Case Study: Data Conversions

In the past, converting from an old Trustee and Recordkeeper to a new one was time-consuming and costly.  With REF, conversions are fast, easy, and cost-effective.

The Problem

Defined Contribution and Stock Option Administrators had experienced their share of problems and headaches over the years while attempting to convert from one Plan Administrator to another.  Most of the time, conversions were over budget and late because they were extremely labor intensive and error-prone.   As a result, the high cost of converting had a negative impact on the investment performance of the funds in the Plan and the overall Administrative Expenses, not to mention, time-to-market delays.  This firm needed a better way.  They wanted a more accurate, faster and less expensive method for converting.

The Solution

REF recognized the problem quickly. The REF solution revolutionized and automated the client's entire conversion process. The nucleus of this solution was REF’s SIP™ Enterprise business intelligent software. In all cases, when the process was completed there was a tremendous improvement in the quality of the data converted, a drastic reduction in the expenses incurred, and much faster time-to-market.

The following data components are automatically mapped from old data to the new record keeper:

  • Sponsoring companies
  • Financial institution
  • Investment options
  • Plan Information
  • Trustee
  • Custodian
  • Participant
  • Transaction History

Customers utilizing a SIP™ Enterprise -based solution have reduced their conversion costs by more than 75%. Empirical evidence indicates that this savings has been seen across the board for small, medium and large plans.

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