Managing Challenges with Participant Data

MarketSphere’s Reunification Program uses a consultative approach which supports fiduciaries with the management of their duties acting in the best interest of the participants, beneficiaries, and the plan.  We utilize a global network of resources finding 90%+ of your accounts in question, driving between 70-80% of them to respond.

Service includes:

• Reuniting any missing, lost, abandoned, or separated accounts with their respective participants or beneficiaries. This could be as simple as resolving bad participant data, finding alternate payees, or even resolving uncashed checks.
• Reporting on the status of any participant/beneficiary account to prove due diligence, especially in the targeted areas by the DOL, PBGC & IRS.
• Safeguard the plan against possible audits or “red flags” as defined by the DOL. Provide support with mitigation strategies in case of an audit and resolution for the DOL.

MarketSphere’s Death Audit offers both ad hoc and continuous monitoring options for flexibility within your plan.

Benefits include:

• Prevent erroneous pension or benefits overpayments to deceased individuals.
• Save on annual funding liability allocated for each individual account.
• Eliminate unnecessary insurance premiums paid to the PBGC for each participant.
• Validated results with only the highest matches provided and possible ‘fuzzy’ matches are vetted by the experienced MarketSphere team.
  • 98.2% coverage across the U.S.
  • 99.2% confidence rating.
  • 25% more deaths delivered.

Using our Plan Data Quality Report Card and Reunification Program as the backbone and through our customizable approach, we have been able to assist our clients with many sensitive projects where a response is needed from their participants for a variety of reasons. These projects take advantage of the expertise of MarketSphere’s team in driving over a 70% response rate for the actions requested by the plan for occasions such as:

• Soliciting Required Minimum Distribution applications.
• Notifying participants of their Age of Commencement.
• De-risking plans of small accounts.
• Managing Eligibility Questionnaires and documenting the results.

Click on the case studies below to learn more:

• Analyzing your Census File to Reduce Risks of Audit
• Finding Legal Claimants or Beneficiaries
• Resolving Uncashed Checks for Retirement Plans
• Retirement Commencement