Pensioner Payroll
Pensioner Payroll Administration
The PX3000™ Pensioner / Annuitant Payroll module enables administrators to manage all aspects of making monthly payments to a book of payees.
Manage all aspects including:
Member Record
- Manage all payees and beneficiaries / dependents. If a dependent is a minor, system will also store minor’s trustee/guardian.
- Connect each payee to a source pension plan, so that all payees in that plan can receive pension increase distributions from the source pension plan.
- Each payee has a payment record.
Pensioner Dies
- When a pensioner dies and the pension is still guaranteed, the remaining pension gets split amongst beneficiaries according to the percentage split indicated in the beneficiary record. Administrators will then set up new payment records for each new recipient. PX3000™ tracks the history of these changes and then allows the system to apply new Pension Increases on behalf of those new payees, if needed.
- PX3000™ Pensioner Payroll can end a recipient’s benefit due to death and create a new recipient(s) in accordance with the Member’s options and guarantee periods.
Overseas Payments
- PX3000™ generates the appropriate non-resident payment ledger based on a member’s default address within PX3000™, which allows an administrator to correctly transfer funds internationally.
Sub-payees
- Payees can designate sub-payees, so the administrator then takes care of deducting the sub-amount from the payee’s pension and making the payment to the sub-payee. PX3000™ enables/tracks this as a separate payee under the payee’s benefits payable record.
Negative Deductions
- Where a payee is overpaid (eg when the pensioner dies and the spouse continues to collect the full pension by mistake), the payee needs to be contacted and a pro-rated payback schedule agreed to. PX3000™ can enable the manual setup of a payback schedule within PX3000™ by using the PX3000™ Payee designator and Effective Date process.
ACH
- PX3000™ stores organizations such as banks, trusts, credit unions, etc. In each payee record, the administrator can track the institution’s Account #, Branch #, Transit #, and Account Type.
- PX3000™ can generate a routing code for the ACH file to indicate the specific recipient bank.
Learn About Penad’s Administration Solutions
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