Defined Benefit | TPA

Penad
5
Services
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Defined Benefit TPA Services

Penad
5
Services
5
Defined Benefit TPA Services

Defined Benefit TPA

The name “Penad” comes from “PENsion ADministration” – that’s what we do! Penad has provided end-to-end Third-Party Administration (TPA) services to DB pension plan sponsors since our founding in 1983. The administration team at Penad has managed hundreds of DB pension plans representing almost every conceivable benefit type, while our software development team has created leading automation tools to streamline administration and member service. Penad will free you of the management and technical challenges associated with pension plan administration.

Penad’s TPA service is built around Penad’s team of DB pension experts.

Every DB pension plan has unique benefit provisions, which require judicious handling by people who are deeply conversant with DB pension management. With Penad’s TPA service, plan sponsors receive an administration solution that is tailored to the unique provisions of their plan and is managed by senior staff who fully grasp the plan’s subtleties.

The Penad TPA solution is comprised of four interlocking components which combine to meet the total needs of DB plan sponsors.

The administration team at Penad has managed hundreds of DB pension plans representing almost every conceivable benefit type. Our senior administrators are recognized as experts in the field and serve as advisors and consultants to pension boards and are called to speak on pension issues at conferences in Canada and internationally. In fact, amongst the administrators at Penad, if you have less than fifteen years of experience in pensions, you are considered something of a newbie! Every member of Penad’s DB pension administration team has a least a dozen years in the field, while most have worked on DB administration for over twenty years. To put it plainly, the people at Penad KNOW DB pension plan administration.

TPA Services

Penad offers a comprehensive service package where Penad takes care of every pension administration detail on your behalf. The DB TPA component of the Penad TPA model delivers six integrated administration processes and services.

Data Acquisition and Plan Installation

Penad loads your pension data into our administration database. Data audit and purification services are available during this stage. Penad will issue member certificates to all members, as well as providing the plan sponsor with an Administration Guide including forms and supplies for new transactions.

Year End Reports and Member Statements

Penad issues Year End Reports to the plan sponsor and individual employers and delivers flex-design Member Statements.

Member benefit accrual updates
Pension adjustments and reversals
Government information returns

Plan Level Transactions

Plan transactions include:

Plan wind-ups, conversions, takeovers, mergers, and retirement windows
Standard and ad hoc reports
Data exports for actuarial analysis

Comprehensive Monthly Administration

On-going Administration includes:

New member enrolment
On-going data changes (beneficiary update, etc.)
Updating of contributions
Updating of salary changes/hours worked
Responding to member inquiries
What-if pension calculations

Member Level Transactions

All Member Transactions are covered, including:

The calculation of benefits on termination, retirement, death, or marriage breakdown
Issuance of member option forms
Issuance of settlement instructions to trustee
Annuity placements

Internet Access

The Penad TPA portal provides Internet access through a standard web-browser – plan sponsors, employers, and members can gain access to and update critical pension data. Web page layout and design is fully customizable to the branding of the plan sponsor.

Whether looking at cost or services, the Penad TPA solution is designed to satisfy the needs of all stakeholders in your DB pension plan.

Our comprehensive solution handles every detail for you
Our Service Guarantee ensures your satisfaction
Our leadership in web-based technologies gives stakeholders better access to pension plan information
Our streamlined processes and advanced calculation algorithms results in lower administration fees
Our team of pension experts is here for you, to help you with the problems and situations that face your pension plan

Great Software & Great People

It takes great software and great people to administer a DB pension plan well. Penad has both, combined in our TPA service solution. We have succeeded in the DB administration business because we created a formula that works. In fact, some of our clients have been with us for over twenty years because we deliver peerless service and quality at a reasonable cost, year after year. Our streamlined system saves time every step of the way, which means we can offer our services for a lower price, guaranteed.