Finance & Accounting

Accounts Payable
Accounts Receivable
Procurement
Tax

Human Resources

Benefits Administration
Payroll
Pension Administration

Legal

Records Management
Governance, Risk and Compliance
E-mail Archiving

Pension Administration Issues

Whether the administration of your defined benefit plan is done internally or outsourced, eligibility verification, benefit calculation, etc. is frequently dependent on the availability and completeness of information in the “files” that have been accumulated. Typically, the payroll and benefit information kept for the employee has changed in form over the years and it may be difficult to guarantee that everything you need is really there. For many larger organizations that may have multiple locations or have grown and evolved through merger and acquisition—these files may be kept in multiple pieces, reside in different places and exist in multiple formats (paper, microfilm, microfiche, CD, even other imaging systems) thus increasing the difficulty.

The challenges faced with these long-term physical records include:

• Multiple files with partial information may be insufficient individually for accurate benefit calculation.
• Variable information formats (paper, microfilm, electronic) may prevent convenient or complete review of all employee information
• Inability to deliver access to a complete record may prevent outsource options for benefit administration
• Aging materials may be in poor condition and will continue to degrade over time
• Lack of backup to these one-of-a-kind physical records puts the organization at risk

DataBank Pension Administration Solutions

We help our customers improve efficiency, ensure accuracy and reduce cost and risk by replacing the variable physical “files” with a consolidated electronic employee record accessed from a single interface through our outsourced document conversion services and enabling image management technology.

DataBank will scan and index your existing employee records, whether they are on paper or microfilm/microfiche in our SAS 70 Level II certified (pending) operation centers. In addition, our technical engineers have migrated and converted images on CD’s and in dozens of legacy imaging systems so that all of your records will be available in one system, accessed with one search.

Use DataBank Online Services as your one-stop for on-line access to everything available for each employee. Manage not only scanned pages, but Word, Excel, Adobe (PDF) and other e-forms you may use in servicing and processing beneficiaries. 

Benefits of DataBank Pension Administration Solutions

Our solutions will allow you to eliminate the clear challenges of working with paper, film and other legacy information formats resulting in measurable efficiency gains and improved accuracy and accountability that reduces business risk. The list of advances you can make, driving benefits and advantages in your organization includes:

Document Scanning-Indexing for Pension Administration

• Stop continuous paper handling, filing and re-filing in the department
• Eliminate lost, misplaced documents
• Truncate further document aging and degradation
• Consolidate multiple files into a single digital record
• Reduce storage space requirements and costs
• Include your Office documents (such as Word and Excel, and other document types) and electronic forms in one system

Image Management for Pension Administration

• Establish a centralized, unified electronic repository of all pertinent employee documents—offering on-demand access to required information from a single interface
• Provide complete information for pension eligibility verification and benefit calculation—instantly
• Gain a comprehensive backup of employee records supporting disaster recovery/business resumption efforts
• Facilitate permanent retention or automate retention policies according to business rules
• Implement security features to protect employee privacy and comply with all regulations
• Reduce storage costs and virtually eliminate any document loss by providing an electronic central repository for all records
• Enjoy on-demand retrieval from your system screens

Contact a DataBank Expert
To learn more on how DataBank can help you manage your documents more efficiently, lower your operating costs, and improve your organization’s access to information in a highly secure environment, contact us today.

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