Did you know millions have been sent to deceased pension plan participants? Shocking, right? But this is just the tip of the iceberg when it comes to the hidden costs of bad pension data.
In today’s dynamic world, keeping participant information accurate and up to date is a constant battle for pension plan administrators.
Here’s why:
● Frequent mailers: People move! On average, 1 in 8 Americans changes their address annually. Imagine the outdated information accumulating in your participant database over time.
● Data Desert: The Social Security Administration’s Death Master File (DMF), a once-reliable source, now only captures a fraction of deaths. This leaves a massive gap in your ability to verify participant status.
● Resource Squeeze: Maintaining accurate data requires significant time and manpower – a luxury many pension plans simply don’t have.
The consequences of bad data go far beyond misplaced mail.
Here’s what you risk:
● Overpayments: Sending benefits to deceased participants is a costly error. Inaccurate data is a recipe for millions of dollars in wasted funds.
● Returned Mail Mayhem: Imagine the time and resources wasted managing mountains of returned mail due to outdated addresses.
● Compliance Nightmares: Inaccurate data can lead to regulatory issues and hefty fines from the Department of Labor (DOL) or IRS.
There’s a Better Way: Introducing ABL Tech’s LifeVerify & MVerify
At ABL Tech, we understand the challenges of pension data management. That’s why we offer a suite of solutions designed to keep your data squeaky clean and save you money:
● LifeVerify: Our proactive participant management service continuously monitors and updates your database, ensuring you have the most accurate information possible.
● MVerify: This industry-leading mortality verification solution utilizes multiple data sources and human expertise to verify participant status with unmatched accuracy.
Don’t let bad data become your burden. Contact ABL Tech today to learn more about how LifeVerify and MVerify can help you achieve audit-ready data, reduce costs, and ensure peace of mind.
