PensionPro and Dynamis Join Forces to Enhance TPA Efficiency
In a significant development for third-party administrators (TPAs), PensionPro, a subsidiary of AmericanTCS, has announced a strategic partnership with Dynamis. This collaboration aims to revolutionize the way TPAs access and manage real-time data, enhancing their operational efficiency and overall reporting capabilities.
Streamlining Operations for Third-Party Administrators
The integration between PensionPro and Dynamis is set to provide TPAs with a seamless flow of data. By automating the reporting on census, gross compensation, payroll, and paycheck data from over 200 human resource information systems, this partnership addresses the common operational challenges that TPAs face daily. The advanced integration promises not only to streamline year-end testing but also provides TPAs with immediate access to crucial data throughout the year.
Transforming Data Collection and Reporting
One of the standout features of this partnership is the ability to perform comprehensive reporting on critical 3(16) data on a payroll-by-payroll basis. By leveraging the technologies of both PensionPro and Dynamis, TPAs can ensure that their reporting is timely and accurate, significantly reducing potential errors typically associated with manual data entry.
Historical Data and Enhanced Intelligence
Moreover, Dynamis enriches the TPA experience by offering three years of historical data and sophisticated data intelligence capabilities. This includes sophisticated error detection in current census data, addressing payroll cadence issues, and highlighting potential payment problems proactively. Such capabilities foster a more reliable data management system for TPAs.
Benefits of Integration for TPAs
As Darren Conner, Chief Operating Officer of PensionPro elaborated, the need for accuracy in collecting retirement plan participants’ data is paramount. He pointed out that many TPAs still gather this information manually, which can lead to substantial errors. With this new partnership, TPAs can harness the intelligence embedded in Dynamis’ technology to inspect payroll feeds throughout the year, simplifying the data adjustment process during year-end reporting.
The Vision Behind Dynamis
Karim Lessard, CEO of 7 Simple Machines, which developed the Dynamis platform, emphasized the necessity for a solution that could promote efficiency in the unbundled market. Dynamis was designed with the specific needs of TPAs in mind, addressing gaps in payroll and census data collection. The platform signifies a transformative shift that will empower TPAs to manage their reporting processes confidently while embracing innovations stemming from changes like Secure 2.0.
A New Level of Service for TPAs
Building upon the philosophy of service excellence, this partnership is tailored to reduce the workload associated with year-end testing all while improving overall efficiency and accuracy. By integrating census data seamlessly into the PensionPro system, TPAs can focus more on serving their clients and less on time-consuming data management tasks.
About PensionPro
Formed in 2010, PensionPro is committed to supporting TPAs in the intricate landscape of pension management. The company devotes itself to developing tools that help manage clients, plans, contacts, and projects efficiently. By providing project management and profitability analysis tools, PensionPro equips firms to handle a variety of client needs more effectively.
About 7 Simple Machines - Makers of Dynamis
Founded in 2003, 7 Simple Machines strives to streamline retirement plan compliance through advanced technology. Their solutions cater to over half a million American employees, handling millions in retirement funds every month, ensuring their partners achieve positive retirement outcomes.
Frequently Asked Questions
What is the purpose of the partnership between PensionPro and Dynamis?
The partnership aims to enhance data access and streamline operational efficiencies for third-party administrators in managing retirement plans.
How does the integration affect TPAs?
It allows for automated reporting and access to real-time data, improving both the accuracy and efficiency of TPA operations.
What specific features does Dynamis offer?
Dynamis provides historical data, advanced intelligence capabilities to detect errors, and automates payroll and census data collection.
Who can benefit from the services of PensionPro?
PensionPro's offerings cater specifically to third-party administrators looking to enhance their management and reporting capabilities.
How does this partnership support compliance requirements?
By ensuring accurate data collection and reporting, the integration allows TPAs to adhere to compliance standards more efficiently.
