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MIMICS Pension Management System Overview

MIMICS Pension Management System is a flexible system for managing multiple pension plans that can be localized by the user for any country. From the inception of the plan through the final pension payments, the system will effectively track the contributions made, documents filed, and any number of adjustments to the plans as they occur. Optionally, an additional module will manage the pension portfolio of securities.

The system maintains each participant's enrollment information, plan association, contribution tracking, and beneficiary and dependent data. The user defined vesting schedule allows for flexibility in the investment of contributions by both the employee and employer.

The system records the parameters of the plan such as the parties to the plan and whether or not they are required to be certified. The requirements of the board of trustees are recorded in order to be tracked by the system. Early, normal, and late pension ages; rates paid for contributions; contribution frequencies and limits; and pension payments, limits, and restrictions are recorded. Payroll deduction parameters are maintained. The board of trustees can be created with the system ensuring that the board maintains the correct composition. The plans can be either fixed benefit or fixed contribution.

Several categories of documents are maintained by the system. Documents required by the government are managed. Reminders are provided for filing requirements. Documents required by the member are maintained in a similar manner. In addition, documentation required by the user, such as proof of citizenship, are maintained by the system.

Member information and membership status are maintained in order to track active members, pensioners, etc. Full mailing address, including alternate address, payee address, phone and email information are used for communications with the member.

Nationality and country of residence are maintained. Dates such as the date the member entered the plan, the member's birth date, and retirement or disability date are saved. The member can have any number or type of beneficiaries. Payments can be made to beneficiaries if authorized. The system tracks when the member approaches retirement and maintains other information such as beneficiaries and the disposition of the pension payments including check or ACH.

All of the parameters required by the plan are set up by the user. This includes early, normal, and late retirement ages; maximum number and amounts of contributions by the member and/or the employer; whether or not payments are made for disability or illness; and frequency and limitations of pension payments. The system manages all of the parties to the plans; their license or certification numbers if required; the composition and members of the board of trustees; and vesting information.

The system handles mandatory and voluntary contributions. These contributions can be entered manually or through automated payroll deduction. The value of the contributions is calculated by interest accruals or application of an NAV per unit. Payments are calculated by the system, and payments to pensioners, beneficiaries, or other authorized persons can be made by check or ACH. Pension payments may be printed on pre-printed check stock or blank check stock. The system can print the micr encoding. The system calculates lump-sum payments for verification of auditor's figures. All data is encrypted.

A complaint register is maintained for logging all complaints and for recording all complaint resolutions. The user can run what-if scenarios for situations such as plan requirement due to early retirements and other questions. The system can optionally manage all of the securities in the pension portfolio including equities, fixed income securities, and the derivatives of each. The Administrator can define and manage user permissions and access levels. All data is encrypted.

If you would like more information about our products and services, please fill out an online form or send us an email.

