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.
Participant Data Management, our industry-leading 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
- 33 warnings
- 65 stop-and-fix errors
Check Out Our 2019 Statistics*
66% of payroll files loaded through PDM had at least one error or warning.
Total of 5.4 million errors or warnings.
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
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, compensation amounts and that contributions don’t exceed limits.
- We check the data of every employee, whether they’re enrolled or not.
- We make sure errors don’t travel from a payroll system to a recordkeeping system.
- Our solution integrates with an employer’s payroll provider, which reduces manual workloads.
- Employers, advisors and TPAs 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.
- 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 Plans
Participant Data Management keeps a plan running smoothly.