateable by the
administrator. The 401(a)(17) limits can be applied using Limitation
Years or by Calendar Years. The system handles multiple non-qualified
arrangements. |
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| Taxable and Non-taxable Calculation |
| For contributory plans,
the system computes taxable and non-taxable portion of benefits.The
pension table and bank extract handle it as separate streams of payments.
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| Complex Plan Projection Scenarios |
Any parameter that is
used in benefit calculation can be set by the user. What-if scenarios
can be run to project pay increases, CPI increases, bonus, etc. Multiple
termination and benefit commencement dates can be used within a single
run. |
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| Plan Setup and Management |
| BenXL’s parameterized
plan provisions setup allows the user to create and maintain provisions
specific for a plan. Any plan intricacy can be programmed within the
setup. There are areas where the user can enter simple custom coding
if required. This gives the user the flexibility to use the parameters
or to do free form coding using the scripting language. In addition,
the plan provisions are able to handle frequent regulation change,
as these provisions are date-effective. The plan setup provides all
functions needed to backup, restore, search and replace, print and
validate plan rules. |
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| Payroll/HR Interfaces |
| The payroll/HR interface
can be provided either by directly reading data from underlying Payroll/HR
database or through extracts. Users can use either approach depending
upon where ownership of the data lies. There is no limit on number
of extract files that can be used. |
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| Group (Batch) Calculations
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| The batch will process
group of participants selected using multiple processors and multiple
servers. The selected population can be provided either through open-ended
selection provided or by having an ASCII file with Social Security
numbers. This process uses multi-threading approach to maximize the
response that can be achieved with multiple CPUs. The majority of
processes are run under Batch and can be scheduled to run off hours.
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| Statutory and Plan
Specific Tables Management |
| Statutory information
is global and is used across all plans. Some examples of this type
of information are mortality rate tables, 415 limits, PBGC and GATT
rates, etc. The user is given full control here. Changes to these
items can be done directly at the client’s site. Plan specific tables
are stored for each plan. Some examples of this type of information
are code lists, frozen items specific to a plan, optional payment
factors, early retirement factors, etc. |
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| Multi-employer and Multi-plan Handling |
| Plan provisions and
the benefit application are designed to handle multiple plans along
with transfers among plans. The system computes services, earnings
and other provisions based upon the working history of a participant
that may include multiple employers. |
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| Transfers and Merger Handling |
| Unlimited storage is
provided to hold prior plan accrued benefits, services, etc. These
grandfathered benefits can be used as minimums or as an add-on. In
addition these frozen benefits can have their own plan provision.
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| Online and Batch (Group) Calculations Capability
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| Most of the calculations
can be run online one participant at a time or in a batch mode. The
group process also allows you to provide user overrides that will
be applicable to all participants that are processed. |
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| Standard and User-designed Reports |
| There are more than 40
standard reports that can be run at any time. In addition, the custom
extract and listing application allows users to generate ad-hoc style
reports from database tables. It can be used to generate extracts,
export files and merge documents such as address labels, etc. Easy-to-use
templates can be generated and modified to define new extract/listing
characteristics and filters. |
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| Forms and Letter Generation |
| User-defined forms can
be produced using Mail Merge and Microsoft Word. Clients can use their
existing forms or simply create new forms. The user can generate forms
based on current or past runs. The forms can be generated at any time
as the system maintains all reports and data for each run. |
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| Participant Data Change Management |
| Any requests for changes
to a participant data can be made by the participant through our Participant
Center and managed through the Pension Administration system. Requests
for a new or modified beneficiary address, for example can be entered
by the participant and then accepted or rejected by the back office
administrative users. |
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| Participant Request Management |
| Participants can make
informational or inquiry requests through BenXL’s Participant Center.
