PENFAX’s cutting-edge architecture and technology provides our clients the utmost in flexibility, from a parameter-based core system to unique custom capabilities – the business smarts is in the system. It’s an established system that is easy to use and, once configured to your organization’s exact requirements, will save you both time and money.
The core PENFAX engine enables you to deliver outstanding customer service and user satisfaction, all the information you need to support your pension administration is always at your fingertips. Some of the advantages include:
- Streamlined maintenance, tracking, quoting, calculation, and production of payments.
- Tracking of all funds moving in and out of the plan on behalf of the membership.
- Expedited production of annual statements, actuarial extracts, and year-end calculations.
- Simplified retirement, death, disability, termination, marriage breakdown and qualified domestic relations order and purchase of service calculations.
- Detailed results presented in a convenient easy to read format.
- Online queries, ad hoc reports, and easy to run batch reports and worksheets.
- Setup and ongoing payments to members and their survivors through EFTs and cheques/checks.
- The application of appropriate withholding rules with flexible payment.
- Support for third-party deductions, retroactive adjustments, suspended, manual and over-payments.
- The creation of tax forms, aggregate reports, and data transmission files for reporting income to the government tax agencies.
- A comprehensive tool for generating customized individual benefit option forms including worksheets, letters, and statements.