Redefining Benefit AdministrationV3 Supports Defined Benefit, Defined Contribution and Tax Deferred Annuity Processing
Supports Your Plans
V3 for Retirement is a fully integrated, highly scalable solution suitable for use by public pension funds, Taft-Hartley plans, municipal plans, third party administrators and other similar organizations.
Daily Tasks Made Easy
Address a full spectrum of requirements including enrollment, payroll reporting, contributions processing, benefits calculations and benefits payroll.
Tackle All Of Your Benefit Administration Requirements
Processes enrollments across a broad array of product offerings in a consolidated fashion while applying case-specific eligibility and election rules. Provides self-service capabilities for employers and employees. Speeds up and simplifies benefits enrollment via a configurable enrollment rules engine.
Maintain member accounts and work history. As employers submit contribution reports, V3 maintains transaction records that track work periods, job classifications, hours, repayments, etc. These details, combined with other critical elements, are captured to build a complete view of each member’s work history.
Retirement Application Processing
Manages the retirement application process from initial estimate through approved benefit. Include estimates, follow up correspondence, application generation, waivers, approval processing and more. Rule-based automation and self-service capabilities support straight through processing and administration by exception.
Withdrawals & Transfers
V3 for Retirement provides all the required tools to increase efficiencies, accuracy and customer service of the membership transfer and withdrawal processes.
Employer Payroll Reporting
Payroll processing is accomplished quickly and efficiently, allowing changes and additions to be received close to actual payroll dates. This is a major win for members, particularly someone awaiting his/her first check or a change in payment who would have previously had to wait for the next month’s payroll cycle.
Cash Receipts and AR
Integrated mass cash receipts processing permits users to import most industry standard file formats.
Revisions & Corrections
V3 for Retirement allows for overrides, corrections and reversals of system-calculated results. This is especially significant in retirement calculations where unavailability of old payroll data may require manual updates.
Pension Plan Rules & Provisions
Specific pension rules are configured, not hard-coded, within the installed system. This allows for both a high degree of functional fit and an ongoing evolution of configurations as requirements change in the future.
Annuity Options Calculations
V3 contains function buttons that quickly calculate member annuity options.
Automate and standardize the complex service calculations across all participants while increasing the accuracy of the calculations, greatly accelerating the retirement process.
Base Benefit Calculations
Supports single and multi-target estimates along with various what-if assumptions for things like future earnings increases and potential service credit purchases. Can automatically calculate the target retirement for “earliest” and “normal” retirement dates without the user or member having to know or specify the specific date or age. Estimates can be saved and retrieved. Produces fully formatted estimate letters and full application packages.
Purchases of Service and Buy Backs
The V3 SCP provides functionality for processing service credit purchases such as buy backs and buy ups. The system calculates purchases cost, manages the payment plan and billing, collects related payments directly or through payroll deductions, and releases paid credit. Released credits are then available in downstream benefit calculations but can optionally appear separately on an estimate or statement.
A Complete Solution
V3 offers a complete suite of administration capabilities and a comprehensive set of enterprise features in a single, integrated solution leveraging a single common database and user interface. This creates tremendous opportunities for system consolidation and data de-duplication while potentially revolutionizing your administrative capabilities and service offerings.
V3’s various retirement and enterprise modules can be used in any combination in a single installation. From standalone function-specific implementations to full-life cycle deployments, V3 can be tailored to your specific priorities and requirements. This also supports risk-mitigating phased rollouts in which an organization grows into its target state at its own preferred pace.
On Premise or in the Cloud
The V3 Cloud is a turn-key, cloud-based alternative to an on-premise V3 installation. It offers your organization a complete V3 infrastructure with no third party hardware, software or operating requirements. It contains costs, speeds implementation and greatly simplifies ongoing operations. It also delivers the very latest in security and high availability.