March 15, 2017
According to recent press releases and articles, the pension risk transfers are on the rise, with many pensions being transferred to Pension Benefit Guaranty Corporation (PBGC). While not strictly a government entity, PBGC is supported by the government to issue pension funds to the rising number of fund participants. However, what many companies may not be aware of is how to manage the risk associated with pension fund transfers.
LifeStatus360 works with companies who manage pension funds to reduce the risk associated with the funds, such as updating the participant’s information, changes of address and mortality status. We provide complete data compliance solutions to ensure that your pensions aren’t losing money by paying out to ineligible or deceased participants, which helps to reduce the risk associated with transferring your pension funds to outside companies like PGBC.
How to Manage Declining Pension Funds
In a recent press release, PGBC reported that, with the rise of pension transfers, their funds are quickly declining. How much of those funds are being reduced because of incomplete files and missing participants? One of the most important aspects of data compliance within the pension fund industry is ensuring that your files are current. At LifeStatus360, our data compliance solutions include:
- Death Audit Services: locate deceased participants with the Death Master File, selected state data, Obit360, LifeStatus Proprietary & receive daily updates
- Life Audit Services: locate participants using MailAddressPro, SSN Verification, DOB, Relative Names or Telephone Number
- Insurance Policy Check: find deceased or missing policyholders or beneficiaries to ensure they’re receiving benefits payments. See Schedule A- Rules for Identifying Death Matches.
- Confirmed Locate: update data on your participants with our advanced Confirmed Locate strategies and low cost processes
As pension funds are being threatened with running out of money for payments, it’s even more important to keep your records up-to-date with the most accurate participant and policy data.
Sign Up for Data Compliance Solutions at LifeStatus360
We know the importance of maintaining accurate results, which is why we provide the best solutions in the industry. Our tools help you easily manage and update your records, ensuring that your funds are being dispersed to living, eligible participants or stop payments on deceased participants, saving funds. Let us show you how easily you can find the results you need with our proprietary SaaS platform, and receive daily updates when you sign up for our Death Audit and Life Audit Subscriptions.
Contact our team online or via telephone at 888-LIFE-360 (888-543-3360) to learn more about our data compliance solutions. We can ensure the integrity of your pension funds before you transfer to a third-party distributor and reduce the risk associated with the transfers.