GDPR-related changes coming….
We are currently working towards GDPR Readiness enhancing our already PIPEDA compliant processes around data privacy, protection and governance. Key policy changes include addressing new obligations around data breaches and strengthening the rights of individual persons to their personal data.
Complex Remittance and Contribution Rule-Driven Workflows
- Process voluntary employee contributions and update yearly interest earned on such contributions.
- Employers’ contributions tracked to produce contribution reports, delinquent reports, and year-end audit reports.
- Contribution rates captured through our flexible and configurable Agreements Module.
- Rates based on numerous variables including occupations/employment types, miles/kilometers, earned/worked hours, salary, flat-based contributions
Automated Retirement and Termination Workflows
- Determination of all retirement options related to the Plan according to Plan rules. Production of covering letters, options applicable for the member according to their status, and the Plan rules governing retirement.
- Calculation of Commuted Value from Pension Entitlement on regular termination or termination due to death. Application of locked-in RRSP (Registered Retirement Savings Plan) rules based on the applicable YMPE (Year’s Maximum Pensionable Earnings) rules. Producing the Certificate Of Authorization (COA) for the Plan Custodian to release the funds for payment to the member, along with all information relating to that payment such as financial institution, RRSP number.
- Recording of Spousal entitlement on marriage breakdown on a Member’s Pension Credits as defined by the Family Relations Act (FRA). Recognizing the options available to the Spouse (Limited Member) and reducing the Member’s entitlement accordingly.
- Processing of option elected by the member, producing the Certificate of Authorization for the custodian to begin pension payments. Alternately, to record payment information on the member should the Plan elect to use Oliver to produce the monthly pension cheques. Payments from Oliver may be by cheque or Electronic Funds Transfer (EFT). Monthly reconciliation of payments between the custodian and the data recorded in the Plan.
- Monthly report on pension changes due to Spousal end guarantee period, end of integration, death of annuitant or contingent annuitant, or the beginning of new pension payments.
CRA Driven Rules Engine
- Calculation of Excess Contribution on Employee Contribution type Pension Plans.
- Pension Adjustments (PA) are automatically calculated yearly for non-SMEP (MEP) Pension Plans. Pension Adjustment reports, or flat files, are produced for members in SMEPP or non-SMEP (MEP) Plans.
- Pension Adjustment Reversals (PARS) calculated for members in non-SMEPP (MEP) Plans on termination. Quarterly PARS are reported to the Federal Government.
- OAS and CPP integration with early and normal retirement option calculations
- COLA configuration capabilities for pensioners
- T4A forms printed yearly if the System issues pension payments.