These requests are viewed through the Participant Request Management
module in the Pension Administration system. Users can mark requests
as new, pending, or closed and add comments. |
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| E-mail Request Management |
| Feedback given by participants
is emailed to the administrators and can be managed through Email
Request management. |
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| Participant Usage Reports
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| Users can generate reports
to view the number of participants who have run certain processes
in BenXL’s Participant Center. Reports are saved and can be viewed
at any time. |
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| Valuation Extract and Reconciliation |
| The valuation extract
module creates data files that are used to send to the actuary for
valuation purposes. The valuation reconciliation module is used to
maintain data integrity throughout the database tables from year to
year and to produce (as of a snap-shot date) a flow-of-lives from
the prior year. It performs data sweeps within the selected valuation
files and generates an Error Report as well as a Reconciliation Report
based on exception criteria that have been inputted into the system.
It also produces a scatter chart that can be used by the actuary for
the annual valuation. |
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| Valuation Status Update |
| The status update module
updates the actuarial status for employees as of a snapshot date,
usually the end of the actuarial valuation year. This process allows
users to generate the report and then based on user preference, commit
the changes into frozen. The process allows the user to navigate to
the temporary table to validate the data. After the status has been
updated, the user may pass these statuses to the valuation extract
and/or valuation reconciliation. |
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| Trustee Extract and Reconciliation |
| One of the labor-intensive
processes in pension administration is the reconciliation of the pension
payout with that of the trustee/ third-party payer for each accounting
period to ensure that the payments are being made in the amounts and
to the recipients in accordance with the plan. The trustee extract
module creates ASCII files that can be sent to the trustee. It allows
the user to only extract initiating, stopping, or changing payments.
The trustee reconciliation module reconciles retiree and survivor
payment data between the trustee’s report or data and the data in
the BenXL system. |
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| QDRO Process |
| Qualified Domestic Relations
Orders |
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| Adhoc COLA Process |
| The post-retirement
supplement process enables a company to increase pension payment amounts
by a percent or fixed dollar amount for one or more individuals. These
supplements can include COLA or any other supplement that affects
the payments for a group of people. The system stores and tracks the
details for each of these adjustments as well as the total adjustments.
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| Accrued Benefit Calculation |
| This module calculates
the accrued benefits and lump sum amounts for a selected population
or individual. The user has the choice of saving the run information
to the database, producing detailed calculation worksheets, or both.
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| Termination Process |
| This process allows the
user to calculate accrued benefits for a group of terminated participants.
The data from this run gets posted to a table and can be used when
the participants retire or when retirement estimates are being run.
This process generates a detailed calculation worksheet for all processed
participants. |
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| Participation and Enrollment Process |
| This is a batch module
that allows the user to calculate plan participation and enrollment
eligibility dates based on the plan rules. It generates letters and
forms that can be mailed to the participants or employers. It also
creates listings and reports to document the output of the run. |
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| Activity and Management Reports |
| This module allows the
user to query the activity and system usage details. All activities
performed by all users and can be viewed using selection criteria
such as a range of dates, a particular user ID, a specific employee
ID, a set of process IDs, or a combination of all these. The user
may view, print, or delete the reports. Forms may also be generated
as well. The activity summary screen can be accessed from many of
the group processes in the context of that process. |
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| Audit Trail and Reactivation Management |
| This feature allows the
user to produce audit reports on any field(s). These reports show
field updates, the time the change was made, and the user who made
them. Auditing is also done on file imports. By making this information
accessible, the user can feel comfortable that all changes are tracked
and can be rolled back at any time if need be. |
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| Inactive Participants Data Management |
| In addition to the maintenance
of all current and future data applicable to participant and beneficiaries,
the system provides numerous other places to house data for pensioners.
Some of the tables are: Direct Deposit, Life Insurance, Deductions,
Premium Deductions, QDRO Information, Retiree Medical Insurance, Withholdings,
etc. |
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| Automatic payments |
| On pensioner or beneficiary
death, the system automatically stops and initiates proper payment
to applicable participants and/or beneficiaries. |
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| Customizable Data Quality and Integrity Checks
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| In addition to standard
checks, client-specified data edits and checks are preformed. The
extent to which these data integrity checks are done is customizable.
