So many people, so little time. Defined Contribution (DC) savings products for groups and individuals are proliferating as the world’s aging workforce wakes up to the need to save for retirement. And banks and insurance companies are offering more products in an attempt to compete and satisfy the growing demand.
PX3000tm/DC provides the backbone for institutions looking to bolster their pension offerings and build their books of business.
With PX3000tm/DC, a financial institution can track and administer an unlimited number of individual and group pension accounts comprised of a range of savings types: unitized, interest bearing, guaranteed investment term, and money market. You can quickly build, offer, and administer new products, drawing upon any funds or savings vehicles available.
PX3000tm/DC enables the administrator to take care of every detail involved in pension administration:
– Set up pension plan
– Enrol new members
– Track contributions and deposits
– Statements of account
– Inter-fund transfers (by unit, percentage, or dollar amounts)
– Vesting schedules
– Death calculations
During setup, PX3000tm/DC is tailored to the unique regulations, tax reporting/withholding, and other particulars of your regulatory environment and jurisdiction, and of course the system can handle multiple currencies and any language of correspondence.
PX3000tm/DC also features full “Book of Business” tools for financial institutions, such as a comprehensive Commissions Module for tracking sales agent remuneration, including split commissions and asset bonuses. Another important tool is the G/L interface, for insurance reserve accounting and other purposes. PX3000tm enables a bank or insurance company to offer and administer a full book of DC pension products.