Pension Plan Administration - Switzerland | Aon pension plan administrator

Pension Plan Administration Pension fund management is becoming increasingly complex. Public opinion and the legislative demand greater transparency, while members and employers demand high-quality service and stronger controls. As the largest provider of administrative solutions for pension funds in Switzerland, we deliver services to over 600,000 pension fund members, more than 70,000 of whom are managed in-house, using proprietary IT solutions developed by AON Hewitt. Our IT Solutions

MULTI-Pension, a management application entirely developed by AON Hewitt, has been successfully used by more than 160 pension plans for over 12 years. The application is regularly updated whenever there are changes in legislation (e.g. the recent revision of the LPP/BVG, the federal law on pension plans, and the relevant ordinances) or new demands from the users. Needless to say, our administrative solution supports all closing of accounts processes in accordance with RFC/FER 26. Furthermore, since spring 2005, "Your Benefits Resources", an interactive tool, is available online. This web-based tool allows our clients’ employees to view their personal benefits situation (AHV/IV, 2nd and 3rd “pillars”) and to simulate early retirement, voluntary purchase xexyfvnn. montblanc pens overrateds or withdrawals in connection with the encouragement of home ownership, for example. The MULTI-Pension II software is particularly flexible, so it can be suitably and inexpensively implemented for all shapes and sizes of pension plan.

Service Variants Pension plan administration options Outsourcing We manage the pension fund on Multi-Pension in accordance with our client’s instructions. Depending on the requirements and structure of the pension plan, we can provide comprehensive outsourcing services (including co-ordination of all pension plan management activities). Application Service Providing (ASP)

The client manages its pension plan with the MULTI-Pension application on our computer system via a safe telematic connection. The client inputs the relevant data, processes changes and generates the requisite listings and documents. In this case, the informatics tasks are delegated to us (service and maintenance, back-up, data storage, etc.) and the client is free to focus on administrative functions.

Certification

The MULTI-Pension application and our management services rest on tested concepts and practices (ITIL) and certified processes (SAS70 Type II / ISA402 Type B).


pension plan administrator

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4/21/2010 12:00:00 AM Share Facebook LinkedIn Google + Twitter P/C Legislation & Regulation More + Less -

WASHINGTON—The U.S. Supreme Court ruled 5-3 Wednesday that a lower court should give deference to a pension plan administrator’s interpretation of the terms of the plan when dealing with a dispute.

The case— Sally L. Conkright et al. vs. Paul J. Frommert et al. —involved a pension plan governed by the Employee Retirement Income Security Act. The suit was brought by a group of employees who left Xerox Corp. in the 1980s and received lump-sum distributions of retirement benefits earned up to that point, but later were rehired.

“The dispute giving rise to this case concerns how to account for respondents’ past distributions when calculating their current benefits—that is, how to avoid paying respondents the same benefits twice,” Chief Justice John Roberts noted in the majority opinion.

After the administrator dismissed the claimants’ administrative challenges to the method used to determine their benefits, they sued in federal court, which granted summary judgment for the plan and applied a deferential standard of review to the plan’s administrator.

But in its initial review of the case, a three-judge panel of the 2nd U.S. Circuit Court of Appeals held that the administrator’s interpretation was “unreasonable” and remanded the case to the lower court, which did not apply a deferential standard of review in its second consideration of the case and held that the plan was “ambiguous.”

The case went back to the appeals court, which held in 2008 that a district court has no obligation to defer to a plan administrator’s reasonable interpretation of the plan’s terms if the administrator arrived at the conclusion outside the context of an administrative claim for benefits. It also held that a district court has “allowable discretion” to adopt any “reasonable” interpretation of the retirement plan terms under certain circumstances.

However, the U.S. Supreme Court overturned the appeals court in a 5-3 vote, with Associate Justice Sonia Sotomayor not taking part in the Wednesday decision.

“We held in Firestone Tire & Rubber Co. vs. Bruch …that an ERISA plan administrator with discretionary authority to interpret a plan is entitled to deference in exercising that discretion,” Chief Justice Roberts wrote for the majority. “The question here is whether a single honest mistake in plan interpretation justifies stripping the administrator of that deference for subsequent related interpretations of the plan. We hold that it does not.”

The case was remanded for further consideration.



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