Relevant Remitter, the next generation Common Remitter platform for 403(b), 457 and other multi-vendor benefit plans.
Online PR News – 17-December-2009 – – PlanServe Data Systems announces the release of Relevant Remitter 2.0, its new technology platform, for supporting common remittance, compliance and other data requirements of 403(b), 457 and other multi-vendor employer benefit plans. PlanServe has completed the conversion of hundreds of school district plans across the country for its users within the last two months with several hundred more planned for the first quarter of 2010.
Relevant Remitter uses an e-business framework, which is a scalable, browser-based platform that is available as a local installation or as software as a service (SaaS). Relevant Remitter’s proven content manager enables delivery of rich and relevant data to the administrator in the terms they need it to comply with the new regulations. The new approach delivers powerful screens tailored to fit different plan types, rules, and workflows without expensive programming and retesting. It also allows white labeling of employer’s or vendor’s view of the processed data for delivering branding at different levels. The system’s superior functionality is driven by the framework’s XML and transformation layer supporting direct access to not only the core system, but also to investment provider system APIs or other external databases.
“This framework is one of the first to bring a powerful and flexible presentation to the financial services industry which has traditionally been locked by proprietary programming, technology overkill, or tied to legacy back office systems” according to CIO, Trent Richardson.
Relevant Remitter is uniquely developed from the ground up on an integrated workflow engine and ETL business process management system. This allows administrators to easily setup workflows, processing rules, custom reporting, and enhanced data management controls to streamline the processing between investment providers, school districts, and administrators. The system was envisaged from the start to be SPARK™ compliant which allows for the highest quality assurance under the new regulations.
In doing so, PlanServe avoided the pitfalls of retrofitting and bolt-ons. “This will allow service providers using Relevant Remitter to improve service levels and deliver enhanced services at lower costs” according to CEO, David Kennedy.
Another key feature of Relevant Remitter is the integrated File Exchange Portal which delivers a very cost effective way to collect and distribute files in a secure manner. This portal is an integrated bi-directional system which can not only archive documents and interfaces, but it can also use the BPM engine to import and validate remittances. “In today’s market, this is the best way for providers to meet the ever increasing security and privacy demands of the plan participants” according to CTO, Everett McCoy. This portal allows providers to manage the exchange of data with vendors, employers and employees with little or no manual intervention.
PlanServe designed Relevant Remitter to meet the changing administrative requirements employers will face as the use of multi-vendor benefit plans continues to increase. In the future, small and midsize business employees may use insurance exchanges to select their benefit providers. According to David Kennedy, “the Relevant Remitter System is positioned to provide administrators with additional functionality to support Common Remitting and compliance requirements of other multi-vendor employer benefit plans such as healthcare premiums and other insurance products.
The browser-based, fully integrated workflow engine combined with the rules engine for deduction types provides an administrator with a modern technology platform to meet the evolving needs of the common remitter market. Unfortunately, most common remitting toolkits today are stripped down versions of legacy 401k recordkeeping systems that are constrained by plan based rules and hardcoded user interfaces. As an alternative, PlanServe is offering Relevant Remitter developed specifically to meet the unique contribution or premium aggregation, compliance, and data management required by multi-vendor employer benefit programs.
PlanServe Data Systems is a Birmingham, AL based company that provides products and services to the financial and retirement services market. All PlanServe products are developed on a scalable, e-business framework and are available as a local installation or as Software as a Service (SaaS).