Benefits administration is where the rubber hits the road with retirement plans. Your team could craft the most brilliant benefits plan but a clunky and laborious administration process could ruin it. OptiNextTM, our secure and intuitive benefits administration platform, empowers both participants and administrators to make the process more effective and less costly.
Our automation platform takes a two-pronged approach to streamlining your benefits administration, focusing on helping your administration team and your plan’s participants. Here’s just some of the advantages OptiNext offers to each group of stakeholders.
• Accurately calculate participants’ retirement benefits quickly and efficiently
• Create benefit election packages and generate payment authorization forms
• Store and manage plan documents, summary plan descriptions (SPDs), and other documents
• Generate, save, and download customized, real-time benefit estimates at various ages and contribution levels
• Model total projected retirement income from multiple sources such as pension, annuity, 401(k), 403(b), and 457(b) plans, and/or Social Security
• View illustrations showing the participant’s total rewards
• Access important plan links and news via the rotating Newsfeed
• Access stored benefit statements
You can swap features in and out of your organization’s personal version of OptNext, so your people aren’t distracted by options they’ll never need. It’s about making life better and easier for you and your team—not forcing you to adapt to yet another cumbersome administration system.
The company had performed its pension administration in-house since inception, and in doing so, had long-established methods, procedures and tools. As tools and procedures grew less useful and required more steps that didn’t add additional value, little was done to address the root causes, resulting in a compounding effect.
In response to the company’s desire to increase its operational efficiencies, our team offered OptiNext as a solution. Senior leaders were impressed with the ease of performing pension calculations and projections on the platform and also embraced the ability not only to archive plan calculations but to perform a multitude of other administrative functions including the creation of election materials and the availability of built-in workflow tools.
Prior to considering the OptiNext platform, the company had determined that, at a minimum, two full-time administration staff members would need to be hired. Implementing OptiNext negated the need for additional hiring.
Additionally, the speed with which calculations could now be prepared was a game changer for the staff of the benefits department. They now could focus on projects that simply were not getting done due to the administrative burden of producing and verifying calculations.
Participants shared overwhelmingly positive feedback on the speed at which they received their calculations upon implementation of the new system.
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