These are just a few of many decisions plan participants must make upon their retirement or termination of service. The choices they make determine not only their benefits, but also those of their survivors. And once they make a decision, it is permanent.
Most retirees confront a daunting experience just in getting their retirement benefits started. And many organizations lack the depth of staff and/or the expertise to administer pension plans and to help their participants interpret their options at retirement or termination and file their forms. They want personal attention.
An important by-product of our claims and administrative protocols is third-party review and permanent file documentation. We have learned that a copious paper trail is important to plan participants and to plan sponsors. It is vital to locating former employees and answering questions as time passes. Originating and maintaining useful copies of claims forms and supporting documents is a distinguishing characteristic of our practice.
Pension Services is a division of Nicolay Consulting Group designed to help plan sponsors establish and manage pension plans and to demystify this complex and confusing process. Pension services assigns a permanent team to work with plan sponsors to:
- Design custom, flexible forms and procedures that fit the plan sponsor’s needs and those of its employees.
- Process retirement from start to finish.
- Work directly with plan participants to understand their options and file the necessary forms.
- Manage day-to-day plan administration.
- Stay in touch with former participants who are entitled to a future pension.
Our work may be as limited as answering an occasional question and assisting in the forms and procedure design or as comprehensive as total outsourcing of claims processing and plan administration.
Pension services staff are always available by phone and in person to work with our plan sponsors and their employees.