Product Features
Overview
  • Enter Unlimited Number Of:
    • Members
    • Pensioners
    • Employers
  • Defined Contributions Accepted
    • Defined Benefits Accepted
      • Tracks Plan Requirements
        • Tracks Member Information
          • Tracks Contributions
            • Tracks Normal & Lump Sum Payments
              • Allows Multi-System Transfer Between Funds
                • Maintains Check Register
                  • Check Reconciliation Available
                    • Supports Multi-Currency Transactions
                      • Data Conversion From Legacy Systems
                        • Optional Embedded Report Writer
                          • Support For External Report Writers
                            • Optional Email Capabilities
                              • Optional Embedded Accounting System
                                • General Ledger By Fund
                                • User Defined Accounting Rules
                              • Optional Portfolio Management & Analysis
                                • Optional Web Interface
                                    • Technical
                                    • Client/Server Architecture
                                      • Object-Oriented Design & Programming
                                        • Fully Relational Database
                                          • Allows Single Entry Points For Data
                                            • Eliminates Redundant & Conflicting Data
                                              • Provides For Simpler Modification
                                                • Single and Centrally Integrated Database
                                                  • Database Transaction Rollback
                                                    • No Limit To Members & Employers in Database
                                                        • General
                                                        • All Features Are Fully Integrated
                                                          • Integrates with Fund Portfolio Management
                                                            • All Processing In Real-Time
                                                              • Batch Processing Feature
                                                                • ACH Exports Feature
                                                                  • Inquiry Feature with Drill Down
                                                                    • Optional Report Writer
                                                                      • Allows User Customization Of All Reports
                                                                    • User-Defined Holiday Table
                                                                      • Schedule Batch Process In Advance
                                                                        • User-Defined ID Numbers
                                                                          • Date & Time Stamp All Transactions
                                                                            • Windows Setting for Date Formats
                                                                              • Mandatory Fields Color Coded
                                                                                • User Can Modify Field Names
                                                                                  • System Runs Required Input Check
                                                                                      • Setup Options
                                                                                      • # Of Days Before Archiving:
                                                                                        • Inactive Member Data
                                                                                        • History
                                                                                        • Purging Transaction History
                                                                                      • Monetary Limits Trigger Approval
                                                                                          • Security-Password Protection
                                                                                          • System Requires User ID & Password
                                                                                            • System Enforces Lock Out for Bad Password Attempts
                                                                                              • Reports Failed Log In Attempts
                                                                                                • Passwords Are Masked
                                                                                                  • Rules For Strong Passwords
                                                                                                    • User-Defined Password Expiration
                                                                                                      • Protection Against Recylced Passwords
                                                                                                          • Security-User Access
                                                                                                          • User-Access Defined By User Profiles or Individual
                                                                                                            • Setup Unlimited Numer of Users
                                                                                                              • Setup Unlimited Number Of Profiles
                                                                                                                • Pre-Set Read Only Mode Available
                                                                                                                    • Security-Other Protection
                                                                                                                    • Session Timeout For Inactivity
                                                                                                                      • Menus Tailored By User Profile
                                                                                                                        • Database Is Encrypted
                                                                                                                          • All Data Transfers Encrypted
                                                                                                                            • Free Offsite Disaster Recovery System
                                                                                                                              • System Allows For Mirroring
                                                                                                                                  • Security-Verification & Approval
                                                                                                                                  • User-Defined Levels of Verification
                                                                                                                                    • User-Defined Levels of Transaction Approval
                                                                                                                                      • Verifier or Approver Can Rejected Transactions
                                                                                                                                        • Assign Different Levels For:
                                                                                                                                          • Approving New Employee
                                                                                                                                          • Verifying New Employee
                                                                                                                                          • Entering New Employee
                                                                                                                                          Security-Back Up & Audit
                                                                                                                                          • Automatic Back Up At End Of Day
                                                                                                                                            • Ad Hoc Back Ups Facilitated
                                                                                                                                              • Audit Trails On All Transactions
                                                                                                                                                  • Country & Plan Parameters
                                                                                                                                                  • Localize Plan By Country
                                                                                                                                                    • Country Parameters Restrict Plan Settings
                                                                                                                                                      • Plan Static Details Such As:
                                                                                                                                                        • Plan ID & Plan Description
                                                                                                                                                      • Plan Parties & License/Certificate Numbers
                                                                                                                                                        • Board Of Trustee Members
                                                                                                                                                          • Contribution Frequency & Limits
                                                                                                                                                            • Lump Sum Limits & Factor
                                                                                                                                                              • Early, Normal & Late Pension Ages
                                                                                                                                                                • Pension Payment Restrictions
                                                                                                                                                                  • Payroll Deduction Parameters
                                                                                                                                                                      • Plan Administration
                                                                                                                                                                      • Monitors Board of Trustee Composition
                                                                                                                                                                        • Tracks Documents Sent To Regulators & Members
                                                                                                                                                                          • Tracks Incoming Documentation
                                                                                                                                                                            • Tracks Member Communication
                                                                                                                                                                              • Tracks Inbound & Outbound Communication
                                                                                                                                                                                • Prints Form Letters, Mail Merge, Ad Hoc Letters
                                                                                                                                                                                    • Employers
                                                                                                                                                                                    • Supports Multiple Employers
                                                                                                                                                                                      • Manages Employer Payments
                                                                                                                                                                                        • Calculates Penalties For Late Payments
                                                                                                                                                                                          • Penalties Supported For Other Irregular Payments
                                                                                                                                                                                            • Maintains The Following:
                                                                                                                                                                                              • Multiple Look Up Keys
                                                                                                                                                                                              • Demographic Data
                                                                                                                                                                                              • Multiple Locations
                                                                                                                                                                                              • Registration Information
                                                                                                                                                                                              • Category
                                                                                                                                                                                              • Contact Information
                                                                                                                                                                                              Members
                                                                                                                                                                                              • User-Defined Probationary Period For New Members
                                                                                                                                                                                                • Monitors Approaching Retirement
                                                                                                                                                                                                  • Manages Issuance Of Membership Cards
                                                                                                                                                                                                    • Transaction Types:
                                                                                                                                                                                                      • Contributions
                                                                                                                                                                                                      • Retirements
                                                                                                                                                                                                      • Terminations
                                                                                                                                                                                                      • Plan Transfers
                                                                                                                                                                                                      • Refunds
