Financial Performance Guarantees. Contractor shall report to the County and make the appropriate penalty payments to the Plan as indicated below Plan Sponsor & Participant Service Minimum Service Standard Performance Measurement Fees at Risk Participant Contact Center Hours of Availability Retirement Representatives available 99% of time during regular hours of service. (8 a.m. to 10 p.m. EST, Monday through Friday and 9 a.m. to 5:30 p.m. EST, Saturdays) except for closings of NYSE, holidays and shortened hours associated with early market close or holiday eves Metric provided as part of the quarterly Empower Service Level Report 1% of quarterly fees Call Abandon Rate Less than 3% of participant calls abandoned (Empower complex wide) Metric provided as part of the quarterly Empower Service Level Report 1% of quarterly fees Call Answering Speed 80% of participant calls answered within 20 seconds (Empower complex wide) Metric provided as part of the quarterly Empower Service Level Report 1% of quarterly fees First Call Resolution for Participants 90% of participant questions resolved during first call Metric provided as part of the quarterly Empower Service Level Report 1% of quarterly fees IVR / Internet Availability 99% of the time IVR/Internet available excluding regularly scheduled maintenance Metric provided as part of the quarterly Empower Service Level Report 1% of quarterly fees Participant and Plan Level Reporting for Plan Sponsor via Plan Sponsor Center (PSC) 99% of the time reports available online - updated monthly and nightly excluding regularly scheduled maintenance Metric provided as part of the quarterly Empower Service Level Report 1% of quarterly fees Distribution of Form 1099R or 1099-MISC Available by January 31 of each calendar year, excluding corrected 1099R or 1099- MISC Metric provided as part of the quarterly Empower Service Level Report 1% of quarterly fees Participant Confirmation Statement 99% mailed or available online on within two business days following completion of transaction processing Executed as part of automated processes. Accuracy consistent with minimum service standard unless otherwise 1% of quarterly fees Participant Statement Mailing/Availability Participant statements mailed/made electronically available within 15 business days of quarter-end. Initial quarter following conversion is 20 business days. Metric provided as part of the quarterly Empower Client Service Report 1% of quarterly fees Plan Sponsor & Participant Service Minimum Service Standa...
Financial Performance Guarantees. Contractor shall report to the County and make the appropriate penalty payments to the Plan as indicated below Standard Measurement Financial Penalty for Non-Performance Service & Administrative Performance Guarantees Participant phone service 100% of calls will be answered within an average of less than 45 seconds annualized and in aggregate for Call Center. Measurement will not include days in which extraordinary events occur that increase daily call volumes by 25% above the average daily call volume for the year. $1,000 per year in which standard is not met Participant statement delivery 100% of quarterly statements will be mailed and made available electronically within 12 business days, unless performance returns are received late due to factors beyond Contractor control. $2,500 for each quarter in which less than 99% of statements in aggregate meet deadline Claims processing Process 99% of all claims received in good order within 10 business days of receipt $250 for each claims reimbursement received in good order and not processed within benchmark Contribution posting 100% of contributions will post by the close of business the day they are received, provided contributions are received in good order before the close of the business day (4:00 p.m. Eastern Time/1:00 x.xx Pacific Time). $1,000 per year in which at least 26 payrolls are submitted and in which two or more payrolls received in good order are not processed within benchmark Employer reports 100% of Plan level quarterly statements will be made available to Orange County online via Contractor’s EZLink portal administrative tool, within 12 business days following the end of the quarter. In addition, County’s Program Manager may request the reports be sent directly to him/her via a secure, password protected email. $2,500 for each quarter in which plan level statements are not mailed within deadline Account Management Satisfaction (See Attachment F) An account management satisfaction composite score of “3” or better on a “1-5” scoring system based on the Account Management Report Card based on four (4) quarterly assessments $5,000 per year
