Pinpoint360™ & C3™ Assists New DOL Regulations on Retirement Systems
Following extensive reports on missing participants to retirement systems, the US Department of Labor (USDOL) has increased its audit regulations, thus increasing the sense of urgency on plan administrators to locate their former employees and/or employees’ beneficiaries. The missing participant process previously involved the IRS and the USPS, making it a very slow, and often unsuccessful, process, leaving massive funds unclaimed and unpaid. This outdated process needs a facelift, and we’ve stepped in to provide the industry’s next technology-based, eco-friendly solution.
Our newest solution – Pinpoint360™ – will help you respond to these new DOL regulations. We’ve taken our industry-leading platform and revolutionized how we locate missing participants to ensure that we’ve exhausted every avenue before providing our customers with a Completed Closeout Compliance (C3) letter, verifying that the customer has taken all “Reasonable Search Steps” to locate the retirement system participants and/or beneficiaries.
How Does Pinpoint360™ & C3™ Work to Locate Missing Participants and Beneficiaries?
So how does Pinpoint360™ utilizing C3™ to help you locate your missing participants? Great question!
Participants are daily adding to their digital footprints, which we then use to locate those who are missing from your population. Using Pinpoint360™, our proprietary service platform moves through the digital trails left by participants to establish contact for appropriate disbursement of funds.
The C3™ Letter and Reports is an integral part of Pinpoint360™, as the best results come from clean, clear and complete data. The first step of any Pinpoint360™ project is a data quality check and demographics analysis complete with recommendations to ensure the data is ready. As we move through the phases of Pinpoint360™, we’re consistently checking the quality of the returned data with before providing our customers with a Completed Closeout Compliance (C3™) Letter and Reports on their population.
Use Pinpoint360™ & C3™ to Respond to New DOL Requirement
You need a trusted partner when it comes to the new DOL regulatory compliance audits, and LifeStatus360 is here to help with Pinpoint360™ – our nextgen solution to respond to these compliance audits. We use active and passive digital footprints to locate your missing participants, and certify those results after passing the data through our innovative processes.
Fulfill the new USDOL, IRS and PBGC requirements, reconnect and communicate with your participants using Pinpoint360™.
Fast, easy and effective. Pinpoint360™. Clean data, current data, complete data.
Contact us via email at email@example.com or telephone at 888-LIFE-360 to learn more about Pinpoint360™ and C3™.