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.
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