PensionPro Partners with Dynamis
AmericanTCS’s PensionPro, a provider of workflow automation software for third-party administrators (TPAs), is partnering with Dynamis, a 7 Simple Machines product specializing in data collection and processing for third-party administrators (TPAs).
This collaboration aims to address common operational pain points by providing tools for both daily operations and year-end reporting.
An automated data flow between the PensionPro and Dynamis platforms will provide TPAs with reporting on census, gross compensation, payroll and paycheck data from over 200 human resource information providers.
Dynamis also provides TPAs with three years of historical data and advanced data intelligence capabilities that can detect errors in their current census data combined with a series of checks around payroll cadences and other potential payment issues.
“TPAs are required to ensure the data they collect on retirement plan participants is accurate, and much of the industry is collecting this information manually, which not only takes time but introduces the possibility of data-entry errors,” said Darren Conner, PensionPro’s chief operating officer. “Dynamis applies intelligence to payroll feeds throughout the year, catching problems early and reducing year end payroll adjustments. With this integration, analyzed payroll data will feed seamlessly into PensionPro. Dynamis brings a new level of service to managing payroll data and I consider this is an essential tool for TPAs delivering 3(16) services.”
Karim Lessard, CEO of 7 Simple Machines added, “We built Dynamis from the ground up to support the business needs of TPAs. We knew the unbundled market needed a platform that could drive efficiency for administrators, open up new revenue streams and accommodate changes from Secure 2.0. Dynamis automates the collection of payroll and census data, highlighting troubling data errors in real time. The platform radically streamlines year-end testing and allows TPAs to act as 3(16) fiduciaries with confidence. Integrating census data with Pension Pro will reduce the burden of work associated with year-end testing and provide efficiencies for TPAs and plan sponsors.
