Business Process as a Service (BPaaS)
Retirement Plan Providers, Recordkeepers and Third Party Administrators (TPAs) are challenged to keep pace with regulatory changes, system upgrades, manual processes and seasonal demand spikes. Reasons could be legacy applications, outdated processes or skill gaps, which are increasing inefficiencies, costs and risks. CORE BPaaS offering can help! BPaaS solutions from Congruent can help you outsource the services, technologies and integration points associated with managing record-keeping and retirement plan processes.
They provide streamlined, standardized and industry compliant comprehensive range of ready-to-use process solutions specifically designed for Retirement Plan Providers, Recordkeepers and Third Party Administrators (TPAs). A combination of cloud infrastructure combined with a consumption-based model will provide you better control over end-to-end record keeping and plan administration processes and expenses.
Key BPaaS offerings are:
1. End-to-end DC Recordkeeping
2. Census Data Management
3. Eligibility runs and Enrollments
4. Contributions Processing
5. Payroll Processing (includes census, eligibility, enrollment and contribution processes)
- Ability to accept files of multiple types and formats.
- High level of configuration
- Ability to choose the validations that are triggered
- Configure errors as hard or soft
- Customize error messages that are displayed
- Copy prior payrolls
- Mapper to map new templates instantly
6. Loans and Distributions Processing
7. Year End Processing
- The Year-end processing module allows recordkeepers to collect and validate the data required ahead of compliance testing.
- The system offers intuitive data collection and validation capabilities, along with an intelligent questionnaire.
8. Plan On-Boarding, Conversions and Takeovers
- Proprietary file processor tool
- Ability to accept files of multiple types and formats
- Ability to extract files in multiple types and formats as well
- Extensive validations and error reporting capabilities
For developing these BPaaS offerings, Congruent aligned its decade old extensive retirement plan administration experience, domain expertise, state-of-the art CORE recordkeeping and plan administration solutions, and a deep understanding of industry objectives and challenges.