2015 Innovation Award Nominee:
Confirmation.com – EBP Confirmations
As the global leader in online audit confirmations, Confirmation.com recently expanded its services with a brand new electronic Employee Benefit Plan (EBP) Participant Confirmation application. As required by the US Department of Labor, securing confirmation responses from plan participants is one of the biggest challenges in EBP audits.
Up until now, auditors created EBP confirmation requests using some type of mail merge functionality and sent those out to participants by mail with little or no ability to track responses. This new product offering transforms the outdated mail-merge process into a much more efficient one with the following time-saving features: Upload data This feature allows auditors to easily upload numerous data fields including participant address, contribution percentage, loan balance, hire date and many more.
Verify participant addresses The built-in address lookup feature helps to verify the participant’s mailing address and also provides an Address Verification report on the auditor-supplied mailing address. Track Confirmation.com handles the materials, printing, postage, and shipping, allowing auditors to easily track all requests in one place. Paper requests are shipped and tracked through First Class mail throughout the United States and Internationally! A copy of the mailed confirmation request is automatically logged in the auditor’s Control Log where auditors have the ability to recall paper confirmations and send second requests.
Online or mail response option This feature allows participants to choose their preferred response method either online or by mail. Summary Confirmation.com’s new EBP Participant Confirmation service makes it easier for auditors to send out their confirmation requests. Auditors can use one online tool to send any confirmation type, to any responder, anywhere in the world.
Click here to see all of the other nominees for the 2015 Innovation Awards.
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