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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.
 
Web version screenshots   Client/Server version screenshots
 
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.
 
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.
 
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.
 
Employer Data Storage and Management
Employer information is stored and used for contact management and billing purposes.
 
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.
 
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.
 
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.
 
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.
 
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.
 
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.
 
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.
 
Group (Batch) Calculations
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.
 
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.
 
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.
 
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.
 
Online and Batch (Group) Calculations Capability
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.
 
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.
 
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.
 
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.
 
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.
 
E-mail Request Management
Feedback given by participants is emailed to the administrators and can be managed through Email Request management.
 
Participant Usage Reports
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.
 
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.
 
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.
 
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.
 
QDRO Process
Qualified Domestic Relations Orders
 
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.
 
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.
 
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.
 
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.
 
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.
 
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.
 
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.
 
Automatic payments
On pensioner or beneficiary death, the system automatically stops and initiates proper payment to applicable participants and/or beneficiaries.
 
Customizable Data Quality and Integrity Checks
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.
 
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.
 
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.
 
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.
 
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.
 
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.
 
Employee Contribution Calculation
This module computes contributions that should be paid by covered employees.
 
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.
 
Reminder Management
This module allows the administrator to set up reminders to be displayed for any system user, employee, or both.
 
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.
 
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.
 
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.
 
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.
 
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).
 
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.
 
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.