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.
We help you save time – and avoid risk – by running 98 validations on your plan data:
- 33 warnings
- 65 stop-and-fix errors
Help your clients keep errors out of a plan in the first place with our data technology solution. It’s included in every plan we offer.
What Our Data Technology Does
We keep your plan data accurate by actively scanning for errors and discrepancies.
The simple interface makes it easy to see and correct data issues quickly.
Lowers Fiduciary Risk
By preventing data discrepancies, you can help avoid fiduciary risk.
Check Out Our 2022 Statistics¹
Percentage of payroll files that had at least one error or warning.
Total errors or warnings.
Data discrepancies caught, preventing money from going into plans by mistake. (Errors related to ineligible employees and excess loan payments, for example)
3 Keys to Keeping Plans Healthy
- 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 we 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.
- 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.
- You can expect a team of dedicated data specialists to help set up the process.
- Our data technology solution ensures 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.