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.


State-run retirement plans: How the US is trying to increase retirement coverage

Categories : Retirement Plans
Tags : Retirement plan administration Retirement plans Retirement technology
Author : Meera

A large number of US workers face an uncertain future – many don’t have enough savings and aren’t enrolled in retirement plans. In many cases, employers don’t offer retirement plans. Small companies are not able to afford it or don’t have the resources to administer such plans. Only a little more than 50% of small and medium businesses in the US now offer retirement plans.

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Why Eligibility Processing for retirement plans is an important and complex process

Categories : Retirement Technology
Tags : Retirement technology Plan administrator Retirement & Pension Industry
Author : Dhiraj

Defined Contribution (DC) plans are set up and managed for the exclusive benefit of employees and their beneficiaries. Therefore, it is very important to decide on the eligibility criteria for an employee to become a participant of a DC plan.

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Does Operational Efficiency impact plan participation?

Categories : Blog
Tags : Plan Participants plan sponsor 401K record keeping DC record keeping Plan administrators Record Keeping Software Recordkeeping system Retirement technology
Author : Shelly

Employees these days are cognizant about the importance of retirement savings and appreciate the assistance from their employers. They want a financially secure life at the end of their careers. State Street Global Advisors recently conducted a survey on people considered as millennials and Generation X. The survey findings suggest that 87% people agree that it is important to save early and 83% agree that saving is their priority.

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Automatic Plan Features, Planning Tools, Mobile Apps – What’s Next for the US Retirement Industry?

Categories : Blog
Tags : plan sponsor analytics DC record keeping Record Keeping Software Retirement technology Internet of Things IoT Mobile Apps Plan administrator Plan participant
Author : admin

Auto features like auto enrollment, auto deferral increase (ADI) have put millennials on path to retirement readiness# is a recent claim by the PLANSPONSOR® magazine. When we compare participation rates, saving rates, equity allocation percentages from a voluntary enrollment plan to those of an automatic enrollment plan, they are looking promising. In the PLANSPONSOR® study, 3.6% was the average deferral rate in a voluntary plan, and in the automatic enrollment plan it was 4.2%.

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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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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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