Defined Contribution
Easy DC Pension Administration
PX3000™ takes care of every aspect of DC plan administration, from plan setup to data loading for Members and Employers, to setting up multiple funds and investment options, to handling all contributions and surrenders, to comprehensive reporting, to managing an entire book of business.
Satisfying the Needs of In-house Administration
PX3000™/DC provides the backbone for institutions looking to bolster their pension offerings and build their books of business, while also satisfying the needs of large DC plan sponsors who handle administration in-house.
Track and Administer Quickly and Easily
With PX3000™/DC, a financial institution can track and administer an unlimited number of individual and group pension accounts comprised of a range of savings types: unitized, interest bearing, guaranteed investment term, and money market. You can quickly build, offer, and administer new products, drawing upon any funds or savings vehicles available.
PX3000™/DC enables the administrator to take care of every detail involved in pension administration:
- Set up pension plan
- Enroll new members
- Track contributions and deposits
- Statements of account
- Inter-fund transfers (by unit, percentage, or dollar amounts)
- Withdrawals
- Terminations
- Retirement
- Vesting schedules
- Death calculations
Individually Tailored to Your Requirements
During setup, PX3000™/DC is tailored to the unique regulations, tax reporting/withholding, and other particulars of your regulatory environment and jurisdiction, and of course the system can handle multiple currencies and any language of correspondence.
Comprehensive Administration Tools
PX3000™/DC also features full “Book of Business” tools for financial institutions, such as a comprehensive Commissions Module for tracking sales agent remuneration, including split commissions and asset bonuses. Another important tool is the G/L interface, for insurance reserve accounting and other purposes. PX3000™ enables a bank or insurance company to offer and administer a full book of DC pension products.
Learn About Penad’s Administration Solutions
Get in touch to schedule a demo and to speak about the needs of your organization.