                                                                                                                                                                                                      • Deaths
                                                                                                                                                                                                    • Maintains Following Information:
                                                                                                                                                                                                      • 3 Key (IDs) For Member Identification
                                                                                                                                                                                                      • National ID Number
                                                                                                                                                                                                      • Mailing/Demographic Information
                                                                                                                                                                                                      • Beneficiaries
                                                                                                                                                                                                      • Salary & Pay History
                                                                                                                                                                                                      • Defaults for Mandatory Contribution
                                                                                                                                                                                                      • Defaults For Voluntary Contribution
                                                                                                                                                                                                      • Employee Status
                                                                                                                                                                                                      • Pension Status
                                                                                                                                                                                                      • History of Contributions
                                                                                                                                                                                                      • History of Benefits
                                                                                                                                                                                                      • Gender for Actuarial Tables
                                                                                                                                                                                                      • Birth Date
                                                                                                                                                                                                      • Scanned Data Such As Photograph
                                                                                                                                                                                                      • Current Employer Information
                                                                                                                                                                                                      • Employment History
                                                                                                                                                                                                      Contributions
                                                                                                                                                                                                      • Types Of Contributions:
                                                                                                                                                                                                        • Mandatory
                                                                                                                                                                                                        • Voluntary
                                                                                                                                                                                                        • Employer Matching
                                                                                                                                                                                                        • Bonus
                                                                                                                                                                                                        • Maintains Vesting Dates
                                                                                                                                                                                                        • Accrues Interest On Contributions
                                                                                                                                                                                                        • Employer Matching By % of Salary
                                                                                                                                                                                                        • Employer Matching By % of Employee Contribution
                                                                                                                                                                                                        Payments
                                                                                                                                                                                                        • Calculates Normal Pension Payment
                                                                                                                                                                                                          • Annually, Semi-Annually, Quarterly, Monthly
                                                                                                                                                                                                          • User-Defined Payment Periods
                                                                                                                                                                                                        • Use Actuarial Table For Pension Calculation
                                                                                                                                                                                                          • Lump-Sum Calculations For:
                                                                                                                                                                                                            • Terminations & Retirements
                                                                                                                                                                                                          • Transfers To Other Funds
                                                                                                                                                                                                            • Death Benefits To Beneficiaries
                                                                                                                                                                                                              • Calculates Refunds
                                                                                                                                                                                                                  • Emailing
                                                                                                                                                                                                                  • System Maintains Distribution Lists
                                                                                                                                                                                                                    • Email Attachments Encrypted
                                                                                                                                                                                                                        • Help Features
                                                                                                                                                                                                                        • Input Fields Include:
                                                                                                                                                                                                                          • Hints, Context Sensitive Help, Error Messages
                                                                                                                                                                                                                        • Help & Hints For Other Components
                                                                                                                                                                                                                          • Embedded Help Manual & Tutorials
                                                                                                                                                                                                                            • Optional User Modified Help
                                                                                                                                                                                                                                • Imports/Exports
                                                                                                                                                                                                                                • Imports Payroll Contributions
                                                                                                                                                                                                                                  • Exports To Accounting System
                                                                                                                                                                                                                                    • Exports to ACH
                                                                                                                                                                                                                                      • Export All Reports in a variety of file formats
                                                                                                                                                                                                                                        • PDF, Word, Spreadsheet, Flat File, etc.
                                                                                                                                                                                                                                        Archiving
                                                                                                                                                                                                                                        • View Catalog Of Archived Data
                                                                                                                                                                                                                                          • Drill Down Archived Catalog
                                                                                                                                                                                                                                            • Printable Copy of Archived Data
                                                                                                                                                                                                                                              • All Reports Archived
                                                                                                                                                                                                                                                  • Printing
                                                                                                                                                                                                                                                  • Forms Printed With Electronic Signatures
                                                                                                                                                                                                                                                    • Print Checks On MICR Encoding Blank Check Stock
                                                                                                                                                                                                                                                      • Preview Reports Before Printing
                                                                                                                                                                                                                                                        • Export Reports In Various Formats
                                                                                                                                                                                                                                                          • Automatic Report Printing Available
                                                                                                                                                                                                                                                              • Reports (Partial List)
                                                                                                                                                                                                                                                              • Audit Report
                                                                                                                                                                                                                                                                • Administrator Audit Report
                                                                                                                                                                                                                                                                  • Transaction Audit Report
                                                                                                                                                                                                                                                                    • User Number Report
                                                                                                                                                                                                                                                                      • User Access Report (several versions)
                                                                                                                                                                                                                                                                        • Country Parameters
                                                                                                                                                                                                                                                                          • Plan Parameters
