Pension Administration
BeneSys is experienced in both Taft-Hartley defined benefit and defined contribution pension administration. Our comprehensive services cover all necessary aspects of a successful pension plan.
Some routine services include:
- Responding to participant inquiries regarding eligibility, coverage, status of benefit payment and requests for forms
- Providing participants and applicants with written documentation of eligibility status
- Preparing and distributing annual benefit statements
- Determining benefit eligibility in accordance with the Pension Plan and rules and regulations adopted by the Trustees
- Maintaining and processing records of eligibility based on reciprocity agreements and procedures established by the Trustees
- Working with the Trust’s consultant and/or attorney on Plan interpretations as required
- Prorating benefits if an employer contributes less than the full negotiated contribution level
- Providing the actuary with annual report of participant data for actuarial valuations
- Performing annual certification to determine whether participants receiving disability pensions still meet the Plan’s definition of disability
Defined Benefit Pension Administration services include:
- Perform all functions relative to payment of retirement benefits in accordance with each Pension Plan
- Advise retirees of procedures for withholding federal income taxes from benefit payments, and withholding and reporting amounts to the IRS
- Verify accuracy of employer contributions and reports and maintaining these records
- Distribute beneficiary designation forms and retaining completed forms
- Maintain retiree files including information on benefit amount, type of benefit, spouse data, etc.
- Perform regular audit of retirees, beneficiaries and terminated vested participants against death records
- Monitor Pension Plan rules relating to mandatory 70 1/2 distributions, maximum benefit payment, and suspension of pension benefits
Defined Contribution Pension Administration services include:
- Preparing weekly electronic file transmissions of employer contributions and employee rollover contributions, including reconciling data, for Plan record keepers
- Processing requests for retirement benefits
- Processing benefit applications
- Distributing Plan communication materials and summary plan descriptions
- Preparing monthly financial statements including a balance sheet and statement of income and expense
- Providing member data to record keepers and consultants
- Reconciling monthly contributions and transferring funds to appropriate parties
- Participant loan processing
- Full financial reporting