This produces a report highlighting all discrepancies in data. |
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| Cash Balance Calculations and Roll Forward |
| This module allows the
user to calculate contributions and update cash balances. It also
allows the user to enter an adjustment amount by which the contribution/cash
balance ending balance has to be adjusted. |
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| Personal Benefit Statements |
| Users can perform benefit
calculations at multiple dates (or ages) for a group of employees.
In addition, it creates an ASCII file that can be used to create benefit
statements. The mail-merge utility is a part of this application.
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| Security Management |
| The security feature
of the BenXL system allows an administrator to set up rights for a
user or for a role, define a user’s role in the system; create reports
based on these settings, and view activity in the security settings.
For added protection, the files in which the security information
is stored are encrypted. Each of the processes, modules, reports and
other functionality is controlled through the central security module.
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| Workflow Management |
| Task lists and processes
are managed through Workflow. Users can assign tasks to each other,
track each task, and produce reports to view the task/process status.
Processes can be set up to pertain to a plan group or to an employee.
These tasks can be triggered manually or automatically upon an event.
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| Billing Management |
| The billing module allows
the administrator to create invoices for different (locations) employers
and maintain payments received from employers. It allows the tracking
of payment status, applying of funds to multiple accounts, making
of payments to outstanding accounts. This module is typically used
for multi-employer plans where each employer pays for the participants
that are covered under its employment. Reports are generated to track
the billing runs that have been made. The flexibility of this module
allows the user to create and edit new and existing invoices, make
credits, apply discounts, etc. |
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| Employee Contribution Calculation |
| This module computes
contributions that should be paid by covered employees. |
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| Approval Process |
| Since many companies
have a system of checks and balances that they use when reviewing
calculations, the approval process allows the user to flip a switch
on pension records that have been reviewed. After this switch is flipped,
the information from the pension payment record can be used in other
calculations and the trustee extract. |
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| Reminder Management |
| This module allows the
administrator to set up reminders to be displayed for any system user,
employee, or both. |
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| Backup and Restore Capability |
| All employee, employer
and plan data rules are stored in the same database. This helps easy
to create backups. Plan setup application provides its own backup
and restore utility. |
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| Purge Capability |
| System maintains all
changes made to data plus all reports and results. Some of these tables
can become very large. This utility helps to purge some of old transactions
after creating backups. |
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| Photo Management |
| The photo/image management
module allows the user to store participants’ photos with their Social
Security Number. These photos are usually taken for use in ID cards
and employee directories. |
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| Loading of Factors and Rates |
| This module allows the
user to load early retirement factors, optional payment factors, lump
sum factors, mortality rates, etc. from ASCII files into database
tables. It eliminates the hassle of entering these tables by hand.
The different factors can also be computed by the system using mortality
and interest. |
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| Manuals |
| There is a large amount
of documentation for different users that is available for our consulting
clients, our corporate clients or our Third Party Administrators (TPA).
All steps are defined and described in easy-to-follow details. Plan
Setup Manual contains documentation on provisions used to set up a
plan, system variables, creation of forms and reports, etc. It shows
special situations, sample scripting language, and tips and tricks.
It also provides links and references to places that the user may
go to gain more information on government regulations (such as IRS
regulations) and calculations (such as 401(a)(17) and Social Security).
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| Microsoft Word\Excel Interface |
| Many of the modules allow
the user an interface with Microsoft Excel and Microsoft Word. The
information that was created during the run can be extracted to an
Excel Worksheet or merged into a Word document by just clicking a
button. |
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| Online Hypertext Help |
| BenXL supplies standard
hypertext help. This online help is updateable and may be customized
to contain any information that will benefit the user. Procedure manuals,
SPD information or other documents or text can easily be incorporated
into the help. |
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