Counties in Statewide Association Realize $600k Cost Savings from Retiree Death Audit
||Statewide Association of Counties
The plan sponsor had never performed an independent death audit of their retirees who were collecting pension payments. A death audit is a plan management activity that identifies individuals who have passed away but whose deaths were unreported to the pension plan administrator, thus payments continued to be made.
CBIZ Retirement Plan Services obtained retiree data from the plan sponsor and working with a third party commercial death audit service, proceeded to compare the retiree data to federal, state and other agency sources of deaths. This enabled identification of those retirees who were deceased but never reported to the plan sponsor or plan administrator, and thus pension payments were still being made.
The results of the CBIZ RPS death audit led the plan sponsor to suspend pension payments to the identified deceased retirees, resulting in $600,000 in current and future year savings of pension payments.
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CBIZ Retirement Plan Services is a trade name under which certain subsidiaries of CBIZ, Inc. (NYSE Listed: CBZ) market investment advisory, investment management, third party administration, actuarial and other retirement plan services. Investment advisory and investment management services offered through CBIZ Investment Advisory Services, LLC, Registered Investment Adviser. Investments, investment advisory and investment management services may also be offered through CBIZ Financial Solutions, Inc., Member FINRA, SIPC and Registered Investment Adviser, dba CBIZ Retirement Plan Advisory Services. Third party administration, actuarial and other consulting services offered through CBIZ Benefits & Insurance Services, Inc.
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