Defined Benefit
Full End-to-End DB Administration
Get control of the complex administration processes
and tasks that are required to take care of the Members and Employers in a Defined Benefit pension plan or group of plans. From plan setup to Member enrollment to year-end processing and retirement transactions, PX3000™ DB has got you covered.
Full Implementation Services
Penad takes care of setting up all data, entities, plan rules, and legislation. We create each client’s final operational dataset by migrating all legacy data, which often goes back decades and covers salary, service, contributions, and other data points. Your administrators can then use this clean data for all elements of DB plan management and calculations.
Complete Transactions Management
Transactions such as terminations, retirements and deaths require complex calculations and multiple process steps such as sending option forms to/from Members. PX3000™ tracks every aspect of transactions, with Commuted Value calculations made internally without the need for an external actuary. Each transaction takes into account all service and contributions, status changes (disabled / hourly / salaried / locations etc)., vesting schedules, and benefit formula changes for different periods including grandfathered benefit clauses.
PX3000™ takes care of every aspect of administration, from plan set-up to member enrolment to production of membership certificates to all calculations and reports to final settlement instructions or annuitant payroll.
Easily Manage Complex Processes
PX3000™ features numerous automated processes for common repeating tasks such as uploading data, changing rates, correcting bad data, and many others. Some common processes include:
- Year End (including all calculations required to calculate and produce year-end statements for all Members).
- Load Contributions
- Employment & Contributor Changes
- Issue ER Invoices
- Actuarial Data Export
Contributions & Service
PX3000™ is streamlined to import and allocate required data for Members and Employers. Contributions, withdrawals, LI and NLI transfers, service records, status changes (disability periods, salaried vs. hourly, etc.), salary updates, changes to Employer divisions / locations — all the data points that are required to correctly process retirements and other transactions.
Learn About Penad’s Administration Solutions
Get in touch to schedule a demo and to speak about the needs of your organization.