Challenge:
A manufacturing company had been manually managing their employee pension plan with over 790 participants. The process was a resource-heavy task to stay up to date on deceased participants and required mailings. In addition, with internal audits coming up, a new benefits team was concerned about not meeting the Department of Labor (DOL) guidelines for missing participants and making overpayments.
Solution:
In February 2022, the company reached out looking for proactive pension plan management. The CertiCensus solution was the ideal fit to provide access to superior data that identifies 95% of decedents and audit documentation. The technology platform was user friendly and required minimal onboarding time.
Results:
In the first three months of usage, CertiCensus was able to find 57 percent of the missing participants. Data gathered by CertiCensus also indicated that more than two percent of the missing participates were deceased, allowing the client to stop making overpayments. The platform’s full audit trail provides the details of all due diligence taken to locate the participant – providing them the confidence they are meeting the guidelines of the DOL.
“I cannot imagine what we would have done without CertiCensus. Staffing changes left us with less visibility into pension plan management, which could have led to overpayments and compliance issues. CertiCensus saved us hours of time we would have spent working on this manually.” – Analyst, Benefits & Compensation HR and Communications