                                                                                                                                                                                                                                                                            • Plan Party Information
                                                                                                                                                                                                                                                                              • Plan Status Options
                                                                                                                                                                                                                                                                                • Board of Trustees Status
                                                                                                                                                                                                                                                                                  • Employer Payment Penalties Status
                                                                                                                                                                                                                                                                                    • Employer Required Contributions Status
                                                                                                                                                                                                                                                                                      • Employer Remittance Discrepancies Status
                                                                                                                                                                                                                                                                                        • New Members Status
                                                                                                                                                                                                                                                                                          • New Member List Status
                                                                                                                                                                                                                                                                                            • Member + Contribution Status List
                                                                                                                                                                                                                                                                                              • Company Employee Tally Status
                                                                                                                                                                                                                                                                                                • Member Retirement Status
                                                                                                                                                                                                                                                                                                  • Member Vesting Status
                                                                                                                                                                                                                                                                                                    • Contribution Import Exceptions Status
                                                                                                                                                                                                                                                                                                      • Check Register
                                                                                                                                                                                                                                                                                                        • Complaint Register
                                                                                                                                                                                                                                                                                                          • Plan Contribution Listing
                                                                                                                                                                                                                                                                                                            • Employee Contributions
                                                                                                                                                                                                                                                                                                              • Employee Monthly Contributions
                                                                                                                                                                                                                                                                                                                • Employee Annual Contributions
                                                                                                                                                                                                                                                                                                                  • Contribution Accrued Interest
                                                                                                                                                                                                                                                                                                                    • Accrued Interest Summary Report
                                                                                                                                                                                                                                                                                                                      • Interest Credit
                                                                                                                                                                                                                                                                                                                        • Interest Credit Summary Report
                                                                                                                                                                                                                                                                                                                          • Contribution Import Listing
                                                                                                                                                                                                                                                                                                                            • Contribution Transferred
                                                                                                                                                                                                                                                                                                                              • Refunded Contributions
                                                                                                                                                                                                                                                                                                                                • Pensions- Lump Sum Payments
                                                                                                                                                                                                                                                                                                                                  • Death Benefits
                                                                                                                                                                                                                                                                                                                                    • Retirement Projections
                                                                                                                                                                                                                                                                                                                                      • Employee Salary History
                                                                                                                                                                                                                                                                                                                                        • Contribution History
                                                                                                                                                                                                                                                                                                                                          • Pension Payment History
                                                                                                                                                                                                                                                                                                                                            • Membership Card
                                                                                                                                                                                                                                                                                                                                              • Member Registration Notice
                                                                                                                                                                                                                                                                                                                                                • Member Benefit Statement
                                                                                                                                                                                                                                                                                                                                                  • Termination Lump Sum Checks
                                                                                                                                                                                                                                                                                                                                                    • Retirement Lump Sum Checks
                                                                                                                                                                                                                                                                                                                                                        • Special Features
                                                                                                                                                                                                                                                                                                                                                        • User-Defined Input Modules
                                                                                                                                                                                                                                                                                                                                                          • Report Writer
                                                                                                                                                                                                                                                                                                                                                            • Report Writer Seamlessly Embedded
                                                                                                                                                                                                                                                                                                                                                            • Allows SQL Queries
                                                                                                                                                                                                                                                                                                                                                            • User-Modified Standard Reports
                                                                                                                                                                                                                                                                                                                                                            • Create New Reports
                                                                                                                                                                                                                                                                                                                                                            Web Interface
                                                                                                                                                                                                                                                                                                                                                            • Restricted Access
                                                                                                                                                                                                                                                                                                                                                              • Password Protection
                                                                                                                                                                                                                                                                                                                                                                • Features:
                                                                                                                                                                                                                                                                                                                                                                  • New Member Enrollment
                                                                                                                                                                                                                                                                                                                                                                  • Reporting By Member
                                                                                                                                                                                                                                                                                                                                                                  • Member Statement Download

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