From the desk of David F. Wiley, Director of IT:
Time Is Money. Now, more than ever before with the changes made by the Social Security Administration and the pressures put on by the DOL, IRS and PGBC – time is money, and time lost is money lost.
Money is the primary and most important consideration. As fiduciaries, plan sponsors are charged with shielding and preserving the assets, resources and monies of the plan for all participants of that plan.
Have you ever been in a situation where your plan has made payments to a deceased participant? When payments are made after the death of a participant, and if these payments continue for weeks, months, and, in some cases, years, that overpayment is hard to recuperate. This becomes an even larger issue when the death remains unreported unknown or unidentified, when the overpayment increases and it becomes even more difficult to recover.
It’s simple: Time is Money.
For the plan sponsor community, speed is of the essence. The faster you are made aware of a death, the faster you can react and do those things you need to do: shield and preserve the assets, resources and monies of the plan for all participants of that plan.
How LifeStatus360 Approaches Death Audits
Our approach is a simple one: technology. We have gathered all the death sources we can get our hands on (and are continuously looking for more!). When the Death Master File (DMF) became the Limited Death Master File (LDMF), LifeStatus360 rushed to plug that hole and fill in the blanks. To do so, we added obituary records and our proprietary records (LifeStatus360). We went from weekly results to producing daily results!
Why wait to sign up and start saving money?
We provide the advantage of a daily death audit for our subscription users. If a daily death audit is not required, you can control the frequency to a schedule that is more suitable to your timeframe.
We’ve also added more Life Audit Services to help our customers clean their data and fill in any gaps. The better your data, the better the monitoring. Additionally, our free data analysis is included as part of our services because good data matters! Our Life Audit Services help you clean your data and fill in the holes.
In a nutshell, that is what we do: Death Audit and Life Audit monitoring. We monitor and report back to you, as fast as we can detect changes in the force.
The Benefits of a Daily Death Audit Solution
Overall, the cost of a Daily Death Audit is far less that the cost of a single overpayment, and far less expensive than trying to recuperate that overpayment.
- The benefit is money
- The benefit are savings
- The benefit is less administrative costs
- The benefit is less legal costs
- The benefit is clean data
- The benefit is getting to know your data (demographics analysis, metrics analysis, data analysis)
If you recognize the benefits of using this daily death audit approach, give us a call. Let us help you save money.