The Importance of Providing Precise Participant Data

Transferring pension risk to an insurer involves several important steps, not the least of which is ensuring plan participant information is as accurate and current as possible.

This convenient list of common participant data issues can help plan sponsors and their advisers address potential data problems before they partner with an insurer to purchase a group annuity. It identifies and describes frequent data problems—such as incorrect dates of birth and missing or incomplete survivor information—and explains how these issues can affect the annuity purchase.
Resolving these issues prior to transacting can help ensure the transition goes smoothly and seamlessly, not only for the plan sponsor, its advisers and the insurer, but also for the most important constituency—the plan participants.