EIFIS Guest

The migration of the Client’s central record-keeping platform from Legacy to TOPS is intended to make the Client more competitive in the Defined Contribution record-keeping industry, by allowing a much wider range of investment options for each retirement plan. In addition, the task of interfacing TOPS with all of the peripheral applications such as their website, voice response system, participant statements and programs for regulatory and reporting purposes should be completely transparent.

This challenge required Subject Matter Expert end users of the new central record-keeping platform to manage the transition and mitigate historical, migration, and post-migration related remediation efforts across their business. The Swing team is responsible for several types of participant corrections.

The main focus is resolving variances identified by the reconciliation team as a variance on the ledger account. These types of adjustment are related to Participant transfers, Plan/Participant loan, Participant contributions, Participant distributions, and Forfeiture allocations. We also work closely with Pension Accounting and Treasury ensuring that the associated Cash records are completed and closed in relation to the general ledger.

Along the way we coordinate with the responsible Plan Managers and Service Coordinators of the Client’s customers, notifying them of the issues and the status of the corrections. We are also involved on a daily basis with assisting Service Representatives, Service Coordinators, and Managers with specific request related to escalated incidents. We are confronted with issues that require additional research and probable follow-up with all related parties.

• Provide daily support for issues related to the TOPS record-keeping platform
• Provide qualitative and quantitative analysis for plan/participant issues
• Work with client business support teams to identify and remediate issues related to ERISA SCP (Self-Correcting) and VCP (Voluntary Compliance) Procedures, Complex adjustments associated TPA/IPRO’s and Plan/Participant Loans
• Support business remediation efforts through development of training methods and procedures to remediate participant accounts
• Implement and execute a solution to efficiently manage ongoing participant issues
   

Enterprise Iron (EI) worked with the client’s business support teams to effectively staff the participant correction effort for the more complex related issues. EI has provided significant resources in order to resolve issues for both plan related and participant related matters.

The results of the analysis deemed change was necessary and subsequently modified the reconciliation process in effect. This included methodology, procedural documentation, and reporting standards.

• Proactively driving ongoing remediation efforts across multiple areas via a modified approach to reconciliation and reporting.
• Upon correcting a plan the SME’s will identify potential root cause problems to prevent future processing problems.
• Provide guidance/support on items related to the Omni record-keeping systems for other departments at all levels.
• Troubleshoot for other departments on issues that relate to Omni.