The retirement industry has seen dramatic change over the past two decades – financial firms who began offering administration services for defined contribution plans are now offering full benefit outsourcing to include the administration of defined benefit plans, defined contribution plans, health and welfare plans, and payroll services. Offering these services has driven benefit administration firms to continuously find new products and services to remain competitive in the market and enable their customers to achieve their retirement goals while reducing costs along the way. Changing technology, refining business processes, new regulations, and increasing client demands require financial and benefit administration firms to seek consulting resources to provide industry knowledge, best practice experience, and hands on support, allowing the firm to focus on their business.
Our team comes from the financial and retirement industries. We have experienced the challenges of implementing new business management processes and the constant need for updating the latest technology to maintain a competitive edge. We understand that for benefit administration firms to evolve, they need people with knowledge, skills and experience to provide a support system for their business and technical departments. We have built our service structure around these needs.
Our services are an extension of our experience. In order to distinguish ourselves from the other consulting firms, we focus on what we know and do it well. Enterprise Iron consultants are extensively trained on the following services to address any initiative you face:
- Our project management, business analyst and IT consultants review all plan documents, amendments and plan summaries, analyze protected benefits and complete all business and system requirement documentation.
- We assist the conversion team in mapping data from the outside source to the client’s recordkeeping system. We have partnered with REF Computers who offer their SIP tool which reduces data mapping and plan conversion time from days to hours.
- A sample of the systems our consultants are trained on are:
- Although many recordkeeping firms try to move a client onto a standard payroll layout, a level of customization is common to ensure the client's payroll file is read correctly. Our consultants map the data transmitted, test all interfaces and ensure the data is accurately placed onto your recordkeeping system.
- Our consultants provide UAT and stress testing to ensure capacity and performance levels. Our regression testing verifies other plan accounts using the system are not impacted by new code added to the system over time.
- Our consultants will manage the asset transfer between the old investment funds and the new investment funds. Upon completion, a full reconciliation is prepared to ensure all assets are invested correctly and brokerage accounts are established.
- Our vast recordkeeping system experience is utilized for daily processing, issue resolution and client reporting demands.
- Our consulting team will deliver the highest quality service to ensure your retirement plan remains in compliance with IRS and DOL regulations. We ensure all regulations are met and within the statutory timelines established by the code.
- Regulatory and compliance services we provide are:
- ADP/ACP Testing
- 5500 Reporting
- SAS 70 ( pre-audit and full audit service)
- QDRO Review
- Pension Protection Act
- Patriot Act
- When a procedure is established, the goal is to be consistent in performing the process. Overtime these procedures become inefficient and increase time and cost. We can review your operational procedures, determine critical paths and introduce new technology. Solutions such as processing templates, image workflows and paperless office structures enhance the process experience, reduce the resources and costs allocated to the process and provide a better service to your customer.
- Enterprise Iron has established and oversees domestic and offshore programming teams to ensure system requirements are built, tested and delivered on time. If you are being directed to move work offshore, allow us to manage the work through our offshore teams. This will give you confidence the work is administered correctly and the savings are being passed on to your firm. We also offer onshore Rightsourcing services, for firms desiring to keep development onshore, but still needing cost savings
- We commonly manage development projects utilizing well known and understood methodologies, chosen based on a number of factors (including the size, scope, and duration of the project, the teams involved, and the type of software being developed). Our teams are able to fit within the constructs used by clients, or establish project management principles ourselves. For large projects, we commonly use the MSF model as the process framework, and the Rational Unified Process as the development framework.
- Enterprise Iron places a strong emphasis on the robust testing of all aspects of new development, upgrades to existing platforms, or implementions of third party software.
- Test Planning and Strategy:
Test strategy development and planning are crucial steps to provide for an efficient and quality-driven testing process. We carefully analyze the specifications of the product to deliver made-to-measure test documentation. This includes activities such as:
- Project scope and expectations definition
- Definition of the optimum test approach and strategy
- Technology and methodology selection
- Identification of tools to use and platforms for test
- Definition of test coverage and the sequential order of tests
- Fitting the testing into the software development lifecycle
- Scoping resource requirements
- Identification of areas to be tested automatically and those requiring manual testing
- Definition of QA metrics
- Test Development and Test Case Development
Once the overall test strategy and plan are defined, a test kit needs to be developed. For manual testing, this typically includes the creation of a specific test plan (a generic "umbrella document"), test designs (a.k.a. test cases) - the written-down details of the structured steps and specific tests that will be run as part of the overall testing program - and often test data.
- Test case development is typically completed by our Test Development Engineers, and can be done at an early review stage. Other required components include specifying internal testing guidelines, rules and processes, definition of logging conventions, providing product support information for the test teams, and creating release checklists.