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As a result of a systems conversion, a large Defined Contribution provider was seeking a solution to handle the processing of disability payroll remittances for 700+ of their existing plans as part of a systems conversion. The payroll file was being remitted by a third party disability provider via one file and was funded by one wire. While the process was adequate for the legacy systems the new process would need to separate those remittances to each individual plan as required by the new recordkeeping system.

The challenge was to process these remittances within the designated plans, identify the disability moneys distinctly from other moneys, as well as provide a solution to tie each portion of the wire to their respective plans without the benefit of the new systems plan number. This was also to be done in a condensed timeframe and provide the least amount of disruption to the third party disability provider as well as their clients. Expertise around the process was limited since the process was established many years prior.

With the help of Enterprise Iron Solutions, The Firm wanted to accomplish the following:

• Provide a solution to map the existing payroll file to each respective plan
• Build an ongoing process to support the addition of new disability participants
• Build a mechanism to identify disability contributions for the automated file to feed to the recordkeeping and ledgering systems as well as those that are done through manual transactions
• Design and build a process that would automatically split the wires and allow movement of those moneys to be tracked and reconciled through the Treasury systems

Enterprise Iron worked with all facets of the process to get the project completed within the desired timeframes. Discovery meetings were held with IT, the third party vendor, Treasury, Legal, Business partners as well as Executive management to get an understanding of the existing process and determine the best course of action.

Business Requirements were reworked and Functional and Technical documents were created through in depth project meetings with a core team of individuals. The System Development Lifecycle process was adhered to and the implementation abided by the companies strict SOX policies. Standard Operating Procedures were documented and distributed to teams for future processing.

• No disruption to the provider or their clients
• A firm-wide procedure for disability remittance processing
• Created workflow diagrams to provide clarity to an unknown process as well as future processes
• Minimal impact to Treasury and Ledgering systems
• Established a method to report disability moneys on Form 5500
• Provided a clearer picture to participants by identifying disability contributions from other contribution types on quarterly statements