Benefit Allocation Systems, Inc. offers robust tools to help employers administer their pension plans. A defined benefit pension plan is a type of retirement plan that pays a fixed sum to a person, typically following retirement from employment. Pension plans are usually fueled by a fixed formula which takes into account an employee’s salary and years of participation in the plan.
Pension plans can be difficult to administer and even more difficult to explain to an employee. BAS helps with both administration and employee communication through the following tools:
- Timely and accurate data collection
- Data consolidation
- Salary and interest calculation options
- Online ledgers
- Retirement statement preparation
- Distribution of statements to employees
- Online participant statements
- Historical and auditable detailed data
BAS can assist with pension calculations based on the employer’s specific plan rules. BAS can also offer pension billing services when various locations are invoiced to fund a plan. Employees can quickly and easily access online statements to see the growth in value of their projected plan benefit.
For more information about BAS’ Pension Services, contact your account manager or solutions@BASusa.com.