Congruent sheds light on the topics and questions that matter to you, so that you’re equipped with new ideas to innovate, in the competitive landscape of record-keeping and plan administration. Our in-house experts offer insights you can harness.


Congruent Eligibility Processing Solution

Categories : Record Keeping Systems Biz Talk COREDC DC Record keeping Eligibility Processing Solution Record Keeping Software
Tags : Legacy record keeping systems BizTalk COREDC Eligibility Processing
Author : Moi

Many recordkeepers and plan providers today do not have comprehensive eligibility processing capabilities, often resulting in a significant amount of manual intervention and a large number of errors. We had a provider enquire if they could use the light-weight COREDC engine to compute the eligibility for them, without a data migration from their system to ours.

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An Approach to Seamless Data Migration during Retirement Plan Recordkeeping Platform Modernization

Categories : 401 Record Keeping Blog DC Record keeping Record Keeping Software Retirement Services Retirement Technology 401k Record Keeping Software Retirement Plans Record Keeping
Tags : Recordkeeping Retirement technology Data Migration Retirement plan
Author : admin

The change in the customer environment in the US retirement markets, coupled with the increased competition and need for growth in plan participant base, has caused US retirement plan providers to reassess their platform/technologies and processes. It’s the right time for the plan provider organizations to establish a level of parity from a technology perspective to stay relevant to customers, and have competitive edge over the other players.

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6 Simple Productivity Boosters for 401K Plan Administrators

Categories : Record Keeping Systems 401 Record Keeping Blog DC Record keeping Record Keeping Software Retirement Services Retirement Technology Thought Leadership Retirement Plans Record Keeping
Tags : Retirement plan administration 401K record keeping DC record keeping Plan administrators Record Keeping Software Recordkeeping system Retirement technology Plan Processing Retirement Services Year- End Processing
Author : admin

401K Plan Providers often faces difficult challenges during the calendar year due to thin profit margins and seasonal spikes in demand for resources. With multiple stages of managing a plan like eligibility, testing, form 5500 preparation, transactional processing and general day to day operations, errors in plan administration can happen frequently, have serious drag on productivity, and detract from the overall customer experience.

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Making Plan Administrators’ Lives Easier and Enhancing Customer Engagement through New Generation Technologies

Categories : 401 Record Keeping Blog DC Record keeping Record Keeping Software Retirement Services Retirement Technology Retirement Plans Record Keeping
Tags : Plan administrators Recordkeeping system Retirement technology Payroll Big Data Customer Engagement
Author : admin

Kodak was the Google of its day! In 1976 it had a monopoly in the film-based camera business, accounting for 90% of film and 85% of camera sales in America. However, times were changing and digital camera technology was around the corner. Unfortunately for Kodak, the company did not appreciate this threat to its film-based business and it failed to adapt accordingly.

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Legacy Systems are the “White Elephants” for Retirement Service Industries

Categories : Legacy record keeping systems 401 Record Keeping Blog Uncategorized DC Record keeping Record Keeping Software Retirement Services Retirement Technology 401k Record Keeping Software Thought Leadership Retirement Plans Record Keeping
Tags : 401K record keeping DC record keeping Record Keeping Software Recordkeeping system Retirement Services
Author : admin

The Retirement Services Industry traditionally has been a slow adopter of information technology solutions. While the transition from VISIO Calc to next generation systems was gradual, the retirement industry has been stuck there for long time with those yester year proprietary and legacy systems which indeed are like white elephants from a continued maintenance expense perspective.

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3 Most Important Technology Considerations for Modern Retirement Plan Recordkeeping Systems

Categories : Blog Uncategorized DC Record keeping Record Keeping Software Retirement Technology 401k Record Keeping Software Thought Leadership Retirement Plans Record Keeping
Tags : Retirement plan administration 401K record keeping Record Keeping Software Recordkeeping system Retirement technology Retirement Services
Author : admin

It is a matter of fact that the typical plan provider organizations must provide enterprise services to an ecosystem of many stake holders: plan administrators, sponsors, advisors, participants, TPAs, and other service providers. Because of the varying needs of the stakeholders, most plan provider organizations find themselves forced to manage a complex heterogeneous environment comprised of new and legacy IT systems.

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Consolidate or Replace : IT Application labyrinths in the Retirement Plan Administration Organizations

Categories : Blog DC Record keeping Record Keeping Software Retirement Services Retirement Technology 401k Record Keeping Software Thought Leadership Retirement Plans Record Keeping
Tags : Retirement plan administration 401K record keeping DC record keeping Record Keeping Software Retirement technology Retirement
Author : admin

Plan provider organizations which complain about the cost of IT maintenance often fail to realize that the root cause for the humongous IT expenditures are the labyrinths of IT applications, they have coddled over years. Plan providers have built those software applications and even bought a few software packages from different suppliers one at a time, to support their ongoing business demands.

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Retirement Plan Information: Paper versus Electronic communication Dilemma in the retirement plan record keeping process

Categories : 401 Record Keeping Blog DC Record keeping Record Keeping Software Retirement Services Retirement Technology 401k Record Keeping Software
Tags : Retirement plan administration 401K record keeping Record Keeping Software Recordkeeping system Retirement technology Retirement Services
Author : admin

While legislative and regulatory policies are allowing the plan providers to have the electronic delivery of communication in the retirement plan record keeping as their default channels, the story is different from plan participants’ standpoint. Plan participants want the paper communication as the default channel in the retirement plan record keeping, with an option to choose electronic communication, if required.

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Pension Auto-enrollment Employee Assessment – Getting it right!

Categories : Blog DC Record keeping Record Keeping Software Retirement Technology 401k Record Keeping Software Retirement Plans Record Keeping
Tags : Retirement plan administration 401K record keeping DC record keeping Record Keeping Software Recordkeeping system Retirement technology
Author : admin

Auto-enrolment pension reform made it mandatory for every UK employer to enroll workers automatically into a qualifying pension scheme – starting in October 2012. Auto-enrolment brings a new set of duties and obligations, as well as major operational, financial, compliance and reputational risks to all employers – including the challenge of managing huge inflow of new members on staging dates.

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4 Reasons why pension providers don’t want to upgrade Aging and Obsolete Enterprise Systems

Categories : 401 Record Keeping Blog DC Record keeping Record Keeping Software Retirement Technology 401k Record Keeping Software Retirement Plans Record Keeping
Tags : Retirement plan administration 401K record keeping DC record keeping Record Keeping Software Recordkeeping system Enterprise Enterprise System retirement service
Author : admin

In the retirement services industry, aging IT Systems that have been upgraded with a piecemeal approach over the years are a major challenge to the pension providers. Not only has this approach led to technology obsolescence but has also adversely affected the overall productivity due to increased maintenance and administration overheads. What are the key drivers for large pension providers to continue status quo when they are clearly aware that their technology platforms are obsolete and need replacement? Of course, there are different reasons and chances are that each pension provider has a unique set of reasons.

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