Pension Data Review Yields $300k in Savings
||Statewide Association of Counties
Plan sponsor recognized data issues for their plan participants were potentially impacting pension payment calculations. Data issues included incorrect dates of employment, missing earnings and hours, overstated rates of pay, duplicated bonuses and annual rates of pay saved as one-time bonuses.
CBIZ Retirement Plan Services applied a comprehensive set of validations and edits against the plan sponsor’s pension administration data to identify missing data, questionable data, and bad data (e.g., missing or incomplete employment history, duplicated or questionable payroll data, missing beneficiaries, etc.). This analysis identified the many data points in need of correction.
CBIZ RPS performed a data clean-up project, worked with the plan sponsor to obtain the correct data and updated the pension administration database. As a result, several pension amounts for retirees required recalculated using the correct data. Overall, this resulted in $300,000 in savings of pension overpayments that were being issued based on inaccurate data. Additionally, the plan sponsor gained peace of mind and confidence in the reliability of the historical pension data when performing automated pension results. Increased operational efficiency in administering the pension plan was another important outcome.
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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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