Solutions ) PensionPlus

Overview

PensionPlus is comprehensive software that can operate on a stand-alone PC or in a Local Area Network (LAN) environment, designed specifically for police and fire funds in suburban and downstate Illinois.

Its eight fully integrated modules enable administrators to track participants from the start of their employment, up to and through retirement. It tracks each participant's rank and salary, contributions, creditable service (with breaks, added time and buybacks), dependents and beneficiaries.

Along with the software, LRS provides a comprehensive user's guide in both a hardcopy manual format and through an online help system available throughout the system. Step-by-step instructions as well as specific real life scenarios are provided to help the user easily update and maintain their data.

The annual maintenance agreement includes any updates to the benefit calculations caused by legislative changes, as well as general system enhancements and patches. Telephone support by our staff of pension specialists is also provided during normal business hours, giving you a live person to talk to with questions regarding PensionPlus Software and how it can best be used to administer your pension fund.

PensionPlus Software consists of the following modules.

Participants

The Participants Module provides the ability to track participants from the start of their employment, up to and through retirement. It tracks each participant's rank and salary, contributions, creditable service (with breaks, added time and buybacks), dependents and beneficiaries. PensionPlus is designed to accept a file from an external payroll/personnel system to automatically update each participant's contributions and demographic information. Illinois Qualified Domestic Relations Orders (QILDRO) can also be entered and tracked along with any mandated contribution transfers. There are standard system reports for listing contributions, creditable service, and creating mailing labels.

Benefit Calculations

The Participants Module also includes a uniquely designed Retirement/Disability Calculation Worksheet, which allows the administrator to quickly provide accurate estimates of retirement, disability, Disability Pension Option (DPO) and survivor benefits for each participant. "What if" scenarios can be analyzed with a click of a button with future monthly payments and increases projected out to a member's 100th birth date. An annual statement can be sent out to active members with their current demographic, creditable service, contribution, rank / salary, and dependent / beneficiary information along with several automatic benefit projections.

Disbursements

The Disbursement Module provides the functions of a complete benefit payroll system, capable of tracking each payee's base benefit, federal tax withholding, payroll deductions and direct deposit accounts. This module was designed with ease of use in mind and includes time saving processes for many tasks surrounding benefit payroll processing. Annual increases can be automatically posted in advance with the proper effective date to avoid missing any unusual mid-year increases. IRS 1099-R forms can be printed in two formats (2-up for paper filing and 4-up for electronic filing) and a file can be created for electronic submission. Multiple direct deposit accounts can be setup for each payee with their salary automatically split by flat amounts or percentages. Annual affidavits can be produced to verify beneficiary eligibility. Lump-sum distributions of contribution refunds and rollovers can also be processed through this module with automatic edit checks for proper tax withholding.

Investments

The Investments Module provides the ability to enter and update detail transactions for all of a fund's investment accounts, including Cash Accounts, Certificates of Deposit, State, Local, US Government and Agency Obligations, Stocks & Mutual Funds, Insurance Company Contracts, and Pooled Investments. This module also walks you through a simple process to complete and generate the IDOI Annual Statement electronic file without having to re-enter data. Standard reports are available for reporting investment activity to the pension board, follow maturing investments and produce Income Statement/Balance Sheets.

Accounts Payable

The Accounts Payable Module is designed specifically for pension funds with special screens for reimbursing trustee expenses, processing fund administrative expenses and tracking vendor payments. This activity automatically posts to the selected IDOI accounts for annual reporting.

Security Administration

All users must enter a personal ID and password to gain access to the system. Individuals can be assigned different levels of access to each module allowing them to update data, have 'read only' access or no access at all.

Accounts Receivable and Fund Information

The final two modules allow access to specific A/R accounts and track fund level information.