Pension Software Solutions from Willis Towers Watson

State-of-the-art member administration tool that provides automatic benefit calculations, reporting, and compliance tracking for pension schemes, ensuring accuracy and regulatory compliance.

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Product analysis by function

Benefit Calculation Engines for Member Administration

Specialized software that performs complex actuarial calculations for various benefit scenarios, including retirement, disability, survivor benefits, and pension transfers, ensuring compliance with plan rules and regulatory requirements.
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Core Calculation Functionality
(0 Yes /0 Known /12 Possible features)

Regulatory Compliance
(0 Yes /0 Known /11 Possible features)

Configuration and Flexibility
(0 Yes /0 Known /12 Possible features)

Integration Capabilities
(0 Yes /0 Known /12 Possible features)

User Experience
(0 Yes /0 Known /12 Possible features)

Data Quality and Management
(0 Yes /0 Known /12 Possible features)

Reporting and Analytics
(0 Yes /0 Known /12 Possible features)

Performance and Scalability
(0 Yes /0 Known /12 Possible features)

Security and Compliance
(0 Yes /0 Known /12 Possible features)

Support and Maintenance
(0 Yes /0 Known /12 Possible features)

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Defined Benefit Calculations Ability to calculate traditional pension benefits based on salary, years of service, and benefit formulas		No information available
Defined Contribution Calculations Functionality for calculating benefits based on contribution amounts and investment returns		No information available
Hybrid Plan Support Capability to handle plans with both defined benefit and defined contribution components		No information available
Calculation Processing Speed The rate at which the system can process multiple benefit calculations		No information available
Calculation Precision The level of decimal precision for monetary calculations		No information available
Multiple Calculation Methods Support for different methodologies for calculating benefits (e.g., final average salary, career average)		No information available
Retroactive Calculations Ability to perform calculations for past periods when rules or data change		No information available
Accrual Rate Flexibility Support for varied benefit accrual rates based on service periods or other factors		No information available
Service Purchase Calculations Functionality to calculate costs and benefits for purchasing additional service credit		No information available
Death Benefit Calculations Capability to determine survivor benefits upon member death		No information available
Disability Benefit Calculations Support for calculating benefits related to disability claims		No information available
Early/Late Retirement Factors Automated application of adjustment factors for early or late retirement		No information available

Tax Code Compliance Ensures calculations adhere to relevant tax regulations (e.g., IRC 415 limits)		No information available
Regulatory Updates Frequency of updates to accommodate changes in pension regulations		No information available
Compliance Testing Built-in tools for testing plans against non-discrimination requirements		No information available
COLA Implementation Support for implementing cost of living adjustments according to plan rules		No information available
Required Minimum Distribution Calculations Functionality to calculate required minimum distributions for retirees		No information available
Maximum Benefit Limits Automatic application of IRS maximum benefit limits to calculations		No information available
Compliance Reporting Ability to generate reports demonstrating regulatory compliance		No information available
Multi-jurisdiction Support Capability to handle different regulatory requirements across jurisdictions		No information available
Audit Trail Depth The level of detail in tracking changes to calculations for compliance purposes		No information available
Tax Withholding Calculations Functionality to determine appropriate tax withholding on benefit payments		No information available
QDRO Processing Support for calculating benefits according to qualified domestic relations orders		No information available

Rule-Based Configuration Ability to define calculation rules without programming		No information available
Multiple Plan Support Capability to handle different pension plans with varying rules within the same system		No information available
Formula Builder Tools allowing administrators to create custom benefit formulas		No information available
Effective Dating Support for date-driven rule changes and benefit calculations		No information available
Plan Amendment Implementation Time Average time required to implement changes to plan rules in the system		No information available
User-Defined Variables Ability to create custom variables for use in benefit calculations		No information available
Conditional Logic Support Capability to implement complex if-then rules in calculations		No information available
Configuration Templates Pre-built templates for common plan designs to accelerate implementation		No information available
Business User Configuration Extent to which non-technical users can configure calculation rules		No information available
Grandfathering Rules Support for maintaining older benefit rules for certain members while implementing new rules for others		No information available
Configuration Version Control Ability to track and manage different versions of calculation configurations		No information available
Configuration Testing Environment Separate environment for testing calculation rule changes before implementation		No information available

API Availability Presence of application programming interfaces for integration with other systems		No information available
Payroll System Integration Capability to exchange data with payroll systems for contribution and benefit payment processing		No information available
HR System Integration Ability to receive member demographic and employment data from HR systems		No information available
Investment Platform Integration Connectivity with investment platforms for defined contribution plan valuations		No information available
Data Import Capacity Volume of data the system can import in a given timeframe		No information available
Integration Methods Supported Number of different integration methods available (API, file transfer, web services, etc.)		No information available
Real-time Integration Support for real-time data exchange with other systems		No information available
Single Sign-On Support Ability to integrate with enterprise authentication systems		No information available
Document Management Integration Connectivity with document management systems for storing calculation results and supporting documentation		No information available
Integration Event Tracking Capability to track and report on data exchanges with other systems		No information available
ETL Tool Compatibility Compatibility with standard extract-transform-load tools for data integration		No information available
Third-party Actuarial System Integration Ability to exchange data with external actuarial systems		No information available

