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Plan Hygiene
Strengthen Your Plan Data
A Strategic Path to Strengthen Plan Data
Plan Hygiene is a service designed for organizations looking to strengthen the long-term reliability of their plan data to better manage plan costs and be prepared for what's next.
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The Hidden Costs of Poor Data Quality
Many plans contain records with outdated information or unresolved issues, which can lead to unnecessary costs and headaches, such as:
• Overpaying a deceased participant
• Paying higher benefit amounts at late retirement
• Not being ready to de-risk the plan at the opportune time
• Paying a premium to annuity providers for incomplete data
With October Three's Plan Hygiene service, we cover the heavy lifting, saving you and your team valuable time and effort throughout the entire process. As seasoned experts, our team will handle everything from extracting data from paper files onsite to data accuracy checks.
What Plan Hygiene Includes
Our plan hygiene service contains three different strategies to reinforce your data. They include:
Excellent for sponsors interested in pension risk transfer or plan termination, as data requirements for those processes are often more extensive than current plan administration and actuarial needs. We'll review your data and fill in any holes, taking care of every detail for you and your team, while providing a staffer on-site to sort through physical files, so you don't have to.
Data extraction from paper files
Joint annuitant searches
Accrued benefit verification
Accuracy checks
The Social Security Administration's Death Master File provides organizations with only 23% of the deaths that take place. Our Death Audit service quickly identifies deaths for you using state-of-the-art systems and processes to search public records, obituaries, and social media. We will also handle the administrative work that results from the discovery of in-payment deaths.
Death search
Stop retiree payments
Certified mailings to beneficiaries
Survivor benefit processing
If you are considering de-risking through an annuity purchase or lump-sum window, having the correct addresses will directly impact the success of those initiatives. We enlist our expert search firms to quickly locate and reconnect with plan participants to confirm their current addresses. This is a critical yet often overlooked step that can impede the plan termination process.
Address audit
Certified mailing to verify addresses
Frequently Asked Questions
The goal is to ensure accurate participant information within your company's pension plan to help maintain data integrity, prevent erroneous payments, and confirm compliance with legal and regulatory requirements.