Clean Data for Retirement Plans

Accurate employee data is the key to a healthy retirement plan. When errors get through, employers need to spend time and money to correct them. Bad data also exposes employers to fiduciary risk.

Our data technology solution keeps errors out of a plan in the first place. And we include it in every plan we offer.

Unrivaled Process Helps Plans Run Smoothly

98

Data Validations

  • 33 warnings
  • 65 stop-and-fix errors
Key Features
Helps keep your plan data accurate by actively scanning for errors and discrepancies
Saves time by making it fast and easy to correct data issues
Lowers fiduciary risk by ensuring accurate plan data
Included with all plans

Check Out Our 2020 Statistics

 

Payroll Files

65% of payroll files that we scanned had at least one error or warning.

Error Warnings

Total of 3.2 million errors or warnings.

Data Discrepancies

We caught 56,000 data discrepancies, which kept money from going into plans by mistake.

(Errors related to ineligible employees and excess loan payments, for example)

3 Major Benefits

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Higher Plan Accuracy

  • Clean data makes it easier to track eligibility and vesting. For every payroll, we run almost 100 validations. For example, we check employee eligibility and compensation amounts, and make sure contributions don't exceed limits.
  • We check the data of all employees, whether they’re enrolled or not.
  • We make sure errors don’t travel from a payroll system to a recordkeeping system.
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Time-Saving Help

  • Our solution integrates with an employer’s payroll provider, which reduces manual workloads.
  • Employers, advisors and third-party administrators have easy, anytime access to census and contribution data.
  • HR staff can spend less time on payroll submissions, census work, compliance testing — and retesting — and year-end reporting.
  • We include a team of dedicated data specialists to help set up the process.
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Less Risk

  • We ensure the accuracy of employee information, which prevents errors that take time and money to fix.
  • Clean data results in fewer discrepancies and lowers an employer’s exposure to fiduciary risk.

Included In All Retirement Plans

Our data management solution keeps a plan running smoothly.