Defined Benefit - Pensions
Lifeworks’ Defined Benefit solution manages all aspects of pension plan administration. The platform tracks employees through their entire work cycle: from date of hire, through active employment, to retirement and payment initiation.
Manage employee data
The system captures demographics, salary and service history, breaks in employment, departure and benefits commencement dates, and employee-generated retirement calculations. All data is housed centrally so no matter how it is accessed, information always will be presented accurately and consistently.
Centralise grandfathered plans
You can administer as many retirement plan types as you need to, including cash balance, final average salary, flat dollar, step-rate integration and career average plans. We make managing grandfathered plans effortless.
Compare distribution options
Which choice is best for an individual employee? You or the employee can model lump sum versus annuity, calculate optional annuity forms, and compare these options side-by-side. Lifeworks also generates a retiree payroll or check file with related deductions for trustees.
Create the reports you need
See the big picture with Lifeworks’ reporting features: minimum eligibility and participation, Form 5500 filing information, and any custom reports you need. The system also provides individual employee statements and valuation data for your actuary.