The rapidly growing area of Wealth Management, in particular the Retirements and Benefits Administration sub-segments are undergoing dynamic changes as traditional service providers consolidate and financial firms re-position to take advantage of the fundamental shift from retirement planning (accumulation) to retirement management (income and risk management).  

Benefit Administrators face the challenge of efficient and cost-effective on-boarding experience for new customers but at the same time need access to quality and on-demand trained resources, resulting in escalating servicing cost per participant. Third party administrators (TPA) and record-keepers are constantly challenged by costs, complexity, and technology requirements to manage benefits administration efficiently.

Patni Advantage
With over 15 years of experience and 1000+ strong team of plan administrators, implementation specialists, pension actuaries, and ASPPA-certified trained resources, Patni Benefits Administration practice offers an unmatched mix of domain, process and technology expertise. Benefits Administrators partner with Patni to perform advanced Pension Actuarial Valuations, process $500M worth financial transactions annually, and execute some of the largest off-shore benefits administration operations to help service 9 million customers. Patni has proven experience in designing off-shore roadmaps, conducting consulting assignments, migrating and stabilizing core Benefits Administration processes for clients in a Global Delivery Center framework.

Our service offerings for the Benefits Administration segment cover retirements, health & welfare benefits, trust accounting in standalone mode and Master Trust, actuarial valuations, and superannuation.

Click here to enlarge the image 

Solutions Expertise

• Employee Data Management: Master Maintenance, Payroll, Splits, Enrollments
• Core Record Keeping: Contribution Processing, Distributions, Dividend Processing, Reconciliation
• Participant Servicing: Cash Release (ACH/ Non ACH), Check Request, Statements, Summary Annual Reports, Promissory Notes, Hardship approval forms
• Special Events Processing: Form 5500, 5558, QDRO
• Compliance: Non Discrimination Testing, Limits compliance
• Plan Rules changes: Eligibility, Vesting etc.
• Services Installation: Eligibility, Loan tracking etc.
• Database / Platform Conversion: Data Migration, Data Conversion etc.
• System integration and Testing: Around multiple proprietary and commercial platforms - SunGard OmniPlus, SunGard OmniPay, SunGard Relius, DST and InvestLink.

Select Success Stories:

• Set up an offshore Benefits Administration & Actuarial Centre of Excellence for a Fortune 500 HR & Financial advisory organization.
• Developed J2EE based web based automation and digitization of QDRO (Qualified Domestic Relations Order).
• Advanced pension actuarial valuations for a third party in an off-shore environment.