Managing Challenges with Participant Data

Whether you are a Fiduciary, plan sponsor, recordkeeper, third-party administrator or even a plan intermediary, managing a participant’s census data is critical to fulfilling your fiduciary duties and in acting in the best interest of the participants, beneficiaries, and the plan.  Through our flexible consultative approach, the MarketSphere Team excels at finding people and more importantly, getting them to act.

MarketSphere has a wealth of experience spanning decades, offering expert assistance to clients. Our services encompass various solutions such as:

  • Identifying unknown decedents.
  • Locating and communicating with missing participants or beneficiaries.
  • Reuniting unclaimed checks or accounts with their rightful owners.
  • Mitigating risks associated with orphaned accounts, among other projects that integrate these solutions.

Receive a sample analysis of the Plan Data Quality Report Card (PDQ), using your data, that identifies where crucial data points may be incomplete or omitted. Contact Us today to receive your PDQ.

Retirement Reunification Services
Reunification Solutions

MarketSphere’s Reunification Program uses a consultative approach which supports fiduciaries with the management of their duties acting in the best interest of the participants, beneficiaries, and the plan.  We utilize a global network of resources finding 90%+ of your accounts in question, driving between 70-80% of them to respond.

Service includes:

  • Reuniting any missing, lost, abandoned, or separated accounts with their respective participants or beneficiaries. This could be as simple as resolving bad participant data, finding alternate payees, or even resolving uncashed checks.
  • Reporting on the status of any participant/beneficiary account to prove due diligence, especially in the targeted areas by the DOL, PBGC & IRS.
  • Safeguard the plan against possible audits or “red flags” as defined by the DOL. Provide support with mitigation strategies in case of an audit and resolution for the DOL.
Death Audit Solutions

MarketSphere’s Death Audit offers both ad hoc and continuous monitoring options for flexibility within your plan.

Benefits include:

  • Prevent erroneous pension or benefits overpayments to deceased individuals.
  • Save on annual funding liability allocated for each individual account.
  • Eliminate unnecessary insurance premiums paid to the PBGC for each participant.
  • Validated results with only the highest matches provided and possible ‘fuzzy’ matches are vetted by the experienced MarketSphere team.
    • 98.2% coverage across the U.S.
    • 99.2% confidence rating.
    • 25% more deaths delivered.
Participant Solutions

Using our Plan Data Quality Report Card and Reunification Program as the backbone and through our customizable approach, we have been able to assist our clients with many sensitive projects where a response is needed from their participants for a variety of reasons. These projects take advantage of the expertise of MarketSphere’s team in driving over a 70% response rate for the actions requested by the plan for occasions such as:

  • Soliciting Required Minimum Distribution applications.
  • Notifying participants of their Age of Commencement.
  • De-risking plans of small accounts.
  • Managing Eligibility Questionnaires and documenting the results.
Case Studies

Click on the case studies below to learn more:

Client Reviews

Administrator – National Pension Fund

“After jumping from different (participant data) vendors over the years, we finally found a true partner that understands our business. Not only is their service great, but it’s like getting a staff member for free.  MarketSphere is now part of our pension team!”

COO – Manufacturing Company

“It was a pleasure working with MarketSphere Retirement and they made a daunting project easy.  We had a historical challenge due to some monies outside of the plan that needed to be allocated to participants from over 20 years ago and they were able to locate everyone and get 75% of the population to come forward.  For the rest they provided reports and proof of our due diligence for the IRS.  Happy to recommend them to anyone that needs help with missing or lost participants, including beneficiaries of participants that are deceased.”

Chief Fund Administrator  – Third-Party Administrator

“I don’t let just anybody in front of our Funds, but MarketSphere has proven to have our client’s and their member’s best interest at heart.  They are a trusted partner, and I would personally vouch for them.”

 Executive Director  – National Pension Fund

“MarketSphere has surpassed our expectations, and we are looking forward to expanding this relationship with them.”

Pension Manager – Third Party Administrator

“One of the reasons we chose MarketSphere is their ability to be flexible and creative.  They were able to use our existing file structures and reports out of the gate with no changes.”

Principal Partner, ERISA Attorney

“With an excellent understanding of the DOL’s missing participant guidance and the needed work it takes to find lost participants or beneficiaries, MarketSphere has been a great resource for my clients.”

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We offer a customized approach to fit your specific needs.

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