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STATE STREET
RETIREE
ADMINISTRATION
SERVICES
State Street is a leading provider of such comprehensive retiree services. Since 1977,
our Retiree Services group has been focused exclusively on providing customers with
comprehensive data management, flexible reporting, timely distribution of benefit payments
and dependable, personal service for their retirees.
Today, State Street is the largest provider of benefit payments among trustee banks. We
service more than 750 customers — including public pension plans, corporations, nonprofit
organizations and more — and process three million benefit payments every month.
With our enhanced suite of Retiree Administration Services, we have expanded both our
offerings and our servicing capabilities to deliver the most comprehensive level of service
available in the industry.
FEATURES
State Street’s Retiree Administration Services’ broad range of capabilities goes far beyond the standard
call center services. We offer full back-office support, leaving plan sponsors free from the burden
of administrative tasks, while still ensuring that retirees receive the highly personalized service they
want. Our suite of Retiree Administration Services focuses on three main areas: personalized participant
service, plan sponsor administrative support and event-driven change management.
> Dedicated phone support. We offer your retirees direct, toll-free access to our highly trained
representatives, so inquiries can be resolved quickly and accurately.
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> Forms processing. Retirees can request forms, such as direct deposit or change of address
forms, directly from our representatives through the call center. The service team will review
returned forms to ensure that they are complete and ready for processing.
> Stop-payment and re-issue notifications on checks. With direct access to our representatives,
retirees can request that new checks be sent to an address on file or to a new address.
> Verification of income. Our representatives will guide retirees through the process of providing
written approval to release payment information to outside organizations.
> Overpayment recovery. We work with each customer to develop a protocol for researching and
recovering funds paid inappropriately and returning these funds to the trust.
> Outstanding check follow-up. Plan sponsors can set a customized course of action that our
service team will follow to correspond with retirees on uncashed benefit payments.
> Death audit research. We cross-check our payment database with information from the Social
Security Administration twice a year. We then send written notifications to validate the results
of the audit.
> Deferred vested and beneficiary processing. Our service covers mailing, tracking, receipt,
review and input of the necessary documentation for activating retiree status based on
predetermined values.
> Financial change notification. We will monitor timelines for scheduled changes to retirees’
benefit payments based on predetermined values — and we will send them customized
communications in advance.
> Death processing. Beginning with the notification of a death, our experts will handle all
required communications and forms — including notification of the appropriate outside
organizations — to ensure the prompt, smooth transition of pension payments to beneficiaries
and/or survivors.
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BENEFITS
Backed by State Street’s recognized industry leadership in investment servicing, our comprehensive
Retiree Administration Services offer a host of benefits to our customers:
> A flexible service model that enables us to create customized solutions to match each plan’s
overall benefit administration strategy.
> Improved service quality and lower costs that come from the economies of scale that only
State Street can offer.
> Greater control and efficiency of plan management through documented, monitored procedures.
> An unmatched level of accuracy, timeliness and responsiveness enhanced by our systems
and technology.
> Dedicated, expert administrators who are knowledgeable about each plan and each organization
we serve, and who are committed to providing superior service.
> Digitally recorded calls. We will monitor and review recorded calls to maintain quality interaction
and service levels.
> Customer database. Quick computer access to customer-specific information helps our retiree
service representatives respond to retiree questions quickly and efficiently.
> Telecommunications device for the deaf (TDD). Using our TDD capabilities, hearing-impaired
individuals have direct access to our retiree service representatives.
By becoming an extension of our customers’ back offices, State Street’s retiree service representatives
ensure that individual retirees’ needs are met — and that our service exceeds their expectations.
State Street’s Retiree Administration Service model offers a fully customizable solution, based on
each customer’s benefit administration strategy, plan provisions and culture.
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STATE STREET ADVANTAGE
With US$10.9 trillion* in assets
under custody and US$1.5 trillion*
in assets under management, State
Street is the world’s leading provider
of financial services to institutional
investors.