Data is the backbone of the US retirement plan industry. Without accurate and timely data, it would be difficult for retirement plan providers and recordkeepers to make sound decisions.
Technology helps derive insights from various data, including detailed information on plan sponsors, participants, assets, and investment options.
To sustain in the highly competitive market, retirement plan service providers must spend more on digital transformation. They must adopt new-age technology to address customer service issues and deliver personalized services with self-service options. Besides offering convenience, using digital platforms helps cut down costs for recordkeepers.
Finding a reliable service provider can be challenging, especially in an industry as nuanced and evolving as the retirement sector. But by carefully choosing your outsourcing vendors, you can add considerable value to your business efficiency. If you’d like to know more, do get in touch with us.
Do you know over 70% of Gen X-ers and 42% of Gen Z-ers are planning for retirement already? The twist here is none of them…
The US retirement system is under rising pressure as it faces increasing competition, decreasing revenue growth, escalating regulatory pressure, and an aging population. The structural challenges that contribute to these challenges are unlikely to ease in the near future.
The expense and effort of handling retirement plan administration in-house are constantly increasing while compliance with the Employee Retirement Income Security Act (ERISA) guidelines and new rules and regulations such as SECURE Act and CARES Act adding to the pressure. Hiring an in-house team is a full-time expense.
t’s clearly in every retirement plan provider’s best interest to ensure information is filed correctly, accurately, and promptly. With years of experience working with retirement plan providers in the Retirement Plan industry, Congruent Solutions understands the intricacies of Form 5500 preparation better than most. If you, as a plan provider, record keeper or a TPA, are overwhelmed with form 5500 filing, please call us.
Data is the lifeblood of the retirement plan industry. A lot of it is collected from the participants throughout their lifetime. It is crucial to manage and use the data carefully. Per ERISA, participant data must be stored securely and used according to guidelines.