Database Maintenance. The administrator will continue to maintain an accurate database for benefits administrative and valuation purposes. This will include: a. Year over year reconciliation of status and data changes for valuation purposes. b. Monitoring active-employee terminations to cash out participants in a timely manner. c. Tracking of lump sum cash outs: (i) If checks are cashed by the participant, the database record needs to be adjusted to show that no future payments are due. (ii) If checks are not cashed by participants, reasonable follow up is required to demonstrate a legitimate attempt to locate and cash out the individual was made. Adjustment of database and financial information to reflect that a lump sum amount was not paid. (iii) Decisions on how to handle nonresponsive participants must be discussed with the County. d. Maintenance of current retirees receiving annuities. e. Monitoring to ensure monthly payments continue until the participant dies. f. Tracking current retirees when participant dies. g. Cease payments. h. Determine if there is a beneficiary. Calculate the lump sum payable to beneficiary, if any based upon employee’s account balance with interest offset by annuities received. i. Update database to reflect death and status of beneficiary payment. j. Researching uncashed or returned check. Adjustment of database and financial information to reflect annuity for month(s) not paid and status of retiree. k. Correctly honoring terminated employees who opted to delay payment to receive a monthly annuity beginning at age 65 per the County’s direction. l. Tracking and maintain records substantiation of all benefits payments.
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Samples: Retirement Plan Administrative and Investment Services Agreement, Retirement Plan Administrative and Investment Services Agreement, Retirement Plan Administrative and Investment Services Agreement
Database Maintenance. The administrator will continue to maintain an accurate database for benefits administrative and valuation purposes. This will include:
a. Year over year reconciliation of status and data changes for valuation purposes.
b. Monitoring active-employee terminations to cash out participants in a timely manner.
c. Tracking of lump sum cash outs:
(i) If checks are cashed by the participant, the database record needs to be adjusted to show that no future payments are due.
(ii) If checks are not cashed by participants, reasonable follow up is required to demonstrate a legitimate attempt to locate and cash out the individual was made. Adjustment of database and financial information to reflect that a lump sum amount was not paid.
(iii) Decisions on how to handle nonresponsive participants must be discussed with the County.
d. Maintenance of current retirees receiving annuities.
e. Monitoring to ensure monthly payments continue until the participant dies.
f. Tracking current retirees when participant dies.
g. Cease payments.
h. Determine if there is a beneficiary. Calculate the lump sum payable to beneficiary, if any based upon employee’s account balance with interest offset by annuities received.
i. Update database to reflect death and status of beneficiary payment.
j. Researching uncashed or returned check. Adjustment of database and financial information to reflect annuity for month(s) not paid and status of retiree.
k. Correctly honoring terminated employees who opted to delay payment to receive a monthly annuity beginning at age 65 per the County’s directionDirection.
l. Tracking and maintain records substantiation of all benefits payments.
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