Data Compliance Solutions for the Retirement Industry
Retirement systems are at an excessive risk of fraud due to data compliance failures and Social Security fraud. These issues are caused for a variety of reasons, including unreported deaths and Social Security number and identity theft. However, there are solutions available to help retirement systems and trusts with fraud prevention and accurate fund disbursement.
Our data compliance solutions at LifeStatus360 provide the tools to help the retirement system prevent fraudulent activity and overpayments. We use our proprietary SaaS platform to supply our customers with the quickest, most reliable results in the data compliance industry, and we are setting the new industry standards for Death Audit and Life Audit reporting.
Challenges Faced by the Retirement Industry
While there is no “one-size-fits-all” approach for administrators and plan sponsors, our team at LifeStatus360 understands that participant data needs to be analyzed regularly and scrubbed for errors and outdated information. We use a variety of tools within our Life Audit and Death Audit Solutions, including:
- LifeStatus Proprietary: our commercial group of sources
- Obit360: our advanced obituary matching system
- Social Security Administration Death Master File (SSADMF)
- State Vital Records agency data
- Quality Data Analysis
We can use any information, such as Name, DOB, SSN or last known address, to help you locate your retirement and pension plan participants. During our process, we’ll analyze the death audit data to establish the mortality of your participants before using our advanced system to locate any of your missing participants and help you clean up your data records.
LifeStatus360 Provides Solutions for Retirement Systems
At LifeStatus360, we know that securing our systems and protecting the integrity of our customers’ data is a top priority, especially in the health care field with HIPPA requirements and electronic medical records. We share the goals of safeguarding data against external risks, and understand the essential fiduciary and regulatory requirements tasked to the retirement industry.
Using our advanced technology, proprietary SaaS platform and vast collection of reliable data sources, our solutions offer the fastest results in the industry to aid in our customers’ fraud prevention objectives. Request your complementary walk-through webinar to experience how our system works, and sign up for our exclusive 7/30 Challenge. To learn more about these offerings and start your free trial offer, contact us online or via telephone at 888-LIFE-360 (888-543-3360).