Pension Admin

Our software 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 software. 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 software ensuring that the board maintains the correct composition. The plans can be either fixed benefit or fixed contribution.

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. Our software 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.

Several categories of documents are maintained by the software. 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 software.

Our software 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.

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. Our software tracks when the member approaches retirement and maintains other information such as beneficiaries and the disposition of the pension payments including check or ACH.

Our software 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 software, 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 software can print the micr encoding. The software calculates lump-sum payments for verification of auditor's figures.

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. Our software 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.

The MIMICS Fund Portfolio software module can manage the portfolio of investments and can calculate the Net Asset Value(NAV). The Pension and Fund Portfolio modules interface seamlessly: incoming funds (contributions) and outgoing funds (pension payments and lump sum payments) are passed from Pensions to Fund Portfolio. The Fund Portfolio module will track all investments and incomes received on those investments, and will calculate the fund’s Net Asset Value (NAV). The NAV would then be passed back to the Pension module. The Pension Plan/Fund Portfolio relationship can be one-to-one or one-to-multiple.

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 Software
  • 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
• Software Runs Required Input Check

Setup Options

• # Of Days Before Archiving:
  • Inactive Member Data
  • History
  • Purging Transaction History
• Monetary Limits Trigger Approval

Security-Password Protection

• Software Module Requires User ID & Password
• Software Module 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
• Software Module 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

• Software 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