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Products April 9, 2013
Public Fund Releases Pension Administration System
April 9, 2013 (PLANSPONSOR.com) - The San Luis Obispo County Pension Trust developed a pension administration system that it has made available to other systems as a lower-cost option for retirement administration software.
Reported by PLANSPONSOR staff
The Retirement Administration Distribution (RAD) system was designed by individuals in the pension administration business with the member user and system operator in mind. For plan sponsors and administrators of defined benefit plans, RAD supports multiple employers and multiple tiers of benefits within plans.
RAD enables retirement system staff to manage member accounts, calculate retirement allowances, calculate distribution options, generate and print member annual statements, generate payments to retired participants (including paper checks and ACH deposits as well as monthly payment statements), produce 1099–R’s at year end, track and maintain service purchase contracts and provide numerous notifications that tell the operator the status of individual member accounts.
RAD also has ad-hoc reporting capabilities and can be customized to fit a pension system’s situation.
More information is at www.retirementbenefitsoftware.com.