Self-Service Calculation Portal Web-based interface allowing members to perform benefit estimates themselves		No information available
Mobile Access Ability to access calculation features from mobile devices		No information available
Calculation Wizard Step-by-step guided process for performing calculations		No information available
Result Visualization Graphical representation of calculation results and projections		No information available
Average Response Time Typical time from calculation request to result delivery		No information available
Calculation Comparison Tools Ability to compare multiple calculation scenarios side-by-side		No information available
Customizable Results Display Options for configuring how calculation results are presented to users		No information available
Multi-language Support Availability of the user interface in multiple languages		No information available
Accessibility Compliance Adherence to accessibility standards for users with disabilities		No information available
Calculation History Ability for users to view their previous calculation requests and results		No information available
User Interface Customization Extent to which the interface can be customized for different user roles or organizations		No information available
Context-sensitive Help Availability of relevant help content based on the user's current activity		No information available

Data Validation Rules Built-in checks to ensure data used in calculations meets quality standards		No information available
Data Cleansing Tools Functionality to identify and correct data issues before calculations		No information available
Historical Data Preservation Capability to maintain historical data needed for accurate benefit calculations		No information available
Data Storage Capacity Maximum volume of member and calculation data the system can store		No information available
Data Audit Trails Tracking of changes to data that affects calculations		No information available
Data Dictionary Comprehensive documentation of data elements used in calculations		No information available
Data Reconciliation Tools Features for comparing and reconciling data between systems		No information available
Missing Data Handling Methods for dealing with incomplete data in calculations		No information available
Data Change Impact Analysis Tools to understand how data changes affect calculation results		No information available
Data Backup Frequency How often calculation data is backed up		No information available
Data Recovery Time Average time to restore data after a system failure		No information available
Data Retention Policies Support for implementing rules regarding how long different types of data are kept		No information available

Standard Reports Number of pre-built reports available out-of-the-box		No information available
Custom Report Builder Tools allowing users to create their own reports		No information available
Batch Processing Ability to run calculations for multiple members simultaneously		No information available
Forecasting Tools Features for projecting future benefit obligations and costs		No information available
Export Formats Supported Number of different formats available for exporting calculation results		No information available
Statistical Analysis Built-in tools for analyzing patterns and trends in benefit calculations		No information available
Report Scheduling Capability to schedule automatic generation and distribution of reports		No information available
Interactive Dashboards Visual displays of key metrics with drill-down capabilities		No information available
Report Distribution Methods Options for delivering reports to stakeholders (email, portal, etc.)		No information available
Calculation Audit Reports Detailed reports showing how benefit amounts were calculated		No information available
Benefit Projection Reports Reports showing projected future benefits based on current data		No information available
Third-party BI Tool Integration Ability to use external business intelligence tools with calculation data		No information available

Maximum User Capacity Number of concurrent users the system can support		No information available
Maximum Member Records Maximum number of member records the system can efficiently manage		No information available
Batch Calculation Capacity Number of calculations that can be processed in batch mode per hour		No information available
Peak Load Handling Ability to maintain performance during periods of high demand		No information available
Horizontal Scaling Capability to add servers to increase capacity		No information available
Vertical Scaling Ability to increase server resources to improve performance		No information available
Caching Mechanisms Implementation of data caching to improve calculation speed		No information available
System Availability Percentage of time the system is operational		No information available
Performance Monitoring Tools Built-in tools for tracking and analyzing system performance		No information available
Load Balancing Capability to distribute workload across multiple servers		No information available
Resource Utilization Efficiency How efficiently the system uses available computing resources		No information available
Scheduled Maintenance Downtime Average monthly downtime required for system maintenance		No information available

Multi-factor Authentication Support for additional authentication factors beyond passwords		No information available
Role-based Access Control Ability to restrict system access based on user roles		No information available
Data Encryption Implementation of encryption for sensitive data at rest and in transit		No information available
Security Certifications Number of recognized security certifications held by the system		No information available
Privacy Controls Features ensuring compliance with data privacy regulations		No information available
Security Audit Logging Detailed tracking of user activities for security purposes		No information available
Penetration Testing Frequency How often the system undergoes security penetration testing		No information available
Security Patch Deployment Time Average time to deploy critical security patches		No information available
Data Masking Capability to hide sensitive information from unauthorized users		No information available
Security Incident Response Time Average time to respond to security incidents		No information available
Compliance Reporting Built-in reports demonstrating adherence to security standards		No information available
User Activity Monitoring Tools for detecting suspicious user behavior		No information available

Technical Support Hours Hours during which technical support is available		No information available
Support Response Time Average time for initial response to support requests		No information available
Implementation Support Availability of specialized support during system implementation		No information available
Training Options Number of different training formats available (online, in-person, etc.)		No information available
Documentation Quality Comprehensiveness and clarity of system documentation		No information available
User Community Existence of an active user community for knowledge sharing		No information available
System Update Frequency How often the system receives feature updates and enhancements		No information available
Backward Compatibility Assurance that updates won't break existing configurations		No information available
Configuration Backup Automated backup of system configuration settings		No information available
Knowledge Base Articles Number of self-help articles available in the knowledge base		No information available
Dedicated Account Manager Assignment of a specific contact person for ongoing support		No information available
Service Level Agreement Formal agreement defining support expectations and guarantees		No information available

Pension Software Solutions from Willis Towers Watson

Product analysis by function

Benefit Calculation Engines for Member Administration

Core Calculation Functionality (0 Yes /0 Known /12 Possible features)

Regulatory Compliance (0 Yes /0 Known /11 Possible features)

Configuration and Flexibility (0 Yes /0 Known /12 Possible features)

Integration Capabilities (0 Yes /0 Known /12 Possible features)

User Experience (0 Yes /0 Known /12 Possible features)

Data Quality and Management (0 Yes /0 Known /12 Possible features)

Reporting and Analytics (0 Yes /0 Known /12 Possible features)

Performance and Scalability (0 Yes /0 Known /12 Possible features)

Security and Compliance (0 Yes /0 Known /12 Possible features)

Support and Maintenance (0 Yes /0 Known /12 Possible features)