REMITTANCE/CONTRIBUTION PROCESSING

PENSION PROCESSING
BICC’S Defined Benefit Pension Processing System gives the Pension Administrator a historical database and functional capabilities to manage and control the collection, calculation and distribution of retirement benefits.

The on-line adjudication system displays the options and benefits available to employees eligible for retirement. The system also allows "what if" changes to be made in accrued credits, contributions, wages or retirement dates to help in forecasting a member’s future benefits.

Lifetime history of contributions are maintained, vesting credit is accumulated, statements are prepared and benefit checks are issued.

This product seamlessly integrates with the BICC Benefit Fund Administration System. The BICC Pension Processing Module is available with Integrated Document Imaging, Integrated Voice Response (IVR), and MICR Laser Check Printing.

ANNUITY PROCESSING
BICC’S Defined Contribution Pension Processing System makes the Administration of an Annuity Fund almost transparent to the fund staff and provides members with up-to-date information about their retirement account. When used with the Remittance/Contribution Processing Module, contributions are deposited immediately as employer reports are posted. Earnings, forfeitures and administrative expenses are also allocated to the individual account.

Annual account valuations are produced and multiple benefit payment options are available. Government tax reporting is a standard feature.

For plans that allow loans, the system will compute repayment schedules, track repayment and identify loans in default.

This product seamlessly integrates with the BICC Benefit Fund Administration System. The BICC Annuity Processing Module is available with Integrated Document Imaging and Integrated Voice Response (IVR), and MICR Laser Check Printing.