Client Profile

Issue

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.

Solution

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.

Outcome

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.