PBI Launches CertiCensus®: The First Single Source Pension Plan Population Management Solution
MINNEAPOLIS, Sept. 14, 2021 /PRNewswire/ -- PBI Research Services, the leading death audit and locate service provider, today announced the launch of CertiCensus, the industry's first single source proactive pension plan population management solution to help pension plans reduce costs, eliminate overpayments, ensure regulatory compliance and mitigate cybersecurity risk.
CertiCensus offers continuous participant monitoring for always-up-to-date census data, comprehensive reporting and a full audit trail. This complete population management solution includes: identifying decedents with CertiDeath®, locating missing participants and/or beneficiaries, updating Personally Identifiable Information (PII), and sending required participant communications and managing all returned mail.
Managing pension plan populations is more burdensome than ever. The degradation of the Death Master File (DMF) has added significant complexity to identifying decedents, resulting in overpayments. Reduced usage of traditional communication methods such as regular mail and landline telephones coupled with changing patterns of where peope live and work due to COVID-19 has increased the number of lost/missing participants and beneficiaries. And continued issuance of regulatory guidelines that can lead to audits coupled with ever-increasing cybersecurity threats add to the burden of managing pension plan populations.
These complexities have required pension plans to build internal processes, work with a variety of service providers, and use disparate data sources and information to manage their pension participant pool. All of which are costly, time-consuming, result in missing participants/beneficiaries and unidentified decedents, result in increased cybersecurity threats, and often fall short of DOL compliance.
"Pension plan population management continues to become a more difficult, costly, time-consuming and riskier process," said John Bikus, president of PBI Research Services. "With CertiCensus, PBI offers a solution combining unparalleled decedent identification, a locate product conforming to DOL guidance, service to manage required participant communication, and consistently-updated participant/beneficiary information."
"CertiCensus helps pension plans maximize the lifetime of the fund by reducing costs and minimizing overpayments in addition to providing auditable trails to help with regulatory compliance," continued Bikus. "And because PBI executes all elements of the solution and will house everything in one system, the ever-increasing cybersecurity threat is mitigated through reduction of PII exposure or system access that occurs with multiple vendors handling these activities."
To learn more about PBI's services and calculate how much CertiCensus could save your organization annually, please visit www.pbinfo.com.
About PBI Research Services
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SOURCE PBI Research Services
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